If you are not happy with the results, please do another search

JSA acts as legal counsel to IndiGrid in the acquisition of assets from ReNew, for INR 2,100 Crores

Mumbai, India, 30 June 2025: 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 is advising Central Mine Planning & Design Institute Limited on its proposed Initial Public Offering

JSA is advising Central Mine Planning & Design Institute Limited (CMPDI) in relation to its proposed initial public offering (IPO) of equity shares. The IPO comprises an offer for sale of up to 71,400,000 equity shares by Coal India Limited. CMPDI filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and the stock exchanges on May 27, 2025.

The proposed offering is part of the Government of India’s broader disinvestment initiative and marks a key milestone for CMPDI, a premier consultancy in coal exploration, mine planning, and design.

The transaction team was led by Arka Mookerjee (Lead Partner), with support from Equity capital markets team, Pracheta Bhattacharya (Partner), Sourav Modi (Principal Associate), and Aditya Shendye (Associate), Dhvanit Kothari (Associate), Nikhil Panchal (Associate), andBernedict Rozario (Associate).

JSA Secures Relief for UltraTech Cement: MP High Court Enforces Scheme of Arrangement Against DISCOM’s Demand for Legacy Dues

JSA successfully represented UltraTech Cement Limited (“UTCL”) in Writ Petition No. 15889 of 2020 before the Madhya Pradesh High Court, Jabalpur (“MPHC”), whereby Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company Limited (“MPPKVVCL” / MP DISCOM) was directed to process a long-pending name change application, in the electricity connection of the Bela Cement Plant, without insisting on payment of disputed legacy Electricity Duty dues owed by the previous owner, Jaiprakash Associates Ltd. (“JAL”).

This Order brings significant relief to UTCL, by upholding the provisions of a court sanctioned Scheme of Arrangement over MP DISCOM’s claim of past dues being transferred to the new owner. As a result of denial of change in name, UTCL was unable to procure multiple operational permissions essential for running its captive power plant efficiently.

The said Order brings UTCL a relief of several hundred crores on account of JAL’s past Electricity Duty dues claimed from UTCL.

The dispute stemmed from the transfer of the Bela Cement Plant to UTCL under a Scheme of Arrangement approved by the Hon’ble NCLT (Mumbai and Allahabad Benches) in 2017. As per the Scheme, all contingent liabilities and litigations pending as on the Closing Date (29.06.2017) were expressly retained by JAL. Notwithstanding this, MPPKVVCL refused to update the name on the electrical connection or grant essential statutory permissions (including for synchronization of a 13 MW WHRS-based captive power plant, captive open access, termination of its electrical connection), on the grounds that UTCL was required to clear JAL’s Electricity Duty dues (prior to the Closing Date).

The writ petition (in the first round) was initially dismissed on the ground that an alternate remedy before the State Electricity Regulatory Commission was available to UTCL. The said order of the Ld. Single Judge was challenged by UTCL before the Division Bench of the MP High Court in Writ Appeal No. 26 of 2021. The said Writ Appeal was made absolute and set aside Ld. Single Judge’s Order. The Division Bench further remanded the matter to Ld. Single Judge for adjudication of the dispute on merits. The present win for UTCL is in the remand proceedings.

The decision in the Remand Order dated 26.05.2025, affirms the statutory force of schemes under the Companies Act and provides important clarity by safeguarding transferee entities from liabilities expressly excluded under such Schemes, reinforcing regulatory certainty in M&A transactions. It also reinforces the fact that the Scheme of Arrangement once approved is binding in Rem.

A central legal issue addressed in the matter was the treatment of legacy dues under different modes of asset transfer—particularly distinguishing the implications of a court-sanctioned Scheme of Arrangement from ordinary sale or auction-based transfers, where dues may attach to the premises. MPPKVVCL had argued that the Electricity Duty dues would “travel with the property” under the Electricity Act and thus had to be discharged by UTCL. The MP High Court categorically rejected this contention, recognising the supremacy of the Scheme and holding that such liabilities cannot override court-approved arrangements.

The legal representation for UltraTech Cement Limited was led by Senior Advocate Ravindra Shrivastava, who argued the matter before the Madhya Pradesh High Court. He was ably assisted by Abhishek Munot, Lead Partner at JSA, and Malcolm Desai, Of Counsel.

JSA advised Havells on strategic ₹600 crore investment in Goldi Solar

JSA advised Havells India Limited in connection with its proposed strategic minority investment of ₹600 crore (~USD 72 million) in Goldi Solar Private Limited, as part of Goldi’s ₹1,300 crore (~USD 156 million) fundraise to support its ongoing capacity expansion and backward integration initiatives.

