Cyril Amarchand Mangaldas (“CAM”) acted as legal counsel for State Bank of India in Financing of SPVs of Gemstar Pte Ltd. (a GIC subsidiary). Gemnstar 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 thorugh its various subsidiaries) emerged as a sucessful bidder in 4 Packages, and was awarded the contract to implement 29,49,319 smart meters and assocaited systems across various cities of Assam. Out of the 4 packages awared 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).
Transaction team included Ramanuj Kumar, Partner & Co-head (Project - Energy and Energy Transition); Shrey Srivastava, Principal Associate; Bonny Singh, Principal Associate Designate; 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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