DEALS

within 18 months from completion of the transaction. Partners Chris Walters and Aaron White led the firm’s team in the transaction.

HHP Law Firm has advised Indonesia’s sovereign wealth fund, Indonesia Investment Authority (INA), and China’s Silk Road Fund (SRF) on their joint investment in the Indonesia-listed pharmaceutical producer and distributor Kimia Farma and its unit Kimia Farma Apotek. Subject to the fulfilment of all conditions precedent, at closing, INA and SRF will acquire a 40 percent stake in Indonesian state-owned pharmaceutical company Kimia Farma’s subsidiary, Kimia Farma Apotek. The investment will be used to fund Kimia Farma Apotek’s strategic business expansion, working capital needs and initiatives to further improve operational efficiency. INA and SRF will also participate in Kimia Farma’s rights issue, which proceeds will be used to support the expansion plans and improve healthcare services in Indonesia. Gerrit Jan Kleute led the firm’s team in the transaction, supported by the broader Baker McKenzie regional team.

IndusLaw has advised PhonePe on its fund raise of US350$ million, at a pre-money valuation of US12$ billion, from leading global growth equity firm General Atlantic. The General Atlantic investment marks the first tranche of an up to US1$ billion total fundraise that PhonePe commenced in January 2023. PhonePe plans to deploy the new funds to make significant investments in infrastructure, including the development of data centers, and help build financial services offerings at scale in the country. The company also plans to invest in new businesses, including insurance, wealth management and lending. The fundraise is expected to support PhonePe, as it seeks to turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI to enable greater financial inclusion for Indians. Partners Saurav Kumar and Rohit Ambast, supported by partner Unnati Agrawal and founding partner Avimukt Dar, led the firm’s team in the transaction. Shardul Amarchand Mangaldas & Co represented General Atlantic.

JSA has advised Export-Import Bank of India (EXIM), India’s premier specialised export credit agency, on the issue of US1$ billion 5.5 percent notes under EXIM’s US10$ billion global medium term note program. The firm also advised and assisted EXIM on the listing of the US$ notes on the