Cyril Amarchand Mangaldas advised Statkraft A.S. ("Statkraft") on the divestment of its 1.3 GW energy portfolio in India including the following:
- 100% stake sale of Statkraft's wholly owned subsidiary, Tidong Power Generation Private Limited, which is implementing a 150 MW hydroelectric project in Himachal Pradesh, to JSW Neo Energy Limited;
- 100% stake sale of Statkraft's wholly owned subsidiaries, Sourya Manthan Renewable Energy Private Limited, Cannice Renewable Energy Private Limited and Foxtrot Solar Renewable Energy Private Limited (the "Target Companies") to Serentica Renewables India Private Limited. The Target Companies have an operational solar power plant of 445 MWp and under development solar and hybrid projects of 920 MWp capacity in Rajasthan; and
- sale of Statkraft's 49% shareholding in Malana Power Company Limited and AD Hydro Power Limited which collectively own and operate 278 MW hydroelectric projects in Himachal Pradesh since 2010, to Bhilwara Energy Limited (collectively referred to as "Transactions").
The Transactions are subject to fulfilment of customary conditions precedent.
The transaction team was led by Ramanuj Kumar, Partner (Co-Head - Projects (Energy & Energy Transition)), Sreetama Sen, Partner and Aiswarja Mohanty, Partner with assistance from Shrey Srivastava, Principal Associate, Kumar Mangalam, Associate, and Rohil Kenue, Associate.
Sowmya Kumar, Partner, with support from Luv Saggi, Principal Associate, and Shivika Gupta, Associate; assisted in employment due diligence.
Vijay Pratap Singh Chauhan, Partner, with assistance from Kartik Agrawal, Associate, advised on the competition law related aspects of the transaction.
Sreetama Sen, Partner, with support from Kumar Mangalam, Associate, Sanya Rizvi, Associate, Soumya Gupta, Associate, and Megha Mehta, Associate; assisted in corporate due diligence.
Ashish Jain, Partner, Karan Sharma, Partner, with assistance from Siddhant Sharma, Principal Associate, Kartik Adlakha, SA – Designate; Amritesh Anand, Associate, Rishita Khandelwal, Associate; advised on the real estate related aspects of the transaction
Ramanuj Kumar, Partner (Co-Head - Projects (Energy & Energy Transition)), Aiswarja Mohanty, Partner; and Nishikant Sao, Partner – Designate; with support from Shrey Srivastava, Principal Associate, Sumi Trivedi, Principal Associate, Suprabh Garg, Associate, Snehil Ajmera, Associate, Rashika Bhardwaj, Associate, Sayor Ray, Associate, and Ananaya Agrawal, Associate; assisted in projects due diligence.
Vishal Binod, Partner with support from Aditya Dubey, Senior Associate, and Sagnik Maitra, Senior Associate assisted in the regulatory aspects of the diligence.
About Cyril Amarchand Mangalda:
Cyril Amarchand Mangaldas (CAM) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm’s generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With over 1100 lawyers including 220 Partners, the Firm is a full-service law firm with offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
The Firm has been named “Law Firm of the Year 2025” and consistently recognised as “Best Overall Law Firm” by the IBLJ Indian Law Firm Awards. It received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive year in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm also won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.
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