Firm Matters

Khaitan & Co acted as legal counsel to Standard Chartered Bank in connection with term loan facilities (Facilities) of (a) INR 40 crores extended to Inox Neo Energies Ltd; (b) INR 185 crores to Skypower Solar India Pvt Ltd (Skypower); and (c) INR 238.22 crores to Skypower Southeast Solar India Pvt Ltd.

The Facilities were utilised by the borrowers towards bridge facility refinancing, acquisition financing (including acquisition of Skypower), and capex repayment for their solar projects in Madhya Pradesh. 

After consummation of the proposed transactions, INOXGFL Group, through one of their goup company Inox Neo Energies Pvt Ltd, has completed the 100% acquisition of (A) Skypower Solar India Pvt Ltd and (B) Skypower Southeast Solar India Pvt Ltd, each having a portfolio comprising 50 MW (AC) / 57.5 MW (DC) of operational solar power assets located in Madhya Pradesh.

Advised on transaction structuring, documentation, due diligence, security creation, CP/CS compliance and closing. 

The role of Firm includes (i) Advising on the structure of the transaction; (ii) Drafting, negotiation and finalization of the transaction documents; (iii) Due diligence of the Acquisition Documents; (iv) Advising and assisting on corporate authorizations, stamp duty, security creation formalities and conditions precedent / conditions subsequent; and (v) Closing assistance and / or such other advice required in relation to the transaction.