Solomon & Co, which advised Khaleeji Commercial Bank in its funding of a ₹500 billion (US$7 billion) township project, had to work within the Shariah law framework to meet the bank’s requirements.
The Bahraini bank provided the funding for a mega township project near the upcoming international airport in Navi Mumbai. “One of the key challenges associated with the deal was to ensure that the documentation was compliant with Shariah law, as this was one of Khaleeji Commercial Bank’s prerequisites,” Aaron Solomon, the managing partner at Solomon & Co, told India Business Law Journal.
The firm encountered several other challenges on the deal including finding ways around the restrictions on foreign direct investment (FDI) in India’s real estate sector, obtaining permission and approval for the purchase and conversion of agricultural land from villagers in Maharashtra, and the repatriation of FDI.
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