CLP India moves beyond greenfield

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CLP India has for the first time taken the inorganic route to expand its operations in the country. Earlier last month, the company announced the acquisition of a 49% stake in each of two operational solar projects set up by Suzlon in Maharashtra.

CLP India’s in-house legal team, led by general counsel Sudipta Ghosh and deputy legal counsel Suchita Saigal, advised the company on the acquisition.

Phoenix Legal assisted the in-house team. Partner Siddharth Hariani led Phoenix Legal’s team that included principal associate Kinshuk Kislaya.

“The in-house team drafted the transaction documents in consultation with Phoenix Legal and led the document negotiations with the counterparty,” said Ghosh, who added that the transaction documents needed to comply with FEMA regulations as CLP India is a foreign owned and controlled company.

The Phoenix Legal team continues to assist the company during the closing of the deal, Ghosh told Asia Business Law Journal.

Suzlon’s legal team was led by general counsel Anoop Khatry, and Margaret D’Souza.

The Hong Kong-listed CLP Holding-owned company, which has so far focused on developing greenfield projects, has the option to acquire the remaining 51% stake in Suzlon’s Gale Solarfarms and Tornado Solarfarms. Suzlon is responsible for the operation and maintenance of the projects.