We are pleased to share that Khaitan & Co acted as the Indian legal counsel to Global Renewable Synergy Company Limited (GRSCL) on its investment of USD 453 million by way of subscription of new shares (approximately 41.6% of equity interest) in Avaada Energy Private Limited. GRSCL is a wholly owned subsidiary of Global Power Synergy Company Limited ("GPSCL"). GPSCL is listed on the stock exchange of Thailand. GRSCL and GPSCL are part of Thailand's PTT Public Company Limited which is owned and controlled by the Government of Thailand.
Partner Dibyanshu Sinha, who acted on this transaction said, "The Indian renewable sector with policy ambition to reach 450 GW of renewable capacity by 2030 remains vibrant and provides unique opportunities to the investors. India has shown deep commitment towards climate change and substantiable development with an objective to reach 60% of total generation capacity from clean energy sources by 2030."
Adding to this, Senior Partner, Haigreve Khaitan said, "This has been an interesting deal in the making and we were excited to be part of this marquee transaction in the clean energy space and navigate GRSC on its first investment in India."