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Luthra raises $2bn for Jamshedpur Tata Steel project

Luthra & Luthra has acted for the State Bank of India led consortium of 22 banks and financial institutions for a $2.08 billion syndicated rupee debt deal for a Tata Steel project at Jamshedpur.

Luthra & Luthra partners Vijaya Rao and Aniket Sengupta in assistance with associates Rohit Raghavan and Karan Mitroo handled the transaction that will fund the setting up of additional crude steel manufacturing capacity and upgrade the existing facilities of Tata Steel.

Lawyers from the commercial and legal in-house team of Tata Steel advised the borrower company which is the world’s eighth largest steel manufacturers.

The project's financial structure involved fund-based and non-fund based facilities.

Luthra & Luthra stated that the legal work done was negotiation and drafting of financing documents, giving shape to the financing mechanism and undertaking of due diligence of various clearances and project documents.

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