Luthra & Luthra acted as sole legal counsel to a consortium of 10 banks and financial institutions, led by Axis Bank, in relation to a project finance lending to EEL, a subsidiary of GMR Energy. The US$585 million financing will be channelled towards setting up a power project in Chandrapur, Maharashtra.
The power project involves the creation of two 300-megawatt units which will be set up in two different phases. This is GMR’s first power project in Maharashtra.
The financing structure involved facilities in the form of letters of credit, comfort and undertaking which were issued by the lenders, in addition to normal cash drawdowns which EEL was able to access. All of the letters of credit were required to be fronted by a single bank.
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