Infrastructure India has completed its takeover of Indian Energy, an independent power producer which operates wind farms in India. The transaction, through a scheme of arrangement, was valued at US$13 million.
The process for the all-share takeover began in December 2010, when Indian Energy began looking for suitable buyers or investors which could provide it with additional funding. Indian Energy decided that it would benefit from joining a larger group such as Infrastructure India, which has investments in a wider range of power and infrastructure projects.
Indian energy owns and operates two wind farms: the Gadag Plains wind farm in Karnataka and the Theni wind farm in Tamil Nadu. It intends to build a portfolio of wind farms with a total generating capacity of 300 MW by 2013. It is listed on the London Stock Exchange’s alternative investment market (AIM).
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Infrastructure India is incorporated in the Isle of Man and is also an AIM-listed company. It focuses largely on energy and transport projects in India.
Partners Mahesh Madan Bhat and Talha Salaria at Bangalore-based MMB Legal acted as Indian legal counsel for Infrastructure India. Taylor Wessing, led by partner Tandeep Minhas, was the company’s international counsel. Minhas was assisted by senior associate Edward Hooper and associate Katie Bennett.
A team from Covington & Burling in London advised Indian Energy on the sale. The team was led by partner Simon Amies, with assistance from associates Brett Hopcroft and Alexandra Smith. Channel Islands firm Carey Olsen was Indian Energy’s legal counsel in Guernsey. Carey Olsen senior associate Tony Lane advised on corporate and regulatory matters, while litigation partner Tim Corfield and associate Sarah Cakebread advised on court proceedings in relation to the scheme of arrangement.
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