Cyril Amarchand Mangaldas Advises L&T on Major Real Estate Asset Consolidation
Cyril Amarchand Mangaldas, one of India's leading law firms, has advised Larsen & Toubro Limited (L&T) on a proposed scheme of arrangement among L&T and L&T Realty Properties Limited (LTRPL) and their respective shareholders under Sections 230 to 232 of the Companies Act, 2013.
The scheme includes the transfer of L&T’s real estate undertaking to LTRPL as a going concern, on a slump sale basis, in exchange for the issuance of equity shares of LTRPL to L&T. Additionally, it involves the reorganisation of LTRPL’s share capital.
The transaction team advising L&T was led by L. Viswanathan, Senior Partner, and Sudhir Kapadia, Senior Advisor. Bhargav Joshi, Partner, was also part of the leadership, with assistance from Saumya Sharma, Ayushi Agarwal, and Arushi Kankariya, all associates.
Indranil Deshmukh, Partner and Head of Disputes, provided advice on the disputes aspects of the transaction, supported by Tapan Deshpande, Director of Corporate Litigation, and Aekaanth Nair, Senior Associate.
Ashish Jain, Edward James, Rishiraj Bhatt, Abhilash Pillai, and Siddharth Singh, all Partners, along with Kripa Sankari, Shorya Choudhary, Siddharth Iyer, Pavithra Rao, Nikita D'silva, Kinnari Jain, Vedantha Sai, Mansi Sethiya, Januja Gathraj, Utkarsh Tyagi, Shruthi P, and Vaishnavi Joshi, advised on the real estate aspects of the transaction.
Ankita Ray, Partner, provided guidance on the employment aspects, with assistance from Faiza Khan, Principal Associate, and Mayank Jain, Associate.
Kaustav Kundu, Partner, advised on the competition law aspects, supported by Rajat Sharma, Senior Associate, and Vrinda Gundam, Associate.
Devaki Mankad, Partner and Regional Co-Head of Capital Markets (West), and Manan Lahoty, Partner and Head of Capital Markets, advised on the capital markets aspects, with assistance from Hitesh Nagpal, Associate.
This transaction marks the beginning of a phased consolidation of all real estate assets and undertakings of L&T, which will be vested in LTRPL. This consolidation aims to create a unified, future-ready entity capable of capitalising on India’s real estate growth.
