Shardul and Cyril Amarchand act on Brookfield sale of shareholding in Roads Portfolio to IndInfravit

The deal was valued at approximately US$ 1.2 billion (around ₹9373 crore)
Shardul and Cyril Amarchand act on Brookfield sale of shareholding in Roads Portfolio to IndInfravit
Bengaluru roads

Brookfield Asset Management Inc. has sold its entire equity shareholding of five operational road projects (Roads Portfolio) to IndInfravit Trust (IndInfravit), an infrastructure investment trust led by CPP Investments for approximately US$ 1.2 billion (around ₹9373 crore).

This deal is pegged as one of the largest road infrastructure transactions in the country.

Shardul Amarchand Mangaldas & Co. advised Brookfield on the deal.

The transaction team was led by Jay Gandhi (Partner), Abhishek Parekh (Partner), Natalee Nanda (Principal Associate) and Akshath Vidyanath (Senior Associate).

The projects and NHAI team were led by Deepto Roy (Partner), Varnika Mohan (Principal Associate), Shubham Sharma (Senior Associate) and Subhojit Das (Senior Associate).

The competition law team was led by Aparna Mehra (Partner), Rahul Shukla (Senior Associate) and Kshitij Sharma (Associate).

The dispute resolution team was led by Rishab Gupta (Partner) and Bikram Chaudhuri (Principal Associate).

The legal vendor due diligence team was led by Jay Gandhi (Partner); Deepto Roy (Partner), Ashoo Gupta (Partner), Abhishek Parekh (Partner), Hardik Thakker (Principal Associate), Akshath Vidyanath (Senior Associate), Varnika Mohan (Principal Associate), Shubham Sharma (Senior Associate), Subhojit Das (Senior Associate), Juhi Kothari (Senior Associate), Rupal Panganti (Associate), Sourav Naug (Associate) and Anusha Chand (Associate).

Shardul Amarchand Partners
Shardul Amarchand Partners

Cyril Amarchand Mangaldas were the legal counsel to IndInfravit and helped with conducting a detailed due diligence on the Road Portfolios, structuring the transaction, negotiating and finalising the securities purchase agreements, and other related documentation.

The Transaction Team was led by Ruetveij Pandya (Partner) and Surya Sreenivasan (Partner), with support from Molla Hasan, (Director), M. Shivraman, (Senior Associate), Kratisha Agarwal, (Senior Associate Designate), and Aditya Karekatte, (Associate).

Kranti Mohan (Partner) and Janhavi Seksaria (Partner) advised on InvIT related matters.

The due diligence team was led by Ruetveij Pandya (Partner) and Surya Sreenivasan (Partner), with support from Molla Hasan (Director), M. Shivraman (Senior Associate), Shivam Dubey (Senior Associate), Kratisha Agarwal (Senior Associate Designate), Aditya Karekatte (Associate), Jayesh Karnawat (Associate), Kabir Manchanda (Associate) and Medha Rao (Associate).

The employment law due diligence team was led by Ankita Ray (Partner), with support from Luv Saggi (Senior Associate), Anushka Dua, (Associate), and Siddhi Kochar (Associate).

The anti-bribery and corruption due diligence team was led by Faraz Alam Sagar (Partner), with support from Sara Sundaram (Principal Associate), and Kishan Kumar Gupta (Associate).

The litigation due diligence team was led by Gathi Prakash (Partner), with support from Nidhi Asher (Senior Associate), Aekaanth Nair (Associate), and Rishabh Malaviya (Associate).

The IBC related due diligence team was led by Abhijeet Das (Partner), with support from Naveena Varghese (Senior Associate).

Cyril Amarchand Partners
Cyril Amarchand Partners

The Roads Portfolio comprises three toll roads and two annuity roads, with approximately 2,400 lane kms in Andhra Pradesh, Bihar, Maharashtra and Uttar Pradesh.

The transaction is subject to certain regulatory and other customary conditions, including approval from relevant regulatory authorities, lenders and unitholders of IndInfravit.

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