Shardul Amarchand Mangaldas & Co (SAM) advised OMERS Infrastructure in its USD219 million acquisition of a 19.4% stake in New York stock exchange-listed Azure Power Global from International Finance Corporation and IFC GIF Investment Company I.
Shearman & Sterling advised OMERS on US law, while Appleby advised OMERS on Mauritius law. The deal closed on 6 August.
SAM’s team was led by partners Jatin Aneja and Naval Satarawala Chopra, and advised on corporate, regulatory, projects, competition and green channel filing, foreign direct investment and exchange control aspects. The team included partners Kushal Sinha, Shashwat Kumar, Harman Singh Sandhu and Rohan Arora, principal associates Dhrupad Pant and Ritwik Bhattacharya, senior associate Rahul Chouhan, and associates Naman Mittal, Pallavi Senapati, Tanusmita Ghosal, Devarsh Kotak and Rishab Chaudhary.
Appleby’s team comprised the firm’s group managing partner Malcolm Moller and counsel Manisha Lallah.
Announcing the deal on 30 July, OMERS Infrastructure said its closing would mark its second direct infrastructure investment in India, following a 2019 investment in the IndInfravit toll road platform.
OMERS Infrastructure manages infrastructure investments globally on behalf of OMERS, one of Canada’s largest defined benefit pension funds, with net assets of CAD105 billion (USD83.4 billion).