Which lawyer represented Adani in key deals since 2022?

Adani Group took over the management of the Mumbai airport from the GVK Group in July 2021.

The Hindenburg report, which was released in January, put the Adani Group in the eye of a storm.

The report made adverse observations against the Adani Group regarding its accounting practices, related-party transactions, concentrated share ownership by a few overseas investment firms, and share price manipulation. The Adani Group denied all the allegations and hinted at exploring legal options.

In the wake of the report, the stocks of many group companies crashed and flagship company Adani Enterprises cancelled its Rs 20,000 crore follow-on public offering a day after it was fully subscribed.

Cyril Amarchand Mangaldas, one of India’s largest law firms, has advised and represented the Adani Group on a range of transactions and deals, including acquisitions in 2022. Here is a look at the deals the law firm advised since last year:

Holcim companies

Cyril Amarchand Mangaldas was the law firm for the Adani Group’s $10.5 billion acquisition of the controlling interest held by the Holcim Group in Ambuja Cements and ACC.

Adani acquired Holcim’s entire 63.11 percent stake in Ambuja Cement, which owned 50.05 percent interest in ACC, as well as its 4.48 percent direct stake in ACC. The purchase of the stake in Ambuja Cement was at a share price of Rs 385 and in ACC at a share price of Rs 2,300.

NDTV

The Adani Group acquired close to 65 percent of New Delhi Television (NDTV) through its subsidiary AMG Media Networks. Cyril Amarchand Mangaldas acted as the law firm for Adani in the transaction.

In December, NDTV’s founders Radhika and Prannoy Roy sold a 27.26 percent stake in the company to an entity owned by Adani, giving it 64.71 percent of NDTV, regulatory filings showed. Earlier in 2022, Adani had already acquired more than 37 percent of NDTV after an open offer.

Indian Oiltanking

In November 2022, Adani Ports and Special Economic Zone entered into a definitive agreement for the acquisition of Oiltanking India GmbH’s 49.38 percent equity stake in Indian Oiltanking, one of India’s largest operators of liquid storage facilities.

Under the agreement, Adani Ports will also acquire an additional 10 percent equity stake in IOT Utkal Energy Services, which is a 71.57 percent subsidiary of Indian Oiltanking.

Cyril Amarchand Mangaldas advised Adani Ports.

Kohinoor brand

In May 2022, Adani Wilmar announced the acquisition of several brands, including the renowned 'Kohinoor' brand from McCormick Switzerland GMBH to strengthen its leadership in the food business.
The acquisition gave Adani Wilmar exclusive rights over the 'Kohinoor’ brand of basmati rice along with the 'Ready to Cook’ and 'Ready to Eat' curries and meals portfolio under the Kohinoor brand umbrella in India, the company said in a statement.

Cyril Amarchand Mangaldas advised AWL, a listed company, in its acquisition.

Adani Enterprises’ cancelled FPO (2022)

Cyril Amarchand Mangaldas advised Adani Enterprises on its now-cancelled follow-on public offering to raise Rs 20,000 crore. Adani said considering the volatility in the market on February 1, the board “strongly felt that it would not have been morally correct to proceed with the FPO.”

After the Hindenburg report came out, the Trinamool Congress asked Cyril Shroff, the managing partner of Cyril Amarchand Mangaldas, to recuse himself from the Securities and Exchange Board of India’s panel on corporate governance and insider trading, noting that Shroff’s daughter Paridhi was Gautam Adani's daughter in law and a partner in the law firm.

According to the law firm’s website, Paridhi Adani’s professional experience covers Adani Ports’ acquisition of 75 percent stake in Krishnapatanam Ports, Adani Green Energy’s joint venture agreement with Total SA for solar projects across India, and Adani Family and Adani Gas on the acquisition of 37.4 percent stake by Total Holdings SAS.

While other firms like Clifford Chance have represented Adani in the past, Cyril Amarchand Mangaldas advises them on most corporate deals.