TNB Topaz Energy SDN Bhd’s $32.5 million Investment in GMR Bajoli Holi Hydropower Pvt Ltd


Khaitan & Co advised Tenaga Nasional Berhad on the transaction

GMR Infrastructure’s stepdown subsidiary GMR Bajoli Holi Hydropower Pvt Ltd (and a subsidiary of GMR Energy) has raised aprox $32.5 million from TNB Topaz Energy SDN Bhd, a wholly-owned subsidiary of Tenaga Nasional Berhad. The proceeds (raised through compulsorily convertible debentures) would be used for the construction of 180-MW Bajoli Holi hydroelectric project, Himachal Pradesh. The project is under advanced stage of construction.

Khaitan & Co advised Tenaga Nasional Berhad with a team including Akhil Bhatnagar (Picture), Swathy Ramanath, Jhinook Roy, Harshita Khurana, Jagata Swaminathan and Sathyajith Nair (M&A), Vivek Mimani and Deepak Jodhani (Funds), Sagardeep Rathi (Antitrust) and Swati Bala.

Involved fees earner: Akhil Bhatnagar – Khaitan & Co.; Deepak Jodhani – Khaitan & Co.; Vivek Mimani – Khaitan & Co.; Sagardeep Rathi – Khaitan & Co.;

Law Firms: Khaitan & Co.;

Clients: Tenaga Nasional Berhad;

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Author: Michael Patrini