DEAL DETAILS
Bennett Coleman and Co. Ltd. | Strategic investment by Primary Wave Times Music Holdings LLC
Khaitan & Co advised Bennett Coleman and Co. Ltd. (“BCCL”) on India law aspects in relation to strategic investment by Primary Wave Times Music Holdings LLC in Global Rhythm Limited by way of primary investment. The Firm acted as legal counsel to BCCL for the transaction. The core team advised on the following: (i) drafting, negotiating and finalizing restructuring documents in relation to the existing business of BCCL; (ii) drafting, negotiating and finalizing the transaction documents comprising mainly of a share subscription agreement and a shareholders’ agreement; and (iii) assisting and advising BCCL on all Indian law aspects with respect to the transaction.
The core team consisted of Vivek Sriram (Partner), Vidur Sinha (Partner) and Pragna GR (Associate) with assistance from the following:
Direct and Indirect Tax aspects of the transaction: Udayan Choksi (Partner), Vinita Krishnan (Executive Director) and Jimmy Bhatt (Counsel)
Competition/Antitrust aspects: Anshuman Sakle (Partner)
Quotation by the Client
“Times Music’s strategic partnership with primary wave is a proud moment for us at the Times Group.”- Vineet Jain, Times Group.“Music is synonymous with India and Times Music has built an incredible catalogue with amazing global potential. Our partnership with Primary Wave will enable us to further accelerate our catalogue acquisition, acquire new music and reach worldwide audiences”- Mandar Thakur, COO, Times Music.
