Cyril Amarchand Mangaldas advised a consortium of lenders led by Bank of Baroda on INR 3,940 crore, extended to JSW Renewable Energy (Vijayanagar) Limited (JSW Renewable) for setting up a 825 MW AC hybrid power project (i,.e. 225 MW Ac Solar Project and 600 MW Wind Project) at Ballari and Koppal districts in the State of Karnataka (Project) for meeting the captive power requirement of JSW Steel Limited (JSW Steel). This credit facility is secured by inter alia creating a first ranking pari passu charge/ mortgage on all movable, intangible assets and immovable assets(excluding forest land) in relation to the Project, pledge over certain percentage of equity shares and the other securities issued by JSW Renewable to JSW Future Energy Limited (promoter of JSW Renewable).
The Project & Project Finance Practice of Cyril Amarchand Mangaldas advised and assisted the consortium of lenders led by Bank of Baroda on structuring, drafting, and finalising the financing documents. The Firm also advised on the sell down of a part of the Loan by Bank of Baroda to Central Bank of India and Bank of Maharashtra. The Project Financing team was led by Ramanuj Kumar, Partner; with support from Aiswarja Mohanty, Principal Associate; Shrey Srivastava, Senior Associate; Shradha Sharma, Associate. Tanvi Ramdas, Associate; and Umang p, Associate; provided assistance related to execution of transaction.
The deal team for JSW Renewable comprised of Mr. Rakesh Punamiya and Mr. Vaibhav Deshmukh.
The transaction was signed on 10th August 2022; and closed on 16th August, June 2022.
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 160 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.
