Desai & Diwanji advised Porteast Investment Private Limited, a promoter group entity of the Shapoorji Pallonji Group (“SP Group”) in relation to the issuance of unrated, unlisted, secured, zero coupon, redeemable non-convertible debentures aggregating to INR 28,600 crore (US$3.3 billion).

This is the largest private credit deal in India to date. Top investors include Ares Management Corp, Cerberus Capital Management, Davidson Kempner Capital Management and Farallon Capital Management. Deutsche Bank acted as the sole arranger of the deal.

The deal team was led by Partners Natasha Treasurywala and Shireen Langrana and comprised Associate Partner Vishal Mali and Associates Poorva Bansal and Harsh Desai with strategic inputs from Senior Partner Apurva Diwanji.