Infrastructure Projects/ PPP
We have a dedicated focus on Infrastructure Projects, whether on a purely privatized model or on a Public Private Partnership (PPP) model, wherein we advise developers of projects and investors with respect to the project documentation, due diligence, negotiations with the Government and/or the developers, structuring the investment, equity and debt financing of infrastructure projects, and so on.
We have tremendous experience representing governments, developers, and investors in connection with projects in high-growth sectors such as airports, ports, special economic zones, logistics hubs, railways, water, power and energy etc. We are very conversant with the intricate legal and tax issues specific to project development, and drafting and negotiating term sheets, shareholders’ agreements, joint venture agreements, engineering procurement and construction contracts, state support agreements, concession agreements, land lease agreements and other agreements that are integral to the infrastructure & project finance space.
We have successfully advised on the majority of India’s airport privatization projects, including one of the first such major airports in India and the first integrated airport-township project and a substantial number of deep-water port privatization projects all along the Indian coastline.
Some of the significant projects that we were involved in include:
- Represented a strategic investor on its proposed acquisition (of approximately USD 500 million) of a significant minority stake in two of India’s largest airport operators. We assisted in conducting an extensive legal due diligence on the airport assets involved, structuring, and drafting the definitive documents.
- Represented a consortium led by Morgan Stanley Infrastructure Partners with respect to its bid for the selection as the preferred bidder for a USD 2 billion railway station redevelopment project which is the first railway station privatization project in India.
- Represented Changi Airports International in connection with its USD 21 million acquisition of a significant minority stake in Bengal Aerotropolis Project Limited, a company incorporated for the purpose of developing the Durgapur aerotropolis project, the first wholly private-sector owned “aerotropolis” (airport + township) project in India.
- Represented a consortium led by Morgan Stanley Infrastructure Partners with respect to its bid for a USD 435 million road project in the States of Orissa and Bihar.
In addition, we have also had substantial experience in the past in advising various government entities including the Government of India, State Governments, and various government bodies, regulators, developers, and financiers on infrastructure and PPP related policy reforms like single window clearance legislations, and legislation aimed at facilitating comprehensive private sector participation in infrastructure development projects, amongst others.