Shearman & Sterling has represented Aditya Birla in the restructuring of its cement business. The restructuring, which was completed on August 26 , took place in two phases. In the first phase, the cement business of Grasim Industries Limited, a viscose staple fibre (VSF), cement, chemicals and textiles business and part of the Aditya Birla Group, was demerged into Samruddhi Cement Limited, a subsidiary of Grasim. In the second phase, Samruddhi Cement Limited was amalgamated with UltraTech Cement Limited, another Aditya Birla group entity. Upon completion of the restructuring, the cement business will be consolidated in UltraTech.
The restructuring was subject to Indian law and involved US securities law issues as the group entities involved had certain US shareholders as well as depositary facilities that also had US holders.
Hong Kong Capital Markets partner Matthew Bersani led the Shearman & Sterling team, working with counsel Sidharth Bhasin (Hong Kong–M&A) and associate William Steinberg (Hong Kong–Capital Markets).
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