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Tag: Khaitan & Co

  • VIP gets a Multiples makeover as Piramal family packs up stake

    VIP gets a Multiples makeover as Piramal family packs up stake

    MUMBAI: After decades at the top of the luggage chain, VIP Industries is zipping into a new era. In a strategic shake-up that marks the end of an era and the start of a fresh chapter, the Piramal family has signed a definitive agreement to offload up to 32 per cent of its stake in VIP Industries to a consortium led by Multiples Private Equity. The deal will see control of Asia’s largest luggage maker shift to the new investors, triggering a mandatory open offer worth a whopping Rs 1,437.78 crore for an additional 26 per cent stake at Rs 388 per share.

    While the sale hands over the reins, it’s not a full goodbye, the Piramal family will remain shareholders, with Dilip Piramal stepping into the role of chairman emeritus. “This is a pivotal moment for VIP. With Multiples stepping in, we’re setting the wheels in motion to reclaim our leadership in the Indian luggage market,” said Piramal.

    Multiples, known for backing big-name disruptors like Delhivery, Licious, and Dream Sports, now adds another heavyweight to its portfolio. “We see enormous potential in VIP’s legacy and brand value,” said Multiples founder and CEO Renuka Ramnath. “This is not just a transaction, it’s a transformation play.”

    As per the open offer filing, Multiples and co-investors including Samvibhag Securities, Mithun and Siddhartha Sacheti, will collectively acquire up to 4.54 crore shares, translating to a 31.89 per cent stake. If fully subscribed, the open offer alone could cost them over Rs 1,437 crore in cash.

    The deal values VIP Industries at more than Rs 5,500 crore and includes a shareholder agreement that allows Multiples to take over management control. It is subject to approval from the Competition Commission of India and will be executed in line with SEBI’s takeover code. Legal advisors on the deal include AZB & Partners for the Piramal family, and Khaitan & Co for Multiples.

    Founded in 1971, VIP Industries has sold over 100 million pieces of luggage and commands a presence in 45 countries. Its brands VIP, Skybags, Carlton, Aristocrat, and Caprese are household names. But the past few years haven’t been baggage-free, with stiff competition and changing travel habits weighing down growth.

    This strategic sale could help VIP travel light again. With Multiples now in the driving seat and a fresh burst of private equity fuel, the legacy brand is gearing up for its next long-haul flight.

  • Prateek Kathpal advanced to director – private capital ecosystem – Grant Thornton Bharat

    Prateek Kathpal advanced to director – private capital ecosystem – Grant Thornton Bharat

    MUMBAI: He has got a capital promotion.  Grant Thornton Bharat LLP has elevated  Prateek Kathpal as director of the private capital ecosystem. In this pivotal role, Prateek will lead initiatives related to private equity go-to-market planning, deals consulting, and all aspects of practice development, including deal structuring, investment banking, due diligence, valuations, and debt restructuring.

    With a robust background in the financial sector, Prateek is an innovation enthusiast whose experience spans multi-sector corporate accelerator programs and advisory roles for startups on commercialisation and market entry strategies. The BSc in information technology also completed his post graduate degree in marketing, strategy & finance.  

    Prateek’s previous positions include director of private equity and deals at Grant Thornton, and strategy & practice development lead at Khaitan & Co, where he drove significant business engagements and client outreach. Additionally, he has a history of leading marketing and sales initiatives at Yes Bank and VCCircle.

    Grant Thornton Bharat, part of Grant Thornton International Ltd., is one of India’s premier professional services firms, boasting a workforce of over 10,000 across 19 offices. The firm is dedicated to delivering assurance, consulting, tax, risk, and digital transformation services while prioritising client-centric solutions and positive ecosystem impact.

  • Delhi high court provides relief to Inox India in copyright registration appeal

    Delhi high court provides relief to Inox India in copyright registration appeal

    Mumbai: The Delhi high court provided relief to Inox India (INOX) by allowing an appeal challenging specific remarks included in the copyright registration certificate issued by the registrar of copyrights. Khaitan & Co represented Inox in this matter. The team included Smriti Yadav (partner), Nirupam Lodha (partner), Dhiren Karania (principal associate), Gautam Wadhwa (Senior Associate) and Vanshika Thapliyal (associate). Senior advocate Chander M. Lall appeared for Inox in this matter.

