Tata Power subsidiary Tata Power International and ICICI Venture have created a platform to facilitate investments in power projects in India over the next two or three years.
The platform is co-sponsored by Tata Power and ICICI Bank and has commitments from partner investors Caisse de Dépôt et Placement du Québec, Kuwait Investment Authority and State General Reserve Fund of Oman.
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The platform, which is aimed at acquiring controlling stakes in power generating companies in India, will initially raise US$850 million through contributions from the sponsors and partner investors either directly or through their affiliates. The platform will enable the investors to establish a greater presence in India and increase their investment footprint in the Indian infrastructure ecosystem.
Norton Rose Fulbright advised Caisse de Dépôt et Placement du Québec, Kuwait Investment Authority and State General Reserve Fund of Oman. The Norton Rose Fulbright team was led by Singapore-based corporate partner Sheela Moorthy with assistance from associate Dexter Tan and trainee solicitor Arthur So.
Khaitan & Co advised the parties on Indian law.
Partners Sai Krishna Bharathan and Shameek Chaudhuri along with associate Rinki Ganguli at AZB & Partners advised Tata Power and ICICI on Indian law issues. Akin Gump Strauss Hauer & Feld represented the parties on international law issues.
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