Cyril Amarchand Mangaldas advised State Bank of India (SBI) on extending a term loan of INR 1400 crore to JSW Energy Limited (JSW Energy) for the acquisition of 1,753 MW of renewable energy assets of Mytrah Energy (India) Private Limited (Mytrah) by JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy.
The Project and Project Finance Practice of Cyril Amarchand Mangaldas advised State Bank of India on the transaction. The transaction team was led by Ramanuj Kumar, Partner; with support from Aiswarja Mohanty, Principal Associate; Shrey Srivastava, Senior Associate and Mohak Thukral, Associate.
This is the largest ever acquisition made by JSW Energy. The transaction is a one-of-a-kind financing implemented under the RBI Master Circular on Loans and Advances – Statutory and Other Restrictions which allows banks to advance financial assistance to promoters for acquiring shares in a company engaged in implementing or operating an infrastructure project in India. This transaction will serve as a precedent for future fund raise by promoters from commercial banks to finance acquisition transactions in the infrastructure sector.
Other Parties to the transaction included JSW Energy Limited (acted as borrower).
The Transaction was signed on 21st March 2023 and closed on 30th March, 2023.
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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.