    The appeal addressed Inox’s contention that the registrar of copyrights had incorrectly imposed remarks on the certificate, including a statement that copyright in the work would cease if applied to an article more than 50 times. Inox argued that this restriction was inapplicable, as the artistic work in question, consisting of technical drawings, does not qualify for registration as a “design” under the Designs Act, 2000. Inox asserted that these remarks were unfounded and had been added without proper reasoning or rationale.

    During the proceedings before honorable justice Mini Pushkarna, the registrar of copyrights agreed to amend the registration certificate, committing to issue a corrected certificate without the contested remarks within four weeks. Additionally, the registrar’s counsel informed the court of ongoing updates to the website portal to prevent similar issues in the future.

    The court took note of these submissions and disposed of the appeal accordingly.

  • Tata Consumer Products to acquire Capital Foods

    Tata Consumer Products to acquire Capital Foods

    Mumbai: Tata Consumer Products has announced that it has signed definitive agreements to acquire 100 per cent equity shares of Capital Foods, owner of the brands ‘Ching’s Secret’ and  ‘Smith & Jones’, in a phased manner. 75 per cent of the equity shareholding will be acquired  upfront and the balance 25 per cent shareholding will be acquired within the next three years.  This move is consistent with Tata Consumer’s strategic intent to expand its product portfolio and its target addressable market in fast-growing/high-margin categories.

    Capital Foods has strong umbrella platform brands with a portfolio of unique products for in-home consumption in fast-growing categories. Ching’s Secret is a market leader in desi Chinese across its product categories – chutneys, blended masalas, sauces and soups. Smith & Jones is a fast-growing brand catering to in-home cooking of Italian and other western cuisines. Overall, Capital Foods has first or second positions in five large categories.  

    This acquisition will enable Tata Consumer Products to expand its product portfolio and further strengthen its pantry platform. There are significant synergy benefits with the existing businesses of Tata Consumer Products in areas spanning distribution, logistics,  exports and overheads. The overall size of the categories in which Capital Foods operates in is estimated at Rs 21,400 crores. Structural growth drivers for the category include continued growth in income levels, evolving consumer preferences leading to increased salience of global cuisines in in-home cooking, and increasing need for convenience.  

    Tata Consumer Products MD & CEO Sunil D’Souza said, “We are excited to welcome Capital Foods into Tata Consumer Products. We believe this is a good strategic and financial fit. It will open up significant market opportunities in the fast-growing non-Indian cuisines segment, leveraging the sales and distribution platform that we have built. The strong brand recall of Ching’s Secret and Smith & Jones coupled with our operational  strength across channels makes us extremely confident of driving topline growth and realising cost synergies. This transaction will accelerate momentum in our business and  is margin accretive to our business.”

    Capital Foods founder Ajay Gupta said, “Today is a historic day for Capital Foods.  To be associated with the iconic Tata Group is a dream come true for me. Just the  name, ‘Tata’, instils a sense of trust and pride in every Indian. Like Capital Foods, Tata  is a home-grown brand that is globally recognised. Tata Consumer Products is a multi

    conglomerate that spans the globe with quality food ingredients and products. In 28  years, from 3 bottles of sauces, to an entire ‘Desi Chinese’ cuisine block, Ching’s Secret has become a brand to be reckoned with. Smith & Jones covers another food block with tremendous potential. Together, Tata and Capital Foods can create a multi-national culinary brand that includes multiple food categories. The journey ahead is  going to be a giant leap for us, full of endless possibilities and definitely exhilarating!”

    Invus, the global advisor of Artal (a European evergreen family investor) MD Francis Cukierman said, “We are thrilled to have worked closely with Ajay Gupta and contributed to the journey of Capital Foods since 2013. Artal Asia, the Singapore  subsidiary of Artal Group, has decided to continue for the compelling next chapter of  growth of Capital Foods with Tata Consumer for the next few years.”

    General Atlantic managing director and head-India Shantanu Rastogi said: “We have had a great partnership with Ajay Gupta in scaling Chings and Smith & Jones into the most adored brands in their categories. We wish Ajay and Tata Consumer Products the best in the next phase of development of Capital Foods.”

