Gaurav Dayal

Representative Experience

Some of Gaurav’s key representations have been set out below* (on a confidential basis):

• Blackstone, CPPIB and GIC in relation to their acquisition of the global financial and risk business of Thomson Reuters for US$ 17 billion.
• Blackstone PE in relation to:
  • Acquisition of the global HR outsourcing business of Aon PLC for US$ 4.8 billion; and
  • Bulk deal / open market sale of its partial stake in SH Kelkar.
• Regal Rexnord on the divestiture of their industrial electrical motors business to WEG for ~ US$400 million.
• I Squared Capital on the sale of its 100% stake in Amplus Energy to Petroliam Nasional Berhad (Petronas) for US$ 390 million.
• Punjab National Bank in relation to its bancassurance joint venture with MetLife.
• DLF Group with respect to the hive-o of its wind-power undertakings in Karnataka, Tamil Nadu, Gujarat and Rajasthan.
• Indiavidual Learning Pvt Ltd. (Embibe) and its founder on strategic investment by Reliance Industries to form India’s largest AI based education platform (deal value: US$ 180 million).
• IFC, Rabo PE and IFFCO in relation to the sale of their combined stake (~70%) in NCMSL (India’s largest private-sector agri logistics player) to Fairfax (deal value: US$ 126 million).
• Temasek in relation to its investment of US$ 100 million in Devyani International Limited (engaged in QSR business and operator of KFC Pizza Hut and Costa Co ee chains in India).
• Mrs. Bectors Food Specialities (engaged in the biscuits business of Cremica group) in relation to investment by CX Partners and Gateway Partners and exit of Motilal Oswal PE (deal value: US$ 100 million).
• International Tractors Limited (Sonalika Group) with respect to a secondary investment by Blackstone PE (deal value: US$ 100 million).
• Premion a CTV/OTT advertising platform of TEGNA, in relation to its acquisition of Octillion Media, a demand-side platform (DSP) focused on Local CTV/OTT advertising
• Lifewell Diagnostics, a healthcare delivery platform with full-stack diagnostics in relation to:
  • Private equity investment of US$ 80 million by Orbimed PE; and
  • Its strategic acquisition of targets in the diagnostics space for its platform.
• LifeCell International (India’s largest stem cell bank) in relation to private equity investments of US$ 45 million by Orbimed PE.
• Alphavector (Ninety One Bikes) in their series A fund raise of US$ 30 million from A91 Partners and other investors.
• Rite Water Solutions, a potable water and water quality improvement solutions provider, in relation to a private equity investment by Incofin of EUR 7.5 million.
• Belgacom International Carrier Services, a global communications provider, in relation to its acquisition of Mobtexting, a leading CPAAS player in India.
• Manufacturing Technology Inc., a global leader in friction and resistance welding, in its acquisition of Friction Welding Technologies Private Ltd. in India.
• India Agri Business Fund (a Rabobank sponsored fund) in relation to its various investments in India, including in:
  • Nature Bio (subsidiary of LT Foods engaged in organic food business)
  • its exit from Sri Biotech Laboratories, multidisciplinary agri biotechnology company
• Welsh Carson in relation to its strategic growth investment in Simeio Solutions, an identity and access management services provider.
• IDFC Alternatives (now Investcorp) in relation to its investments in:
  • InCred Finance, a technology-led financial services company
  • Citykart Retail, a value apparel retail chain
• One97 Communications (PayTM) in relation to:
  • Its series C fund raise; and
  • Its strategic investment in Creditmate an AI driven loan collection tech platform.
• Den Networks, one of India’s largest multi-system operators, a listed company, and its promoters, in relation to a follow-on investment by Goldman Sachs.

* Certain of these matters were undertaken prior to joining LKS

Recent Publications

• ‘M&A round-up for 2022’, January 4, 2023, Lexology: https://www.lexology.com/commentary/corporate-financema/india/lakshmikumaran-sridharan/ma-round-up-for-2022
• ‘Technology industry M&A: legal reforms’, October 19, 2022, Lexology: https://www.lexology.com/commentary/corporate-financema/india/lakshmikumaran-sridharan/technology-industry-ma-legal-reforms
• ‘Easing it for AIFs, VCs’, September 22, 2022, The Hindu Business Line: https://www.thehindubusinessline.com/opinion/easing-it-for-aifs-vcs/article65919395.ece
• ‘Taking ESG reporting to the next level’, May 24, 2022, The Hindu Business Line: https://www.thehindubusinessline.com/opinion/taking-esg-reporting-to-the-next-level/article65457659.ece
• ‘Realigning insurance regulations: increase in FDI limits in insurance companies’, October 13, 2021, Lexology: https://www.lexology.com/commentary/corporate-financema/india/lakshmikumaran-sridharan/realigning-insurance-regulations-increase-in-fdi-limits-in-insurance-companies
• ‘Increase in FDI limit: allowing foreign ownership and control in Indian insurance companies’, August 11, 2021, Lexology: https://www.lexology.com/commentary/corporate-financema/india/lakshmikumaran-sridharan/increase-in-fdi-limit-allowing-foreign-ownership-and-control-in-indian-insurance-companies
• ‘Emergence and growth of fintech start-ups in India’, June 15, 2021, IFLR: https://www.iflr.com/article/2a646h8nupzg381v8xs00/emergence-and-growth-of-fintech-start-ups-in-india
• ‘Thinking outside the (locked) box: post-closing adjustment mechanisms’, November 4, 2020, Lexology: https://www.lexology.com/commentary/corporate-financema/india/lakshmikumaran-sridharan/thinking-outside-the-locked-box-post-closing-adjustment-mechanisms
• ‘Indian M&A in a changed world’, September 28, 2020, IFLR: https://www.iflr.com/article/2a645eymbcnhnuvi8z475/indian-m-a-in-a-changed-world
• ‘Restrictions on FDI from bordering countries’, September 9, 2020, Lexology: https://www.lexology.com/commentary/corporate-financema/india/lakshmikumaran-sridharan/restrictions-on-fdi-from-bordering-countries