ShearmanJSA and Wadia Ghandy advise Xander and NVP to invest 400 crore in Sadbhav Infrastructure

Global private equity (PE) firms Norwest Venture Partners (NVP) and Xander Group are together acquiring a minority stake in Sadbhav Infrastructure Project Limited,a subsidiary of Sadbhav Engineering. Both private equity firms i.e. NVP and Xander, will together be investing Rs.400 crore ($86 million) in Sadbhav Infrastucture..Wadia Ghandy acted as the sole legal advisor to Sadbhav, with Partner Ashish Ahuja, along with Senior Associate Farnawaz Saklatwala and Associates Vivek Pillai and Nikhil Pai..Speaking with Bar & Bench Ashish said, “The most exceptional part about the deal was that it got completed possibly in a record breaking time-span. From the day the investors first met the promoters, everything was done within a period of two and a half months, fulfilling all the requirements of the deal.”.Shearman & Sterling and J. Sagar & Associates acted as joint legal advisers, for NVP and Xander. Shearman & Sterling acted as the international legal counsel with Hong Kong based M & A Counsel Sidharth Bhasin leading the team along with Associates Denise Ho and Eileen O’Pray..J. Sagar & Associates acted as their domestic legal counsel with a team led by Partner Aashit Shah along with Senior Associate Kavita Agrawal and Associates Aishwarya Kanakath and Shaswata Dutta..YES Bank acted as the sole strategic and financial advisor to Sadbhav Infrastructure. VC Circle reports that the two PE firms are investing Rs.200 crore ($43 million) each for a 22.22 percent stake in Sadbhav Infrastructure, giving a post-money valuation of Rs.1,800 crore ($385 million). India may require $1.7 trillion (Rs.7.6 lakh crore) in the decade starting 2010 to meet infrastructure demand and keep pace with economic growth and urbanisation, said a report by Goldman Sachs. Of this, power and roads alone may require upwards of $700 billion. Sadbhav Infrastructure will use the new capital to fund its existing road development projects in India and bid for new road development projects under various National and State highway development programs, as well as other infrastructure development projects.