Kalpataru to sell three power transmission assets for $476 million


Khaitan & Co advised Kalpataru Power Transmission Limited (KPTL) on the sale of its stake in three power transmission assets to CLP India Private Limited.

Kalpataru Power Transmission Ltd has entered into binding agreement with CLP India Pvt. Ltd to sell its stake in three power transmission assets for an enterprise valuation of $476 million.

The three assets are Kalpataru Satpura Transco Pvt. Ltd (KSTPL), Alipurduar Transmission Ltd (ATL) and Kohima Mariani Transmission Ltd (KMTL). The transaction is subject to requisite approvals and compliances.

CLP India, part of Hong Kong-based CLP Group and backed by Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), is a power generation company which from 2002 has gradually grown its presence in the power sector. It has 16 wind energy projects, three solar energy projects, a coal-fired power plant in Haryana and a gas-based combined cycle power plant in Gujarat with a total generation capacity of 3,000 MW.

Khaitan & Co advised Kalpataru Power Transmission Limited with a team including Shivanshu Thaplyal (Picture), Swathy Ramanath, Abhinav Mishra and Bhagirath Ashiya, Jhinook Roy, Abhinav Rawat and Rahul Pai. Ritu Shaktawat and Rahul Jain assisted on direct tax aspects and Dinesh Agrawal and Mayank Jain assisted on the indirect tax aspects of the transactions.

Involved fees earner: Dinesh Agrawal – Khaitan & Co.; Mayank Jain – Khaitan & Co.; Ritu Shaktawat – Khaitan & Co.; Shivanshu Thaplyal – Khaitan & Co.;

Law Firms: Khaitan & Co.;

Clients: Kalpataru Power Transmission Ltd;