Climate Change & ESG
We foresaw ESG as a mainstream before it became an integral part of the business. Both from corporate practice as well as social responsibility perspectives, we systemically invested in the ESG practice as a long-term play and have gradually built a full-bench of 25 lawyers who specialise in different aspects of ESG.
We assist clients to achieve business objectives and tackle challenges presented by the changing landscape. The Team is well-versed with statutory guidelines and standards and help mitigate climate risks through adoption of sustainable practices. The Team has advised multinationals and business conglomerates on issues around human rights and corporate social responsibility.
The Firm assists clients with ESG disclosures, integrated reporting and auditing, sustainable finance and investment opportunities, responsible business conduct, pro-bono strategy, and due diligence. Furthermore, the Team advises clients on projects concerning renewable energy, technology and innovation, and infrastructure facilitating the energy transition.
Being a socially responsible Firm, among many other ESG initiatives, we were an integral part of the Paani Foundation, which has recently won the Earth award – the UN’s highest environmental honour – to recognize outstanding leaders from government, civil society, and the private sector for their transformative impact on the environment. Also, the firm has set its target to become carbon neutral soon.
As a testament to its credibility and expertise, the Firm was awarded the ‘Best Legal Consulting Firm of the Year’ at the India National Solar Awards 2022. The Firm was listed as an expert advisor for the ‘India’s Top Five Announced Solar Project Funding Deals of 2021’, as reported by Mercom Communications India, and ranked as the No.1 Law firm in India in BloombergNEF 1Q Clean Energy League Tables. Luthra and Luthra Law Offices India also featured in the Top 20 of the Euromoney – IJ League Table (in the Renewables category) and was one of two Indian firms featured on the list.
Deepak Kumar Thakur
Deepak is amongst the leading practitioners in the Projects, Energy and Infrastructure practice area with a vast experience of over 17 years. He concentrates mainly on the project structuring, pre-development and implementation of the projects, project management during implementation stage, operations and maintenance and related aspects, with respect to projects in India or outside.
His practice varies from advising clients under the public private partnerships' framework, private arrangement or otherwise, in relation to any aspect of the project. He has also been actively involved in the M&A deals involving project companies, especially in renewable energy sector and advising clients on claims and demands arising out of concession/ construction/ development contracts and representing them at the appropriate forums.
Port (including inland waterways)
- Acting for International Finance Corporation (Inland Waterways Project) as transaction counsel for the implementation of the first inland waterways project under public private partnership mode at Kolkata and Patna.
- Acting for and assisting Assystem Energy & Infrastructure (Juridique Groupe), a nuclear energy-based company (through Pinsent Masons) located in France, in the structuring for its proposed investment in India, project documents that it would enter into with the Indian Contractor (Reliance Infrastructure Limited), in relation to the proposed 9900 MW Jaitapur nuclear power project at Madban village of Ratnagiri district in Maharashtra.
- Acting for and advising Accion Investment Management (Cayman) Limited on the acquisition of several wind power projects being implemented and operated by NuPower Renewables Limited in the states of Tamil Nadu, Karnataka and Rajasthan.
- Acting for and advising Coastal Gujarat Power Limited (a wholly owned subsidiary of Tata Power Company Limited) for the development of 5 X 800 MW of thermal power project in Mundra District, Gujarat.
Corporate (M&A and General Corporate)
- Acting for and assisting Digital Domain Holdings Limited, a Hong Kong based listed company in setting up its India business and in obtaining various registrations, shifting of its registered office from one state to the other state.
With nearly 15 years of invaluable experience under his belt, Karan specializes in rendering advisory and legal assistance in the field of foreign and domestic debt financing in India with clients ranging in various sectors including renewables, roads, ports, steel, thermal power, transmission, airports, hospitality, healthcare, real estate.
Karan has a holistic approach to structuring and negotiating finance and restructuring deals, having advised several stakeholders including borrowers, sponsors, lenders and bond-holders. He has advised clients on myriad financing transactions including project finance, structured finance, corporate finance, restructurings, cross-border financings, debenture issuances and overseas direct investments.
Karan’s roster of clients includes New Development Bank, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.P.A, Bank of America, Siemens Bank GmbH, DBS Bank, Société Générale, Japan Bank for International Cooperation (JBIC), Nordic Investment Bank, State Bank of India, PFC Limited, REC Limited, L&T Finance Limited, ICICI Bank, Tata Capital, Aseem Infrastructure, HDFC Bank, Aditya Birla Finance, Virescent (KKR backed renewable platform), Engie, GIP (Global Infrastructure Partners), Enel Group, the Adani Group, Renew Power, amongst others.
