In 2019, Chart Industries Inc., completed two (2) major acquisitions that enhanced its global presence in the industrial and energy markets. The first was the acquisition of VRV Asia Pacific Private Limited, as part of a global deal involving VRV Srl and its subsidiaries, valued at US$143 million. The second was the acquisition of the employees of Harsco Services India Private Limited, following Chart’s global purchase of Harsco Corporation’s Industrial Air-X-Changers business, valued at US$592 million. These acquisitions expanded Chart’s capabilities in cryogenic equipment and air-cooled heat exchangers, particularly within the LNG (Liquefied Natural Gas) and petrochemical sectors. Majmudar & Partners provided legal guidance to Chart Industries for the acquisition of VRV’s Indian subsidiary and the integration of Harsco Services India employees.
Facilitating the Transaction
Majmudar & Partners played an essential role as Chart Industries’ legal advisors, ensuring compliance with Indian regulations and facilitating a smooth transaction. Our involvement included:
- Due Diligence: Conducted a thorough review of VRV Asia Pacific and Harsco Services India, ensuring that the subsidiaries were compliant with Indian regulations, including corporate and labor laws.
- Regulatory Approvals: Assisted in securing necessary approvals from the Reserve Bank of India (RBI), Ministry of Corporate Affairs (MCA), and other relevant bodies to comply with foreign direct investment (FDI) norms and Indian corporate regulations.
- Employment Transition: Managed the legal complexities of integrating Harsco Services India employees into Chart Industries, ensuring compliance with Indian labor laws and employee benefit schemes.
- Contract Drafting & Negotiation: Negotiated and finalized the transactional documents, ensuring that Chart’s interests were protected, and the acquisition was aligned with the Indian legal framework.
Chart Industries’ acquisitions of VRV and Harsco’s Air-X-Changers business are strategically significant moves that expanded its global manufacturing footprint, diversified its product offerings, and created operational efficiencies. Majmudar & Partners acted as legal counsel in facilitating these transactions, ensuring smooth regulatory compliance for the Indian subsidiaries involved.
Majmudar & Partners offers comprehensive legal expertise in M&A transactions while navigating complex cross-border acquisitions. Contact us today to learn how we can help you achieve seamless integration and regulatory compliance for your strategic business goals.