Link Legal advised Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and the Government of India in raising funding from public sector lender Japan Bank of International Corporation (JBIC).

JBIC was advised by Indian Law Partners and its best friend Ashurst.

Link Legal partners Anand Srivastava and Dinesh Pardasani and senior associate Milind Jha acted for the government and DMICDC which sold off 26 per cent equity to JBIC.

Indian Law Partners partner Gopika Pant and counsel Mansi Kochhar, and Ashurst Tokyo senior associate Arabella Dove acted for JBIC for which this was its first investment in an Indian entity.

DMICDC was incepted in 2006, incorporated in 2008 with authorized equity of Rs 10 crore and in September 2011 its equity was restructured. The government’s stake was capped at 49 per cent and government owned financial institutions were allowed to hold 51 per cent, according to the Press Information Bureau.

The Life Insurance Corporation of India had therefore substituted the stake of private financial institutions in September 2011. The Japanese government requested the Indian government for 26 per cent stake in December 2011, and this was allowed in August 2012 through a restructuring, stated the PIB’s press note.

The project is being touted as a symbol of strategic Indo-Japan partnership, noted Business Standard adding an official statement which said that this transaction would open up possibilities for long term infrastructure lending at lower rates.

Editor’s note: An earlier version of this story erroneously stated the firm’s name as India Law Partners instead of Indian Law Partners