Roads

Representative Matters

• Advised Maharashtra State Road Development Corporation (MSRDC) and its subsidiary MSRDC Sea Link Limited, operating the iconic Bandra-Worli Sea Link in Mumbai in their successful fund raising of around INR 1650 Crore from the State Bank of India.
• Advised and acted for ICICI Bank Limited in connection with financial assistance sanctioned to Rajiv Chowk-Sohna Highway Private Limited aggregating up to INR 2378 Million for the purpose of re-financing part of existing secured indebtedness of the borrower company availed in relation to six laning and strengthening of NH-248A.
• Advised Kappirikkad Highways Private Limited on financing for an amount of INR 628 Crore in the State of Kerala on Hybrid Annuity Mode under Bharatmala Pariyojana of NHAI.
• Advised Cube Highways and Infrastructure in relation to acquisition of DA Toll Road Private Limited from Reliance Infrastructure Limited, and acquisition of Farakka-Raiganj Highways Limited from Hindustan Construction Company and HCC Concessions Limited.
• Advised Essel Infrastructure on its proposed acquisition of Patel KNR Infrastructures Limited and of Patel KNR Heavy Infrastructures Limited.
• Advised Vinci Concessions in relation to acquisition of a majority stake in a toll road project. acquisition of 100% equity interest in Jaipur-Mahua Tollway Private Limited, and; proposed acquisition of a project company operating and maintaining a road asset in Rajasthan awarded through a concession by the NHAI.
• Advised Autostrade in relation to proposed acquisition of 11 SPVs (each holding a highway asset) across various states in India from one of India’s largest private infrastructure companies; and proposed acquisition of the entire stake in the entity operating the Pune Solapur Package -II from km 144 to km 249 of National Highway – 9 in Maharashtra from IL&FS Transportation Networks Limited.
• Advised InfraCo Asia in relation to the proposed acquisition of 3 road assets in Bangladesh.
• Advised Khazanah Nasional Berhad in relation to a joint venture in India for undertaking road projects.
• Advised a road and highways developer on the proposed divestment of its stake in nine State and National highways.
• Advised Sesa Goa in connection with a proposed mining by-pass road project in Goa.
• Advised consortium of Indian banks led by IDBI Bank in relation to their project financing of a toll based road project being developed by L&T Ahmedabad Maliya Tollway Private Limited (a subsidiary of the L&T Limited) for upgrading the existing two lane state highway into a four lane highway in the Ahmedabad-Viramgam-Maliya section in the state of Gujarat. The project is to be executed on BOT Basis on ‘Build Operate and Transfer’ pattern under ‘Viability Gap Funding Scheme’ of the Government of India.
• Advised Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG) on a term loan facility of USD 24.5 Million to KM Toll Road Private Limited (promoted by Reliance Infrastructure Limited) to implement a project envisaging design, engineering, finance, construction, improvement, operation and maintenance and upgrading of the existing road from km 0.00 to km 71.40 (approximately 71.40 km) of the Gandhidham (Kandla) – Mundra Port section of NH-8A Extension, in the State of Gujarat, India on a design, build, finance, operate and transfer basis (the Project).
• Advised syndicate of senior rupee and LC lenders on a syndicated secured facility for the construction and development of two laning of 140 km of Khagaria-Purnea section of National Highway – 31 from km 270.00 to km 410.00 in the State of Bihar.
• Advised a consortium of Indian banks jointly led by Axis Bank and IDBI Bank on USD 650 million financing of a toll based road project being developed by Pink City Expressway Private Limited for upgrading the existing four lane highway in the states of Haryana and Rajasthan.
• Advised a consortium of Indian banks led by IDBI Bank in relation to their USD 275 million project financing of a toll based road project being developed by L&T Ahmedabad Maliya Tollway Private Limited (a subsidiary of the L&T Limited).
• Advised Essel Highways Limited on structured borrowing pursuant to which platform for issuance of debentures up to INR 1480 Crore has been created for funding operations of existing road SPVs of the issuer and financing future acquisitions.
• Advised L&T Finance Limited and YES Bank Limited in connection with the financing aggregating to INR 9.87 Billion provided to two subsidiaries of the Kalyan Group (Chakur Loha Nanded Highways Private Limited and Loha Waranga Nanded Highways Private Limited) for developing, setting up, constructing the four laning of Chakur-Loha section of NH-361.
• Advised Baring Private Equity Partners in relation to a proposed investment in an Indian holding company holding six special purpose vehicles engaged in road construction projects.
• Advised Hindustan Construction Company in drafting and negotiating the EPC Contract for the four laning of roads of 98 kilometres length in Maharashtra. in relation to the EPC contracts and ancillary agreements for three projects in West Bengal; comprising the four-laning of a 101 km. (approx.) stretch, a 103 km. (approx.) stretch and a 49 km. (approx.) stretch of certain national highways.
• Advised Noida Toll Bridge Company Limited on setting up the first ever private sector toll- bridge project in the country on a BOT basis. Assisted the company in negotiating and drafting the concession agreement, the state support agreement, the EPC contract, the loan agreement, and other contract documentation. Assisted in obtaining regulatory approvals in land acquisition and conducting due diligence. Responsible for obtaining all the necessary clearances from the RBI, Ministry of Industry and the Secretary of Land and Buildings of the Government of the National Capital Territory of Delhi.
• Advised Morgan Stanley Infrastructure Fund in its proposed acquisition of a majority stake in an SPV engaged in a four-laning project. construction sub-contracts pertaining to rehabilitation, upgradation to two-laning and maintenance of certain highways and ring roads in Madhya Pradesh and Maharashtra. contract for operation, maintenance and management (including collection of toll) for the four-laning of a ring road around Ahmedabad, in Gujarat.
• EPC Contract and EPC Sub-Contract with respect to four-laning of roads of approximately 35 kilometres length in Andhra Pradesh.
• EPC Contract and the EPC Sub-Contract with respect to four-laning of roads of 97 kilometres length in Karnataka.
• O&M agreement for an approximately 56 km stretch of NH-7, in the State of Madhya Pradesh.
• Advised a sovereign wealth fund on joint venture in India for undertaking road projects, and the joint venture’s first downstream investment.
• Advised Planning Commission (now known as Niti Ayog), Government of India on developing a model EPC Contract for development and maintenance of two lane state highways.
• Advised Yes Bank as sole counsel to lenders in relation to loan facility of INR 13,250 Million provided for four laning of Khed – Sinnar section of NH-50 (approx 135 kms) in the state of Maharashtra.
• Advised Uniquest Infra Ventures Pvt. Ltd. on acquisition of a majority stake in SEW Navyuga Barwani Tollways Pvt. Ltd, which constructed and is maintaining and operating an approximately 83 km-long section of National Highway-3.
• Advised a contractor in the four-laning of roads in the State of Haryana.
• Advised the concessionaire in respect of operations and maintenance contract entered into with respect to the Badarpur Faridabad Toll Road concession awarded by the National Highways Authority of India.