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Luthra on $3.5bn Power Finance Corporation-KSK project financing

Luthra & Luthra has advised a Power Finance Corporation-led consortium of 27 lenders to fund KSK Mahanadi’s Rs 16,190 crore power project in the state of Chhattisgarh.

Luthra’s recently promoted Delhi-based partner Piyush Mishra was supported by projects finance partner Sameen Vyas on the transaction and his team consisted of Nishant Beniwal and Ajay Sondhi, according to the firm.

The borrower KSK Mahanadi Power received Rs 12,142 crores in the form of senior secured syndicated rupee term and letter of credit facility for construction and operation of a 3600 MW (6x 600 MW) coal-based thermal power project from the non-banking financial institution Power Finance.

No other external legal advisers were involved on the transaction, said a Luthra spokesperson.

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