JSA advised IndiGrid, a listed power sector InvIT, on its ₹2,100 crore acquisition of two assets:
- Koppal-Narendra Transmission Limited (KNTL), a transmission project in Karnataka.
- Renew Surya Aayan Private Limited (RSAPL), a 300 MW solar project in Rajasthan.
KNTL is a Build-Own-Operate-Maintain (BOOM) Inter-State Transmission System project located in Karnataka, which has been operational since October 2023, KNTL comprises approximately 276 circuit kilometers of transmission lines and ~2,500 MVA of transformation capacity.
RSAPL is a 300 MW (AC) operational project located in Barmer, Rajasthan. The project has been operational since March 2024 and has a long-term 25-year Power Purchase Agreement (“PPA”) with SECI at a fixed tariff of INR 2.37 per unit. The acquisition of RSAPL will be in line with the regulatory conditions stipulated under the PPA.
IndiGrid is India’s first listed power sector Infrastructure Investment Trust (InvIT) established in 2016. It owns, operates, and manages power transmission, renewable generation, and energy storage assets that deliver reliable power throughout India. Sponsored by KKR and listed on Indian stock exchanges, IndiGrid operates with the objective to empower the nation by delivering reliable power to each and every home while also creating value for its investors.
JSA’s role included structuring the transaction, which entailed the exit of joint venture shareholders in KNTL (RTVPL and KNI India AS), negotiating, and finalizing definitive documents for the transactions, while also identifying key project development and regulatory risks and suggesting optimal mitigation measures. This acquisition aligns with IndiGrid’s strategy to own assets with long-term contracts and ensure stable distributions to unitholders.
JSA team was led by Vishnu Sudarsan (Lead Partner), along with Shashank Vikram Singh (Partner) and Kartikeya GS (Partner) who were supported by Siddhant Thakar (Senior Associate), Mehar Vasant (Senior Associate), Priyanka Barik (Senior Associate), Ravneet Gill (Associate), Vignesh Ravichandran (Associate), Komal Karnik (Associate).
JSA Dispute team comprised Poonam Verma Sengupta (Partner) and Sakshi Kapoor (Senior Associate).
JSA Real Estate team comprised Upendra Nath Sharma (Partner), Bharat Bushan Sharma (Partner) and Mohit Aggarwal (Principal Associate).
JSA Competition team comprised Vaibhav Choukse (Partner) and Ela Bali (Partner).
Bharat specializes in Real Estate and Corporate Advisory related matters. He has extensive experience in Real Estate related transactions including conducting of legal due diligence, drafting of lease deeds, leave and license agreements, joint development agreements and sale deeds.