Cyril Amarchand Mangaldas Advised Jindal Steel and Power Limited on the Acquisition of Jhajjar Power Limited

Cyril Amarchand Mangaldas Advised Jindal Steel and Power Limited on the Acquisition of Jhajjar Power Limited

The leading law firm Cyril Amarchand Mangaldas (CAM) acted as the legal counsel to Jindal Steel and Power Limited (“Jindal”) in connection with the acquisition of 100% shareholding of Jhajjar Power Limited (“Jhajjar”) through its wholly owned subsidiary, Jindal Jhajjar Power Limited (“JJPL”).

Jhajjar owns a 1320 MW coal-based thermal power plant with a flue gas desulphurisation unit located in Jhajjar, Haryana. Jindal emerged as the successful bidder in a competitive process initiated by Apraava Energy Private Limited (“AEPL”) for the acquisition of 100% of the shareholding in Jhajjar. Subsequently, JJPL entered into a share purchase agreement to acquire 100% of the equity shares and compulsorily convertible preference shares of Jhajjar from AEPL, Apraava Renewable Energy Private Limited, and Kohima Mariani Transmission Limited (“Proposed Transaction”). AEPL is jointly held by the CLP Group and CDPQ.

This transaction is one of India’s largest recent thermal power deals. Commissioned in 2012, the Jhajjar power plant was among India’s first supercritical thermal projects.

The transaction CAM team was led by Manasvini Raj (Partner), with assistance from Pratiti Shah (Associate), Pratima Barde (Associate), and Nishra Sejpal (Associate). Guidance was provided by L. Viswanathan (Senior Partner) and Manmeet Singh (Partner).

Due diligence was led by Manasvini Raj (Partner), with support from Apoorv Jain (Principal Associate), Pratiti Shah (Associate), Saurabh Sharma (Associate), and Nishra Sejpal (Associate).

Regulatory due diligence was handled by Vishal Binod (Partner), assisted by Aditya Dubey (Senior Associate), Sagnik Maitra (Senior Associate), and Rashika Bhardwaj (Associate).

Land and land disputes due diligence was led by Ashish Jain (Partner) and Alok Shankar (Partner), with support from Shorya Choudhary (Principal Associate), Rishita Khandelwal (Associate), and Ruchika Prabhu (Associate).

Dhruv Rajain (Partner), assisted by Vanya Agarwal (Associate), advised on competition law aspects of the Proposed Transaction, while Bharath Reddy (Partner) provided assistance on employment incentives related inputs.

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