AZB, Khaitan, SAM act on Sterlite-GIC $1 billion power transmission deal

Sterlite Power and Singapore GIC have signed definitive agreements to set up a new platform to develop and operate power transmission projects in India.

Sterlite Power will own the majority stake of 51% and GIC will own the remaining 49% stake in the platform.

AZB & Partners advised Sterlite Power in this transaction and the transaction team consisted of Zia Mody (Managing Partner), Ashwath Rau (Senior Partner) and (Senior Partner) and Vyjayanthi Raghu (Senior Associate).

Khaitan & Co advised Sterlite Power on tax issues.

Shardul Amarchand Mangaldas & Co advised Singapore GIC in this transaction.

The transaction team consisted of Raghubir Menon (Regional Practice Head – M&A and Private Equity), Deepto Roy (Partner), Deepa Rekha (Partner), Dipayan Bhattacharjee (Principal Associate), Shubham Sharma (Principal Associate), Disha Adhikary (Senior Associate), Vishu Surana (Associate), Charana Reddy (Associate), Madhurika Durge (Associate), Rhea Reddy (Associate) and Subhojit Das (Senior Associate).

Sterlite Power would transfer four operational assets with a cumulative project cost of about ₹7,500 crores into this JV, pursuant to closure of the deal. Two assets are located in Rajasthan, and one each in Assam and Kashmir. These transmission corridors will be designed to evacuate 1,000-2,000 MW, reported ET.

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