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Luthra & Luthra closes $585m GMR Maharashtra power project

Luthra & Luthra advised a consortium of 10 banks and financial institutions led by Axis Bank in the project financing of a $585m power project in the Chandrapur District of Maharashtra, constructed by GMR Energy subsidiary EEL.

Luthra & Luthra Mumbai projects partner Vijaya Rao led the team, assisted by managing associate Bikash Jhawar, senior associate Vasudev Dibbur and associates Pulkit Sharma and Sneha Jha.

The project company handled its legal work in-house, according to the firm.

The Chandrapur power project involved setting up two 300 MW units and is the first power project undertaken by the GMR Group in Maharashtra.

Luthra & Luthra stated that the financing structure of the project involved facilities in the form of letters of credit, letters of comfort and letters of undertaking, as well as standard cash drawdowns.

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