Khaitan & Co acted as legal counsel to HSBC in relation to a large rupee term loan facility extended to Waaree Renewable Technologies Ltd (WRTL), a leading Solar Power EPC Company in India, for financing the acquisition of a controlling stake of 55% in the share capital of Associated Power Structures Pvt Ltd. The transaction was funded by way of a mix of debt from HSBC and equity contribution by WRTL, in line with the RBI (Commercial Banks – Credit Facilities) Directions, 2025 (as amended) and the Reserve Bank of India (Commercial Banks - Concentration Risk Management) Amendment Directions, 2026 (as amended).
This is first of its kind acquisition-finance transaction - where financing is extended for domestic acquisition by an Indian branch of a foreign bank or a private sector bank in India under the new guidelines framed by Reserve Bank of India, marking a landmark development in this space.
The core team consisted of Rajeev Vidhani (Partner), Rolwine Alva (Partner), Sarika Jhanwar (Senior Associate), Sushmit Mandal (Associate) and Govinda Shrikant Asawa (Associate).