Statkraft Exits India: Sells Stakes in Power Companies in Major Divestment
Statkraft AS, a Norwegian energy company, has recently divested its significant stakes in several Indian power companies. The transactions, advised by Cyril Amarchand Mangaldas (CAM), involved multiple aspects and subsidiaries.
Statkraft sold its 49% shareholding in Malana Power Company Limited and AD Hydro Power Limited to Bhilwara Energy Limited. The divestment, valued at 1.3 gigawatts (GW), was guided by CAM, with regulatory aspects handled by Vishal Binod, Partner. The transaction team was led by Ramanuj Kumar, Partner, along with Sreetama Sen and Aiswarja Mohanty, both Partners as well.
In a separate deal, Statkraft sold its wholly-owned subsidiaries, with a total operational capacity of 445 MWp and developing projects of 920 MWp, to Serentica Renewables India Private Limited. This transaction also involved multiple aspects, including real estate (Ashish Jain and Karan Sharma, Partners), corporate due diligence (Sreetama Sen, Partner), employment due diligence (Sowmya Kumar, Partner), and projects due diligence (Ramanuj Kumar, Aiswarja Mohanty, and Nishikant Sao, Partner - Designate). Competition law aspects were overseen by Vijay Pratap Singh Chauhan, Partner.
Additionally, Statkraft divested its 100% stake in Tidong Power Generation Private Limited to JSW Neo Energy Limited.
Statkraft's divestment of its Indian energy portfolio and subsidiaries marks a significant shift in the company's regional strategy. The transactions, advised by CAM, involved various aspects and were overseen by multiple partners, demonstrating the complexity and scale of the deals.
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