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Desai & Diwanji seeds Sequoia relationship in PE power deal


Desai & Diwanji, DSK Legal and Wadia Ghandy have triple-teamed on the $100m investment by private equity funds Bessemer Ventures, Sequoia Capital and Citi Ventures in Hyderabad power company Ind-Barath Power Infra.

Desai & Diwanji has had a long-standing relationship with Bessemer and was drawn in by the fund to advise it and Sequoia Capital on their joint first investment in the company.

Delhi partner Amit Khansaheb and Mumbai partner Apurva Diwanji led Desai & Diwanji for the deal, assisted by Mumbai partner Anoj Menon and associates Umang Pathak in Delhi and Anish Gupte in Mumbai.

Khansaheb said that Sequoia was a new relationship for the firm.

In 2007 Citi Ventures had already made a Rs 300 crore investment into Ind-Barath together with UTI Ventures.

Citi Ventures now joined Bessemer and Sequoia in acquiring another 18 per cent stake in the power company, valuing it at Rs 2,100 crore ($450m).

Citi Ventures was advised by Wadia Ghandy Bangalore partner Ankit Majmudar.

DSK Legal Mumbai partner Narendra Dingankar and manager Gautam Singh advised Ind-Barath and the company's financial advisers Motilal Oswal Investment Banking.

Desai & Diwanji's Khansaheb said that the deal was a complex one with extensive negotiations having taken place.

"Whenever you have multiple investors automatically there emerges some complexity in the sharing of rights and the way in which they were administered," he explained.

Photo by Joi

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