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26 Feb 2026

Withdrawal Request: Hillhouse Investment Management Deal Report

"Khaitan & Co has requested withdrawal of a deal report concerning its advice to Hillhouse Investment Management on a minority investment in Quest Global. The transaction, pursued via a competitive process, comprises secondary investments and a primary investment effected post-reorganisation through an inbound cross-border merger as Quest Global prepares for an Indian IPO. Khaitan & Co handled structuring, due diligence and negotiation of transaction documents."

Khaitan & Co represented Hillhouse Investment Management and has requested withdrawal of the previously circulated deal report, asking that no information from that report be published. The transaction involved Hillhouse Investment Management’s minority investment in Quest Global following a competitive process. The investment comprised both secondary transactions and a primary investment effected after a reorganisation through an inbound cross-border merger. Hillhouse’s entry coincided with Quest Global’s preparations for an Indian initial public offering. Khaitan & Co’s role encompassed transactional structuring, including direct tax aspects, comprehensive legal due diligence, review, drafting and negotiation of the transaction documents, including the supplemental deed to the shareholders’ agreement, share purchase agreements and allied documents. Khaitan & Co represented Hillhouse Investment Management with a team composed by: Sharad Moudgal (Partner), Aniruddha Basu (Partner), Divya M Gupta (Principal Associate) and Raksha H R (Associate), with assistance from Insaf Ahamad T K (Associate) on legal due diligence; Anisha Chand (Partner), Soham Banerjee (Counsel) and Toshika Soni (Associate) on antitrust aspects; Thomas George (Partner) on capital markets aspects; and Anshul Khemuka (Partner) on direct tax aspects.
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