{"id":272662,"date":"2022-08-30T18:30:34","date_gmt":"2022-08-30T13:00:34","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=272662"},"modified":"2022-08-30T18:30:34","modified_gmt":"2022-08-30T13:00:34","slug":"khaitan-co-advises-jsw-energy-limited-on-acquisition-of-100-shareholding-in-17-spvs-and-1-ancillary-spv-of-mytrah-energy-india-private-limited","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/30\/khaitan-co-advises-jsw-energy-limited-on-acquisition-of-100-shareholding-in-17-spvs-and-1-ancillary-spv-of-mytrah-energy-india-private-limited\/","title":{"rendered":"Khaitan &#038; Co advises JSW Energy Limited on acquisition of 100% shareholding in 17 SPVs and 1 ancillary SPV of Mytrah Energy (India) Private Limited"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"text-indent: 18pt;\">\n<p style=\"text-align: center;\"><span style=\"font-weight: bold;\">DEAL DETAILS<\/span><\/p>\n<table style=\"border-collapse: collapse;\">\n<colgroup>\n<col width=\"751\" \/><\/colgroup>\n<tbody>\n<tr>\n<td style=\"border: 1px solid black; background-color: #d3d3d3; vertical-align: top; border-width: 0.85pt;\" colspan=\"1\" valign=\"top\"><span style=\"font-weight: bold;\">JSW Energy Limited | Acquisition of 100% shareholding in 17 SPVs and 1 ancillary SPV of Mytrah Energy (India) Private Limited<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: center;\">\n<table style=\"border-collapse: collapse;\">\n<colgroup>\n<col width=\"63\" \/>\n<col width=\"266\" \/>\n<col width=\"423\" \/><\/colgroup>\n<tbody>\n<tr>\n<td style=\"border: 1px solid black; background-color: #d3d3d3; vertical-align: top;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\"><span style=\"font-weight: bold;\">NO<\/span><\/p>\n<\/td>\n<td style=\"border: 1px solid black; background-color: #d3d3d3; vertical-align: top;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\"><span style=\"font-weight: bold;\">HEADINGS<\/span><\/p>\n<\/td>\n<td style=\"border: 1px solid black; background-color: #d3d3d3; vertical-align: top;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\"><span style=\"font-weight: bold;\">DETAILS<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">1.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Sector<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Renewal energy, Wind Energy<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">2.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Announcement Date<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">10-Aug-2022<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">3.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Completion Date<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Ongoing<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">4.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Name of Client<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">JSW Energy Limited<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">5.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Acquirer Details<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">JSW Neo Energy Limited | India<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">6.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Seller Details<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Mytrah Energy (India) Private Limited | India<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">7.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Deal Description<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Acquisition by JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, of 100% shareholding in 16 SPVs and 1 ancillary SPV of Mytrah Energy (India) Private Limited along with majority shareholding in 1 SPV, totalling to 1753 MW of renewable capacity. The total acquisition portfolio consists of 10 Wind SPVs with capacity of 1,331 MW and 7 Solar SPVs with a capacity of 422 MW (487 MWp DC) and 1 ancillary SPV.<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">8.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Total Consideration<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Enterprise Value of INR 10531 crores (USD 1.3 billion)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">9.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Turnover of Target if Deal Value Undisclosed<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Revenue from operations (cumulative) in FY 2021-22 of the Target SPVs is INR 1,467 crores (provisional).<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">10.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Team Members<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">The core team consisted of Akhil Bhatnagar (Partner), Kumar Saurabh Singh (Partner), Sweta Rao (Principal Associate), Bhagirath Ashiya (Senior Associate), Ashwij Ramaiah (Senior Associate), Ahaan Dar (Associate), Anwesha Singh (Associate) with assistance from the following:<\/p>\n<p>Conducting due diligence on the 17 SPVs and 1 ancillary SPV of Mytrah Energy (India) Private Limited: Niyati Bhatt (Principal Associate), Bhagirath Ashiya (Senior Associate), Anwesha Singh (Associate), Palak Mohta (Associate), Rahul Pai (Associate)<\/p>\n<p>Conducting land due diligence on the 17 SPVs of Mytrah Energy (India) Private Limited: Arva Merchant (Partner), Sudheer Madamaiah (Partner), Hareesha K S (Senior Associate)<\/p>\n<p>Advised on regulatory disputes pertaining to the Target SPVs: Divya Chaturvedi (Partner), Saransh Shaw (Principal Associate), Srishti Rai (Senior Associate)<\/p>\n<p>Conducting due diligence on certain litigations pertaining to the Target SPVs: Kingshuk Banerjee (Partner), Jyoti Sinha (Counsel), Tanvi Goenka (Senior Associate)<\/p>\n<p>CCI filing and other CCI related aspects of the transaction: Anisha Chand (Partner), Soham Banerjee (Principal Associate), Yatharth V Singh (Associate)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">11.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Role of Firm<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Khaitan &amp; Co was involved in the (i) due diligence of the Target SPVs for the transaction and (ii) structuring, drafting, negotiating and finalizing the transaction documents.<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">12.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Financial Advisors<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">KPMG India Services LLP for JSW<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">13.