Khaitan & Co Advised TVS Emerald Limited On INR 239 Crore Private Credit Investment From IFC

Khaitan & Co advised TVS Emerald Limited on INR 239 Crore private credit investment from IFC

The leading law firm in India, Khaitan & Co advised TVS Emerald Limited, the real estate arm of the TVS Group, on securing an investment of INR 239 Crore from the International Finance Corporation (IFC), the private sector arm of the World Bank Group.

The investment was structured through the issuance of listed, unsecured, rated, redeemable, principal-protected, non-convertible debentures by the Sponsor’s subsidiaries, namely:

• (i) Emerald Haven Properties Private Limited;
• (ii) Emerald Haven Life Spaces 2 Private Limited; and
• (iii) Emerald Haven Life Spaces 3 Private Limited.

The proceeds from the debentures are inter alia earmarked for the development of two residential housing projects of the Sponsor which are being developed by its subsidiaries and situated in Bangalore and Chennai. The transaction represents a significant private credit investment in India’s real estate sector and reinforces IFC’s continued focus on supporting high-quality residential developments.

Khaitan & Co also assisted the Sponsor in:

• (i) The preparation and negotiation of the investment and real estate project development related documents; and
  
• (ii) Conducting title diligence of the plotted project land in Chennai and Bengaluru on which the residential projects are being developed.

The Khaitan & Co Banking & Finance team comprised Manisha Shroff (Partner), Rajshekhar Upadhyaya (Principal Associate), Aparna Arya (Senior Associate),Charul Lunia (Associate) and Shivansh Kumar Jain (Associate).

The Corporate team included Varun Narayan (Partner),Atul Narayan (Senior Associate), Akhila Deekshitha Baddepudi (Associate) and Rexey Soosan Sabu (Associate).

Title diligence for the Chennai plotted land was conducted by Arva Merchant (Partner), Vaishnavi Subrahmanyam (Principal Associate) and Darsha Prakash (Associate), and the title diligence for the Bangalore plotted land was conducted by Sudheer Madamaiah (Partner) and Esha Sanjyot Shah (Associate).

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