CORRS Chambers Westgarth has acted for State Bank of India in relation to the financing for the acquisition of Abbot Point Coal Terminal in Queensland, Australia.
The deal is the last part of the Queensland government's asset sales plan. It brought in $1.829 billion that will be funnelled into the state's disaster recovery.
Premier Anna Bligh last month announced that the government had agreed to a 99-year lease of the Abbot Point Coal Terminal to Mundra Port Pty Ltd for a sum above the expected price of $1.5 billion.
Corrs advised SBI on the Australian finance and taxation aspects of the US$1.1 billion financing.
The Corrs team, which worked closely with Amarchand & Mangaldas & Suresh A Shroff & Co on the transaction, was led by partner Robert Ritchie and supported by partner Craig Milner and lawyer Amin Doulai.
Allen & Overy acted for Standard Chartered Bank as lender to Adani Enterprises Ltd , India's biggest coal importer, on the acquisition of the terminal.