India Business Law Journal reported that Jindal Steel & Power Limited’s subsidiary Jindal Steel Odisha has secured a loan from the State Bank of India for INR 157.27 billion (USD1.99 billion). The funds will be used to establish an integrated steel plant at Angul in Odisha with a capacity of 6 million tonnes per annum at an estimated project cost of INR 224.68 billion. Gravitas Legal assisted Jindal Steel Odisha in reviewing and finalizing the financing and security documents required between the company and the SBI. Gravitas founder & partner Mr Tanuj Sud told India Business Law Journal “It was a bit of a roller-coaster ride with constant to and fro on critical terms but it was an absolutely enriching experience. Towards the end of the deal, everyone worked at breakneck speed to ensure a smooth closure despite the short time frame and evolving market conditions. Given the multitude of terms and conditions in view of the scope and size of the funding, reconciling various aspects and balancing the interests of the borrower while adhering to the law and terms representing the overall framework for this financing was particularly challenging but, most importantly, extremely interesting.” Cyril Amarchand Mangladas & Co acted as the legal counsel to the SBI. Partner and co-head of banking and finance Amey Pathak, partner Yash Jain, along with principal associate Arkoday Roy, and associate Soumya Khurana were the members of the deal team
India Business Law Journal reported that Jindal Steel & Power Limited’s subsidiary Jindal Steel Odisha has secured a loan from the State Bank of India for INR 157.27 billion (USD1.99 billion). The funds will be used to establish an integrated steel plant at Angul in Odisha with a capacity of 6 million tonnes per annum at an estimated project cost of INR 224.68 billion. Gravitas Legal assisted Jindal Steel Odisha in reviewing and finalizing the financing and security documents required between the company and the SBI. Gravitas founder & partner Mr Tanuj Sud told India Business Law Journal “It was a bit of a roller-coaster ride with constant to and fro on critical terms but it was an absolutely enriching experience. Towards the end of the deal, everyone worked at breakneck speed to ensure a smooth closure despite the short time frame and evolving market conditions. Given the multitude of terms and conditions in view of the scope and size of the funding, reconciling various aspects and balancing the interests of the borrower while adhering to the law and terms representing the overall framework for this financing was particularly challenging but, most importantly, extremely interesting.” Cyril Amarchand Mangladas & Co acted as the legal counsel to the SBI. Partner and co-head of banking and finance Amey Pathak, partner Yash Jain, along with principal associate Arkoday Roy, and associate Soumya Khurana were the members of the deal team
