S&P advises MSRDC Tunnels Ltd, Maharashtra SRDCL regarding loan facility of over Rs 4K crores

LE Desk

New Delhi, November 11, 2021: Saraf and Partners (S&P) advised MSRDC Tunnels Limited and Maharashtra State Road Development Corporation Limited in respect of aloan facility in excess of Rs 4,000 crores, the Law Firm said in a press statement.

MSRDC Tunnels Limited and Maharashtra State Road Development Corporation Limited is undertaking the construction of tunnels, viaducts and expansion of the Mumbai Pune Expressway Project. The Project being of strategic importance is expected to substantially reduce the travel time for all commuters between Mumbai and Pune and will also avoid the accident-prone areas near the ghat section of the Mumbai-Pune Expressway.

The transaction had to be curated and synchronized with the functioning of Maharashtra State Road Development Corporation Limited and all its subsidiaries, the statement said.

S&P acted as an exclusive counsel for and advised MSRDC Tunnels Limited and Maharashtra State Road Development Corporation Limited in respect of a rupee loan facility of over Rs 4,000crores, made available to MSRDC Tunnels Limited, a wholly owned subsidiary of Maharashtra State Road Development Corporation Limited, by a consortium of banks led by State Bank of India for part financing the estimated project cost of Rs 6,000 crore for the Project.

The S&P team was led by Satadru Goswami (Partner) and comprised of Aroop Das (Senior Associate) and Jinay Padh (Associate), the Law Firm said.