He is a Member of the India Committee of APLMA and is on the Editorial board of EQ, one of India’s premier publishing and research houses for renewable energy in India. He has also been featured in the Asia Law Client Servicing Report, 2020, which highlights lawyers who have consistently delivered high quality service to clients.
- Advised Coöperatieve Rabobank U.A., Intesa Sanpaolo S.P.A, Siemens Bank GmbH and Société Générale in connection with the ECB financing of USD 147 Million provided to Renew Solar Urja Private Limited (part of the Renew Power group) for a 300 MW solar power project in the state of Rajasthan.
- Advised DBS Bank in connection with the ECB financing of SGD 470 Million provided to Bharat Mumbai Container Terminals Private Limited (part of the PSA group, Singapore) for the Phase II of the Fourth Container Terminal at Navi, Mumbai, India.
- Advised Infrastructure Finance Company Limited (United Kingdom) in connection with financial assistance in the form of an external commercial borrowing facility aggregating to approximately USD 31 Million, to a company developing, implementing and setting up a 100 MW (AC) solar power project.
- Advised Renew Surya Roshni Private Limited in connection with ECB facilities availed by it from a consortium of 12 lenders for an amount equivalent to USD Equivalent of INR 77.60 Billion in relation to the financing, construction and operation of a 400 MW capacity "Round The Clock" Project.
- Advised SB Energy Six Private Limited (sponsored by SB Energy Holdings Limited, a part of the SoftBank group) in an ECB financing for an aggregate amount of USD 266,400,000 and JPY 7,415,000,000 involving lenders from various jurisdictions including MUFG Bank Limited, Sumitomo Mitsui Banking Corporation, BNP Paribas, Société Générale and Standard Chartered Bank.
- The deal won 'Indian Green Deal of the Year' award by Project Finance International (PFI) 2020.
- The deal also won the ‘India Green Project of the Year Award’ at Asset Triple A- Asia Infrastructure Awards 2021.
Mr. Nishant Singh is a Partner at Luthra & Luthra Law Offices India and specializes in the area of Mergers & Acquisitions, Private Equity & Venture Capital and Banking & Finance.
Nishant is admitted to practice law in India and the State of New York (USA). In the last 19 years, Nishant has worked on a wide array of equity and debt financing transactions across multiple sectors and countries. In the M&A space, he has worked on listed as well as unlisted company transactions including, public takeover, PIPE, going private, JV and minority or majority equity investments. As regards the debt investment, he advises on structured debt funding and re-structuring transactions.
Nishant also advises corporate houses and HNI’s in relation to investigations by government agencies like Serious Fraud Investigation Office, Central Bureau of Investigation, Enforcement Directorate, Economic Offence Wing for charges of bribery, money laundering, corporate fraud and various other offences and assists clients in formation of internal corporate policies and structures against anti-bribery, anti-corruption, anti-corporate fraud, whistleblowing, anti-sexual harassment, data privacy and cyber security.
Prior to joining Luthra & Luthra Law Offices India, Nishant was a partner with IndusLaw, Mumbai and prior to that with Khaitan & Co, Mumbai. Also, his past international experience of working with the top tier law firms in San Francisco (Perkins Coie LLP), New York and London (Dewey & LeBeouf LLP) offers his clients a distinctive approach and expertise on cross-border deals.
Nishant has consistently been endorsed as a ‘Leading Lawyer’ for financial and corporate law in India by IFLR1000 (2019-23) and as an ‘Elite Legal Practitioner’ in Asia Pacific Region by Legal 500 (2018-2022).
Nishant has been recognized as one of the ‘Leading Lawyers of India’ for Banking & Finance, Corporate/M&A and Private Equity by asialaw (2015-2023), and a ‘Rising Star’ by Legal Era Awards 2016.
- Advised Future Group in relation to USD 5 billion debt re-structuring of Future Retail Limited, Future Enterprises Limited, Future Lifestyle Fashions Limited, Future Consumer Limited, Future Supply Chain Solutions Limited, and other unlisted companies for all outstanding debt owed to 28 Indian banks-consortium under the resolution framework for COVID-19-related stress announced by the Reserve Bank of India.
- Advised Agritrade Resources Ltd., a listed company on the Hong Kong Stock Exchange, in relation to acquisition of SKS Power Generation (Chhattisgarh) Limited through a One Time Settlement of INR 2170 crores (approx. USD 350 million) for all outstanding debt to State Bank of India, L&T Infrastructure Finance Company Limited and PTC (India) Financial Services Limited.
- Advised Engie Solar SAS and Electro Solaire Private Limited in a project financing for an amount of USD 100 million approximately availed from the Asian Development Bank and Société Générale for setting up a 2x 100MW AC grid-connected solar PV project in Raghanesda Solar Park, Gujarat.
