Shardul Amarchand Mangaldas advises Brookfield Asset Management Inc. on the sale of the entire equity shareholding of five operational road projects to IndInfravit
June 10, 2022
Shardul Amarchand Mangaldas & Co. advised Brookfield Asset Management Inc. (“Brookfield”) in the sale of Brookfield’s entire equity shareholding of five operational road projects (“Roads Portfolio”) to IndInfravit Trust (“IndInfravit”). The transaction values the Roads Portfolio at an enterprise value of approximately USD 1.2 billion. The Roads Portfolio comprises three toll roads and two annuity roads, with approximately 2,400 lane kms in Andhra Pradesh, Bihar, Maharashtra and Uttar Pradesh. The transaction is subject to certain regulatory and other customary conditions, including approval from relevant regulatory authorities, lenders and unitholders of IndInfravit.
The date of signing the deal was 10 June, 2022.
The transaction team was led by Jay Gandhi, Partner; Abhishek Parekh, Partner; Natalee Nanda, Principal Associate and Akshath Vidyanath, Senior Associate.
The projects and NHAI team were led by Deepto Roy, Partner; Varnika Mohan, Principal Associate; Shubham Sharma, Senior Associate and Subhojit Das, Senior Associate. The competition law team was led by Aparna Mehra, Partner, Rahul Shukla, Senior Associate and Kshitij Sharma, Associate. The dispute resolution team was led by Rishab Gupta, Partner and Bikram Chaudhuri, Principal Associate.
The legal vendor due diligence team was led by Jay Gandhi, Partner; Deepto Roy, Partner; Ashoo Gupta, Partner; Abhishek Parekh, Partner; Hardik Thakker, Principal Associate; Akshath Vidyanath, Senior Associate; Varnika Mohan, Principal Associate; Shubham Sharma, Senior Associate; Subhojit Das, Senior Associate; Juhi Kothari, Senior Associate; Rupal Panganti, Associate; Sourav Naug, Associate and Anusha Chand, Associate.
KPMG India acted as the exclusive financial advisor to Brookfield on the transaction. Ambit acted as the financial advisor to IndInfravit and Cyril Amarchand Mangaldas were the legal counsel to IndInfravit.