{"id":373558,"date":"2026-01-23T13:00:46","date_gmt":"2026-01-23T07:30:46","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=373558"},"modified":"2026-01-23T12:48:26","modified_gmt":"2026-01-23T07:18:26","slug":"cyril-amarchand-mangaldas-advises-triton-kelvion-apollo-transaction","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/23\/cyril-amarchand-mangaldas-advises-triton-kelvion-apollo-transaction\/","title":{"rendered":"Cyril Amarchand Mangaldas advised Triton on the India leg of the sale of its shareholding in Kelvion Thermal Solutions Holding GmbH (&#8220;Kelvion&#8221;) and its identified (direct and indirect) subsidiaries (&#8220;Target Companies&#8221;)"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">Triton has sold its majority shareholding in the Target Companies to Apollo-managed funds. As part of the transaction, Triton also indirectly sold its shareholding in Kelvion India Private Limited (&#8220;<span style=\"font-weight: bold;\">Kelvion India<\/span>&#8221;). Triton will maintain a minority interest in Kelvion.<\/p>\n<p style=\"margin-bottom: 3%;\">The transaction team was led by <span style=\"font-weight: bold;\">Siddharth Vedula<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> with support from <span style=\"font-weight: bold;\">Bhavya Arya<\/span>, <span style=\"font-weight: bold;\">Kanishka Iyer<\/span>, and <span style=\"font-weight: bold;\">Naomi Manoj<\/span>, <span style=\"font-style: italic;\">Associates.<\/span><\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Bishen Jeswant<\/span>, <span style=\"font-style: italic;\">Partner;<\/span> with assistance from <span style=\"font-weight: bold;\">Soumyashree Chowdhury<\/span>, and <span style=\"font-weight: bold;\">Rohini Dayalan<\/span>, <span style=\"font-style: italic;\">Senior Associates;<\/span> advised on employment aspects of the transaction.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">The transaction included the indirect sale of Triton&#8217;s stake in Kelvion India Private Limited, with Triton retaining a minority interest.<\/p>\n","protected":false},"author":67011,"featured_media":373562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[68835,30960,96049,97369,97368,97367],"class_list":["post-373558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-cam","tag-cyril-amarchand-mangaldas","tag-employment-law-advisory","tag-kelvion-india-private-limited","tag-kelvion-thermal-solutions","tag-triton"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cyril Amarchand Mangaldas advised Triton on the India leg of the sale of its shareholding in Kelvion Thermal Solutions Holding GmbH (&quot;Kelvion&quot;) and its identified (direct and indirect) subsidiaries (&quot;Target Companies&quot;) | SCC Times<\/title>\n<meta name=\"description\" content=\"Cyril Amarchand Mangaldas advised Triton on the India leg of the sale of its majority stake in Kelvion Thermal Solutions and Kelvion India to Apollo-managed funds, covering corporate and employment law aspects of the cross-border private equity transaction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/23\/cyril-amarchand-mangaldas-advises-triton-kelvion-apollo-transaction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cyril Amarchand Mangaldas advised Triton on the India leg of the sale of its shareholding in 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Amarchand Mangaldas advises Terribly Tiny Ventures Private Limited and its shareholders on 100% shareholding sale to Collective Artists Network India Private Limited","author":"Bhumika Indulia","date":"July 5, 2024","format":false,"excerpt":"Cyril Amarchand Mangaldas (\u2018CAM\u2019) advises Terribly Tiny Ventures Private Limited (\u201cTTT\u201d) and its shareholders on the sale of 100% TTT's shareholding to Collective Artists Network India Private Limited (\u201cCollective\u201d). Terribly Tiny Ventures Private Limited (\u201cTTT\u201d) successfully concluded the sale of its entire stake to Collective Artists Network India Private Limited\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Collective Artists Network","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/07\/Collective-Artists-Network.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/07\/Collective-Artists-Network.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/07\/Collective-Artists-Network.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/07\/Collective-Artists-Network.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":371063,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/12\/26\/cyril-amarchand-mangaldas-knr-constructions-road-assets-sale-indus-infra-trust\/","url_meta":{"origin":373558,"position":1},"title":"Cyril Amarchand Mangaldas acted as legal counsels for KNR Constructions Limited on its sale of 4 roads assets to Indus Infra Trust for a consideration of INR 1543 Crores","author":"Editor","date":"December 26, 2025","format":false,"excerpt":"The transaction involved the transfer of 100% shareholding through share purchase agreements, marking a key infrastructure asset monetisation deal.","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Indus Infra Trust Acquisition CAM Advisory","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indus-Infra-Trust-Acquisition-CAM-Advisory.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indus-Infra-Trust-Acquisition-CAM-Advisory.