Two firms involved in major private oil company sale

The $16.8bn deal for India’s second-largest private oil company is the largest foreign direct investment in the history of the country.

Linklaters and Freshfields Bruckhaus Deringer have acted in in the $16.8bn sale of Essar Oil, India’s second-largest private oil company.
 
This week, it was revealed that Rosneft, the oil giant majority owned by the Russian government, and a consortium of investors including commodity trader Trafigura and Russian private investment group United Capital Partners will be buying 98% of Essar Oil Limited (EOL) from Essar Energy Holdings and its affiliates. The deal is the biggest foreign direct investment in India’s history yet.
 
Linklaters advised Rosneft on the Sale and Purchase Agreement for an approximately 49% stake in EOL, a deal unanimously approved by the Rosneft Board on 13 October 2016.
 
Rosneft acquired 49% of the Vadinar refinery, one of the most sophisticated refinery in the Asia-Pacific region and the second-largest in India. EOL's business also includes a vast network of more than 2,700 Essar branded retail outlets, the largest private sector oil retail network across India.
 
The Linklaters team was led by Corporate partner Savi Hebbur and included Grigory Gadzhiev, Satindar Dogra, Mathew Plaskow, Sushil Jacob, Yohan Liyanage, Sarah Lindley, Philip Richardson and Preeya Takhar.
 
Talwar Thakore & Associates, Linklaters best friend firm in India, also advised Rosneft, with a team led by Corporate partner Kunal Thakore  and included Tejas Adiga and Raghuveer Parthasarthy.
 
Meanwhile, Freshfields Bruckhaus Deringer advised Essar Energy Holdings Limited in the deal which is subject to receipt of the necessary regulatory approvals and other customary conditions.
 
The Freshfields team was led by London Corporate partner Sam Newhouse whose team provided English law advice in relation to the transaction.
 

Recent articles & video

W+K adopts gen-AI tool designed for Australian legal market

HSF, Maddocks confirm roles in $2.3bn PSC Insurance acquisition

Hunt & Hunt announces support for St Kilda Film Festival

G+T helps banks secure ACCC authorisation for mortgage aggregator assurance program

Data Zoo taps KWM for support on Ellerston Capital investment

Allens assists QIC on minerals fund's initial investments

Most Read Articles

High Court affirms right to reliance damages in landmark breach of contract case

KKR snaps up Perpetual businesses in $2bn deal with G+T's help

Clifford Chance recruits partners from Shearman & Sterling, White & Case as it expands US presence

ASX lister raises $121m with Lander & Rogers' help