{"id":274337,"date":"2022-09-23T18:30:19","date_gmt":"2022-09-23T13:00:19","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=274337"},"modified":"2022-09-23T18:30:19","modified_gmt":"2022-09-23T13:00:19","slug":"khaitan-co-advises-mahindra-holdings-limited-and-mahindra-susten-private-limited-on-ontario-teachers-pension-plan-boards-investment","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/23\/khaitan-co-advises-mahindra-holdings-limited-and-mahindra-susten-private-limited-on-ontario-teachers-pension-plan-boards-investment\/","title":{"rendered":"Khaitan &#038; Co advises Mahindra Holdings Limited and Mahindra Susten Private Limited on Ontario Teachers\u2019 Pension Plan Board&#8217;s investment"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"text-indent: 18pt;\">\n<p style=\"text-align: center; font-weight: bold;\">DEAL DETAILS<\/p>\n<table style=\"border-collapse: collapse; margin-left: 0.16mm; margin-right: auto; table-layout: auto; width: 198.84mm; border-style: none;\">\n<colgroup>\n<col width=\"751\" \/><\/colgroup>\n<tbody>\n<tr>\n<td style=\"background-color: #d3d3d3; vertical-align: top; width: 198.84mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\"><span style=\"font-weight: bold;\">Mahindra Holdings Limited and Mahindra Susten Private Limited | Investment by Ontario Teachers&#8217; Pension Plan Board<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"border-collapse: collapse; margin-left: 0.16mm; margin-right: auto; table-layout: auto; width: 198.84mm; border-style: none;\">\n<colgroup>\n<col width=\"63\" \/>\n<col width=\"266\" \/>\n<col width=\"423\" \/><\/colgroup>\n<tbody>\n<tr>\n<td style=\"background-color: #d3d3d3; vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm; text-align: center;\"><span style=\"font-weight: bold;\">NO<\/span><\/p>\n<\/td>\n<td style=\"background-color: #d3d3d3; vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm; text-align: center;\"><span style=\"font-weight: bold;\">HEADINGS<\/span><\/p>\n<\/td>\n<td style=\"background-color: #d3d3d3; vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm; text-align: center;\"><span style=\"font-weight: bold;\">DETAILS<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">1.<\/p>\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Sector<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Infrastructure: Renewable energy, Solar Energy<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">2.<\/p>\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Announcement Date<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">17-Sep-2022<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">3.<\/p>\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Completion Date<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Ongoing<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">4.<\/p>\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Name of Client<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Mahindra Holdings Limited<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">5.<\/p>\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Investor Details<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Ontario Teachers&#8217; Pension Plan Board through 2452991 Ontario Limited | Canada | Investor<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">6.<\/p>\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Seller Details<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Mahindra Susten Private Limited | India | Seller<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">7.<\/p>\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Deal Description<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"margin-bottom: 3%;\">Advised Mahindra Holdings Limited and Mahindra Susten Private Limited on Ontario Teachers&#8217; Pension Plan Board&#8217;s investment of 30% stake in Mahindra Susten Private Limited for a total consideration of INR 2,371 crore (~USD 300 million). Through this strategic partnership, parties aim to capitalize on the growing renewables opportunity in India and contribute towards the country&#8217;s decarbonization ambitions.<\/p>\n<p style=\"margin-bottom: 3%;\">The proposed transaction also envisages the setting up of an Infrastructure Investment Trust (\u201cInvIT\u201d) in compliance with applicable regulations of the Securities and Exchange Board of India. The InvIT is initially proposed to comprise renewable power assets seeded by MSPL with operational capacity of around 1.54 GWp.<br \/>\nFurther, the Mahindra Group and Ontario Teachers&#8217; will jointly explore the sale of an additional 9.99% stake in Mahindra Susten by 31 May 2023. The Mahindra Group will deploy these funds, plus an incremental amount of up to INR 1,750 crore, into the business and the InvIT over the next seven years. Over the same period, Ontario Teachers&#8217; will deploy an additional amount of up to INR 3,550 crore into the business and the InvIT.<\/p>\n<p style=\"margin-bottom: 3%;\">The partnership with Ontario Teachers&#8217; will enable the Mahindra Group to build a strong renewable energy business focused on solar energy, hybrid energy, integrated energy storage &amp; round-the-clock (RTC) green energy plants.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">8.<\/p>\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Total Consideration<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">INR 2371 crore (USD 300 million)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">9.<\/p>\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Team Members<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 3%;\">The core team consisted of Haigreve Khaitan (Senior Partner), Sudhir Bassi (Executive Director), Akhil Bhatnagar (Partner), Shantanu Gupta (Partner), Swathy Ramanath (Partner), Aayush Mohata (Partner), Niyati Bhatt (Principal Associate), Shivam Tandon (Principal Associate), Bhagirath Ashiya (Senior Associate), Sushmita Ravi (Senior Associate), Anwesha Singh (Associate), Palak Rajesh Mohta (Associate), Prerna Kapur (Associate), Vismita Gahlot (Associate) and Radhika Pandey (Associate) with assistance from the following:<\/p>\n<p style=\"line-height: normal; margin-bottom: 3%;\">Antitrust Law aspects: Anisha Chand (Partner), Soham Banerjee (Principal Associate) and Siddharth Bagul<\/p>\n<p style=\"line-height: normal; margin-bottom: 3%;\">Employment Law aspects: Anshul Prakash (Partner) and Abhimanyu Pal (Principal Associate)<\/p>\n<p style=\"line-height: normal; margin-bottom: 3%;\">Regulatory aspects: Divya Chaturvedi (Partner) and Srishti Rai (Senior Associate)<\/p>\n<p style=\"line-height: normal; margin-bottom: 3%;\">Real Estate aspects: Devendra Deshmukh (Partner) and Amruta Joshi (Principal Associate)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">10.<\/p>\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Role of Firm<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Advised Mahindra Holdings Limited and Mahindra Susten Private Limited on Ontario Teachers&#8217; Pension Plan Board&#8217;s investment of 30% stake in Mahindra Susten Private Limited.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">11.<\/p>\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Financial Advisors<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Avendus Capital acted for Mahindra Group<\/p>\n<p>Ambit acted for Ontario Teachers&#8217; Pension Plan Board<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">12.<\/p>\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Other legal advisors if any with names of Lead Lawyers<\/p>\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Cyril Amarchand Mangaldas represented Ontario Teachers&#8217; Pension Plan Board<\/p>\n<p>Torys LLP, Linklaters LLP and Ropes and Gray LLP assisted on ancillary aspects<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top; width: 16.55mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"text-align: center;\">\n<p>&nbsp;<\/td>\n<td style=\"vertical-align: top; width: 70.44mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">\n<\/td>\n<td style=\"vertical-align: top; width: 111.86mm; padding: 0.69mm; border: 0.85pt solid #000000;\" colspan=\"1\" valign=\"top\">\n<p style=\"margin-bottom: 3%;\">\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>DEAL DETAILS Mahindra Holdings Limited and Mahindra Susten Private Limited | Investment by Ontario Teachers&#8217; Pension Plan Board NO HEADINGS DETAILS 1. <\/p>\n","protected":false},"author":8808,"featured_media":274339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[51959,2958,6791,51960,51961],"class_list":["post-274337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-advises","tag-Investment","tag-khaitan-co","tag-mahindra-holdings-limited","tag-pension-plan-board"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Khaitan &amp; 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