"A week after the Essar group signed a mega $12.9bn deal to sell Essar Oil and Vadinar Port to Rosneft of Russia, three banks — ICICI Bank, Axis Bank and Standard Chartered Bank — have received over $2.5bn (around Rs 16,750 crore) from the Essar group towards repayment of loans to Essar Global,” reported the Indian Express.

Shardul Amarchand Mangaldas (SAM) partners Pallavi Shroff, Sapan Gupta and Ameya Gokhale and principal associates Soummo Biswas, Meghna Rajadhyaksha and Malvika Kanade acted for ICICI Bank which was led by in house legal counsels Jayesh Thaikandy and Mayuri Singh.

Allen & Overy Singapore partner Kayal Sachi and Sydney partner James Abbott acted for ICICI Bank.

Hogan Lovells Milan partner Stuart Tait acted for Standard Chartered Bank.

Dechert acted for Russian bank VTB.

Cyril Amarchand Mangaldas project financing partner Amey Pathak and banking partner Jimmy Joseph, with principal associate Nikunj Maheshwari were responsible for local security creation on the deal.