Partner, Mumbai, New Delhi
Gaurav is a M&A and PE Partner at the firm and has advised multiple private equity and venture capital funds, strategic corporate clients, multilateral agencies, public and private companies as well as their promoters, on a wide variety of their complex cross-border and domestic M&A and private equity transactions.
About Gaurav Dayal
About Gaurav Dayal
Gaurav’s rich experience includes representing clients, across a range of sectors in India, in acquisitions, joint ventures, dispositions, minority and strategic investments and advising on full range of their operations and activities, including advising on governance and restructuring of businesses, establishing and growing new businesses.
An alumnus of National Law School of India University, Bengaluru, Gaurav has around 15 years of experience working as a transactions lawyer in diverse sectors including manufacturing, IT/ITeS and technology, food & agriculture, FMCG, financial services, technology, pharma and healthcare, retail and e-commerce, renewable energy, real estate and hospitality.
In addition to advising clients on corporate structuring, entry strategies, establishment of presence and exit mechanisms (including pre-IPO advisory), Gaurav also advises on regulatory issues to achieve their commercial objectives. Gaurav is regularly advising various MNCs and domestic companies on investment regime, foreign exchange regulations, securities regulations, general corporate and commercial matters, technology and data-protection issues.
Gaurav has recently advised Manufacturing Technology Inc., a global leader in friction and resistance welding, in its acquisition of Friction Welding Technologies Private Ltd. in India. Gaurav has represented Lifewell Diagnostics (a healthcare delivery platform), Alphavector (Ninety One Bikes) and LifeCell International (India’s largest stem cell bank) in their latest rounds fund raise from private equity investors. Gaurav has also represented BICS, a global communications provider, in its acquisition of MOBtexting, a Communications Platform-as-a-Service provider.
Prior to joining L&S, Gaurav was a part of the Corporate M&A and Private Equity practice at Shardul Amarchand Mangaldas for more than 11 years.
National Law School of India University, Bengaluru
B.A., LL.B. (Hons.)
Leading Lawyer - ‘Rising Star Partner’ with IFLR1000 for 2023-2024.
Recommended and key lawyer in Legal500 Asia Pacific 2023.
Some of Gaurav’s key representations have been set out below:
Blackstone, CPPIB and GIC in relation to their acquisition of the global financial and risk business of Thomson Reuters for US$ 17 billion.
Blackstone PE in relation to:
acquisition of the global human resources outsourcing business of Aon PLC for
US$ 4.8 billion; and
bulk deal / open market sale of its partial stake in SH Kelkar.
I Squared Capital on the sale of its 100% stake in Amplus Energy to Petroliam Nasional Berhad (Petronas) for US$ 390 million.
Punjab National Bank in relation to its bancassurance joint venture with MetLife India.
DLF Group with respect to the hive-off of its wind-power undertakings in Karnataka, Tamil Nadu, Gujarat and Rajasthan as a going concern to different buyers.
Indiavidual Learning Pvt Ltd. (Embibe) and its founder on strategic investment by Reliance Industries to form India’s largest AI based education platform (deal value: US$ 180 million).
IFC, Rabo PE and IFFCO in relation to the sale of their combined stake (~70%) in NCMSL (India’s largest private-sector agri logistics player) to Fairfax (deal value: US$ 126 million).
Temasek in relation to its investment of US$ 100 million in Devyani International Limited (engaged in QSR business and operator of KFC Pizza Hut and Costa Coffee chains in India).
Mrs. Bectors Food Specialities (engaged in the biscuits business of Cremica group) and its promoters in relation to investment by CX Partners and Gateway Partners and exit of Motilal Oswal PE (deal value: US$ 100 million).
International Tractors Limited (Sonalika Group) with respect to a secondary investment by Blackstone PE (deal value: US$ 100 million).
Lifewell Diagnostics, a healthcare delivery platform with full-stack diagnostics and its promoters in relation to:
private equity investment of US$ 80 million by Orbimed PE; and
its strategic acquisition of targets in the diagnostics space for its platform.
LifeCell International (India’s largest stem cell bank) and its promoters in relation to private equity investments aggregating to US$ 45 million by Orbimed PE.
Alphavector (Ninety One Bikes) in their series A fund raise of US$ 30 million from A91 Partners and other investors.
Belgacom International Carrier Services, a global communications provider, in relation to its acquisition of Mobtexting, a leading communication platform provider in India.
Manufacturing Technology Inc., a global leader in friction and resistance welding, in its acquisition of Friction Welding Technologies Private Ltd. in India.
India Agri Business Fund (a Rabobank sponsored fund) in relation to its various investments, including in:
its investment in Nature Bio (subsidiary of LT Foods engaged in organic food business);
its exit from Sri Biotech Laboratories, multidisciplinary agri biotechnology company; and
its tranche investment in Beloor Bayir Biotech Limited.
Welsh Carson in relation to its strategic growth investment in Simeio Solutions, an identity and access management services provider.
IDFC Alternatives (now Investcorp) in relation to its investments in:
InCred Finance, a technology-led financial services company; and
Citykart Retail, a value apparel retail chain.
One97 Communications (PayTM) in relation to:
its series C fund raise; and
its strategic investment in Creditmate, a fintech company utilising proprietary technology to facilitate grant of loans to borrowers without credit history.
Den Networks, one of India’s largest multi-system operators, a listed company, and its promoters, in relation to a follow-on investment by Goldman Sachs.
‘M&A round-up for 2022’, January 4, 2023, Lexology: https://www.lexology.com/commentary/corporate-financema/india/lakshmikumaran-sridharan/ma-round-up-for-2022
‘Technology industry M&A: legal reforms’, October 19, 2022, Lexology: https://www.lexology.com/commentary/corporate-financema/india/lakshmikumaran-sridharan/technology-industry-ma-legal-reforms
‘Easing it for AIFs, VCs’, September 22, 2022, The Hindu Business Line: https://www.thehindubusinessline.com/opinion/easing-it-for-aifs-vcs/article65919395.ece
‘Taking ESG reporting to the next level’, May 24, 2022, The Hindu Business Line: https://www.thehindubusinessline.com/opinion/taking-esg-reporting-to-the-next-level/article65457659.ece
‘Realigning insurance regulations: increase in FDI limits in insurance companies’, October 13, 2021, Lexology: https://www.lexology.com/commentary/corporate-financema/india/lakshmikumaran-sridharan/realigning-insurance-regulations-increase-in-fdi-limits-in-insurance-companies
‘Increase in FDI limit: allowing foreign ownership and control in Indian insurance companies’, August 11, 2021, Lexology: https://www.lexology.com/commentary/corporate-financema/india/lakshmikumaran-sridharan/increase-in-fdi-limit-allowing-foreign-ownership-and-control-in-indian-insurance-companies
‘Emergence and growth of fintech start-ups in India’, June 15, 2021, IFLR: https://www.iflr.com/article/2a646h8nupzg381v8xs00/emergence-and-growth-of-fintech-start-ups-in-india
‘Thinking outside the (locked) box: post-closing adjustment mechanisms’, November 4, 2020, Lexology: https://www.lexology.com/commentary/corporate-financema/india/lakshmikumaran-sridharan/thinking-outside-the-locked-box-post-closing-adjustment-mechanisms
‘Indian M&A in a changed world’, September 28, 2020, IFLR: https://www.iflr.com/article/2a645eymbcnhnuvi8z475/indian-m-a-in-a-changed-world
‘Restrictions on FDI from bordering countries’, September 9, 2020, Lexology: https://www.lexology.com/commentary/corporate-financema/india/lakshmikumaran-sridharan/restrictions-on-fdi-from-bordering-countries
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