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Amarchand powers Jindal’s buy of $800m Kineta plant

Amarchand Mangaldas advised Jindal Power in buying a Nellore thermal power plant from Bangalore-based Kineta Power, which was advised in-house.

Amarchand Delhi partner Amit Kumar with principal associates Varun Sehgal and Sunando Mukherjee and senior associate Ananda Malhotra acted for Jindal which, according to an Amarchand press release, will acquire Kineta’s shares in tranches and will open an escrow account by a non-resident shareholder beyond six months, for which the Reserve Bank of India (RBI) has granted permission.

The cost of setting up the 1320MW Nellore power plant is estimated at Rs 5,000 crore ($816m), reported the Business Standard. Jindal Steel is in the process of spending Rs 20,000 crore in the two years ending on 31 March 2015, to double its steel-making capacity and triple its electricity generation, reported Deal Curry, adding that the spending also includes expanding its steel capacity in Oman and buying iron ore and coal assets.

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