Cyril Amarchand Mangaldas acted as counsel for Adani Power Limited (APL) in relation to the establishment of a joint venture (Project Company) with Druk Green Power Corporation Limited (DGPC), Bhutan’s state-owned generation utility, for setting up a 570 MW Wangchhu hydroelectric project in the Himalayan Kingdom of Bhutan on a BOOT (Build, Own, Operate, Transfer) model (Project) by entering into the investment cum shareholders agreement. APL and DGPC to have 49% and 51% stake in the Project Company respectively.
The transaction documents have been signed in the presence of the Hon’ble Prime Minister of Bhutan, Dasho Tshering Tobgay and Mr. Gautam Adani, Chairman, Adani Group. The Project is the first hydroelectric project to be undertaken under the memorandum of understanding between the Adani Group and DGPC for jointly developing 5,000 MW of hydropower in Bhutan.
The Transaction Team included Subhalakshmi Naskar, Surya Sreenivasan, Viraj Gami, and Tanuj Agarwal. Paridhi Adani provided strategic inputs on the transaction. Project and Project Finance Team comprised Surya Sreenivasan, Aniket Singhania, Medha Rao, and Harsh Jain.
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