Chinese textiles company Jiangsu Jinsheng Industry Co has acquired the textile assets of Oerlikon Corporation of Switzerland for approximately US$550 million. The deal included the purchase of several assets in India.
A team from Khaitan & Co, led by partner Rabindra Jhunjhunwala, advised Jiangsu Jinsheng Industry on the Indian law aspects of the deal, while Clifford Chance was the lead international adviser to the Chinese company.
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Freshfields Bruckhaus Deringer, led by partners Stephan Waldhausen and Gregor von Bonin, advised Oerlikon on the transaction, which took the form of asset and share purchase deals.
Jiangsu Jinsheng Industry, which is headquartered in the Jintan Economic Development Zone of China’s Jiangsu province, was established in 2000 and employs approximately 1,200 people.
Oerlikon is an industrial group specializing in machine and plant engineering in textile manufacturing, vacuum, coating, and advanced nanotechnology. It has almost 17,000 employees at more than 150 locations in 38 countries and annual revenues approaching US$4.5 billion.
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