New Delhi, India : Saraf and Partners advised Goldi Solar Private Limited (“Goldi”) and its promoter, Mr. Ishverbhai Dholakiya, advising them in the INR 1,422 crore fundraise of growth capital from various high-net-worth individuals (HNIs), institutional, strategic, and prominent investors, including Havells India Limited (“Havells”), Ambit Wealth Private Limited, NSFO Ventures LLP, Karmav Real Estate Holdings LLP, SRF Transnational Holdings Limited, Nikhil Kamath, Godwitt Construction Private Limited, and Shahi Exports Private Limited (collectively, the “Investors”), across multiple tranches.

The deal not only involved investment but also established a strategic partnership with Havells wherein Goldi has also agreed to install a dedicated module capacity of 1 gigawatt for manufacturing modules under the Havells brand name.

The transaction involved advising Goldi on all aspects of the deal including structuring, secretarial assistance, preparing, negotiation and finalising the documentation for the deal, completion of conditions precedents, closing of the deal, managing fund flows, examining anti-trust related requirements in the deal documents in light of the recent FAQs issued by CCI and coordinating with and guiding various Investors. The investment by Havells also triggered a composite CCI approval to be jointly obtained by both Havells and Goldi teams.

Our team provided critical insights and recommendations for structuring the documentation and transaction, working with the commercial and business requirements of Goldi while ensuring compliance with the Indian regulatory framework. They played a pivotal role as the company counsel, coordinating and balancing the various requirements of various Investors and participated in several negotiation rounds with each of the Investors and their respective legal counsels.

The transaction was led by Navomi Koshy (Partner), along with Rupam Das and Abhishek Jasuja (Associates).

Akshayy S Nanda (Partner), along with Tanya Vats (Associate) provided valuable inputs on competition related aspects and led the process for obtaining the necessary composite CCI approval for the transaction.