A&O, Slaughters power up as Taqa buys Indian hydroelectric plants for $1.6bn
Allen & Overy (A&O) and Slaughter and May have won the leading roles on the proposed $1.6bn (£961m) sale of two Indian hydro-power plants to a group led by Abu Dhabi National Energy Company (TAQA).
March 10, 2014 at 08:18 PM
2 minute read
Allen & Overy (A&O) and Slaughter and May have won the leading roles on the proposed $1.6bn (£961m) sale of two Indian hydro-power plants to a group led by Abu Dhabi National Energy Company (TAQA).
The energy company, which is majority-owned by the Abu Dhabi government, is set to acquire a 51% stake in the Baspa Stage II and Karcham Wangtoo plants in the northern state of Himachal Pradesh from Jaiprakash Power Ventures.
A&O is acting on the consortium's shareholder agreement with a team headed by Abu Dhabi partner Khalid Garousha.
The magic circle firm's former Indian "best friend" Trilegal is also acting for the consortium, fielding a Delhi-based team led by corporate partner Yogesh Singh and energy partner Saurabh Bhasin.
Indian firm Vaish & Associates is acting for the seller with a team led by corporate partner Bomi Daruwala.
Slaughters is representing Canada's public sector pension investment board, which will own 39% of the plants. The firm is advising alongside AZB & Partners' Mumbai partner Ashwin Ramanathan, who is acting as local counsel.
Amarchand & Mangaldas & Suresh A Shroff & Co corporate partner Ashwath Rau is leading a team advising a fund managed by Indian finance company IDFC's private equity arm, which will own the remaining 10% of the plants.
The transaction would make the buyers one of the largest private operators in India's hydro power sector.
The two plants have a combined power generation capacity of 1,391 megawatts (MW).
A&O and Trilegal called time on their five-year referral agreement in 2012 in light of indications that the Indian legal market was not close to opening up to foreign law firms in the near future.
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