- Advised IndoStar Capital Finance, a listed company, in relation to Brookfield Asset Management’s acquisition of 40% stake for INR 1225 crores through a mix of primary and secondary shares from Everstone Capital, infusion of capital in IndoStar Capital Finance, and public shareholders under the Takeover Code.
- Advised American International Group Inc. in its sale of American Life Insurance Corporation to MetLife Inc. for USD 15.5 billion.
Piyush is a Partner in Infrastructure, Finance, Insolvency, and Restructuring Practice of Luthra and Luthra Law Offices India. Before joining Luthra and Luthra Law Offices India, he has worked with AZB Partners, Cyril Amarchand & Mangaldas, Allen & Overy LLP (London) and Amarchand & Mangaldas.
He is a dual-qualified lawyer, Advocate (India) and Solicitor (Non-Practicing), England & Wales, and is recognised as a ‘Notable Practitioner’ by asialaw, ‘Leading Lawyer’ by international publications including IFLR 1000 and Chambers & Partners.
He has extensive experience in distressed assets space including restructuring and insolvency, enforcement of security and acquisition of such assets. He has acted for Lenders (CoC and individual), Resolution Professionals, Bidders and Distressed Debt Funds in pre-IBC resolutions, CIRP process and liquidations.
Piyush is associated with reputed industry groups such as the Core Group on Insolvency, Federation of Indian Chamber of Commerce. He has authored and presented papers at various forums. These include various national and international seminars by INSOL (HK), IBBI (Delhi, Mumbai, Chennai), CFA Institute, SBI, ICSI (Eastern Region) and ICAI on insolvency laws. His publications include The Restructuring Review, 2019 and 2020, PLC’s Structured Finance & Securitisation Multijurisdictional Guide (2012) and various articles in Project Finance International.
- Acted for various Resolution Professionals in the Corporate Insolvency Resolution Process (CIRP) for Punj Lloyd Limited, Jhabua Power Limited, Educomp Infrastructure Solutions and Marketing Limited.
- Advised a consortium of lenders, on sale of more than 51% shares in Jindal India Thermal Power Limited and Monnet Ispat and Energy Limited through an e-auction process under S4A and SDR schemes.
- Acted for State Bank of India and HDFC Bank Limited on a syndicated secured term loan of INR 10.8 billion approximately for Dalmia Cement (Bharat) Limited.
- Acted for a consortium of 27 lenders lead by PFC and SBI on INR 130 billion senior and sub debt secured syndicated facility for KSK Mahanadi.
- Acted for Cairn India Limited on the first reserve based funding in India in relation to approximately INR 40 billion syndicated secured facility from reputed lender through participating interest based funding and refinancing of the facility through listed rupee bond issuance.
Vivek Kumar Agarwal
Vivek K. Agarwal is a Partner with Luthra and Luthra Law Offices India with over 15 years of diversified experience and has dealt with clients across continents and specializes in dealing with wide array of legal and associated business issues and offers solutions to business and legal needs of clients. He has the experience of advising on wide range of corporate legal matters including advising on India entry/ set-up and exit/ insolvency, corporate governance issues, restructuring, joint ventures, mergers, acquisitions.
Vivek has extensively dealt with various ministries and departments of the Government of India including the Department of Economic Affairs, Department of Revenue, Ministry of Corporate Affairs and Reserve Bank of India and has also been a contributor to the Government in its efforts to bring about changes in policies and business landscape in India from an ‘Ease of Doing Business’ perspective. He is also a regular contributor to the World Bank in conducting its ‘Ease of Doing Business’ study in India.
Vivek has advised various multinational as well domestic clients in areas of corporate and commercial laws and has helped a number of clients’ set-up their India presence and strategize their business closure and India exit and also on obtaining relevant government approvals. His experience brings in a mix of effective implementation strategy and legal expertise and he strives to deliver the best solution to clients with his practical approach and efforts to balance risk with desired client objective.
- Acted at the behest of one of the largest steel manufacturers in the world in its acquisition of the distressed steel business of the Essar group in India under the Insolvency and Bankruptcy Code, 2016.
- Assisted the monitoring agency in negotiations and implementation of the resolution plan of an Indian listed steel major in acquisition of another listed entity in the steel business under the Insolvency and Bankruptcy Code, 2016.
- Assisted in completing the acquisition of the shares of the Indian subsidiaries of a leading identity management solutions provider in the United States following which the acquirer became the world leader in biometric identity solutions.
- Assisted a Chinese business house in completion of their asset and business acquisition of Brakes business units from a premier supplier of automotive chassis products to OEMs in the U.S., Europe and Asia.
- Assisted in setting-up of the successful venture which holds the exclusive right to organize and stage the hugely successful ‘Pro-Kabaddi League’.