Dentons Link Legal acted as the transaction advisor to a consortium of lenders led by India Infrastructure Finance Company Limited (IIFCL) in a landmark transaction involving the ‘second substitution of the concessionaire’ in a Hybrid Annuity Model (HAM) road project, located in the state of Maharashtra. This transaction marks one of its kind substitution processes spearheaded by the senior lenders entailing a second harmonious substitution of a concessionaire in a road project in India.

Dentons Link Legal’s Banking & Finance team played a critical role in ensuring a smooth transition involving comprehensive legal support from the initial stages of the transaction until its successful closing. This included drafting and finalizing the definitive agreements, ensuring compliance with all relevant regulations.

The deal team was led by our Partner Pushkar Bavare. Pushkar was assisted by Milind Gaur (Principal Associate) and Ahmad Raza (Associate).