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Other legal advisors if any with names of Lead Lawyers<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Saurya Bhattacharya HSA Legal<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">14.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Unique Feature of Transaction<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Largest acquisition by JSW Energy Limited since its inception<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">15.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Quotation by the Client<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">\u201cThis landmark deal demonstrates our strong commitment to achieving our vision of achieving 10GW capacity by 2025 and being a leading player in India&#8217;s Energy Transition. This acquisition further strengthens and diversifies our operating footprint across various key resource-rich states. We also believe that by leveraging our strong industry, operating and financing expertise, we would be able to significantly improve the operating performance of this entire portfolio, which will ultimately create tremendous value for our shareholders,&#8221; said Prashant Jain, joint managing director and chief executive officer of JSW Energy.<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid black; text-align: center; vertical-align: top;\" colspan=\"1\" valign=\"top\">16.<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\">Press Coverage<\/td>\n<td style=\"border: 1px solid black; vertical-align: top;\" colspan=\"1\" valign=\"top\"><a href=\"http:\/\/https:\/www.livemint.com\/companies\/news\/jsw-neo-energy-to-acquire-mytrah-s-1-75-gw-renewable-portfolio-for-rs-10-530-cr-11660105423813.html\">https:\/\/www.livemint.com\/companies\/news\/jsw-neo-energy-to-acquire-mytrah-s-1-75-gw-renewable-portfolio-for-rs-10-530-cr-11660105423813.html<\/a> <a href=\"http:\/\/https:\/timesofindia.indiatimes.com\/business\/india-business\/jsw-acquires-mytrahs-green-power-for-11k-crore\/articleshow\/93489083.cms\">https:\/\/timesofindia.indiatimes.com\/business\/india-business\/jsw-acquires-mytrahs-green-power-for-11k-crore\/articleshow\/93489083.cms<\/a> <a href=\"http:\/\/https:\/www.thehindu.com\/business\/jsw-neo-energy-to-acquire-1753-mw-renewable-energy-capacity-from-mytrah-energy\/article65754772.ece\">https:\/\/www.thehindu.com\/business\/jsw-neo-energy-to-acquire-1753-mw-renewable-energy-capacity-from-mytrah-energy\/article65754772.ece<\/a> <a href=\"http:\/\/https:\/www.financialexpress.com\/industry\/jsw-energy-acquires-mytrah-energys-renewable-portfolio-for-10530-crore\/2624597\/\">https:\/\/www.financialexpress.com\/industry\/jsw-energy-acquires-mytrah-energys-renewable-portfolio-for-10530-crore\/2624597\/<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>DEAL DETAILS JSW Energy Limited | Acquisition of 100% shareholding in 17 SPVs and 1 ancillary SPV of Mytrah Energy (India) Private <\/p>\n","protected":false},"author":8808,"featured_media":272663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[51322,38514],"class_list":["post-272662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-jsw-energy-limited","tag-shareholding"],"yoast_head":"<!-- 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2025","format":false,"excerpt":"CAM acted as legal counsel to JSW Steel Limited (\u201cClient\u201d) in relation to the acquisition of entire shareholding of Saffron Resources Private Limited. Saffron holds lands admeasuring about 887 acres in Dhenkanal District, Odisha.","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"CAM advises JSW Steel","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/CAM-advises-JSW-Steel.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/CAM-advises-JSW-Steel.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/CAM-advises-JSW-Steel.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/CAM-advises-JSW-Steel.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":354060,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/07\/21\/jsw-energy-ksk-mahanadi-acquisition-ibc\/","url_meta":{"origin":272662,"position":1},"title":"CAM advises JSW Energy on financing India&#8217;s largest thermal power acquisition under IBC","author":"Editor","date":"July 21, 2025","format":false,"excerpt":"Cyril Amarchand Mangaldas acted as legal counsel to JSW Energy Limited (as successful bidder) for availing credit facility of INR 12,475 Crore from State Bank of India for implementation of resolution plan.","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"JSW Energy KSK Mahanadi acquisition","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/07\/cam-02-3.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/07\/cam-02-3.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/07\/cam-02-3.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/07\/cam-02-3.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":378645,"url":"https:\/\/www.scconline.com\/blog\/post\/2026\/03\/17\/anzen-india-energy-yield-plus-trust-solar-spv-acquisition-sam\/","url_meta":{"origin":272662,"position":2},"title":"Shardul Amarchand Mangaldas &amp; Co. Advises Anzen India Energy Yield Plus Trust on Strategic Acquisition of a Majority Stake in 12 Solar Portfolio SPVs","author":"Editor","date":"March 17, 2026","format":false,"excerpt":"Shardul Amarchand Mangaldas & Co. advised Anzen India Energy Yield Plus Trust on acquiring a majority stake in 12 solar SPVs comprising an 816 MWp renewable energy portfolio across five Indian states.","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Anzen India Solar Portfolio Acquisition","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/03\/Anzen-India-Solar-Portfolio-Acquisition-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/03\/Anzen-India-Solar-Portfolio-Acquisition-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/03\/Anzen-India-Solar-Portfolio-Acquisition-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/03\/Anzen-India-Solar-Portfolio-Acquisition-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":293743,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/03\/khaitan-co-acts-as-legal-counsel-to-jsw-infrastructure-limited-as-to-indian-law-in-relation-to-the-draft-red-herring-prospectus\/","url_meta":{"origin":272662,"position":3},"title":"Khaitan &#038; 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