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May 8, 2007
LONDON, 8 May, 2007 — Covington & Burling LLP today announced its role in advising ICICI Bank Limited, India’s 2nd largest bank, and Standard Chartered Bank, India’s largest international bank, as joint lead arrangers for an aggregate of US$925m in project financings supporting two separate projects being undertaken separately by Reliance Ports and Terminals Limited (RPTL) and Reliance Utilities Limited (RUL). Both borrowers are members of the Reliance group of companies, the flagship company of the group being Reliance Industries Ltd, India’s largest company by market capitalisation. The project financings were structured as two separate financings, with a separate loan facility made available to each of RPTL and RUL individually. A total of 29 banks spanning Europe, Middle East, South Africa, and Asia participated in the syndication of the two loan facilities. The Covington team was led by Ralph Voltmer, a corporate partner based in Washington, DC, who has an active India practice. The team included several members of the firm’s London office, including corporate partners Simon Goodworth and Louise Nash; associates Gregor Frizzell, Tom Kollar, and Rachel Turner; and trainee-solicitor Emilie Jones. Also included was corporate partner Bill Collins, who specializes in infrastructure finance and works out of the firm’s New York office. Ralph Voltmer commented: “We are delighted to have advised the Joint Lead Arrangers on these project financings which illustrates their leading position in the Asia-Pacific and international markets. These complex project financings were completed within a very short time frame and called on the firm’s broad deal and substantive experience and highlighted the firm’s international capabilities.” “Covington is developing a very strong reputation in the Indian market, and we look forward to further advancing our client base in this strategically important region.”