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AZB, Amarchand on Warburg’s $140m buy in Dhainik Bhaskar power

Glowing due diligence
Glowing due diligence

The Delhi and Kolkata offices of Amarchand Mangaldas and Delhi’s AZB & Partners advised on Warburg Pincus’ $140m investment in Dainik Bhaskar-owned Diligent Power.

AZB Delhi partner Anil Kasturi led for Warburg.

Amarchand Delhi and Kolkata-based partner Kalpataru Tripathy with Kolkata senior associate Arindam Sarkar and Kolkata associate Saurya Bhattacharya led for Diligent Power.

The company is in the process of setting up 6,400 MW of power projects, including a 1,200 MW thermal coal power plant in Chhattisgarh and a 1,320 MW super critical thermal power plant in the state of Madhya Pradesh.

Warburg affiliate Willowbay Investment acquired a roughly 25 per cent equity stake in Diligent, with Dainik Bhaskar holding the balance, said AZB in a statement.

Avendus Capital acted as the sole financial adviser to Diligent.

Photo by Marcus Vegas

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