"The acquisition is the biggest foreign acquisition ever in India and Russia’s largest outbound deal. Billionaire brothers Shashi and Ravi Ruia have agreed to sell 98 per cent of Essar Group flagship firm Essar Oil to Russian oil major Rosneft and a consortium of oil trading firm Trafigura with private investment group United Capital Partners for $13 billion, making it the largest foreign direct investment in India.” reported The Hindu and others.

Cyril Amarchand Mangaldas managing partner Cyril Shroff and partners Amita Choudary Katragadda, Ravi Kumar and Anchal Dhir acted for Essar with Freshfields Bruckhaus Deringer acting on non-Indian law elements of the deal.

The Cyril Amarchand team also included New Delhi-based tax partners S.R. Patnaik and Mekhla Anand, and Mumbai competition law partners Bharat Budholia and Anshuman Sakle, and New Delhi- and Mumbai-based dispute resolution partners, Percival Billimoria, Indranil Deshmukh and Kapil Arora, and Mumbai- and New Delhi-based finance partners L. Viswanathan, Pranav Sharma, Dhananjay Kumar and Jatinder Cheema, and New Delhi-based IP partner Ranjan Negi.

Talwar Thakore & Associates partner Kunal Thakore, managing associate Tejas Adiga, and associates Raghuveer Parthasarathy and Shivangi Paranjpe together with Vinod Dhall, competition law executive chairman and managing associate Sonam Mathur and associate Avinash Amarnath, advised Rosneft on Indian law aspects of the deal.

Linklaters acted for Rosneft on non-Indian laws, led by corporate partner Savi Hebbur with Grigory Gadzhiev, Satindar Dogra, Mathew Plaskow, Sushil Jacob, Yohan Liyanage, Sarah Lindley, Philip Richardson and Preeya Takhar.

J Sagar Associates (JSA) partners Sandeep Mehta and Srabonee Roy, together with Slaughter and May advised the Trafigura-led consortium.

Update 1: JSA acted for Trafigura.

Update 2: Added full CAM and Linklaters team.

To be updated with full team details.