Shardul Amarchand Mangaldas & Co. advises State Bank of India to provide financial assistance to NMDC Limited’s integrated steel plants at Nagarnar, Bastar, Chhattisgarh

August 3, 2021

Shardul Amarchand Mangaldas & Co. advised State Bank of India to provide financial assistance to NMDC Limited for setting up of 3 (three) million tonne per annum (MTPA) integrated steel plants at Nagarnar, Bastar, Chhattisgarh. The deal is valued at USD 593.20 million approximately. The date of closing was 23 July, 2021.

This is one of the few financing transactions entered into by NMDC Limited (a Navratna company) since its incorporation in 1958 and this project (with an estimated outlay of USD 2.9 billion approximately) is the only new large-scale steel plant currently under construction in India, with little likelihood of a new plant of similar size coming up in the next few years.

The Transaction team was led by Debashree Dutta, Partner; Athul Laji, Senior Associate; and Prabhanjan Nilakantan, Associate.