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JSA, Lexygen on Asian Genco: largest private equity deal in two years

Hydroelectric power
Hydroelectric power
Davis Polk, J Sagar Associates (JSA), Lexygen and a raft of overseas firms have advised on the Morgan Stanley-led consortium's $425m (Rs 1,900 crore) investment in Indian power company Asian Genco.

Davis Polk, JSA and Bangalore private equity boutique Lexygen jointly led the due diligence, structuring, negotiations and documentation advice for the consortium.

It is understood that JSA focused on the Indian due diligence aspects of the deal while Lexygen was drafted in to assist Davis Polk on the other aspects of the transaction.

The Davis Polk team was led by Hong Kong partner Kirtee Kapoor, while the Indian law advice was handled by JSA partners Vishnu Sudarshan and Dhananjay Joshi and Lexygen founder Vijay Sambamurthi together with associates Smita Sharma, Madhumita Sangma and Amit Vyas.

The consortium was advised on Singaporean law by Allen & Gledhill.

The consortium led by Morgan Stanley Infrastructure Partners also included Norwest Venture Partners, General Atlantic LLC, Goldman Sachs Investment Management, Everstone Capital.

It is understood that several members instructed separate international counsel, with Paul Weiss, Shearman & Sterling and Boies, Schiller & Flexner.

This investment in Asian Genco is on par with the $428m investment by Providence Equity Partners in Aditya Birla Telecom in late 2008, reported financial news site VCCircle.

Asian Genco is developing a 4,000 MW portfolio, which will cost around $4.5bn and include hydro, thermal and alternative energy sources.

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