In a significant development in the smart metering sector, JSA Advocates & Solicitors has provided legal counsel to six Special Purpose Vehicles (SPVs) of Gemstar Infra Pte. Ltd. These SPVs have successfully secured financing through a dual mechanism: the issuance of debentures and credit facilities. The debentures have been subscribed by the International Finance Corporation, while the credit facilities are extended by the India Infrastructure Finance Company Limited. This financing is aimed at advancing smart metering projects across India.
The SPVs benefiting from this strategic financial structuring include:
- Genus Bikana Smart Metering SPV Private Limited
- Genus Banas Smart Metering SPV Private Limited
- Genus Shekhawati Smart Metering Solutions SPV Private Limited
- Genus Mewar Smart Metering SPV Private Limited
- Genus Braj Smart Metering SPV Private Limited
- Genus Marudhara Smart Metering SPV Private Limited
This transaction is particularly notable for its innovative hybrid financing structure, which ingeniously combines non-convertible debentures and rupee loan facilities into a coherent single transaction framework. Such a structure not only optimizes the financing strategy but also demonstrates the evolving landscape of infrastructure financing in India.
The transaction was expertly led by Karan Mitroo, a Partner at JSA, with valuable contributions from Ankita Parasar (Partner), Shantanu Awasthi (Senior Associate), and Harshil Kakkar (Associate). Their combined expertise ensured a smooth execution of this complex transaction.
The smart metering sector has witnessed a flurry of activity in recent times, underscored by notable deals such as Kimbal’s $22 million capital raise and Adani Group’s acquisition of IntelliSmart for ₹3,050 crore.
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