Citigroup, Inc. is unloading its stake in India’s Housing Development Finance Corp. Ltd. in a stock sale expected to bring in proceeds of $1.9 billion. Citigroup plans to sell its 9.85-percent interest in Mumbai-based HDFC–one of India’s biggest mortgage lenders–on the country’s National Stock Exchange. Paul, Weiss, Rifkind, Wharton & Garrison corporate partner David Lakhdhir, securities and capital markets co-head Mark Bergman, and corporate counsel Patrick Scott are representing Citigroup in the stock sale. All three partners are based in London. Indian firm Amarchand & Mangaldas & Suresh A. Shroff & Co. is serving as local counsel to Citigroup. [See full story]
Mumbai law firm Khaitan & Co. is acting for Moscow-based Sibur, Eastern Europe’s largest petrochemical company, on a $450 million joint venture with Indian conglomerate Reliance Industries Ltd. to form Reliance Sibur Elastomers Private Ltd. The venture will manufacture butyl rubber in India for the country’s automotive industry. Reliance Industries will own 75 percent of the joint venture while Sibur will hold the rest. Herbert Smith Moscow partner Nicholas Moore is advising the Russian company. Khaitan’s team is led by Mumbai-based partner Aakash Choubey. Reliance Industries is using its in-house legal team for advice on the deal.
