Indian law firm Saraf and Partners has advised Maruti Suzuki India Limited (MSIL) on its $1.5 billion acquisition of Suzuki Motor Gujarat (SMG) from Japan's Suzuki Motor Corporation, which was represented by Shardul Amarchand Mangaldas and Nagashima Ohno & Tsunematsu.

MSIL will acquire 100 percent shareholding in SMG by way of preferential issuance of equity shares of MSIL to SMC. The share issue will raise Suzuki's stake in Maruti to 58.19 percent from the existing 56.48 percent, roughly in line with the company's estimate in August, Reuters reported.

The deal includes the transfer of ownership in a Gujarat-based manufacturing plant to MSIL, India's top carmaker by sales, which will significantly increase MSIL's automobile production capacity in the country.

The Saraf team that advised MSIL on the transaction was led by senior partner Vaibhav Kakkar and partner Snigdhaneel Satpathy.

Saraf has been part of the legal advisory team on many of India's top deals in 2023, including global healthcare company Viatris' $1.2 billion API disinvestment in October.