Luthra & Luthra has acted for an IDBI-led consortium of banks and financial institutions in the financing of $50m coal mine project of GVK Coal (Tokisud) Company in Jharkhand.

Luthra & Luthra's team was led by partner Vijaya Rao, managing associate Bikash Jhawar and associate Pulkit Sharma, acting as the lenders' sole legal counsel.

No law firm was involved from the borrower's side.

GVK Power & Infrastructure owned subsidiary GVK Coal (Tokisud) will develop and operate Tokisud North Sub-Block coal mine in South Karanpura coalfield situated in district Hazaribagh with an estimated cost of $68m.

The firm stated that it was involved in the drafting and negotiation of financing and security documents and undertook due diligence of various clearances and project documents including the coal supply agreement.