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AZB, Desai & Diwanji fire up Olympus $300m PE stake in Tata Power assets

AZB & Partners advised close client Tata Power in raising $300m by selling up to 15 per cent in two of its Indonesian coal-assets-owning special purpose vehicles (SPVs) Bhira Investments and Bhivpuri Investments to private equity house Olympus Capital Holdings Asia, which Desai & Diwanji and US firms Milbank Tweed and Purrington Moody Weil advised.

Tata Power hopes to utilise the proceeds of this PE investment for the acquisition of coal mines and reduction of outstanding debt in the SPVs.

AZB capital markets partners Shameek Chaudhuri was assisted by associate Vinay Kurein and led the team for the Tata company.

Desai & Diwanji Mumbai partner Apurva Diwanji advised private equity firm Olympus Capital Holdings on the Indian law aspects.

Milbank Singapore partner Naomi Ishikawa and Purrington Moody Weil founding partner Nick Purrington, who is based in North Carolina, were international counsels to the private equity firm.

The deal entails issuing new shares with differential rights to Olympus Capital.  

According to the company statement, Tata Power holds interest in the KPC and Arutmin coal mines in Indonesia through the SPVs. In June 2007, Tata Power had acquired a 30 per cent stake in these coal mines for $1.225bn.

Subject to regulatory approvals, the investment is one of the biggest private equity deals of the year according to financial news website VCCircle.

Photo by Marcus Vegas

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