India Grid Trust (BSE:540565) signed a securities purchase agreement to acquire FRV Andhra Pradesh Solar Farm-I Private Limited and FRV India Solar Park II Private Limited from Frv Solar Holdings Xi B.V. for an enterprise value of INR 6.6 billion on December 18, 2020. The deal value is subject to adjustment on account of movement in cash, tariff receivables, other assets, liabilities outstanding as on valuation date and any other adjustments as specified in the definitive agreements. FRV I reported revenues of INR 470 million while FRV 2 reported revenues of INR 500 million in the fiscal year 2019-2020. The transaction is subject to receipt of relevant approvals and completion of contractual obligations as well as to the terms of securities purchase and other definitive agreements and requisite regulatory and other relevant approvals like lenders approval. Cyril Amarchand acted as legal advisor and PricewaterhouseCoopers acted as accountant to India Grid Trust in the transaction. Dibyanshu of Khaitan & Co acted as legal advisor and Greenstone Advisor provided advise to FRV Group. Dibyanshu of BDO Advisory LLP acted as legal advisor to FRV Group.
India Grid Trust (BSE:540565) completed the acquisition of FRV Andhra Pradesh Solar Farm-I Private Limited and FRV India Solar Park II Private Limited from Frv Solar Holdings Xi B.V. on July 13, 2021.