DSK Legal advises Excel Controlinkage, Promoters regarding sale of their shareholding to Greaves Cotton

LE Desk

New Delhi, April 29, 2023:  DSK Legal has advised Excel Controlinkage Private Limited and its Promoters in relation to sale of their 100% shareholding in Excel to Greaves Cotton Limited (GCL) in four tranches, the Law Firm has said.

The first tranche will comprise of sale of 60% shareholding in Excel. The deal value is approximately Rs 385 crores, it said.

The scope of work of DSK Legal included: (i) reviewing, revising, negotiating and finalizing the transaction documents including the binding term sheet, the share purchase agreement and the shareholder’s agreement; and (ii) assisting in the execution of the transaction documents. Going forward, DSK Legal will be involved in closing of various tranches of the transaction including assisting in fulfillment of conditions precedent and other completion deliverables.    

The team representing DSK Legal comprised of Kunal Mehra (Partner), Danish Khan (Principal Associate) and Aakrit Aditya Sharma (Associate).

GCL was represented by JSA. Singhi Advisors acted as the investment bankers to Excel and its Promoters, the statement said.

Excel is one of the largest players in mechanical and electronic motion control systems with an integrated capability to manufacture push pull cables, levers & sensors, the Law Firm said. Excel’s portfolio includes heavy‐duty push‐pull cables, mechanical levers & linkages, and electronic throttle levers catering to customer segments like commercial vehicles, construction equipment, agriculture, material handling, marine and SPVs, supplying directly to vast majority of the original equipment manufacturers as well as for aftermarket.