Shardul Amarchand Mangaldas & Co. Advises Vardhaman Textiles Limited on Sale of 40% Stake in Vardhaman Yarns and Threads Limited to U.S. Based Joint Venture Partner, American & Efird Global, LLC

Shardul Amarchand Mangaldas & Co  (SAM & Co) acted as the legal advisor to Vardhman Textiles Limited in relation to the sale of its 40% stake in Vardhaman Yarns and Threads Limited to its U.S. based joint venture partner American &Efird Global, LLC(A&E Global). Vardhman Yarns and Threads Limited is India’s second–largest manufacturer and distributor of premium quality industrial and consumer sewing thread.

Shardul Amarchand Mangaldas & Co Team is advising Vardhman Textiles on all aspects of the transaction, including on Competition Law related approvals required for the transaction. The M&A Team was led by Gunjan Shah, Partnerand was assisted by Anuj Trivedi, Principal Associate and Vipin Sharma, Associate. The Competition Law team is being led by ManikaBrar, Partner and includes Rohan Arora, Senior Associate, and Karan Latayan, Associate.

As a part of the transaction, definitive agreementshave been entered into between A&E Global,Vardhaman Textiles and Vardhman Yarns and Threads, for acquisition by A&E Global of additional 40% equity shareholding in Vardhman Yarns and Threads Limited from its joint venture partner, Vardhman Textiles Limited. Upon completion of the transaction, A&E Global will own 89% of the joint venture and Vardhman Textiles will own the other 11%.

The parties involved in the transactionare American & Efird Global, LLC (Acquirer),Vardhman Textiles Limited (Seller) and Vardhman Yarns and Threads Limited (Company).

The deal was signed on May 9, 2016.The transaction closure remains subject to approval from the Competition Commission of India and other closing conditions.

McGuireWoods LLP and J.Sagar Associates served as legal counsel to American & Efird Global, LLC.

About Shardul Amarchand Mangaldas & Co

Shardul Amarchand Mangaldas is one of India’s leading full service law firms. Founded on almost a century of legal achievement, Shardul Amarchand Mangaldas reconstituted in May 2015. Its mission is to ‘enable business by providing solutions as trusted advisors through excellence, responsiveness, innovation and collaboration’.

The Firm is known for its exceptional Merger & Acquisition, Private Equity, Competition Law, Dispute Resolution, Capital Markets and Project & Project Finance practices globally.

The Firm has been at the helm of major headline transactions and litigation in all segments of industry, besides advising major multi-national corporates on their entry into India and their business strategy.

The Firm has more than 390 lawyers, including 70 partners at its offices in six cities across India, which include – New Delhi, Mumbai, Gurgaon, Ahmedabad, Bengaluru and Kolkata.