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Majmudar for Reliance, Dua for GE in JSA clean energy client investment

Majmudar & Co, Dua Associates and J Sagar Associates (JSA) have advised on the $12m venture capital investment by Reliance Venture Asset Management and GE Oil and Gas in renewable energy firm AllGreen Energy for its first biomass project in Tamil Nadu.

Majmudar’s Bangalore partner N Raja Sujith led the team with associates Vinod Kamath, Kshama Shashidhar and Reema Das for Reliance ADA Group’s investment arm Reliance Venture Asset Management Limited on its Series A round of funding in the company.

JSA Bangalore-based partner Murali Ananthasivan on the other hand advised clean-tech firm AllGreen Energy that would utilise the capital raised for generating power from biomass as a renewable energy source.

Dua Associates’ Delhi office was advising secondary investor GE Oil and Gas.

Majmudar partner Sujith commented: “This transaction marks the current trend in venture capital funding in Bangalore as venture capitalists are looking beyond the conventional, such as information technology and related services sector, and are keen to fund other sectors especially non-conventional and renewable energy, clean tech and biotech.”

The legal work involved structuring the investment as well as a legal due diligence of the investee company and drafting, negotiating and finalising the transactional documents.

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