State Bank of India (SBI) led consortium of 19 banks and financial institutions have funded Rs. 8886 crore ($ 1.9 billion) for the 1980MW (3x660MW), coal-based supercritical thermal power project at District Lalitpur, Uttar Pradesh.
The project is being implemented by Lalitpur Power Generation Company, promoted by Bajaj Group. The project cost is Rs. 11,848 crore.
KS Partners advised the consortium (lenders) with a team led by Partner Tanuj Sud along with Senior Associate Sujeet Das and Associate Jayant Gupta.
Lalitpur Power Generation Company (borrowers) was advised by its in-house team.
Speaking to Bar & Bench on the transaction Partner Tanuj Sud said, “It is one of the larger projects so far to have achieved financial closure (in terms of getting documentation executed) this fiscal. The Project itself (which is of 1980MW capacity) should cater to the electricity needs of the state of Uttar Pradesh with majority of the power to be sold to the nodal distribution agency. It was a privilege to have represented 19 premier banks and financial institutions (led by SBI) on the funding of Lalitpur Power Generation Company Limited, an SPV promoted by the Bajaj Group, and the magnitude of the funding speaks volumes for the tremendous faith reposed by the financiers in the Bajaj group, for whom this project follows close on the heels of their 450MW thermal power project that achieved financial closure nearly a year ago.”
Khaitan, Jayakur, Sud & Vohra (KJSV) has recently rebranded the firm as KS Partners and has opened an office in Mumbai.