Global law firm Norton Rose Fulbright has advised the Italian export credit agency, SACE, and a syndicate of lenders led by HSBC in relation to a SACE backed financing to Shriram Finance Limited (Shriram Finance).
Founded in 1979, Shriram Finance is the flagship subsidiary company of Shriram Group and is one of India’s largest non-banking finance companies.
The financing, provided under SACE’s popular Push strategy, aims to increase business opportunities for Italian exporters, strengthening SACE’s positioning in a strategic market for Italian exports.
The loan proceeds will be used by Shriram Finance to make loans to customers to acquire new/used vehicles and equipment that comply with Bharat Stage VI or EURO6 emission standards, in line with the RBI ECG guidelines. The loan has been structured as a social loan, aligning with the Loan Market Association’s social loan principles.
The multi-jurisdictional team was led by David Milligan (partner, London) and Aditya Rebbapragada (partner, Singapore) and included:
- Hong Kong-based consultant Peter Haslam
- Italy-based partner Arturo Sferruzza, associate Giulio Mariano and trainee Mattia Musella
- London-based associate Jack Zheng
A team at JSA led by Tirthankar Dutta and including Sagar Srivastava and Pankaj Agarwal advised on Indian law aspects of the transaction.
David Milligan, partner at Norton Rose Fulbright commented: “We were delighted to represent SACE and the Lender group on this important transaction. This is the third SACE Push facility for an Indian borrower which we have advised on in the past few months. It is encouraging to see the progress that SACE has been making in the Indian market, and we’re excited to see greater collaboration between Indian and Italian businesses in the future.”
