Dhruv Singhal

With over 12 years of experience, Dhruv has advised clients in several complex listed and unlisted mergers, restructurings, acquisitions, joint ventures, foreign direct investments, and collaborations.

He has closely worked with clients in sectors spanning across healthcare, telecom, insurance, infrastructure, cement, and manufacturing. He has led several marquee deals over the years.

Relevant Experience:

Larsen & Tubro in relation to their acquisition of approximately 20% shares of Mindtree from Mr. V. G. Siddhartha (promoter of Café Coffee Day) and its acquisition of a controlling stake in Mindtree for an aggregate consideration of USD 1.56 Billion through a highly successful open offer.
Sodexo Pass SAS and Sodexo India in relation to their joint venture with Zeta, pursuant to which, (i) Zeta’s corporate gifting benefits is to be demerged into Sodexo India (ii) Sodexo Pass SAS is to acquire a 10% stake in the Singapore holding company of Zeta (iii) Sodexo India entered an exclusive contract with Zeta for Zeta’s online platform for powering all of Sodexo India’s benefits business on a SAAS basis.
Tata Chemicals in relation to demerger of their Consumer Products Business to Tata Global Beverages Limited in an all-stock transaction for an aggregate value of approximately USD 830 Million.
RHT Health Trust in relation to proposed sale of its entire India asset portfolio to Fortis Healthcare for an aggregate value of INR 4650 crores. He advised Fortis and Religare as transaction counsel for restructuring of the hospital business of Fortis and listing of the Religare Health Trust (RHT), on the Singapore Stock Exchange. This was the first India centric business trust listed on SGX.
LafargeHolcim in relation to the USD 1.4 billion sale of its interest in Lafarge India to Nirma Limited.
Schneider Electric India Private Limited, Schneider Electric Industries SAS and Temasek in relation to their acquisition of Larsen & Toubro’s global electric and automation business for an aggregate value of approximately USD 2.2 Billion. Also advised Schneider Electric India Private Limited and Schneider Electric Industries SAS in relation to Temasek’s investment into Schneider Electric India Private Limited for an aggregate amount of INR 4830 crores and Schneider Electric Industries SAS for an aggregate amount of INR 8440 crores.
Viom Networks Limited and its shareholders including, the Tatas, SREI, IDFC, Macquarie and GIC in relation to the acquisition of 51% shares of Viom Networks Limited by the American Tower Company.
Ambuja Cements Ltd in relation to USD 2.5 billion acquisition of a majority stake in ACC Ltd. from Holcim. It was a complex M&A deal which required approval from the Indian Cabinet Committee on Economic Affairs.
Dr. Reddy’s Laboratories Limited in relation to their issuance of unsecured, redeemable, non-convertible, fully paid up, listed bonus debentures to their existing domestic and foreign shareholders. This is one of the few transactions of its kind undertaken in India.
Morgan Stanley Mutual Fund in relation to the sale of its mutual fund schemes to HDFC Mutual Fund.
Bennett Coleman (for BCCL-Aegon), Standard Life (for HDFC-Standard Life), IDBI (for IDBI-Federal), Future Group (for Future-Generali), AIA (for Tata-AIA) in relation to the increase in the stake of off-shore joint venture partners in the respective insurance companies and the re-negotiation of the shareholders agreement to comply with the recently amended law.

Awards & Recognition

‘Notable Practitioner’ for M&A, IFLR1000 2023-2018.
Listed in ALB India Super 50 Lawyers 2022
Recommended for Corporate Law by 2017 RSG India Report for “his ‘expertise’ in corporate law and ‘innovative approach’ to finding solutions”
Listed in 2013 RSG India Report: List of Lawyers who have received the most unsolicited positive comments from clients and international firms.