JSA advised Assets Care & Reconstruction Enterprise Limited (“ACRE”) in relation to the acquisition of stressed debt of upto INR 1500 crore of Nagarjuna Fertilizers and Chemicals Limited (“NFCL”) from a consortium of lenders of seven banks (“Consortium”). IDBI Bank Limited was the lead bank of the Consortium and other large lenders of the Consortium included the State Bank of India and ICICI Bank Limited.
JSA undertook due diligence of the underlying loans on behalf of ACRE and also assisted in finalisation of documentation for assignment of the debt in accordance with the guidelines issued by Reserve Bank of India inter alia for assignment of non-performing assets.
This is the largest deal for ACRE in the FY 2023.
Deal Value: INR 1500 crore
Our Transaction Team Comprised Partner – Anish Mashruwala, Partner – Pratish Kumar, Senior Associate – Karan Abichandani, Associate – Sonali Singh, and Associate – Paridhi Galundia.
Our Real Estate Team Principal Associate – Purnachandra Rao.
Our Disputes Team Partner – Fatema Kachwalla.
Anish is a senior member of Finance Practice of the firm. He focuses primarily on Banking & Finance, Financial Services and Cross Border Investments & Acquisitions.