Connected by common family ownership, Minerva Financial Services Limited is delighted to share with members of Jersey Finance Limited news of a major deal with which its sister company in India, Meghraj Capital Advisors Private Limited (‘Meghraj’) has been closely associated.
Meghraj has advised Krosaki Harima Corporation (‘Krosaki’) of Japan regarding the acquisition of a strategic majority ownership interest in Tata Refractories Limited (‘TRL’) of India.
Krosaki is a leading refractory company with a global presence and advanced technology, and is an associate company of Nippon Steel Corporation of Japan, the world’s second largest steel company. TRL is a specialist in the refractory business, and is a subsidiary of Tata Steel Limited (‘TSL’), India’s largest steel company.
Krosaki has acquired a 51% equity stake out of TSL’s current 77.46% stake in TRL. The transaction is based on an equity valuation of TRL of INR 11.3 billion (approximately USD 255 million).
Meghraj and Mizuho Securities Co. Ltd were the joint financial advisors to Krosaki.
Binoy R V Meghraj, Chairman of Meghraj Capital Advisors, said “To be involved as one of the principal financial advisors in this acquisition consolidates our position as a leading firm in Indian cross-border M&A activity. This is the 15th Japan-India assignment that Meghraj has worked on across industry sectors, for companies including Nissan Motor Company, Mizuho Corporate Bank and JTB Corporation. We have also advised on cross-border acquisitions and sales involving Indian companies with companies from UK, Germany, Italy, Austria and the US”.