Shardul Amarchand Mangaldas and Co advises Blackstone on investments in commercial real estate projects owned by Indiabulls Real Estate Limited in Mumbai and Gurgaon

January 3, 2020

Shardul Amarchand Mangaldas & Co (SAM & Co) advised Blackstone on their purchase of 100 % stake from Indiabulls Real Estate Limited (‘IBREL’) in Mariana Infrastructure Limited (which holds an under-development project in Gurgaon) and acquisition of full rights, title and interest in relation to an under-development commercial tower project located in Worli, Mumbai, from Indiabulls Infraestate Limited (a wholly owned subsidiary of IBREL).

The SAM & Co transaction team was led by Anuj Bhasme, Partner, Neety Thakkar, Principal Associate, Gaurav Dugar, Senior Associate, Nishant Sharma, Senior Associate, Avichal Mathur, Senior Associate, Nirav Punjani, Associate, Rutvi Shrimankar, Associate and Apeksha Narula, Associate. The Real Estate team was led by Ashoo Gupta (Partner), Mansi Samdani (Associate), Shourya Dasgupta (Associate) and Aanchal Jogani (Associate) and Gauri Chabbra (Partner) advised on the Competition Law aspect.

Akshay Chudasama, Managing Partner – Mumbai Region, provided key strategic inputs and guidance.

The value of the deal is approx. INR 730 crores.

Other advisors : Simpson Thacher & Bartlett acted as international legal counsel to Blackstone, Kirkland & Ellis conducted the FCPA due diligence, Ernst and Young conducted the financial due diligence, and the indirect tax due diligence, Bobby Parikh Associates advised Blackstone on structure related aspects. Aecom advised Blackstone on technical due diligence aspects, J. Sagar Associates acted as legal counsel to Indiabulls Real Estate Limited led by Lalit Kumar, Partner, Bharat Bhushan Sharma, Partner and Amandeep Singh Virk, Associate and Transaction Square advised IBREL on tax related aspects.