CAM acted as the legal counsel to Jindal Power Limited (“Jindal”) in 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 flue gas desulphurisation unit situated at Jhajjar, Haryana.
Jindal emerged as the successful bidder in a competitive bid process initiated by Apraava Energy Private Limited (“AEPL”), for the acquisition of 100% of the shareholding in Jhajjar. Thereafter, JJPL entered into a share purchase agreement, for acquisition of 100% of 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 is one of India’s largest recent thermal power deals. Commissioned in 2012, Jhajjar power plant was among India’s first supercritical thermal projects.
The transaction team was led by Manasvini Raj, Partner; with assistance from Pratiti Shah, Associate; Pratima Barde, Associate; and Nishra Sejpal, Associate.
L. Viswanathan, Senior Partner; and Manmeet Singh, Partner; provided guidance.
Due diligence was led by Manasvini Raj, Partner; with assistance from Apoorv Jain, Principal Associate; Pratiti Shah, Associate, Saurabh Sharma, Associate; and Nishra Sejpal, Associate.
Regulatory due diligence: Vishal Binod, Partner; and supported by Aditya Dubey, Senior Associate; Sagnik Maitra, Senior Associate; and Rashika Bhardwaj, Associate.
Land and land disputes due diligence: Ashish Jain, Partner; Alok Shankar, Partner; and supported by Shorya Choudhary, Principal Associate; Rishita Khandelwal, Associate; and Ruchika Prabhu, Associate.
Dhruv Rajain, Partner; with support from Vanya Agarwal, Associate; advised on competition law aspects of the Proposed Transaction.
Bharath Reddy, Partner; assisted on employment incentives related inputs.