{"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 & Co advises Mahindra Holdings Limited and Mahindra Susten Private Limited on Ontario Teachers\u2019 Pension Plan Board’s investment"},"content":{"rendered":"
\n

\n

DEAL DETAILS<\/p>\n\n\n<\/colgroup>\n\n\n
\n

Mahindra Holdings Limited and Mahindra Susten Private Limited | Investment by Ontario Teachers’ Pension Plan Board<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

NO<\/span><\/p>\n<\/td>\n

\n

HEADINGS<\/span><\/p>\n<\/td>\n

\n

DETAILS<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

1.<\/p>\n

 <\/td>\n

\n

Sector<\/p>\n<\/td>\n

\n

Infrastructure: Renewable energy, Solar Energy<\/p>\n<\/td>\n<\/tr>\n

\n

2.<\/p>\n

 <\/td>\n

\n

Announcement Date<\/p>\n<\/td>\n

\n

17-Sep-2022<\/p>\n<\/td>\n<\/tr>\n

\n

3.<\/p>\n

 <\/td>\n

\n

Completion Date<\/p>\n<\/td>\n

\n

Ongoing<\/p>\n<\/td>\n<\/tr>\n

\n

4.<\/p>\n

 <\/td>\n

\n

Name of Client<\/p>\n<\/td>\n

\n

Mahindra Holdings Limited<\/p>\n<\/td>\n<\/tr>\n

\n

5.<\/p>\n

 <\/td>\n

\n

Investor Details<\/p>\n<\/td>\n

\n

Ontario Teachers’ Pension Plan Board through 2452991 Ontario Limited | Canada | Investor<\/p>\n<\/td>\n<\/tr>\n

\n

6.<\/p>\n

 <\/td>\n

\n

Seller Details<\/p>\n<\/td>\n

\n

Mahindra Susten Private Limited | India | Seller<\/p>\n<\/td>\n<\/tr>\n

\n

7.<\/p>\n

 <\/td>\n

\n

Deal Description<\/p>\n<\/td>\n

\n

Advised Mahindra Holdings Limited and Mahindra Susten Private Limited on Ontario Teachers’ Pension Plan Board’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’s decarbonization ambitions.<\/p>\n

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.
\nFurther, the Mahindra Group and Ontario Teachers’ 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’ will deploy an additional amount of up to INR 3,550 crore into the business and the InvIT.<\/p>\n

The partnership with Ontario Teachers’ will enable the Mahindra Group to build a strong renewable energy business focused on solar energy, hybrid energy, integrated energy storage & round-the-clock (RTC) green energy plants.<\/p>\n<\/td>\n<\/tr>\n

\n

8.<\/p>\n

 <\/td>\n

\n

Total Consideration<\/p>\n<\/td>\n

\n

INR 2371 crore (USD 300 million)<\/p>\n<\/td>\n<\/tr>\n

\n

9.<\/p>\n

 <\/td>\n

\n

Team Members<\/p>\n<\/td>\n

\n

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

Antitrust Law aspects: Anisha Chand (Partner), Soham Banerjee (Principal Associate) and Siddharth Bagul<\/p>\n

Employment Law aspects: Anshul Prakash (Partner) and Abhimanyu Pal (Principal Associate)<\/p>\n

Regulatory aspects: Divya Chaturvedi (Partner) and Srishti Rai (Senior Associate)<\/p>\n

Real Estate aspects: Devendra Deshmukh (Partner) and Amruta Joshi (Principal Associate)<\/p>\n<\/td>\n<\/tr>\n

\n

10.<\/p>\n

 <\/td>\n

\n

Role of Firm<\/p>\n<\/td>\n

\n

Advised Mahindra Holdings Limited and Mahindra Susten Private Limited on Ontario Teachers’ Pension Plan Board’s investment of 30% stake in Mahindra Susten Private Limited.<\/p>\n<\/td>\n<\/tr>\n

\n

11.<\/p>\n

 <\/td>\n

\n

Financial Advisors<\/p>\n<\/td>\n

\n

Avendus Capital acted for Mahindra Group<\/p>\n

Ambit acted for Ontario Teachers’ Pension Plan Board<\/td>\n<\/tr>\n

\n

12.<\/p>\n

 <\/td>\n

\n

Other legal advisors if any with names of Lead Lawyers<\/p>\n<\/td>\n

\n

Cyril Amarchand Mangaldas represented Ontario Teachers’ Pension Plan Board<\/p>\n

Torys LLP, Linklaters LLP and Ropes and Gray LLP assisted on ancillary aspects<\/td>\n<\/tr>\n

\n

\n

 <\/td>\n

\n

\n<\/td>\n

\n

\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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(\u201cMEAL\u201d) on investment of upto INR 1,200 cores, in one or more traches, by Singapore's sovereign wealth fund, Temasek in MEAL. 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Ltd. and Clermont Financial Pte. Ltd","author":"Bhumika Indulia","date":"August 17, 2023","format":false,"excerpt":"DEAL DETAILS SBFC Holdings Pte. Ltd | Initial public offering of SBFC Finance Limited Khaitan & Co acted as legal counsel as to Indian law to SBFC Holdings Pte. Ltd. and Clermont Financial Pte. Ltd., the promoters of SBFC Finance Limited, in relation to the initial public offering of equity\u2026","rel":"","context":"In "Law Firms News"","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"sbfc holdings pte. ltd","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/sbfc-holdings-pte.-ltd.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/sbfc-holdings-pte.-ltd.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/sbfc-holdings-pte.-ltd.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/sbfc-holdings-pte.-ltd.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":277898,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/11\/23\/khaitan-co-advises-bira-91-in-relation-to-it-equity-investment-through-series-d-of-usd-70-million-from-kirin-holdings-pte-ltd\/","url_meta":{"origin":274337,"position":4},"title":"Khaitan & Co advises Bira 91 in relation to it equity investment through (Series D) of USD 70 million from Kirin Holdings Pte. 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