Trilegal has advised Exide Industries’ life insurance subsidiary, Exide Life, on its 67-billion-rupee ($915 million) sale to HDFC Life Insurance Company, which was represented by AZB & Partners.
Exide Industries, the largest manufacturer of lead-acid storage batteries in India, established Bengaluru-based Exide Life Insurance Company in 2001.
According to Reuters, the deal is among the biggest yet in a sector where competition is heating up.
As part of the deal, HDFC Life will issue 87 million shares to Exide Industries and pay 7.26 billion rupees in cash, Reuters added.
Partners Sridhar Gorthi and Ashwyn Misra led the Trilegal team.
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