Shardul Amarchand Mangaldas advises Axis Bank–Led Consortium on USD 1 Billion Financing for Botswana Power Project

March 3, 2026

Shardul Amarchand Mangaldas & Co. acted as legal counsel to a consortium of lenders led by Axis Bank Limited in connection with the provision of senior secured financing aggregating up to USD 1 billion to Jindal Energy (Botswana) Proprietary Limited, a step-down subsidiary of Jindal Power Limited, for the development of a power project in Botswana.

Phase 1 of the transaction involved the execution of financing documents aggregating USD 507.5 million, with the lending consortium comprising Axis Bank Limited (as lead lender), ICICI Bank Limited, IDFC First Bank Limited, RBL Bank Limited, YES Bank Limited, Export-Import Bank of India, and IndusInd Bank Limited. The financing will support the construction, development, and commissioning of a greenfield power project in Botswana.

The transaction represents one of the largest overseas USD lending transactions undertaken by Indian banks in recent times and underscores the growing role of Indian financial institutions in supporting cross-border infrastructure and energy projects across emerging markets.

The SAM Team was led by Anurag Dwivedi – Partner with client relationship support by Relationship Partner – Anoop Rawat – Partner, National Practice Head – Insolvency & Restructuring, and important inputs from Saurav Panda – Partner, Megha Kaur – Principal Associate, Shashwat Bhaskar – Senior Associate, Aparna – Associate, Amogh Mittal – Associate, Ananya Khanna – Associate.