Indian law firms AZB & Partners and Khaitan & Co have advised energy company Sterlite Power and Shardul Amarchand Mangaldas has represented Singapore sovereign wealth fund GIC on the creation of their joint venture to build a power transmission platform in India.

The initial investment in the JV will be $1 billion, including the transfer of four operational assets with a cumulative project cost of about $900 million by Sterlite into this JV, pursuant to closure of the deal, The Economic Times reported.

Sterlite Power will own the majority stake of 51 percent and GIC will own the remainder. “The JV platform will be well-positioned to target the new opportunities emerging from the need for over $13 billion of CAPEX announced by the Government of India,” Sterlite and GIC said in a joint statement.

The AZB team that advised Sterlite Power was led by senior partners Ashwath Rau and Atreya Bhattacharya.

Khaitan advised Sterlite on the tax aspects of the deal.

The SAM team that advised GIC was led by M&A regional practice head Raghubir Menon and included projects partner Deepto Roy and corporate partner Deepa Rekha. The team also included principal associates Dipayan Bhattacherjee and Shubham Sharma, senior associates Disha Adhikary and Subhojit Das, and associates Vishu Surana, Charana Reddy, Madhurika Durge, and Rhea Reddy.