Helion, Foundation Capital and IFC have reportedly invested $ 10 million (Rs. 45 crore) in Azure Power, a leading solar energy developer and operator in India.
Helion and Foundation Capital were represented by Indus Law, which was led by Partner Suneeth Katarki and Principal Associate Satyasree Akella and Associate Sarah Abraham.
Amarchand represented its longstanding client IFC, a member of the Word Bank Group, with Private Equity and M&A Partner Ravindra Bandhakavi leading the transaction. Mukherjee & Khandelwal, a Delhi based law firm represented Azure Power.
Azure Power, is the first private sector company to implement a megawatt scale grid connected solar photo-voltaic power plant in India and intends to use the capital raised for expansion purposes.
A third of India’s population lacks access to electricity. Serious power shortages, with peak gaps at 11 percent, and poor supply reliability hamper industrial growth and competitiveness. Therefore, investment in power or related areas is bound to increase in the coming days.