Pioneer Jellice India Private Limited and Ashok Matches and Timber Industries Private Limited entered into Share Purchase Agreement to acquire 39.42% stake in India Gelatine & Chemicals Limited (IGCL) from Olive Speciality Services LLP, Viren Mirani and Shefali Mirani for ~₹114 crore.
Economic Laws Practice advised Olive Speciality Services LLP, Viren Mirani, and Shefali Mirani on this transaction. The Firm provided end-to-end legal assistance to the Sellers in connection with the transaction including undertaking drafting, negotiating, and finalizing transaction documents including share purchase agreement, disclosure letter and escrow agreement and advising the Sellers on all aspects of the closing.
The transaction team was led by Sujjain Talwar (Co-Founding Partner) and assisted by Vinit Shah (Principal Associate), Pranaav Gupta (Associate) and Pallavi Agarwal (Associate).
The Acquirers' extensive experience and expertise will enhance the business operations of India Gelatine & Chemicals and market presence across new regions. This acquisition is poised to deliver substantial benefit to the Company, its business, its employees, its customers and other public shareholders.
Pursuant to execution of the share purchase agreement, the Acquirers are also required to make an open offer to the public shareholders of the Company in terms of the applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
IGCL is a leading manufacturer of ossein and gelatin, catering to pharmaceutical, food, and industrial applications. Established in 1973, the company operates a state-of-the-art production facility in Gujarat, ensuring high-quality standards and compliance with global regulations. IGCL has a strong domestic and international market presence, supplying gelatin for capsules, food-grade applications, and technical uses.
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