Azura Power Holdings Ltd. signed a Sale Securities Purchase Agreement to acquire 49% stake in Central Termica De Ressano Garcia from Sasol Limited (JSE:SOL) for approximately $150 million on December 21, 2020.The consideration covers the equity and other shareholder claims that Sasol holds in CTRG. The transaction is subject to a number of conditions precedent, which include regulatory approval and the waiver of pre-emption rights held by Electricidade de Mocambique (EDM), the Mozambican state-owned electricity company. As of May 3, 2022 all conditions precedent are fulfilled.The deal is targeted to be completed before June 2021. Tim Sheddick and Simon Letherman of Shearman & Sterling LLP acted as legal advisor to Sasol Limited.

Azura Power Holdings Ltd. completed the acquisition of Central Termica De Ressano Garcia from Sasol Limited (JSE:SOL) on April 29, 2022.