Pururaj Bhar

Pururaj Bhar is a Partner in the Cyril Amarchand Mangaldas’ Mumbai office. With over 10 years of experience, Pururaj is a part of the firm’s Financing team based out of our Mumbai office.

Pururaj has extensive experience in project financing, banking and has advised banks and financial institutions in India and overseas on a broad range of financing transactions including project finance, cross- border financing structures, export financing structures, structured lending, corporate debt restructuring, strategic debt restructuring and recovery of loans and investments. He joined the erstwhile Amarchand & Mangaldas & Suresh A. Shroff & Co. in 2009.

Professional Experience

The Firm advised the lenders on the change in management through competitive bidding and one-time settlement of Prayagraj Power Generation Company Limited under the February 12 Circular, wherein lenders recovered an aggregate amount of INR 6,000 crores (approx.). This is one of the first accounts to be resolved through debt restructuring under the framework of February 12 Circular in India.
Advised Suzlon Energy Limited in relation to restructuring of its existing debt owed to consortium of lenders.
Advised banks and financial institutions led by Canara Bank in relation restructuring of the debt aggregating to Rs. 1117 Crores availed by SPML Infra Limited under the RBI Scheme on Sustainable Structuring of Stressed Assets.
Advised banks and financial institutions led by State Bank of India in relation restructuring of the debt availed by Supreme Infrastructure India Limited under the RBI Scheme on Sustainable Structuring of Stressed Assets.
Acted as the lenders legal counsel for the consortium of lenders led by Bank of Baroda in relation to the financing of INR 1165.00 Crores, availed by Western Concessions Private Limited for the construction, operation and maintenance of greenfield floating storage regasification unit terminal at Jaigarh Port (Ratnagiri, Maharashtra) for 3 MMTPA capacity and 30 inches pipeline connecting metering station to Gas Authority of India Limited’s national grid at Dabhol.
Advised KC Maritime (India) Limited in relation to the acquisition, financing and registration of a cement carrier vessel in India which, inter alia, involved reviewing financing documents for a foreign currency term loan and hedge facility from IndusInd Bank and general advise on the registration process and creation of mortgage over the vessel.
Acted as the lender’s Indian legal counsel to the lenders led by Axis Bank Limited in connection with the financing to Varun Gas Logistics Private Limited. Scope of work involved review of the facility agreements, the charter party agreements and the ship mortgage documents for securing the facilities.
Advised State Bank of India and IDFC Limited in relation to a Rs. 3000 crore term facility for refinancing certain existing term loan facilities and partly financing the additional capital expenditure requirements in relation to the all-weather, deep water port at Dhamra in Bhadrak district, Odisha by The Dhamra Port Company Limited.
Advised the Managers in relation to issuance of foreign currency notes aggregating to USD 1 Billion due 2030 by Adani Mumbai Electricity Limited (“AEML”) (formerly known as Reliance Generation and Supply Limited) engaged in the electricity distribution and transmission business in the city of Mumbai on a private placement basis to eligible investors under and in compliance with the extant ECB Guidelines and Regulation S and Rule 144A of the US Securities Act, 1933, proceeds of which have been utilised by AEML towards general corporate purposes and to refinance the existing rupee indebtedness of AEML.
Advised banks, financial institutions and mutual funds in relation to rupee term loans and multiple issuances of non-convertible debentures upto an aggregate debt cap of Rs. 8,500 Crores by Adani Transmission Limited proceeds of which have been utilised for on-lending to its subsidiaries Adani Transmission India Limited and Maharashtra Eastern Grid Power Transmission Company Limited to refinance their existing indebtedness availed for capital expenditure incurred in developing electricity transmission projects.
Advised State Bank of India, Export Import Bank of India and other banks and financial institutions in relation to various ECB facilities to finance the capital expenditure of Gujarat State Petroleum Corporation Limited in the KG Basin block KG – OSN-2001/3 and other oil and gas fields and other related activities.