Deal Closed | Juris Corp | HDFC Bank

The details of the deal are:

Juris Corp advises in relation to two financings extended to Biocon Group entities for setting up a manufacturing plant for the AP Innovative Society Project.

Practice Area Banking; Project Finance

Deal Value: USD 75 million

Deal date of closing: 17th September 2020

Team Involved: Mr Pratish Kumar Partner; Mr Ankit Sinha, Principal Associate. Ms Sonali Singh Associate 

Deal Summary: Juris Corp advised HDFC Bank Limited, GIFT City Branch (the “Bank”) in relation to two long-term external commercial borrowings for an aggregate amount of USD 75 million extended by the Bank to (a) Biocon Limited; and (b) Biocon Biosphere Limited. The amounts borrowed under the facilities shall be utilized towards, inter alia capital expenditure incurred in relation to a project to set-up a manufacturing plant for the Andhra Pradesh Innovation Society in Visakhapatnam, Andhra Pradesh (the “AP Innovative Society Project”). The AP Innovative Society Project is an initiative of the Government of Andhra Pradesh to create a technology start-up ecosystem by fostering entrepreneurship and a culture of innovation which contributes to increased knowledge, wealth and employment in the society. The AP Innovative Society Project aims to inter alia establish/develop: (a) 100 incubators/accelerators; (b) 5,000 companies and start-ups; and (c) 1 million square feet of incubation space, in the near future.

Law firms (Indian and international) that played a prominent role in this deal: Stephenson Harwood LLP advised the Bank on foreign law aspects of the deal.