Cyril Amarchand Mangaldas Advised State Bank of India on Rupee Term Loan and Bank Guarantee facility provided to Montecarlo Nagpur Smart Metering
Cyril Amarchand Mangaldas Advised State Bank of India on Rupee Term Loan and Bank Guarantee facility provided to Montecarlo Nagpur Smart Metering
Cyril Amarchand Mangaldas acted as legal counsel for State Bank of India ("Lender") in connection with:
(A) A rupee term loan of INR 1333 Crores, with sub-limits of:
(i) An advance bank guarantee of INR 545.33 Crores;
(ii) A short-term loan facility of INR 381.73 Crores; and
(iii) A credit exposure limit of INR 29.98 Crores;
(B) A bank guarantee facility of INR 199.95 Crores, provided by the Lender to Montecarlo Nagpur Smart Metering Private Limited ("Borrower") for the installation of 30,30,346 smart meters and associated systems in the Chandrapur Zone, Gondia Zone, and Nagpur Zone inthe state of Maharashtra.
This project operates on a design, build, finance, own, operate, and transfer basis (DBFOOT) pursuant to the concession agreement executed between the Borrower and Maharashtra State Electricity Distribution Company Limited ("MSEDCL") under the revamped distribution sector scheme—a reform-based and result-linked scheme.
The transaction at Cyril Amarchand Mangaldas was led by Ajay Sawhney, Partner & Head - Northern Region; Bhupendra Verma, Partner; with the support from Aditya Prakash, Principal Associate; Vaibhav Shrivastav, Consultant; Nikhil Gupta, Associate.
The transaction was signed on 20th August 2024 and was closed on 24th September 2024.
