Cyril Amarchand Mangaldas Acted As Legal Counsel For State Bank Of India In Financing SPVs For Gemstar (a GIC Subsidiary)

Cyril Amarchand Mangaldas Acted as Legal Counsel for State Bank of India in Financing SPVs for Gemstar (a GIC Subsidiary)

Cyril Amarchand Mangaldas (“CAM”) acted as legal counsel for State Bank of India in financing of SPVs of Gemstar Pte Ltd. (a GIC subsidiary). Gemstar Pte Ltd. is a platform company set up by Gem View (a WOS of GIC Infra Holdings Pte. Ltd) and Genus Power Infrastructures Limited for implementing smart meter projects under the Advanced Metering Infrastructure Service Provider (AMISP) concessions.

As a part of the Revamped Distribution Sector Scheme (RDSS) of the Government of India, Assam Power Distribution Corporation Limited (APDCL) had issued a Request for Proposal dated Sep 14, 2022, for appointment of AMISP for implementing the Advance Metering

Infrastructure Project on Design-Build-Finance-Own-Operate-Transfer basis in the state of Assam under 6 packages. Gemstar Pte Ltd. (acting through its various subsidiaries) emerged as a successful bidder in 4 packages and was awarded the contract to implement 29,49,319 smart meters and associated systems across various cities of Assam. Out of the 4 packages awarded to Gemstar Pte Ltd., State Bank of India (SBI) has agreed to extend credit facilities for financing the implementation of 3 packages (approx 21,82,429 smart meters) (Transaction).

The transaction team at CAM included Ramanuj Kumar, Partner & Co-head (Project - Energy and Energy Transition); Shrey Srivastava, Principal Associate; Bonny Singh, Principal Associate Designate; and Vidha Bagora, Associate. Amey Pathak, Partner & Head-Banking provided strategic inputs and support for the transaction.

Other parties to the transaction included: SBI Capital Markets Limited (acted as advisor to Gemstar Infra Pte. Ltd.).

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