Norton Rose Fulbright (NRF) and Trilegal advised TAQA on its divestment of 100% shareholding in TAQA Neyveli Power Company to MEIL Energy Private Limited, while Cyril Amarchand Mangaldas advised Megha Engineering & Infrastructures and MEIL Energy Private Limited on the acquisition.

TAQA, one of the largest listed integrated utility companies in Europe, the Middle East and Africa, has undertaken this transaction as it is shifting its focus towards low-carbon, flexible gas-fired power generation and renewable energy investments.

TAQA, the international energy solutions company, sold 100 percent of its stake in TAQA Neyveli Power Company to MEIL Energy Private Limited for ₹9.26 billion, or about AED387 million. This transaction forms part of TAQA’s long-term plan to prioritise efficient assets and strengthen energy security, as well as its strategic push to reduce Scope 1 and Scope 2 emissions by 25 percent by 2030 to focus on lower-carbon technologies.

Norton Rose Fulbright acted as international counsel and advised TAQA on its exit from 250MW Lignite plant located in Tamil Nadu, India. The Norton Rose Fulbright team was led by corporate partner Bayo Odubeko. He was supported by a multi-disciplinary team that included Counsel Christopher Baird and Senior Associate Gillian Jaravaza (corporate); Partner Claire Irwin and Associate Becky Puzey (disputes); and Head of Energy EMEA Charles Whitney, Partner Chris Down and Senior Associate Shaheer Momeni (projects).

Trilegal acted as Indian legal counsel and advised Abu Dhabi National Energy Company PJSC (TAQA) in relation to the divestment of 100% share capital held in TAQA Neyveli Power Company (TAQA Neyveli) to MEIL Energy. TAQA Neyveli is operating a 250 MW lignite-based thermal power plant in Cuddalore District, Tamil Nadu.

The Corporate Team advising on the mandate was led by Partners Vaibhav Kothari and Tanya Nanda and comprised Senior Associates Arushi Chandak Mayank Jain Kopal Raje Shebani Bhargava, and Associates Amartya S. and Parinishtha Ganz.

The Projects Team advising on the mandate was led by Partners Neeraj Menon and Niharika Puri and comprised Senior Associates Shikhar Venkatesh and Associate Ashu Bhargav.

The Tax Team advising on the transaction was led by Partner Samsuddha Majumder and supported by Counsels Yash Varmani, Kartikey Kulshrestha, Senior Associate Utkarsh Mittal and Associates Advetita, Ishita Sharma and Kshitiz Saxena.

The Competition Team advising on the transaction was led by Partner Gautam Chawla and comprised Counsel Ankush Walia and Associate Umang Chaturvedi.

The Disputes Team was led by Partner Tine Abraham and supported by Senior Associate Jojongandha Ray. The Employment Team was led by Partner Kanishka Maggon. The Real Estate Team was led by Partner Rahul Arora and comprised Counsel Abhinav Mishra and Associate Saraswati Rawandale.

The TMT Team was led by Partner Jyotsna Jayaram and supported by Associate Padmavathi Prasad.

Cyril Amarchand Mangaldas advised the acquirer, Megha Engineering & Infrastructures Limited (“MEIL”) and its subsidiary MEIL Energy Private Limited on acquisition of 100% shares of TAQA Neyveli Power Company Limited, which owns and operates a 250 MW lignite fired thermal power project in Tamil Nadu from The Abu Dhabi National Energy Company, PJSC (TAQA) and its affiliates.

The transaction team was led by Partners Ramanuj Kumar, Aiswarja Mohanty, with assistance from Associate Rashika Bhardwaj.

Partner SR Patnaik along with Principal Associate Thangadurai V.P. advised on the tax related aspects of the transactions.