HSA Advocates replaced AZB & Partners in advising infrastructure company Lanco Infratech on India’s largest acquisition in the thermal power space in 2014 - the Rs 6,300 crores ($1bn) sale of Udupi Power Corporation to the Adani group which was advised by Amarchand Mangaldas.

HSA partners Navin Syiem and Harsh Arora, senior associate Abhishek Bhalla and associate Shubhi Sharma acted for Lanco which is currently focussing on reducing its debt.

Amarchand Mumbai managing partner Cyril Shroff and partner Shaneen Parikh, with principal associate Smruti Shah and associate Paridhi Shroff acted for Adani.

Udupi Power Corporation has set up India’s first independent power project based on 100 per cent imported coal with a captive jetty of four million tonnes per annum, according to a press release from HSA

When the deal was announced in August 2014, AZB was acting for Lanco while Adani was being advised in-house. AZB did not respond to emails seeking comment.

After Adani announced in August 2014 that it would take over the plant’s Rs 4,000 crore worth of debt and Lanco would receive Rs 2,000 crore in cash, as reported in the Business Standard, Adani sued Lanco in the Delhi high court alleging that it had not honoured the share purchase agreement, as reported by Mint.

HSA also advised Lanco on the Delhi high court dispute.

Adani will take over the plant’s Rs 4,000 crore worth of debt and Lanco will receive Rs 2,000 crore in cash, which it plans to use for lowering its debt, reported Business Standard.