TT&A advised (i) ADB and JICA as Indian law counsel on in their loan facilities (by way of external commercial borrowings) of up to USD 150,000,000 each, and (ii) Exim on their rupee term loan of an amount of INR 50,00,00,000, to Shriram Finance Limited (“Borrower”).

The proceeds of the facilities facility will be used by the Borrower to finance for micro, small, and medium-sized enterprises (MSMEs) with a focus on business loans and for financing electric vehicles (EVs) and low-emission commercial vehicles for business purposes. The proceeds will also be advanced to women-owned  SMEs and those in lagging states and to by the Borrower to extend business loans or to finance the purchase of vehicles by MSMEs involved in agriculture- and food-linked transportation.

This deal marks JICA’s first co-financing project in India with Exim and it is the first time that three financial institutions viz. Exim Bank, ADB and JICA have come together to finance a private sector deal in India. 

TT&A Team: Ambarish Mohanty – Partner; Ankita Mandal – Managing Associate and Daksh Middha – Associate