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██████ bumps 16 into partnership • ██████ on tax • ██████ ██████ see most • ██████ 150 partners

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Amarchand, Kochhar, Simmons drill out $2.47bn Videocon Mozambique stake for OVL-OIL

Deal pipeline
Deal pipeline

Amarchand Mangaldas advised Videocon Hydrocarbon Holdings (VHHL) on the Indian leg of the $2.475bn (Rs 14,827 crore) sale of its 10 per cent stake in a Mozambique gas field in Brazil.

Indian state-owned corporations ONGC Videsh (OVL) and Oil India (OIL) bought Videocon’s stake advised by Kochhar & Co and Simmons and Simmons.

Amarchand Mangaldas Delhi managing partner Shardul Shroff assisted by partners Vidyut Gulati, Nikhil Narayanan and Puja Sondhi, principal associate designate Ramanuj Gopalan and associate Neha Yadav acted on drafting, review and negotiation for VHHL which had held the stake in Videocon Mozambique Rovuma 1 through its vehicle Videocon Mauritius, according to the firm’s statement.

Kochhar & Co Delhi partner Ngangon Junior Lawang with associates Avichal Prasad and Tarana Khan, and Simmons and Simmons Hong Kong partners Vivien Yang and Ian Wood acted for OVL and OIL which will make the acquisition through a newly formed vehicle in which OVL owns 60 per cent stake and OIL owns 40 per cent.

India is the world’s fourth largest energy consuming nation and imports 80 per cent of its crude oil and 25 per cent of its natural gas requirements, reported Mint. In Brazil the oil fields are estimated to be worth Rs 40,000 crore, according to Business Standard.

UPDATE 28 June 2013: Kochhar & Co advised OVL and OIL on the Indian leg of the transaction, according to a press release received from Kochhar & Co yesterday 

Photo by Harry Harms

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