Cyril Amarchand Mangaldas advised IndInfravit Trust on USD 1.2 bn acquisition of Brookfield's Road Assets
Cyril Amarchand Mangaldas acted as legal counsel to IndInfravit Trust in relation to purchase of the entire equity shareholding
Cyril Amarchand Mangaldas advised IndInfravit Trust on USD 1.2 bn acquisition of Brookfield's Road Assets
Cyril Amarchand Mangaldas acted as legal counsel to IndInfravit Trust in relation to purchase of the entire equity shareholding and other convertible instruments of Brookfield's five operational road projects (Roads Portfolio) from BIF India Holdings Pte Ltd. and Kinetic Holdings 1 Pte Ltd., companies owned by funds managed by Brookfield Asset Management Inc. The Roads Portfolio comprises three toll roads and two annuity roads, with approx. 2,400 lane kms in Andhra Pradesh, Bihar, Maharashtra and Uttar Pradesh.
It is one of the largest acquisitions in the highways sector in recent times.
The General Corporate Capital Markets, Disputes and Financing Practice of Cyril Amarchand Mangaldas advised IndInfravit Trust and conducted a detailed due diligence on the Road Portfolios, structuring the transaction, negotiated and finalized the securities purchase agreements, and other related documentation on the Transaction. The Transaction Team was led by Ruetveij Pandya, Partner, and Surya Sreenivasan, Partner, with support from Molla Hasan, Director, M. Shivraman, Senior Associate, Kratisha Agarwal, Senior Associate Designate, and Aditya Karekatte, Associate.
The team led by Kranti Mohan, Partner; and Janhavi Seksaria, Partner, advised on InvIT related matters.
The due diligence team was led by Ruetveij Pandya, Partner; and Surya Sreenivasan, Partner, with support from Molla Hasan, Director, M. Shivraman, Senior Associate, Shivam Dubey, Senior Associate, Kratisha Agarwal, Senior Associate Designate, Aditya Karekatte, Associate, Jayesh Karnawat, Associate, Kabir Manchanda, Associate, and Medha Rao, Associate.
The Employment Law due diligence team was led by Ankita Ray, Partner, with support from Luv Saggi, Senior Associate, Anushka Dua, Associate, and Siddhi Kochar, Associate.
The anti-bribery and corruption due diligence team was led by Faraz Alam Sagar, Partner, with support from Sara Sundaram, Principal Associate, and Kishan Kumar Gupta, Associate.
The litigation due diligence team was led by Gathi Prakash, Partner, with support from Nidhi Asher, Senior Associate, Aekaanth Nair, Associate, and Rishabh Malaviya, Associate.
The IBC related due diligence team was led by Abhijeet Das, Partner, with support from Naveena Varghese, Senior Associate.
Other Parties and Advisors to the transaction included Ambit Private Limited (acted as financial advisor to Purchaser); Price Waterhouse & Co LLP (acted as tax advisor to Purchaser); KPMG (acted as financial advisors to Seller) and Ropes & Gray LLP (acted as Offshore Counsel to unitholders of the purchaser).
As a part of the transaction, IndInfravit currently holds a portfolio of thirteen operational road concessions with approx. 5,000 lane kms spread across five states. This acquisition will expand the portfolio into three additional states, Andhra Pradesh, Bihar and Uttar Pradesh. Indinfravit's unitholders include Allianz insurance companies represented by Allianz Capital Partners, Canada Pension Plan Investment Board and OMERS Infrastructure.
The Transaction value is approximately USD 1.2 billion.