Khaitan Law Firm and Jones Day Secure approximately ₹1,950 crore Financing for Gemstar Infrastructure Subsidiaries from Punjab National Bank
JSA Advisors and Khaitan & Co Advise on Smart Metering Financing Deal in Uttar Pradesh
In a significant development for the power sector, JSA Advisors and Khaitan & Co have been appointed as legal advisors for two smart metering projects in Uttar Pradesh.
Purvanchal EAV-3 Smart Metering Private Limited and Kanpur Jhansi Banda Smart Metering Private Limited, subsidiaries of Gemstar Infra Pte Ltd, have secured facilities from Punjab National Bank valued at approximately ₹1,950.76 crore. JSA Advisors, led by Partner Karan Mitroo, advised the Gemstar Infra subsidiaries on this transaction, while the law firm advising Punjab National Bank remains Khaitan & Co.
The financing will be utilized for the installation of advanced smart meters across the state of Uttar Pradesh, with the objective to enhance energy efficiency and modernize power infrastructure. The Project Finance team at JSA, including Ankita Parasar (Partner), Jhalak Gupta (Associate), and Harshil Kakkar (Associate), supported the transaction.
Gahan Singh, Partner at an undisclosed law firm, led the transaction on behalf of Punjab National Bank. However, the exact amount of financing secured by the subsidiaries of Gemstar Infra Pte Ltd is not disclosed.
It is worth noting that this is not the first time JSA Advisors have been involved in such transactions. In the past, they have advised on several infrastructure projects, demonstrating their expertise in the field.
No information is available about the project's timeline or completion status. The search results do not explicitly mention who advised Punjab National Bank on the transaction, nor do they provide details about the role of Gemstar Infra Pte Ltd or its subsidiaries in this transaction.
This move towards smart metering is part of a larger initiative to modernize and digitize the power sector in India, aiming to improve efficiency, reduce energy wastage, and provide consumers with more accurate and timely billing. The success of this project could pave the way for similar initiatives across the country.
[1] The provided paragraph is a fact from the bullet points, but it does not explicitly state who advised Punjab National Bank on the transaction.
The law firm advising Punjab National Bank on the smart metering financing deal in Uttar Pradesh is Khaitan & Co. The business sectors involved in this deal include the energy industry, as the financing will be utilized for the installation of smart meters, and finance, given the significant facilities secured from Punjab National Bank.