As part of the investment, Havells will acquire an 8.90% to 9.24% stake in Goldi Solar, subject to the final round size. The transaction also provides Havells with a board seat and customary investor rights in the company.

The deal marks a notable regulatory milestone as the Competition Commission of India (CCI) assessed the solar modules and solar cell markets for the first time, reflecting the growing significance of the renewable energy sector. The CCI granted its approval on June 10, 2025, within 42 calendar days.

The JSA team was led by Siddharth Mody (Partner), with support from the following teams:

Transaction Team (Private Equity):

  • Anurag Shrivastav (Partner)
  • Tanmayee Sahoo (Senior Associate)
  • Vidushi Jain (Associate)
  • Gavin Pereira (Associate)

 

Diligence Team:

  • Siddharth Mody (Partner)
  • Anurag Shrivastav (Partner)
  • Tanmayee Sahoo (Senior Associate)
  • Ayush Chaturvedi (Associate)
  • Vidushi Jain (Associate)
  • Regan D’Mello (Associate)
  • Gavin Pereira (Associate)
  • Prakhar Jain (Junior Associate)

 

Competition Team:

  • Vaibhav Choukse (Partner)
  • Ela Bali (Partner)
  • Aditi Khanna (Senior Associate)
  • Faiz Siddiqui (Senior Associate)
  • Arundhati Rajput (Associate)

 

JSA Advises Rabobank and Société Générale on USD 107.1 Million External Commercial Borrowing for Serentica Renewables’ Rajasthan Solar PV Project

JSA acted as legal counsel to Coöperatieve Rabobank U.A., Hong Kong Branch, and Société Générale, acting through its Singapore Branch, in connection with external commercial borrowing (ECB) provided to Serentica Renewables India 8 Private Limited. The financing supports the development of a 200 MW (AC) / 300 MW (DC) Solar PV Project in Rajasthan, India.

JSA’s transaction team was led by Karan Mitroo (Partner) and included Ankita Parasar (Partner), M. Arun Kumar (Partner), Pragya Verma (Senior Associate), Harshit Manaktala (Senior Associate), and Bhavesh Gupta (Associate).

This transaction highlights JSA’s continued leadership in advising cross-border project finance transactions in India’s fast-evolving renewable energy sector.

JSA secures a major win for Adani Power as Supreme Court settles the law on ‘rate’ and ‘effective date’ of Carrying Cost

JSA successfully defended Adani Power Limited (“Adani”) before Supreme Court in getting a Civil Appeal filed by distribution licensees of Rajasthan dismissed. By way of the Judgment dated 23.05.2025, the Supreme Court has laid down the following position of law:

  1. Rate of Carrying Cost granted as part of restitution on account of Change in Law event –Carrying Cost shall be paid at the rate of Late Payment Surcharge provided under Power Purchase Agreement (“PPA”), on compounding basis.
  2. Effective date from which Carrying Cost will be paid– from the date the Change in Law occurs i.e., from the date of promulgation of the Change in Law.
  3. When a Supplementary Bill for Change in Law can be raised – It can be raised only after due adjudication by the competent forum.
  4. Parameters for entertaining Civil Appeal under Section 125 of Electricity Act, 2003 – When a finding is (1) perverse or (2) rendered contrary to the records, or without assigning any reason, and/or on a total misconception of the fact seen apparently on the face of the record.
  5. Principle of restitution incorporated into the PPAs, must be given effect to in letter and spirit on account of Change in Law.

The Civil Appeal arose out of a judgment dated 18.04.2024 passed by the Appellate Tribunal for Electricity (“APTEL”) wherein JSA had successfully represented Adani. Accepting all legal submissions by Adani, APTEL, in such judgment, held that the levy of Evacuation Facility Charges by Coal India qualifies as a Change in Law event, entitling Adani to Carrying Cost at the rate of Late Payment Surcharge, on compounding basis.

Supreme Court’s Judgment dated 23.05.2025 is a ‘landmark’ judgment, since it settles and puts to rest the contentious issues qua ‘Rate’ and ‘Effective Date’ of payment of Carrying Cost on account of Change in Law event. This Judgment applied the principle of restitution in letter and spirit, and clarified the contractual stipulation under the PPA regarding the stage of issuing a Supplementary Bill for Change in Law.

The matter was led by Amit Kapur and Poonam Verma Sengupta (Partners), with support from Saunak Kumar Rajguru (Principal Associate), Subham Bhut and Pradyumn Amit Sharma (Associates).