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-limit 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); and (B) a bank guarantee facility of INR 199.95 Crores, provided by the Lender to Montecarlo Nagpur Smart Metering Private Limited ("Borrower") for installation of 30,30,346 smart meters and associated systems in Chandrapur Zone, Gondia Zone and Nagpur Zone in the state of Maharashtra on design, build, finance, own, operate and transfer basis (DBFOOT) pursuant to 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..
Transaction 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.
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