CLP India has entered the country’s power transmission sector with a ₹32 billion (US$476 million) acquisition of three transmission assets of Kalpataru Power Transmission Limited (KPTL) and Techno Electric & Engineering.
The assets are Kalpataru Satpura Transco in Madhya Pradesh, Alipurduar Transmission in Bihar and West Bengal, and Kohima-Mariani Transmission in Manipur, Nagaland and Assam. The agreements are to purchase equity stakes in three special purpose vehicles (SPVs) owning power transmission assets.
“The asset mix was of inter-state as well as infra-state projects,” said Shardul Amarchand Mangaldas partner Deepto Roy, adding that state-level regulations played an important role in the transaction. “As per the transmission agreement entered into with the authority, prior approval is required for the transfer of 26% of the equity shareholding of the target, and also from the perspective of national security interest.”
Central power regulations also played an important role on the deal from the perspective of transaction structuring, understanding existing regulatory claims and estimating revenue streams.
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