    Kotak Investment Banking and Khaitan & Co have been TCPL’s exclusive financial and legal advisors on this transaction respectively.

  • Delhi high court refuses to restrain Parle from using the trademark ‘For The Bold’

    Delhi high court refuses to restrain Parle from using the trademark ‘For The Bold’

    Mumbai: The Delhi high court on 18 September 2023 refused to restrain Parle from using the trademark ‘For the Bold’ on its products in a suit filed by PepsiCo. PepsiCo had sought to restrain Parle from using PepsiCo’s registered trade mark ‘For the Bold’ on its products. In response, Parle challenged the validity of PepsiCo’s trademark ‘For the Bold’ and sought framing of the issue of invalidity of PepsiCo’s trade mark.

    The Delhi high court while allowing the aforesaid plea of Parle raising the issue of invalidity, rejected the prayer of PepsiCo to restrain Parle from using the trademark ‘For the Bold’ on its products. However, it has directed Parle to not use the tagline ‘For The Bold’ as the predominant part of its advertising campaign and not to alter the label on its “B Fizz” bottle without prior approval of the court.

    Ankur Sangal, Pragya Mishra and Shashwat Rakshit from Khaitan & Co appeared for Parle.

  • Jio Platforms to invest $200 million in AI-powered Glance

    Jio Platforms to invest $200 million in AI-powered Glance

    Mumbai: AI-driven lock-screen platform Glance has announced that it has agreed to raise $200 million from Jio Platforms (“Jio”) in its Series D round of funding. The transaction is subject to the satisfaction of customary closing conditions and regulatory approvals.

    The proposed investment by Jio is aimed at accelerating Glance’s launch in several key international markets outside of Asia such as the USA, Brazil, Mexico and Russia. The company is aiming to create the world’s largest live content and commerce ecosystem on the lock screen and will use the funds raised to expand globally. In addition to Jio Platforms, Glance is also backed by technology giant Google and Silicon Valley-based venture fund Mithril Capital.

    Concurrent with the proposed investment, Glance has also entered into a business partnership arrangement with Reliance Retail Ventures (“Reliance Retail”), providing for Glance’s ‘lock screen platform’ to be integrated into the JioPhone Next smartphones to transform the internet experience for millions of Jio users. This is the latest in a series of strategic partnerships between Glance and global players in the mobile ecosystem. The deal is also expected to lead to further strategic collaborations between Glance, Reliance Retail, and Jio across devices, commerce, content and gaming ecosystem.

    Glance will be integrated into the Pragati OS, which has been co-developed by Jio Platforms and Google, to bring LIVE content on Lock Screen for millions of Jio users. Its entertainment-led commerce platform Roposo will bring the power of live creator commerce to Jio users on their lock screen.

    Jio Platforms director Akash Ambani said, “Glance has grown at a phenomenal pace over the past two years and has given users a truly unique solution by unlocking the power of the lock screen for experiencing the internet, live content, creator-driven entertainment commerce, and gaming. With the help of this investment, Glance expects to launch in several key markets globally as well as to extend the experience to millions of Jio users, further reinforcing our commitment to provide the most advanced and next-level tech and digital ecosystem for consumers in India and beyond.”

    InMobi Group founder and CEO Naveen Tewari added, “Jio’s investment in Glance brings a deep synergy of vision and philosophy. Jio is a truly disruptive company. It made the internet accessible for millions of users, making India one of the largest internet markets in the world. Reliance is now disrupting the smartphone market with the launch of its JioPhone Next smartphones. Jio’s investment in Glance and Glance’s presence on the lock screen of JioPhone Next smartphones will lead to a paradigm shift in how its users experience the internet.”

    “Glance has created a disruptive lock screen-first discovery platform for live content, commerce and gaming in Asia, and we intend to scale it globally going forward,” shared InMobi Group co-founder and Glance president and COO Piyush Shah. “Jio’s investment is a huge validation of this vision and gives us the firepower to take the innovative experience of Glance to surfaces across the world. We look forward to working with Jio to build the content, creator and commerce ecosystem of the future together.”

    Morgan Stanley acted as the exclusive financial advisor and Khaitan & Co. acted as the legal counsel to Glance. White & Case and K Law acted as the legal counsels and Ernst & Young provided accounting and tax due to diligence services to Jio Platforms.