L&L Partners has advised India’s Power Finance Corporation (PFC) on its $2.1 billion buyout of fellow public sector company Rural Electrification Corporation, with J Sagar Associates and Cyril Amarchand Mangaldas advising the sellers.

In December last year, the Cabinet Committee on Economic Affairs had approved the strategic sale of the Indian government’s 52.63 percent shareholding in REC to PFC, along with transfer of management control, local business media reported.

The Cyril Amarchand Mangaldas team was led by Akila Agrawal, head of the firm’s M&A practice, and partner Sourav Biswas.

To contact the editorial team, please email ALBEditor@thomsonreuters.com.