Shardul Amarchand Mangaldas & Co. advises EAAA India Alternatives Limited on the largest private credit deal

June 24, 2025

Shardul Amarchand Mangaldas & Co. advised EAAA India Alternatives Limited (“Investor”) (Edelweiss group) on its investment, along with other lenders, in unlisted, zero-coupon, secured, non-convertible debentures (“NCDs”) issued by Shapoorji Pallonji Group (“SP Group”) entity. The deal is the largest private credit deal in India, involving approximately 12 investors and is valued at ~ USD 3.4 billion.

The proceeds will interalia be used to refinance existing debt and meet other requirements of the SP Group entities. This deal involves multiple obligor entities of the SP Group, including the holding and intermediate holding companies of its real estate and energy operations.

The deal transaction team was led by Veena Sivaramakrishnan, Partner; Yash Kahandole, Principal Associate; and Karina Katrak, Associate.

The team was also supported by Jay Gandhi, Partner; Ashoo Gupta, Partner; Sanjiv Malhotra, Senior Advisor – Head of Tax Practice; Rohit Garg, Partner; Priyanka Jain, Principal Associate; and Sonal Nandu, Aditi Ghosh, Gaurav Karwa and Sumanyu Mohanty, Associates.