AZB, Khaitan, SAM acted as legal counsels on Sterlite-GIC USD1 billion power transmission deal. Sterlite Power and Singapore’s GIC have finalized agreements to establish a new entity focused on developing and managing power transmission projects within India.
Under the terms of the agreement, Sterlite Power will hold a majority stake of 51%, while GIC will possess the remaining 49% stake in the new platform.
Legal counsel for Sterlite Power in this deal was provided by AZB & Partners. The team from AZB & Partners included Zia Mody (Managing Partner), Ashwath Rau (Senior Partner), and Vyjayanthi Raghu (Senior Associate). Additionally, Khaitan & Co assisted Sterlite Power with tax-related matters.
Singapore GIC received legal counsel from Shardul Amarchand Mangaldas & Co. The advisory team from Shardul Amarchand Mangaldas & Co comprised Raghubir Menon (Regional Practice Head – M&A and Private Equity), Deepto Roy (Partner), Deepa Rekha R (Partner), Dipayan Bhattacherjee (Principal Associate), Shubham Sharma (Principal Associate), Disha Adhikary (Senior Associate), Vishu Surana (Associate), Charana Reddy (Associate), Madhurika Durge (Associate), Rhea Reddy (Associate), and Anjuli Hora (Associate).
As part of the agreement’s closure, Sterlite Power will transfer four operational assets valued at approximately ₹7,500 crores to this joint venture. Two of these assets are situated in Rajasthan, while one each is located in Assam and Kashmir. These transmission corridors are designed to facilitate the evacuation of 1,000-2,000 MW, as reported by ET.
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