J. Sagar Associates advised and assisted Eoxis Asia Company Ltd (“Eoxis”) in the sale of its 49% shareholding in Sunborne Energy Gujarat One Private Limited (“Company”) to Ashapura Green Power Private Limited (“Ashapura”). As part of the transaction, the other JV partner i.e., Sunborne Energy Services India Private Limited (“SB”), by exercising its tag rights will also be selling its 51% stake in the Company to Ashapura, thereby ending the JV arrangement between Eoxis and SB. As Eoxis had a call option (which it did not exercise), the transaction has been structured with a differential pricing to compensate Eoxis for the economic rights.
The Company is engaged in the business of solar power generation. JSA had advised Eoxis in 2011 as well, in relation to this investment and establishment of the JV arrangement.
The transaction is set to close in October, 2020.
JSA Team comprised of Upendra Nath Sharma, Pallavi Puri and Pooja Thomas.
Kumarmanglam Vijay advised on the tax aspects.
Kumarmanglam has extensive experience in matters relating to direct and indirect taxation (including international taxation, transfer pricing, litigation and M&A tax), Accounting, and Corporate Law including mergers and acquisition, joint ventures, foreign investments, market entry strategy, and corporate restructuring.