Khaitan & Co advised Electrosteel Castings Ltd. on acquisition of T.I.S Services S.p.A and its European subsidiaries
The leading Indian law firm Khaitan & Co advised Electrosteel Castings Ltd. (“Electrosteel”), an Indian listed company, on its acquisition of 100% share capital and voting rights of T.I.S Services S.p.A (“Target”), a company based in Italy, along with its four subsidiaries located across Europe in Italy, Poland, Turkey, and Croatia, from TIS Group S.p.A (“Seller”). The transaction also included the lease and subsequent acquisition by the Target of a real estate facility located in Bolgare, Italy, from the Seller post-closing.
The Target is engaged in the business of manufacturing and selling water valves for large water systems. The acquisition will expand Electrosteel’s existing presence in Europe and is expected to enhance strategic and operational efficiencies in its ductile iron pipes and fittings business for domestic and export markets.
CMS Adonnino Ascoli & Cavasola Scamoni (led by Matteo Ciminelli) along with other CMS attorneys in Italy, Poland, Turkey, and Croatia advised on Italian law aspects and other local European regulations.
The Khaitan & Co team was led by Prithwijit Gangopadhyay (Partner), with support from Riya Dutta (Principal Associate), Supallab Chakraborty (Senior Associate), and Karishma Sethia (Senior Associate).
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