October 17, 2021

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DSK, Pioneer act on $16m sale of Citizen to Daikin Airconditioning

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Daikin Airconditioning India has acquired the air handling business of Ahmedabad-based Citizen Industries, a move which will enhance its product positioning into the commercial air-conditioning market, a top company official said. The move would help Daikin to strengthen its presence in the fast-growing commercial air-conditioning markand expects the segment to increase its contribution up to 35 per cent of its turnover from next year.

The Economic Times

DSK Legal advised the seller shareholders of Citizen (Kamalesh Mehta and Praful Patel and their respective family members) led by a team of partner Hemang Parekh, principal associate Jayesh Kothari and associate Supallab Chakraborty.

ICICI Securities acted as financial advisor to Citizen.

Pioneer Legal advised Daikin Airconditioning India Private Limited led by a team of partner Pritha Jha, counsel Anupam Shukla, and associates Althea Pereira, Sana Nagar and Vedika Shah.

KPMG was Daikin’s financial advisor.

Pioneer had been started by DSK co-founder Satish Kishanchandani in 2019.

Deal value: Rs 125 cr

2020-12-20

This deal report is based on a firm’s press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

Click here if you are working with a law firm that has not been credited for this deal, and we will update the report promptly.

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