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R&A, S&R, ILS restructure $1bn road SPV with Lathams, Uria

Exclusive: R&A Legal, S&R Associates, Latham & Watkins, Spanish firm Uria Menendez and India Law Services have advised on the internal restructuring of Spanish infrastructure company Grupo Isolux Corsan’s investments into an Indian Rs 4,518 crore ($997m) road project.

The restructured special purpose vehicle (SPV) called Soma-Isolux NH One Tollway is a consortium between Indian firm Soma Enterprises and Grupo Isolux Corsan. It is funded by Spain’s state-owned institute Cofides and has now been restructured to enable the injection of additional funds.

R&A Legal partner Rajiv Roy led the transaction for Grupo Isolux Corsan alongside principal associate K Balasubramanyam and associates Ashish Rana, Rohit Anand Das and Soumo Chaudhury. The firm had been appointed the Spanish company's legal counsel for India-related projects-work in 2009.

Grupo Isolux Corsan was advised on Spanish law aspects of the deal by Spanish independent firm Uria Menendez in Madrid.

S&R Associates partner Uday Walia and associate Zehra Khan advised Cofides on the Indian law aspects of the restructuring, with Latham & Watkins’s Madrid office giving Spanish law advice.

“This restructuring involves intra-group transfer of shareholding of the Grupo Isolux Corsan (transfer of shares as held by parent company to its subsidiaries at Cyprus and Netherlands). The whole process of restructuring involves a total of three phases,” explained R&A Legal.

India Law Services partners Tushar Desai and Anil Kharkhanis advised the consortium of 17 banks, which had loaned Rs 3,389 crore to this project.

The project includes a concession agreement for toll enlargement, operation and maintenance of a 291 Km-long six-lane highway between the cities of Panipat and Jalandhar in northern India.

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