Khaitan & Co has advised India Power Corporation on acquisition agreement

Khaitan & Co has advised India Power Corporation Ltd on its agreement with Engie Global Developments BV (“Engie BV”) to acquire shares of Meenakshi Energy Private Ltd, subject to customary approvals and consents.

IPCL with diversified portfolio of renewable and thermal modes of power generation, transmission, distribution & power trading, currently operates 95.2MW of wind assets in Rajasthan, Gujarat and Karnataka, 12MW coal fired thermal power station at Dishergarh in Asansol, West Bengal and has also developed a 2MW grid connected solar power plant along with West Bengal Green Energy Development Corporation Ltd.

Upendra Joshi, partner; Gahan Singh, associate partner; Shivanshu Thaplyal, principal associate; Jhinook Roy, associate; Sagar BM, associate; Suditi Surana, associate; Nishant Prasad, associate represented the client on the transaction.

The transaction is probably first of its kind in the Indian power sector where the consideration for acquisition for an operating company was effectively negative.