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Kochhar & Co. advises L&T Infrastructure Finance Company Limited on restructuring and transfer of the outstanding facility provided to Applied Solar Technologies (India) Private Limited to its 100% step down subsidiary AST Telecom Private Limited

Kochhar & Co. advised L&T Infrastructure Finance Company Limited (“L&T Infra”) on the restructuring and transfer of the outstanding Facility provided by L&T Infra to Applied Solar Technologies (India) Private Limited to its 100% step down subsidiary AST Telecom Private Limited.

The restructuring included transfer of the telecom tower business of Applied Solar Technologies (India) Private Limited (“AST”), with all assets and liabilities pertaining to the telecom tower business, to AST Telecom Private Limited (“AST Telecom”). As a part of the said business transfer the facilities extended by inter alia L&T Infra and International Finance Corporation (“IFC”) to AST were transferred to AST Telecom. Simultaneously, AST Telecom also received additional financing from Overseas Private Investment Corporation (“OPIC”). L&T Infra, IFC and OPIC also appointed a Security Trustee, which executed common security documents with AST Telecom and AST, for the benefit of all three lenders. The three lenders also entered into an Intercreditor Agreement.

AST and AST Telecom were advised by Indian legal counsel APJ-SLG Law Offices, New Delhi and foreign legal counsel Latham & Watkins LLP, Chicago. IFC were advised by Indian legal counsel AZB & Partners, New Delhi. OPIC were advised by Indian legal counsel Amarchand Mangaldas, Mumbai and foreign legal counsel Allen & Overy LLP, Washington DC.

Kochhar & Co.’s team comprised of Ms. Niti Paul (Partner), Ms. Medha Srivastava (Senior Associate) and Mr. Akshit Kapoor (Associate).

 
 

 
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