Shardul Amarchand Mangaldas & Co. advises Bharat Petroleum to acquire entire shareholding of OQ S.A.O.C in Bharat Oman Refineries Limited
July 12, 2021
Shardul Amarchand Mangaldas & Co. advised BPCL in connection with its acquisition of the entire shareholding held by its joint venture partner, OQ, in BORL, constituting approximately 36.6% of the equity capital of BORL. The deal is valued at approximately INR 2,399 crores (approx. USD 320.92 million). The date of signing was 31 March 2021 and the date of closing was 30 June 2021.
Post the completion of this transaction, BPCL holds 100% of the non-diluted equity share capital of BORL.
The transaction team was led by Nivedita Tiwari, Partner; Akshaya Iyer, Principal Associate; Abhinav Kumar, Senior Associate; Taruna Dhingra, Senior Associate. FEMA aspects of the transaction were led by Nivedita Tiwari, Partner and Devesh Pandey, Partner. Tax aspects of the transaction were led by Amit Singhania, Partner; Gouri Puri, Partner. Anti-trust aspects of the transaction were led by Harman Singh Sandhu, Partner; Pranav Satyam, Special Advisor; and Apurv Jain, Associate.
Clifford Chance and AZB and Partners advised OQ S.A.O.C. IndusLaw advised BORL.
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