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AZB, NDA for KKR, GIC in $363m bet on IndiGrid (with CAM, Khaitan)

“India Grid Trust (IndiGrid), an infrastructure investment trust (InvIT) will acquire five electricity transmission assets worth ?11,500 crore ($1.66 billion) from Sterlite Power,” reported Hindu Business Line.

“Global alternative assets giant KKR is moving to acquire a controlling stake in Sterlite Investment Managers Ltd and purchase a sizeable portion of units in India Grid Trust, the infrastructure investment trust (InvIT) comprising power transmission projects. Singaporean sovereign wealth fund GIC is also participating in the multi-layered transaction,” reported VCCircle.

KKR has also applied to become a sponsor of IndiGrid and plans to acquire an additional 15% of IndiGrid’s total units from Sterlite Power.

AZB & Partners and Simpson Thacher & Bartlett acted as KKR’s legal counsel, led by senior partner Ashwath Rau; partners Atreya Bhattacharya and Aditi Gopalakrishnan; senior associates Pranav Atit, Raina Upadhyay and Gaurav Bansal. EY acted as accounting and tax advisor.

Nishith Desai Associates advised GIC led by a team of M&A head Ruchir Sinha, with senior associate Shreyas Bhushan and associate Devanshi Jaiswal, with competition law advice provided by Simone Reis.

Cyril Amarchand Mangaldas served as Indigrid’s legal counsel, while PWC and EY acted as Indigrid’s due diligence and tax advisors, respectively.

Khaitan & Co represented the seller Sterlite Power, which sold its shares.

Edelweiss and EY acted as Indigrid and KKR’s M&A advisors, respectively.

2019-05-05

Deal value: INR 2514 crores

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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