Linklaters advised a syndicate of lenders on the US$375m financing for Adani Total Gas Limited (ATGL) for expanding its city gas distribution (CGD) business.

The maiden financing of US$375m included an initial commitment of US$315m with an accordion feature. The facility will enable ATGL to expand its CGD network into 34 authorised geographical areas across 13 states, enhancing the penetration of piped natural gas (PNG) and compressed natural gas (CNG) infrastructure in the growing city gas distribution market in India.

ATGL is a joint venture between Adani Group and TotalEnergies SE and has been a key player in developing CGD networks to supply PNG to the industrial, commercial and residential sectors and CNG to the transport sector.

The Linklaters team was led by banking partner Rahul Chatterji, with support from managing associate Nikhita Suria.

Linklaters’ banking partner Rahul Chatterji commented:

“We are delighted to have supported our clients on this complex financing transaction and would like to thank both the lenders and the ATGL team for their continued trust and confidence. This financing plays a key role in supporting India’s vision of increasing the share of natural gas in the country’s energy transition journey, and we congratulate all parties involved in this significant transaction.”

Linklaters has an established track record as a market leader for the Indian market, supporting international clients and leading Indian corporates on banking and finance, capital markets, corporate and arbitration work. The firm has extensive experience in successfully executing cross-border matters requiring sector-specific understanding and knowledge of international market practices whilst accommodating local laws and regulations.