AZB & Partners advised India Infrastructure Fund II (IIF), a fund managed by Global Infrastructure Partners India, on the sale of energy company Vector Green for INR27.8 billion (USD336 million) to Sembcorp.
Sembcorp Industries, through its wholly-owned subsidiary Sembcorp Green Infra (SGIL), signed an agreement to acquire 100% of Vector Green.
AZB managing partner Zia Mody, and partners Atreya Bhattacharya and Aditya Periwal advised IIF on the deal.
Internal financial resources and external borrowings will be used to fund the transaction, the deal announcement said. The transaction is scheduled to close in the first quarter of 2023, subject to compliance with customary closure conditions.
This purchase was part of Sembcorp Industries’ regular course of business and was not expected to have a major impact on its earnings per share and net asset value per share for the fiscal year ending 31 December 2022, added the deal announcement.
Earlier, Sembcorp Industries, the Singapore-based holding company of SGIL, announced plans to sell Sembcorp Energy India, which operates two supercritical coal-fuelled power projects totalling 2.6GW, to Tanweer Infrastructure for INR117 billion.
Sembcorp has an energy portfolio of 16.7GW, of which 7.1GW is from renewable sources such as wind, solar and storage projects.