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JSA advises Crédit Agricole Corporate and Investment Bank and Mizuho Bank, Ltd.

JSA Advocates and Solicitors advised Crédit Agricole Corporate and Investment Bank and Mizuho Bank, Ltd., in connection with financing 135 MWp commercial and industrial (C&I) solar power project set up by a project company of AMPIN Energy Transition in Rajasthan.

 JSA’s team led by Karan Mitroo (Lead Partner), along with the Project Finance team, including Surbhi Jain (Principal Associate), Pragya Verma (Senior Associate), and Harshil Kakkar(Associate).

The Due Diligence team included Vishnu Sudarsan (Partner), Sugandha Somani Gopal (Partner) and Asmita Maan (Senior Associate).

The teams guided Crédit Agricole and Mizuho Bank on the financing of AMPIN Energy’s 135 MWp solar project.

JSA successfully represented Tata Power’s Mundra Plant (4150 MW) before Central Electricity Regulatory Commission (CERC) qua grant of capital cost on account of installation of Flue Gas Desulphurisation (FGD)

JSA successfully represented Tata Power’s Mundra Plant (4150 MW) before Central Electricity Regulatory Commission (CERC). On 22nd June 2020, CERC allowed additional capital cost and recurring operational cost to be incurred by Tata Power for retrofitting of FGD, to meet revised emission norms. While CERC allowed the capital cost and operating cost, it denied capital expenditure of over INR 100 Crores and recurring annual operational expenditure by approx. 3.75%.

Tata Power challenged CERC’s Order before APTEL. APTEL vide its Judgment dated 14.05.2024 held that CERC’s deduction is illegal and bereft of any reasoning. Consequently, CERC’s Order was set aside with directions to CERC to consider this issue afresh.

CERC, in remand proceedings concluded that since FGD is installed based on fuel consumption and not merely installed capacity, an increase in capacity of 150 MW without increase in fuel consumption, will not lead to change in FGD configuration. Hence, Tata Power was awarded compensation re. entire capex requirement for installation of FGD for 4150 MW in contrast to the earlier 4000MW. Therefore, the earlier denied capital cost has now been allowed to Tata Power.

CERC’s Order rightly recognizes that Change in Law compensation cannot be reduced arbitrarily on unfounded assumptions. Such compensation must correlate with the technology and equipment concerned so as to restitute the impacted party fully to the same economic position as if the Change in Law did not exist.

JSA’s team led by Abhishek Munot (Lead Partner), along with support from JSA disputes team, including Kunal Kaul (Partner) and Samikrith Rao (Senior Associate), guided in securing a favourable outcome for Tata Power.

UltraTech Cement Limited Secures Regulatory Clarity for Hybrid Wind-Solar Connectivity with JSA’s

JSA successfully represented UltraTech Cement Limited (UTCL)before the Maharashtra Electricity Regulatory Commission (MERC) in securing directions that will enable greater efficiencies in granting connectivity for co-located and non-co-located hybrid wind-solar projects.

Considering the scope for optimising transmission capacity for hybrid renewable energy generation, UTCL filed a petition before MERC seeking that connectivity be granted based on the higher of the installed solar or wind capacity, instead of the cumulative capacity of both sources — which had been the prevailing practice in Maharashtra.

After hearing UTCL’s submissions and taking into account the State Transmission Utility’s revised connectivity procedure issued during the proceedings, MERC upheld UTCL’s position for co-located hybrid wind-solar projects. This landmark clarification will facilitate better planning and utilisation of transmission infrastructure for hybrid renewable projects in the State.

With respect to non-co-located hybrid projects, MERC appreciated UTCL’s submissions and directed the Grid Co-ordination Committee to undertake a detailed study addressing the feasibility of granting connectivity at multiple locations for renewable energy hybrid projects. The study will examine critical aspects including metering, connectivity, scheduling, energy accounting and settlement, deviation settlement mechanism (DSM) accounting, and transmission and wheeling charges. The Committee has been directed to submit a draft framework within six months for MERC’s consideration towards amending existing Regulations or notifying new ones.

This Order is significant since it proactively addresses a critical regulatory gap by tackling the complexities of non-co-located hybrid projects and their interaction with the grid. It is a first of its kind in India and would pave the way for providing regulatory frameworks and certainty for developers of non-co-located hybrid projects. It also enables more efficient use of existing transmission infrastructure and thus save costs.

The matter was handled by the JSA Disputes team, comprising Abhishek Munot (Lead Partner) and Kunal Kaul (Partner) along with Samikrith Rao (Senior Associate).

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

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).

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)