Projects

Amarchand Mangaldas solidified its lead in the Indian project finance league tables ahead of Luthra & Luthra, as AZB & Partners pushed its way into the top three.

Amarchand top, Luthra 2nd, as Khaitan & Co makes first league table appearance in years.

Exclusive: Amarchand Mangaldas has held fort as project finance leader for the second consecutive year since replacing Luthra & Luthra in 2011 at the top of the top 10, according to data provided by Dealogic. 10 front-runners this year produced less than half of the total projects revenue docketed in 2011.

Exclusive: Link Legal pipped last year’s leader Amarchand Mangaldas at the top of the 2012-half-year Dealogic project finance rankings, reporting seven deals worth Rs 27,106 crore ($4.9bn).

Exclusive: Amarchand and Mangaldas has replaced last year’s project finance leader Luthra & Luthra to secure the top rank among India’s 10 highest cap project deal firms in 2011, according to data provider Dealogic.

Khaitan & Co has advised Yes Bank on granting of Rs 84 crore rupee term loan facility to Integrated Coal Mining for the development and setting up of a 9MW solar photovoltaic plant in Kutch region of Gujarat.

Desai & Diwanji has advised Wadia group-owned budget airline GoAir on the company’s acquisition of 72 Airbus 320 NEO Aircraft for $7.2bn.

SNG & Partners, Trilegal, Boston-based Rich May and Spanish law firm Uría Menéndez have advised on Spanish Grupo T-Solar Global’s investment into Astonfield Renewable Resources heralding a strategic partnership to finance, operate and develop 200MW of solar power plants in India.

Exclusive: Dua Associates Hyderabad has advised on the construction of a major NCC Infrastructure Rs 7,047 crore power project with Amarchand Mangaldas Delhi leading for the lenders, one year after India Legal merged with Dua following Tatva Legal’s mega-breakaway.

Kochhar & Co partner Ngangom Junior Luwang has won the tender to draft the legislation and framework of the government’s India’s National Population Register (NPR) and Residency Certification Project, which is set to create a database and issue residency cards to all Indian residents.

Amarchand Mangaldas has taken an early lead in the 2011 Indian first quarter project finance rankings, racking up higher deal values than both Link Legal and last year’s busiest firm Luthra & Luthra combined, followed by Trilegal and Fox Mandal.

India Law Services (ILS) and Laware Associates, which was set up in 2007 by a Nalsar Hyderabad graduate, have advised on two National Highways Authority of India (NHAI) expressway and toll road projects of nearly Rs 3,000 crore ($660m).

Vaish Associates Advocates has advised wind turbine manufacturer Enercon for the supply of wind turbines and associated facilities worth $198m to CLP India for the development of two greenfield energy projects in Andhra Pradesh and Rajasthan.

India Law Services (ILS) has acted as lenders' legal counsel on three external commercial borrowings (ECB) and loan structurings of Reliance Power worth around $50m of for the second phase development of its Uttar Pradesh-based 1,200 MW Rosa Power project.

ILS advised Axis Bank, Allahabad Bank and Syndicate Bank on the execution of three different loan agreements as well as conversion of existing Rupee term loans into foreign currency loans to enable Rosa Power Supply to reach full-capacity power generation.

ILS Mumbai-based partner Tushar Desai led the transaction for the lender consortium while the borrower Anil Dhirubhai Ambani Group (ADAG)-owned Reliance Power acted through its in-house legal team.

Desai told Legally India: “The Axis Bank Ltd and Allahabad Bank granted such foreign currency loans through their respective Hong Kong branches, Syndicate Bank did so from its London branch.

“While the first transaction of Axis Bank Ltd.,(for $20m), was signed in October 2010, the other two were with Allahabad Bank ($15m) and Syndicate Bank ($15m) were signed in January 2011. In this case individual facility agreements were executed with each of the ECB lenders and other finance documents were executed for inclusion of the ECB Lenders as part of the consortium.”

According to the Economic Times the Rosa plant recently hit 105 per cent of its power generation capacity last month.