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Luthra closes $0.5bn GVK Power project

Luthra & Luthra has closed the Rs 2400 crores ($521m) GVK Power (Goindwalsahib) project finance fundraising acting for IDBI Bank and a consortium of 12 others as lender's counsel.

Luthra & Luthra's projects team was led by Mumbai partner Vijaya Rao (pictured), assisted by managing associate Bikash Jhawar, and associates Pulkit Sharma and Sneha Jha.

Rao said that they had been working on the deal since last June, when both the Hyderabad company's parent GVK Power & Infrastructure and the bank, which is a close client of the firm, simultaneously approached Luthra & Luthra to act.

"It was challenging," she said. "For us it was the first time we had done a deal with GVK and the captive coal mines interconnected with the power project require separate financing."

No other law firms were involved in the deal.

GVK's Punjab and coal-based power plant will generate 540 MW once it is completed in 36 months. The total cost of the project is Rs 3,200 crore, of which the GSK Group is contributing Rs 800 crore in equity.

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