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In brief: FoxMandal on ONGC $515m power plant

FoxMandal Little has acted as lender's counsel on the Rs 2224 crores ($515mn) ONGC Tripura Power Company project finance documentation acting for Power Finance Corporation.

The firm was instructed in September 2009, with Delhi senior partner B N Banerjee, and senior associate Rajesh Sehgal and associate Milli Chatterjee leading the team.

According to a press release from the firm, no other law firms were involved in the transaction.

Sehgal said in the release: "It was challenging, since ONGC being a Navratna company is on the Board of the OTPC. For us it was the first time we had done a deal with ONGC and the captive natural gas based power stations interconnected with the power project."

Oil and Natural Gas Corp (ONGC) received Rs 2,224 crore in debt funding from Power Finance Corp (PFC) for its proposed 700 MW power plant at Tripura.
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