Shardul Amarchand Mangaldas advised Core Infrastructure India Fund and Global Energy Efficiency and Renewable Energy Fund on sale of stake in SolarArise India Projects to ThomasLloyd Energy Impact
The deal was valued at approximately USD 38.47 million
Law Firm - Shardul Amarchand Mangaldas & Co.
By: : Suraj Sinha
By : Legal Era
Update: 2023-02-14 11:15 GMT
Shardul Amarchand Mangaldas advised Core Infrastructure India Fund and Global Energy Efficiency and Renewable Energy Fund on sale of stake in SolarArise India Projects to ThomasLloyd Energy Impact
The deal was valued at approximately USD 38.47 million
Shardul Amarchand Mangaldas & Co has advised Core Infrastructure India Fund Pte Limited (a fund of the Kotak Group) and Global Energy Efficiency and Renewable Energy Fund (advised by the European Investment Bank) on the sale of their stake in SolarArise India Projects Private Limited to ThomasLloyd Energy Impact Trust.
The transaction involved the sale of stakes from both resident individual sellers and non-resident sellers to ThomasLloyd, a non-resident buyer. This leads to ThomasLloyd acquiring a 100 percent stake in SolarArise and their portfolio of renewable energy projects having a total capacity of 434 MW.
Due to the investment by a non-resident buyer in a core investment company, the transaction's approval was first sought from the Department of Economic Affairs, Ministry of Finance.
The transaction team of Shardul Amarchand Mangaldas was led by Deepto Roy (partner); Navruz Vakil (partner); Abhijit Mukherjee (principal associate); Varnika Mohan (principal associate); Shivang Sinha (senior associate); and Rupal Panganti (associate).
ThomasLloyd was represented by Cyril Amarchand Mangaldas.