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Amarchand grabs giant Areva T&D demerger

power-line-by_abooth202
power-line-by_abooth202
Amarchand Delhi on the demerger of power company into two businesses after Alstom and Schneider $429m buy last year.

Amarchand Mangaldas has scored the mandate to restructure and demerge power company Areva T&D to create a new power distribution entity separated from its transmission business after the company’s acquisition by Alstom and Schneider last year.

Amarchand Mangaldas Delhi partner Akhila Agrawal will be leading the transaction in assistance with principal associate Shruti Kinra and associate Digvijay Singh.

Agrawal told Legally India: “The key challenge has been to create and demarcate the two undertakings, i.e. the transmission undertaking and the distribution undertaking, as this company has been run as one integral unit for the past several years

Because the companies had a number of mixed factory locations and contracts, she had to work very closely with the company and its management to demarcate what would go into the transmission business and into the demerged distribution business, she added.

The board of directors of Areva T&D India appointed the firm as legal counsel last week and a scheme of arrangement under the Companies Act 1956 would be prepared to split the distribution business into Smartgrid Automation Distribution and the wholly-owned subsidiary Switchgear.

A consortium consisting of Alstom and Schneider had taken over Areva’s operation last year, on which Amarchand advised the buyers, and now a decision has been undertaken for its restructuring.

However, Schneider has also been advised by P&A Associates on one $49m takeover in 2010 and a $115m buy earlier this month.

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