Statkraft Sells India Hydro Unit to Bhilwara Energy, CAM Advises

ENERGY
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AuthorIshaan Verma|Published at:
Statkraft Sells India Hydro Unit to Bhilwara Energy, CAM Advises
Overview

Norwegian energy firm Statkraft A.S. divested its entire stake in subsidiary Mandakini Jal Urja Private Limited to Bhilwara Energy Limited. The 76 MW hydroelectric project in Uttarakhand was handled by Cyril Amarchand Mangaldas, with key partners leading the transaction. This divestment signifies strategic shifts in Statkraft's Indian renewable portfolio.

Deal Completion

Statkraft A.S. has finalized the 100% stake sale of its wholly-owned Indian subsidiary, Mandakini Jal Urja Private Limited, to Bhilwara Energy Limited. Mandakini Jal Urja is currently implementing a 76 MW hydroelectric project situated in Uttarakhand.

Advisory Role

Leading Indian law firm Cyril Amarchand Mangaldas (CAM) provided comprehensive legal counsel to Statkraft A.S. throughout the transaction. The deal team at CAM was spearheaded by Partners Ramanuj Kumar, Sreetama Sen, and Aiswarja Mohanty, who guided the process from inception to completion.

Due Diligence and Legal Expertise

CAM's extensive advisory involved rigorous due diligence across projects, corporate, employment, and regulatory aspects. Associates and Principal Associates supported the Partners in these critical reviews. Partners Ramanuj Kumar and Aiswarja Mohanty, with assistance from Shrey Srivastava, Sumi Trivedi, Snehil Ajmera, and Rashika Bhardwaj, managed the project due diligence. Sreetama Sen's team handled corporate reviews, while Sowmya Kumar's group addressed employment matters. Vishal Binod led regulatory diligence, and Vijay Pratap Singh Chauhan provided competition law analysis.

Strategic Implications

The transaction marks a strategic divestment for Statkraft A.S., a significant player in the global renewable energy market. This move could indicate a portfolio realignment or a focus on different operational strategies. Bhilwara Energy Limited, by acquiring the subsidiary, secures a substantial hydroelectric asset in a key Indian region, potentially bolstering its renewable energy portfolio.

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