Indian Law Partners (ILP) & Ashurst advise Japan Bank for International Cooperation (JBIC) on its Loan to SBI for development of City Gas Distribution Network in India

New Delhi, September 5, 2023: India’s largest bank State Bank of India (SBI) has secured JPY 13.5 billion (approx. INR 768 crore) finance from JBIC and other co-financers being MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation, a press statement said.

The loan is intended to provide, through SBI, the funds necessary for the development and operation of the city gas distribution (CGD) network business run by AGP City Gas Private Limited in India, in which Osaka Gas Co., Ltd. (Daigas) and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) are indirectly investing.

According to the statement, ILP advised JBIC on the Indian law aspects, led by a team of Partners Gopika Pant and Vineet Gupta and assisted by Senior Associate Shradha Sharma and Associates Vinayek Mehra and Aradhana Pillai.

Ashurst Japan led by a team of Partner David Wadham, Senior Associate Akemi Kishimoto and Trainee Solicitor William Morgan acted for JBIC as international counsel.