DSK advises NIIF in its acquisition of SP Jammu Udhampur Highway Limited

The deal amounted to US$290 million

National Investment and Infrastructure Fund (NIIF) has acquired SP Jammu Udhampur Highway Limited (SP JUHi) from Shapoorji Pallonji Group (SP Group) through the NIIF Master Fund.

DSK Legal advised NIIF on the deal and assisted with all legal aspects of the transaction, including conducting legal due diligence, transaction structuring, drafting, negotiating and finalising the definitive agreements both for acquisition of shares as-well-as refinancing of existing listed NCDs and redemption of NCDs.

Anjan Dasgupta (Partner) acted as the lead engagement and relationship partner on this transaction.

The core team at DSK representing NIIF on equity acquisition leg of the transaction comprised Harvinder Singh (Partner), Shruti Dogra (Principal Associate), and Archit Gupta (Associate).

The team representing NIIF on refinancing leg of the transaction comprised Avinash Khard (Partner), Roochi Loona (Associate Partner), and Archit Gupta (Associate).

The legal due diligence team included Aninda Pal (Partner), Monika Roy (Senior Associate), Manhar Gulani (Senior Associate) and Abhikalpa Ghosh (Associate).

Abhishek Singh Baghel (Associate Partner) advised on competition law aspects of the transaction.

The transaction includes acquisition of 100% equity shares of SP Group and it also involves refinancing of NCDs by SBI and redemption of listed NCDs worth about ₹1,875 crore.

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