|Deals & Matters|
|5 October 2020|
Kochhar & Co. (“The Firm”) represented Sterlite Power (India’s leading power transmission infrastructure company) on a INR 20,700,000,000 (Rupees Twenty Point Seven Billion) financing of its power transmission SPV, Vapi II North Lakhimpur Transmission Limited (VNLTL). VNLTL, with a mandate to execute and strengthen India’s largest interstate power transmission system project, is transformative in its green potential as it will supply solar, nuclear and hydropower to the western and northeastern regions of India. Moreover, the transmission project will augment and decongest the Navi Mumbai Industrial Corridor in the State of Maharashtra and is thus a critical infrastructural addition to the State. Sterlite Power secured the entire debt funding for VNLTL from Power Finance Corporation (PFC), which is India’s nodal public sector power financing company.
We are pleased to report that the transaction closed in a record period (despite enormous market headwinds and challenges) owing to the Sponsor’s indisputable pedigree, and thorough, focused, and commercially astute advice, and negotiation from Kochhar & Co. as borrower’s counsel. Senior Partner Pradeep Ratnam, Partner Parul Verma, and their team acted for Sterlite Power on this deal.