Shearman & Sterling is representing Norwest Venture Partners and The Xander Group Inc. in their proposed acquisition of an interest in Sadbhav Infrastructure Project Limited for Rs. 4 billion (or approximately US$86 million).
Sadbhav Infrastructure Project Limited is primarily involved in the development of highways and road projects in India. It will use the subscription proceeds to fund existing road development projects in India and bid for new road development projects under various national and state highway development programs, as well as other infrastructure development projects. Sadbhav Infrastructure Project Limited is a wholly-owned subsidiary of Sadbhav Engineering Limited, one of India’s leading companies engaged in engineering, construction and development of infrastructure projects.
Norwest Venture Partners is a global venture and growth equity investment firm that manages more than US$3.7 billion in capital. It has offices in Palo Alto, California, Mumbai and Bengaluru, India and Herzelia, Israel and makes early to late stage venture and growth equity investments in U.S. and global companies across a wide range of sectors. The Xander Group Inc. is a global investment firm focused on the infrastructure, hospitality, retail and real estate sectors. Since 2005 the firm has committed over US$1.8 billion of equity capital to the Indian market across five dedicated India funds.
Hong Kong M&A counsel Sidharth Bhasin led the Shearman & Sterling team, working with associates Denise Ho (Hong Kong-M&A) and Eileen O’Pray (Menlo Park-Tax).
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