Mumbai (Maharashtra)/ New Delhi [India], May 10 (ANI/BusinessWire India): Cyril Amarchand Mangaldas advised State Bank of India (SBI) on extending a term loan of INR 1400 crore to JSW Energy Limited (JSW Energy) for the acquisition of 1,753 MW of renewable energy assets of Mytrah Energy (India) Private Limited (Mytrah) by JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy.
The Project and Project Finance Practice of Cyril Amarchand Mangaldas advised State Bank of India on the transaction. The transaction team was led by Ramanuj Kumar, Partner; with support from Aiswarja Mohanty, Principal Associate; Shrey Srivastava, Senior Associate and Mohak Thukral, Associate.
This is the largest ever acquisition made by JSW Energy. The transaction is a one-of-a-kind financing implemented under the RBI Master Circular on Loans and Advances – Statutory and Other Restrictions which allows banks to advance financial assistance to promoters for acquiring shares in a company engaged in implementing or operating an infrastructure project in India. This transaction will serve as a precedent for future fund raise by promoters from commercial banks to finance acquisition transactions in the infrastructure sector.
Other Parties to the transaction included JSW Energy Limited (acted as borrower).
The Transaction was signed on 21st March 2023 and closed on 30th March, 2023.
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