TLT advises a syndicate of Indian banks on 110 million US dollar loan

29 March 2010

National law firm TLT has recently advised a syndicate of lenders, led by Bank of Baroda, on a 110 million US dollar loan to oil and gas exploration and development company Indus Gas Ltd. Other banks in the syndicate include Bank of India, State Bank of India, Punjab National Bank (Hong Kong) and Punjab National Bank (International) Limited (London). Bank of Baroda was agent and security trustee.

Banking partner Richard McBride led the TLT team advising on the loan which will provide funding to develop Indus Gas Ltd's discovery of a natural gas field in Rajasthan, India. TLT instructed and worked with law firms Amarchand Mangaldas in India and Carey Olsen in Guernsey, as well as lawyers in Cyprus and Mauritius to complete the transaction.

Indus Gas Ltd is a London Stock Exchange (AIM) listed company (INDI.L) and has acreages in Indus Basin in Rajasthan, India.

Richard McBride, who has particular expertise in issues relating to cross-border lending and security, says, “We are delighted to have assisted Bank of Baroda on the transaction to finance Indus Gas Ltd for its first gas field development. TLT has particular experience within the Indian market and we understand the country’s culture and approach to business.”

TLT's seven-partner Banking and Finance practice operates from the firm's London, Bristol and Piraeus offices and is pivotal to the firm's focus on the Financial Services sector. The practice incorporates corporate banking, asset finance, property finance, acquisition funding, syndicated and bilateral lending, swaps and trade finance as well as financial services regulation. The firm advises most of the UK's largest banking institutions and has developed a reputation with international banks particularly the Indian banks.
 

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