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indus-Infra-Trust-Acquisition-CAM-Advisory.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/12\/Indus-Infra-Trust-Acquisition-CAM-Advisory.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":322234,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/05\/15\/cyril-amarchand-mangaldas-advises-blue-coral-investment-holdings-pte-limited\/","url_meta":{"origin":373558,"position":2},"title":"Cyril Amarchand Mangaldas advises Blue Coral Investment Holdings Pte. Limited Y CIA S.R.C and Arjas Steel Employee Benefit Trust (\u201cESOP Trust\u201d) in the sale of their entire shareholding to Sandur Manganese &amp; Iron Ores Limited","author":"Bhumika Indulia","date":"May 15, 2024","format":false,"excerpt":"Cyril Amarchand Mangaldas (CAM) advises Blue Coral Investment Holdings Pte. Limited Y CIA S.R.C (a spanish affiliate of ADV Partners) (\u201cADV\u201d) and Arjas Steel Employee Benefit Trust (\u201cESOP Trust\u201d) in the sale of the entirety of their shareholding, i.e., amounting to 99.12% of the issued and paid-up share capital,\u00a0in Arjas\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"ESOP Trust","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/ESOP-Trust.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/ESOP-Trust.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/ESOP-Trust.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/ESOP-Trust.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":365608,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/11\/03\/cyril-amarchand-mangaldas-advises-jindal-power-acquisition-jhajjar-power\/","url_meta":{"origin":373558,"position":3},"title":"Cyril Amarchand Mangaldas advises Jindal Power on Acquisition of Jhajjar Power Limited","author":"Editor","date":"November 3, 2025","format":false,"excerpt":"This is one of India\u2019s largest recent thermal power deals. Commissioned in 2012, Jhajjar power plant was among India\u2019s first supercritical thermal projects.","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Cyril Amarchand Mangaldas advises Jindal Power","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/Cyril-Amarchand-Mangaldas-advises-Jindal-Power.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/Cyril-Amarchand-Mangaldas-advises-Jindal-Power.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/Cyril-Amarchand-Mangaldas-advises-Jindal-Power.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/Cyril-Amarchand-Mangaldas-advises-Jindal-Power.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":371466,"url":"https:\/\/www.scconline.com\/blog\/post\/2026\/01\/02\/cyril-amarchand-mangaldas-vixar-acquisition-belgian-waffle-co\/","url_meta":{"origin":373558,"position":4},"title":"Cyril Amarchand Mangaldas Advises Vixar on Share Acquisition in The Belgian Waffle Co.","author":"Editor","date":"January 2, 2026","format":false,"excerpt":"Cyril Amarchand Mangaldas advised Vixar on its acquisition of a shareholding in Bloombay Enterprises Private Limited, which operates The Belgian Waffle Co., one of India\u2019s leading dessert-focused QSR brands with over 700 outlets across 250 cities.","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"CAM advisory Vixar Acquisition The Belgian Waffle Co.","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/01\/CAM-advisory-Vixar-Acquisition-The-Belgian-Waffle-Co.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/01\/CAM-advisory-Vixar-Acquisition-The-Belgian-Waffle-Co.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/01\/CAM-advisory-Vixar-Acquisition-The-Belgian-Waffle-Co.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/01\/CAM-advisory-Vixar-Acquisition-The-Belgian-Waffle-Co.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":289308,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/12\/shardul-amarchand-mangaldas-represents-consortium-of-lenders-of-lanco-infratech-ltd-led-by-idbi-bank-ltd-in-the-acquisition-of-lanco-anpara-power-ltd-by-meil-energy-pvt-ltd\/","url_meta":{"origin":373558,"position":5},"title":"Shardul Amarchand Mangaldas represents consortium of lenders of Lanco Infratech Ltd. led by IDBI Bank Ltd. in the acquisition of Lanco Anpara Power Ltd by MEIL Energy Pvt. Ltd.","author":"Bhumika Indulia","date":"April 12, 2023","format":false,"excerpt":"Shardul Amarchand Mangaldas & Co. represented the consortium of lenders of Lanco Infratech Limited (LITL) led by IDBI Bank Limited in realization of the debt secured by pledge, hypothecation and mortgage through sale of the pledged equity share capital and the preference share capital held in Lanco Anpara Power Limited\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-1096.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-1096.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-1096.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-1096.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/373558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=373558"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/373558\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/373562"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=373558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=373558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=373558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}