Luthra and Luthra Law Offices India provided legal counsel to NIIF Infrastructure Finance Limited in connection with a financial assistance package amounting to approximately INR 597 Crore to Avaada Group.
The refinancing deal strengthens Avaada Group’s solar ventures in Karnataka and Maharashtra, powering major corporates including Bharti Airtel and Bharat Forge.
This funding supports seven Special Purpose Vehicles (SPVs) of the Avaada Group, one of India’s largest renewable power producers. The financing pertains to operational solar power projects in Karnataka and Maharashtra, which operate under a captive/group captive model.
The refinancing agreement highlights the robustness and stability of Avaada Group’s solar energy initiatives. These projects currently supply power to numerous prominent corporations in India, including Bharti Airtel, Motherson Group, Bharat Forge Ltd., STT Group, NXTRA DATA LIMITED, and Lumax World, assisting these companies in achieving their energy transition objectives.
The transaction was spearheaded by Partner Karan Mitroo, with support from Managing Associate Samarth Sharma, along with Associates Pragya Verma, Shantanu Awasthi, Jhalak Gupta, Harshil Kakkar, and Harsh Dugar.
Downhole Products Limited acquires 100% stake in Sledgehammer Oil Tools Private Limited
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