{"id":279007,"date":"2022-12-02T18:30:56","date_gmt":"2022-12-02T13:00:56","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=279007"},"modified":"2022-12-02T15:53:33","modified_gmt":"2022-12-02T10:23:33","slug":"khaitan-co-advises-atha-group-on-acquisition-by-blupine-energy-private-limited-backed-by-actis-pe-of-the-100-stake-in-the-atha-group-entities","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/12\/02\/khaitan-co-advises-atha-group-on-acquisition-by-blupine-energy-private-limited-backed-by-actis-pe-of-the-100-stake-in-the-atha-group-entities\/","title":{"rendered":"Khaitan & Co advises Atha Group on acquisition by BluPine Energy Private Limited, backed by Actis PE of the 100% stake in the Atha Group entities"},"content":{"rendered":"
\n

   <\/p>\n

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

Atha Group | Acquisition by BluPine Energy Private Limited<\/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\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: Solar<\/p>\n<\/td>\n<\/tr>\n

\n

2.<\/p>\n

  <\/td>\n

\n

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

\n

24-Nov-2022<\/p>\n<\/td>\n<\/tr>\n

\n

3.<\/p>\n

  <\/td>\n

\n

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

\n

24-Nov-2022<\/p>\n<\/td>\n<\/tr>\n

\n

4.<\/p>\n

  <\/td>\n

\n

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

\n

Atha Group<\/p>\n<\/td>\n<\/tr>\n

\n

5.<\/p>\n

  <\/td>\n

\n

Acquirer and buyer Details<\/p>\n<\/td>\n

\n

Blupine Energy Private Limited | India | Acquirer
Solarcraft Power Private Limited | Mauritius | Buyer
Solarcraft Power LUX 2 S.À R.L | Luxembourg | Buyer <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

6.<\/p>\n

  <\/td>\n

\n

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

\n

Narbheram Vishram | India
<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

7.<\/p>\n

  <\/td>\n

\n

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

\n

Acquisition by BluPine Energy Private Limited, a renewable wind and solar power developer, backed by Actis PE of the 100% stake in the Atha Group entities comprising of: AMPL Cleantech Private Limited, NVR Energy Private Limited and Narbheram Solar TN Private Limited. The total acquisition portfolio comprises of 404 MWp renewable capacity, which is spread across six states and supplies power to central and state utilities under long-term contracts.<\/p>\n<\/td>\n<\/tr>\n

\n

8.<\/p>\n

  <\/td>\n

\n

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

\n

INR 2100 crore (USD 259 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), Akhil Bhatnagar (Partner), Arva Merchant (Partner), Shantanu Gupta (Partner), Nimisha Trehan (Principal Associate), Bhagirath Ashiya (Senior Associate), Palak Mohta (Associate), Rahul Pai (Associate)<\/p>\n<\/td>\n<\/tr>\n

\n

10.<\/p>\n

  <\/td>\n

\n

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

\n

Khaitan & Co was involved in the (a) vendor due diligence of the target SPVs for the transaction and (ii) structuring, drafting, negotiating and finalizing the transaction documents.<\/p>\n<\/td>\n<\/tr>\n

\n

11.<\/p>\n

  <\/td>\n

\n

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

\n

Avendus Capital<\/p>\n<\/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

Harsh Pais, Trilegal<\/p>\n<\/td>\n<\/tr>\n

\n

13.<\/p>\n

  <\/td>\n

\n

Unique Feature of Transaction<\/p>\n<\/td>\n

\n

The transaction has been executed via BluPine Energy, a renewable wind and solar power generation and storage business in which Actis has committed to invest USD 800 million through its Energy 5 Fund. The acquisition has enabled Atha Group to unlock the value created from its investments in the renewable power sector for over a decade.<\/p>\n<\/td>\n<\/tr>\n

