Obhan & Associates Represents Addverb Technologies Co-Founder On Equity Sale During Acquisition By Reliance Retail
LIVELAW NEWS NETWORK
20 Jan 2022 11:14 AM IST
Reliance Retail Ventures Limited, the retail unit of Reliance Industries Limited, has acquired a 54% stake in Addverb Technologies Private Limited, a Noida-headquartered robotics and automation solutions provider, for approximately $132 million. Addverb Technologies provides machinery and solutions for automation, robotic systems and robots catering to industries such as e-commerce, health, aviation, retail, grocery, fashion, third-party logistics, pharmaceuticals and auto parts. Post the investment, Reliance Retail Ventures Limited will be the single majority shareholder in Addverb Technologies.
Addverb Technologies was founded in 2016 by Mr. Satish Shukla, Mr. Sangeet Kumar, Mr. Prateek Jain, Mr. Bir Singh, Mr. Amit Kumar and Mr. Neeraj Sharma.
As part of this strategic round of funding and restructuring of Addverb Technologies, Mr. Neeraj Sharma, co-founder and Chief Technology Officer of Addverb Technologies, decided to resign from his position and employment with the company and sell his stake in the company.
Obhan & Associates acted as legal counsel to Mr. Neeraj Sharma, advising him on his separation from Addverb Technologies as well as the sale of his stake in Addverb Technologies to Reliance Retail Ventures Limited. The transaction was led by a team of Ms. Ashima Obhan, Senior Partner and Ms. Vrinda Patodia, Principal Associate.
ABOUT THE FIRM:-
Obhan & Associates is a reputable, skilled and professionally managed full-service law firm in India, with offices in New Delhi, Pune and Bangalore. It offers end-to-end services in the fields of corporate law and intellectual property and has been consistently recognized by several reputed platforms as one of India's leading law firms.
Obhan's highly experienced corporate and M&A team provides a broad range of transactional and advisory services. It includes dedicated commercial lawyers who have expertise in drafting, negotiating and enforcing contracts involving a wide range of commercial arrangements. Its corporate law department has advised on and concluded several transactions, predominantly in the media & entertainment, fintech, education and technology industries.
