Cyril Amarchand Mangaldas Acted As Borrower’s Legal Counsel For Kinet Railway Solutions
Cyril Amarchand Mangaldas Acted As Borrower’s Legal Counsel For Kinet Railway Solutions
Cyril Amarchand Mangaldas (“CAM”) acted as the borrower's Legal Counsel for Kinet Railway Solutions Limited (“Kinet”) (a joint venture of Rail Vikas Nigam Limited, JSC Metrowagonmash ("MWM") and Locomotive Electronic Systems ("LES") (MWM and LES being joint-stock companies incorporated under the laws of the Russian Federation)) in part financing of its capital expenditure by Sber Bank, Branch in India (“Sber Bank”) and Punjab National Bank (“PNB”) (collectively referred to as “Lenders”), to be incurred towards manufacturing cum maintenance of 120 (one hundred twenty) ‘Vande Bharat’ trains and to meet its other obligations under the manufacturing cum maintenance agreement executed by Kinet with the Ministry of Railways, dated September 27, 2023 (“MCMA”).
The aggregate amount of loan for which financing documents have been executed is INR 1530,00,00,000 (Indian Rupees Fifteen Hundred Thirty Crores only), with Sber Bank’s exposure being INR 930,00,00,000 (Indian Rupees Nine Hundred Thirty Crores only) and PNB’s exposure being INR 600,00,00,000 (Indian Rupees Six Hundred Crores only).
The team at CAM was led by Partners Ajay Sawhney (Partner and Head - Northern Region) and Bhupendra Verma, with support from Consultant Vaibhav Shrivastav and Associate Nikhil Gupta.
The agreement in relation to the transaction was signed on January 10, 2025.