\n

14.<\/p>\n

  <\/td>\n

\n

Quotation by Team Leader<\/p>\n<\/td>\n

\n  <\/td>\n<\/tr>\n
\n

15.<\/p>\n

  <\/td>\n

\n

Quotation by the Client<\/p>\n<\/td>\n

\n

Gaurav Atha, Promoter, Atha Group said, “Non-fossil fuel based power generation is key to India achieving its net-zero emissions goal and Atha Group is proud to have contributed towards this goal. Mergers and Acquisitions is a core part of the Atha Group strategy to create value for its stakeholders. We wish Actis all the success.”<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    DEAL DETAILS Atha Group | Acquisition by BluPine Energy Private Limited NO HEADINGS DETAILS 1.   Sector Infrastructure: Solar 2. <\/p>\n","protected":false},"author":8808,"featured_media":279016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[53351,5821,49835],"class_list":["post-279007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-atha-group","tag-khaitan-and-co","tag-law-firm-news"],"yoast_head":"\nKhaitan & Co advises Atha Group on acquisition by BluPine Energy Private Limited, backed by Actis PE of the 100% stake in the Atha Group entities | SCC Times<\/title>\n<meta name=\"description\" content=\"Atha Group | Acquisition by BluPine Energy Private Limited\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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PhysicsWallah, an ed-tech platform\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":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-863.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-863.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-863.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-863.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":288761,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/07\/khaitan-co-advises-and-acts-as-india-legal-counsel-to-z-capital-group-and-techniks-tool-group-in-its-acquisition-of-the-eppinger-group\/","url_meta":{"origin":279007,"position":1},"title":"Khaitan & Co advises and acts as India legal counsel to Z Capital Group and Techniks Tool Group in its acquisition of the Eppinger Group","author":"Bhumika Indulia","date":"April 7, 2023","format":false,"excerpt":"DEAL DETAILS Techniks Inc. | Acquisition of Eppinger Group Khaitan & Co advised and acted as India legal counsel to Z Capital Group and Techniks Tool Group in its acquisition of the Eppinger Group. The core team consisted of Ganesh Prasad (Partner), B N Vivek (Principal Associate), Vaibhav Vivek Kulkarni\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":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-1037.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-1037.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-1037.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-1037.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":292289,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/05\/16\/khaitan-co-acts-as-the-legal-counsel-to-citigroup-global-markets-india-private-limited-the-broker-as-to-indian-law\/","url_meta":{"origin":279007,"position":2},"title":"Khaitan & Co. acted as legal counsel to Citigroup Global Markets India Pvt. Ltd. in relation to block trade of equity shares of Kalyan Jewellers India Ltd.","author":"Bhumika Indulia","date":"May 16, 2023","format":false,"excerpt":"DEAL DETAILS Citigroup Global Markets India Private Limited | Block trade of equity shares of Kalyan Jewellers India Limited by Highdell Investment Ltd (a member of the Warburg Pincus group) Khaitan & Co acted as the legal counsel to Citigroup Global Markets India Private Limited (the Broker) as to Indian\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":"citigroup global markets","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/citigroup-global-markets.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/citigroup-global-markets.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/citigroup-global-markets.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/citigroup-global-markets.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":271054,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/02\/sahil-shah-joins-khaitan-co-as-counsel-in-the-mumbai-office\/","url_meta":{"origin":279007,"position":3},"title":"Sahil Shah joins Khaitan & Co as Counsel in the Mumbai Office","author":"Bhumika Indulia","date":"August 2, 2022","format":false,"excerpt":"Sahil Shah has joined Khaitan & Co as a Counsel in the Investment Funds Practice Group practices at our Mumbai office. Sahil has over 16 years of experience in Investment Funds,\u00a0Private Equity, Venture Capital and Real Estate transactions. He has completed his Bachelor of Laws from the Government Law College,\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":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/Sahil-Shah1.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/Sahil-Shah1.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/Sahil-Shah1.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/Sahil-Shah1.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/Sahil-Shah1.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":298969,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/08\/09\/khaitan-co-advises-kotak-investment-advisors-ltd-for-the-subscription-of-debentures-issued-by-padmanidhi-properties-private-limited\/","url_meta":{"origin":279007,"position":4},"title":"Khaitan & Co advises Kotak Investment Advisors Ltd for the subscription of debentures issued by Padmanidhi Properties Private Limited","author":"Bhumika Indulia","date":"August 9, 2023","format":false,"excerpt":"DEAL DETAILS Kotak Investment Advisors Limited | Subscription of debentures Khaitan & Co advised Kotak Investment Advisors Limited for the subscription of debentures issued by Padmanidhi Properties Private Limited (a group company of VGN Homes Private Limited) aggregating to INR 170 crores for utilization towards acquisition of land parcels for\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":"kotak investment advisors limited","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/kotak-investment-advisors-limited.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/kotak-investment-advisors-limited.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/kotak-investment-advisors-limited.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/08\/kotak-investment-advisors-limited.webp?resize=700%2C400&ssl=1 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