Khaitan & Co, Cyril Amarchand Mangaldas (CAM) and Shardul Amarchand Mangaldas (SAM) advised on BNP Paribas Cardif’s acquisition of a 25.96% stake in IndiaFirst Life Insurance.

BNP Paribas Cardif has agreed to acquire a 25.96% stake in IndiaFirst Life Insurance Company Limited from Carmel Point Investment Limited, a company incorporated in Mauritius and owned and managed by Warburg Pincus.

IndiaFirst Life Insurance is a private life insurer registered with the Insurance Regulatory and Development Authority of India (IRDAI), with Bank of Baroda and Union Bank of India among its other shareholders. The transaction is subject to approvals from IRDAI and the Competition Commission of India (CCI), as well as other customary conditions precedent.

Khaitan & Co advised BNP Paribas Cardif on the acquisition.

The team was supported on Corporate & Commercial matters by Partner Aravind Venugopal and Associate Amrutha Alapati.

The Restructuring & Insolvency team comprised Partner Mohit Kishore and Associates Bhaskar Vishwajeet and Jahnavi Yalavarthi.

The Competition / Antitrust team comprised Partner Anisha Chand, Principal Associate Alisha Mehra, Senior Associate Yatharth Vardhan Singh and Associate Vrinda Bhardwaj.

The Intellectual Property team comprised Partner Nirupam Lodha, Principal Associate Shivangi Narang and Senior Associate Gautam Wadhwa.

The Employment, Labour & Benefits team comprised Partner Vinay Joy, Senior Associate Aditya J Nair and Associates Shaaryl Dsouza and Tanvi Uday Shetty.

The Privacy and Data Protection team comprised Partner Supratim Chakraborty, Senior Associate Himeli Chatterjee and Associate Mayank Barman.

Cyril Amarchand Mangaldas (CAM) acted as sole legal counsel to Carmel Point Investment Limited / Warburg Pincus in relation to the sale of its entire approximately 26% shareholding in IndiaFirst Life Insurance.

The transaction team was led by Partners Ruetveij Pandya and Jeeta Nayak, with support from Principal Associate Vishvas Bharadwaj and Associates Amritya Singh, Swati Narayanan and Sameer Seshadri.

The team was supported on internal restructuring, insurance law and IRDAI-related matters by Partner Indranath Bishnu (Head – Insurance) and Partner Anirud Sudarsan R, with support from Senior Associate Subhalaxmi Hota.

The legal vendor due diligence on the Company was led by Partner Ruetveij Pandya; Partner Indranath Bishnu (Head – Insurance); Partners Jeeta Nayak, Anirban Mohapatra, Bishen Jeswant, Abhilasha Malpani, Anirud Sudarsan R and Krithika Radhakrishnan; with support from Senior Associates Soumyashree Chowdhury, Subhalaxmi Hota and Nidhi Jhawar; and Associates Kanav Khanna, Adhiraj Vikram Singh, Amritya Singh, Raajash Kulmi, Sanskruti Kulkarni, Abhishek Chandel, Saakshi Tibrewal, Pooja V, Swati Narayanan, Tejas Chhura and Keertesh Tripathi.

The Competition team was led by Partner Avaantika Kakkar (Head – Competition), with support from Senior Consultant – Competition Law Anshul Jain.

The Insolvency Law team was led by Partner Surbhi Pareek, with support from Associate Sunaina Sharma.

Shardul Amarchand Mangaldas & Co. (SAM) acted as legal counsel to IndiaFirst Life Insurance Company Limited in connection with the proposed acquisition.

The transaction involved a pre-closing restructuring exercise under which Carmel Point India Investments Limited, a wholly owned SPV of Carmel Point Investment, underwent voluntary liquidation, followed by an in specie distribution of its assets, including its IndiaFirst shareholding, to its parent.

The transaction team was led by Partner Shailaja Lall, supported by Senior Associate Suhaas Arora and Associates Nidhi Lakhotia and Aviral Bhardwaj.