Deal Closed | Odisha Power Generation Corporation Limited, Odisha Hydro Power Corporation and Government of Odisha | Acquisition of 49% shareholding of Odisha Power Generation Corporation Lim

The details of the deal are as follows: 

Sector: Infrastructure 

Name of Client: Odisha Power Generation Corporation Limited 

Acquirer Details: Odisha Hydro Power Corporation Limited | India  

Odisha Hydro Power Corporation Limited (OHPC) is a 100% State PSU under the administrative control of Department of Energy 

Govt. of Odisha 

Deal Description: Khaitan & Co advised Odisha Hydro Power Corporation Limited and Government of Odisha in relation to acquisition of 49% shareholding of Odisha Power Generation Corporation Limited by Odisha Hydro Power Corporation Limited from AES OPGC Holding and AES India Private Limited by way of exercise of Right of First Refusal (ROFR) under the existing shareholders' agreement. 

Total Consideration: USD 135 million Team Members 

The core team consisted of Supratim Chakraborty (Partner), Swathy Ramanath (Partner), Prithwijit Gangopadhyay (Principal Associate), Sathyajith Nair (Associate) and Bhagirath Ashiya (Associate) with assistance from the following: 

Competition Law aspects:  Manas K Chaudhuri (Partner), Pranjal Prateek (Principal Associate) and Anmol Awasthi (Associate); 

Direct Tax aspects: Asim Choudhury (Partner) and Kinjal Buaria (Associate); and 

Litigation aspects: Ravitej Chilumuri (Partner) 

Role of Firm: We acted as the transaction counsel to the Clients and assisted them with all aspects of the share purchase-including:(a) generally advising on the transaction structure and drafting, reviewing, negotiating and finalisation of transaction documents; (b) advising on taxation aspects including on withholding and other tax impacts of the proposed share purchase, and (c) assisting and advising the client on filing a CCI application in Form I in relation to the transaction. 

Other legal advisors if any with names of Lead Lawyers: L & L Partners 

Unique Feature of Transaction: Deal involved protecting existing shareholder's interests in context of a ROFR exercise and evaluation of regulatory approval requirement on account of some of the sale shares having been acquired under Govt consent under prior FERA regime.