AZB & Partners, Talwar Thakore & Associates, Allen & Overy (A&O), Linklaters and Vinson & Elkins have advised on oil major British Petroleum’s (BP) record acquisition of 30 per cent of 23 oil and gas production sharing contracts (including the KG D6 block) operated by Reliance Industries Limited (RIL) for a consideration of $7.2bn (Rs 32,500 crore).

AZB & Partners, A&O and Vinson & Elkins acted for Reliance while Linklaters with best friend Talwar Thakore & Associates led for BP.

AZB partner Shuva Mandal, with A&O oil and gas partners John Geraghty and Paul Griffin were drafted in for RIL.

Geraghty told The Lawyer magazine in the UK: “This is a landmark transaction by any measure and strategically important for Reliance. We have a much-valued relationship with Reliance and it is fantastic that we’ve been able to continue to develop that relationship by advising them in relation to this deal.”

AZB stated in a release that it rendered legal advice on documentation and negotiation of the joint venture agreements and the sale and purchase agreements apart from helping on regulatory issues.

Linklaters corporate partner and India head Sandeep Katwala with corporate partner Stephen Griffin, advised the world’s second largest publicly traded oil firm BP, which is a long-standing client of the firm.

The deal entails formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India aiming to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in the country.

According to media reports the transaction could lead to the largest-ever inflow of FDI (Foreign Direct Investment) into India, with an immediate consideration of $7.2bn, with another $1.8bn contingent on performance and with a combined investment that could eventually amount to $20bn.