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Axon first for Sindicatum in green power JV with JSA

J Sagar Associates (JSA) advised Simbhaoli Sugars on its Rs 330 crore ($63.8m) joint venture with Singapore-based sustainable resources company Sindicatum, which was advised by Axon Partners LLP for the first time.

JSA managing partner Jyoti Sagar with partners Rohitashwa Prasad and Vishnu Sudarsan, and associates Swetha Prashant, Anshul Saini and Karthikeya acted for Simbhaoli Sugars.

Sindicatum was advised by Axon co-founding partner Abhimanyu Bhandari on corporate and tax issues. He said that this was its first instruction by the company, which was referred to them by a contact for Axon lawyers’ foreign-law firm expertise.

He said that the deal’s valuations were good and that it involved some complicated issues. “A sugar company was diversifying their assets into the power sector and transforming into a different entity.”

According to JSA, the parties would conduct the business through the new joint venture company, Simbhaoli Power, to which each of the partners would contribute 51 and 49 per cent respectively. Simbhaoli Sugars’ existing biomass-based power assets at its Uttar Pradesh sugar mills will be transferred to the joint venture company for Rs 196 crore in cash and the controlling stake.

The total project cost of Rs 330 crore would be financed primarily by way of debt, reported India Infoline in December.

Bhandari added that although the last quarter of 2011 was a good one for the firm, not many private equity deals similar to the Sindicatum were happening at the moment.

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