TT&A advised Asian Development Bank in its divestment of its minority stake in Akay Natural Ingredients Private Limited (“ANIPL”) by way of sale to Spicerich Seasonings Private Limited (“SSPL”). This was followed by Oterra Singapore Pte. Ltd. (“Oterra”), a group company of the EQT Partners group, acquiring ANIPL by first acquiring SSPL, a subsidiary of ANIPL.

It was an unique deal because of the complexity involved in structuring the transaction on account of tax considerations. Although ADB was divesting its stake from ANIPL, the sale involved a number of interim steps which have to be completed (and consequent transaction documents which had to be negotiated) prior to the actual sale

TT&A Team: Gautam Saha & Nikhil Bahl – Partners; Pooja Menon – Managing Associate; Shambhavi Singh – Associate