Khaitan & Co advised on the proposed divestment by Dilip Buildcon Ltd in favour of Alpha Alternatives Fund Advisors LLP of its 49% equity stake in ten special purpose vehicles (held through DBL Renewable Pvt Ltd) undertaking the development, design and engineering of an approximately 1,363 MW (AC) grid-connected solar photovoltaic portfolio across 163 locations in Madhya Pradesh. The portfolio carries an estimated total project cost of approximately INR 6,263 crores and an enterprise value of INR 6,829 crores.
The deal was assisted by:
Corporate Governance: Sharad Abhyankar (Partner),
Corporate and M&A: Bhagirath Ashiya (Partner), Palak Sheth (Associate), Gauri Jindal (Associate), Tirthesh Jain (Associate) and Shravani Bhide (Associate).
The core team for the Solar Portfolio Transaction consisted of Akhil Bhatnagar (Partner), Bhavya Bhankharia (Principal Associate) and Alankrita Singh (Senior Associate).