Khaitan & Co. Acts As DFCCIL’s Indian Legal Counsel

The Dedicated Freight Corridor Corporation of India Limited (DFCCIL) has successfully raised $100 million in funding through an external commercial borrowing (ECB) loan from Japan’s MUFG Bank Limited, Gift City Branch.  

This is India’s first ever ECB backed by a credit enhancement guarantee provided by the Multilateral Investment Guarantee Agency (MIGA), a prominent member of the World Bank group.  

Government of India (through Ministry of Railways) controlled DFCCIL is dedicated to construct and manage freight railway corridors across the nation, which will decongest existing transportation networks and promoting more efficient, reliable, and sustainable transport infrastructure.  

Khaitan & Co. (Firm) was the lead firm for DFCCIL acting as DFCCIL’s Indian legal counsel in relation to the deal. The Firm advised DFCCIL on the Indian aspects of the documentation including preparation/ review of the request for proposal, loan agreement etc and led negotiations of the ECB Facility Agreement for DFCCIL.  

The Firm was represented by Dr. Siddarth Srivastava (Partner), Henna Vadhera (Counsel) and Shobhit Batta (Senior Associate).

Irwin Mitchell also assisted DFCCIL in review of English law governed documents. MUFG was represented by Baker McKenzie (Singapore) and JSA Law. Baker Mckenzie was responsible to draft the ECB Facility Agreement and JSA Law was appointed as the Lender’s Indian Legal Counsel.