Kochhar & Co Advises Sterlite Power On A INR 20.7 Billion Mega Financing Deal


16 Nov 2020 4:50 AM GMT

  • Kochhar & Co Advises Sterlite Power On A INR 20.7 Billion Mega Financing Deal

    Kochhar & Co. ("The Firm") represented Sterlite Power (India's leading power transmission infrastructure company) on a INR 20,700,000,000 (Rupees Twenty Point Seven Billion) financing of its newest power transmission SPV, Vapi II North Lakhimpur Transmission Limited (VNLTL). VNLTL, with a mandate to execute and strengthen India's largest interstate power transmission system project, is transformative in its green potential as it will supply solar, nuclear and hydro power to the western and north-eastern regions of India. Moreover, the transmission project will augment and decongest the Navi Mumbai Industrial Corridor in the State of Maharashtra, and is thus a critical infrastructural addition to the State.

    Sterlite Power secured the entire debt funding for VNLTL from Power Finance Corporation, which is India's nodal pubic sector power financing company. We are pleased to report that the transaction closed in a record period (despite enormous market headwinds and challenges) owing to the Sponsor's indisputable pedigree, and thorough, focused and commercially astute advice and negotiation from Kochhar & Co. as borrower's counsel. Senior Partner, Pradeep Ratnam, Partner Parul Verma and their team acted for Sterlite Power on this deal.

    Kochhar & Co.'s Banking and Finance Practice Group comprises of a best in class team of legal professionals with vast experience in advising international and domestic clients on financing transactions in India. Our lawyers focus on delivering commercially driven, practical, innovative and business-oriented legal solutions across transactions in general banking, structured finance, project finance, securitisation and debt capital markets. The Firm regularly advises lenders and borrowers on an array of financial products and transactions including secured lending, refinancing and take out financing, share backed financing, credit enhancement, project financing, debenture issuances, and high yield and mezzanine financing. Moreover, our Banking and Finance Practice Group in seamless collaboration with the Firm's Restructuring Practice Group, offers tailored solutions to asset reconstruction companies and stakeholders in distress debt transactions, corporate insolvency resolution under IBC and other contemporary and emergent forms of hybrid and structured financings in the Indian market today.

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