TT&A, Bird & Bird advised Asian Development Bank on loaning up to $70 million to Vastu Housing Finance Corporation Limited by way of an external commercial borrowing.

TT&A acted as the Indian law counsel for Asian Development Bank on this transaction.

The transaction team consisted of Gautam Saha (Joint Managing Partner), Ambarish Mohanty (Partner) and Shubham Gupta (Associate).

Bird & Bird LLP acted as the English Law counsel for Asian Development Bank.

The proceeds of the loan will be used by Vastu Housing FinCorp to provide finance towards:

(i) housing loans;

(ii) apartments in buildings certified as Leadership in Energy and Environment Design (LEED) three-star and above or equivalent certification;

(iii) individual houses certified under Jan Awas Nirman Green Rating for Integrated Habitat Assessment (JAN GRIHA) with at least two-star rating or a certified green home, or equivalent certification;

(iv) energy-efficient equipment or appliances (such as air-conditioning, refrigerators and freezers, ventilation, boilers), and

(v) photovoltaic systems (such as rooftop solar or solar water heaters).

Vastu Fincorp is a non-banking financial company (NBFC) that primarily focuses on providing loans to individuals and small businesses, particularly those in semi-urban and rural areas who may have limited access to formal credit.

The Asian Development Bank (ADB) is a multilateral development bank dedicated to reducing poverty and promoting sustainable development in Asia and the Pacific. It achieves this by providing loans, grants, and equity investments for a wide range of development projects, including infrastructure, education, health, and environmental protection. Beyond financing, the ADB offers technical assistance, conducts research, and fosters partnerships to support its member countries in their development efforts.

If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.