DSK, Pioneer act on $16m sale of Citizen to Daikin Airconditioning

Daikin Airconditioning India has acquired the air handling business of Ahmedabad-based Citizen Industries, a move which will enhance its product positioning into the commercial air-conditioning market, a top company official said. The move would help Daikin to strengthen its presence in the fast-growing commercial air-conditioning markand expects the segment to increase its contribution up to 35 per cent of its turnover from next year.

— The Economic Times

DSK Legal advised the seller shareholders of Citizen (Kamalesh Mehta and Praful Patel and their respective family members) led by a team of partnerHemang Parekh, principal associateJayesh Kothari and associateSupallab Chakraborty.

ICICI Securities acted as financial advisor to Citizen.

Pioneer Legal advised Daikin Airconditioning India Private Limited led by a team of partnerPritha Jha, counselAnupam Shukla, and associatesAlthea Pereira, Sana Nagar and Vedika Shah.

KPMG was Daikin’s financial advisor.

Pioneer had been started by DSK co-founder Satish Kishanchandani in 2019.

Deal value: Rs 125 cr

2020-12-20

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