Torys has been very active in the growing volume of business between Canada and India —both inbound and outbound—particularly in the mining and metals, financial, technology/BPO and life sciences sectors. We have advised Indian companies on mergers and acquisitions, investments and financing of North American businesses, as well as in the establishment of new business operations and opportunities in Canada.
Several of Torys’ clients have business operations in India or are actively exploring or considering investment or business opportunities in India. In that context, we have developed and are developing relationships with Indian law firms, investment banks and other service providers.
As a Patron Sponsor of the Canada-India Business Council (C-IBC), we are dedicated to promoting the sustained bilateral growth of trade, investment and services between India and Canada.
Outbound Transactions from India
We have represented:
- Hindalco Industries in its US$6 billion acquisition of Novelis Inc. and its reorganization in Canada, the United States and elsewhere with senior Indian management
- Algoma Steel in its ultimate C$1.85 billion sale to India's Essar Global Limited
- ICICI Bank in the establishment of ICICI Bank Canada (including all regulatory and business establishment matters) and related business line expansion
- TransWorks Information Services in its C$126 million acquisition of Minacs Worldwide, Inc. and its reorganization in Canada with senior Indian management
- Gujarat State Fertilizers & Chemicals in its C$45 million strategic investment in Karnalyte Resources Inc. and in the off-take agreement for the purchase of potash from Karnalyte's Wynyard Carnallite Project
- Aditya Birla Group in the Canadian aspects of its acquisition of Columbian Chemicals Company
- Hindalco Industries, as global coordinating counsel, in the US$4.8 billion refinancing of its subsidiary Novelis Inc. (by way of high yield bonds, term loans and an international asset-based revolving facility), the related tax structuring and a US$1.7 billion multijurisdictional distribution to Hindalco
- Novelis, a subsidiary of Hindalco Industries Ltd.
- in its US$1 billion global asset-based revolving loan facility
- in its refinancing of a US$1.76 billion term loan facility
- ICICI Bank in numerous Canadian and U.S. loan transactions, including
- its financing of Hinduja Global Solutions Limited’s acquisition of On-Line Support, a Canadian business process outsource provider
- its financing of Zylog Systems Limited’s acquisition of Brainhunter Inc.
- its financing of the acquisition of DecisionOne Corporation by Glodyne Technoserve Inc.
- its financing of a Canadian cogeneration facility
- several Indian capital markets participants in offering financial products and services in Canada
Inbound Transactions to India
We have represented:
- Canada Pension Plan Investment Board, as Canadian counsel, in structuring its platform joint venture with the Shapoorji Pallonji Group, to invest in FDI-compliant stabilized office assets in India and in its initial US$200 million equity commitment to the joint venture
- Export Development Corporation in its investment in the US$1.25 billion IDFC India Infrastructure Fund, which performs infrastructure project equity investments in India
- Lipsett and David Piggott in the C$6 million sale of Quickmill, Inc. to Batliboi Ltd., an Indian engineering company
- TD Bank in the outsourcing of its call centre and operations to India