Squire Patton Boggs has acted as U.S. counsel for the National Thermal Power Corporation (NTPC) – India’s biggest power producer – on its 6.6 percent stake sale worth $1.42 billion.
AZB & Partners is also involved in the deal, advising the Department of Investment and Public Asset Management (DIPAM) and NTPC on matters pertaining to Indian law. Meanwhile, Luthra & Luthra Law Offices and Herbert Smith Freehills acted as the Indian legal counsel and U.S. counsel, respectively to the transaction’s brokers.
The Indian government is looking to raise 725 billion rupees ($11.4 billion) via stake sales during the year to March 2018, reported Reuters. So far, it has raised about 93 billion rupees from such divestments.
Partner Biswajit Chatterjee, who serves as co-chair of Squire Patton Boggs’ India practice, led the transaction for the firm.
