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AZB with Adani in-house do Lanco’s $1bn Udupi Power station sale

AZB & Partners advised the Lanco Infratech on selling, for over Rs 6,000 crore ($995m), its stake in Udupi Power Corporation to Adani Power, which was advised in-house.

AZB partner Yashwant Mathur, senior associates Namrata Vishwanath, Esha Pruthi and associates Abhyudai Singh and Shridha Malhotra acted for the Lanco Group.

Adani vice president legal Harsh Mishra led the deal for Adani Power, who confirmed that the deal was handled without external advisers.

Adani will pay Rs 2,000 crore in cash and take on Rs 4,000 crore in long-term debts of Lanco for the 1,200 megawatt coal-powered fire station.

This is Adani’s second major buy since its Dhamra Port acquisition four months ago, reported Mint.

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