The London branch of Canara Bank has provided a €10 million (US$13 million) facility to 3B Fibreglass SRPL (Belgium), a member of the 3B Binani group of companies. The loan facility was backed by a corporate guarantee extended by Binani Industries India – the holding company of the 3B Binani group. The deal required Reserve Bank of India approval.
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Majmudar & Partners advised Canara Bank (London) on the loan. Partner Prashanth Sabeshan in Bangalore led the Majmudar & Partners’ team. TLT was English counsel to the lender and Ashurst represented the Canara Bank on Belgium and Luxembourg laws.
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