Monday, October 30, 2017

Cyril Amarchand outbids SAM, Luthra to advise on Air India disinvestment

Cyril Amarchand Mangaldas will act as the legal advisor for Air India in its disinvestment process.

Shardul Amarchand Mangaldas and Luthra & Luthra made it to the final round in technical bids. They were then edged out by Cyril Amarchand Mangaldas in financial bidding as the advisory fees quoted by the latter was much lower, reported Business Standard.
Legally India reports the actual fee quote of the law firms.

Legally India reports the actual fee quote of the law firms.

Law Firm Quote
Luthra & Luthra 3.5 crores
Shardul Amarchand 1.5 crores
Cyril Amarchand 29.9 lakhs
EY, the consultancy entity, and investment bankers Rothschild have been chosen as transaction advisors for the proposed disinvestment of state-owned airline Air India.

The Department of Investment and Public Asset Management (DIPAM) had earlier invited firms for appointing law firms in assisting the strategic sale of the carrier.

The mammoth deal includes an operating fleet of 142 aircraft comprising 65 A-320 aircraft, 15 B777 aircraft, 24 787 aircraft, 23 737-800 aircraft, 11 ATRs, and four B747 aircraft.

The other law firms that were interested in giving legal advice to the government included Hammurabi & Solomon Partners, Crawford Bayley & Co, ALMT Legal, and Trilegal.
30/10/17 Bar & Bench