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Khaitan & Co closes $1.7bn Reliance shale gas buy in Pennsylvania

Khaitan & Co and US firm Vinson & Elkins advised Reliance Industries (RIL) in its $1.7bn acquisition of a 40 per cent stake in Pennsylvania-based Atlas Energy in a joint venture for the development of 300,000-acres of natural gas deposits.

International firms Wachtell, Lipton, Rosen & Katz and Jones Day acted for Atlas Energy on this transaction that was announced in April this year.

Khaitan & Co Mumbai partner Haigreve Khaitan was the lead partner for the Mukesh Ambani Reliance group and rendered legal advice on the Indian-law related aspects while Vinson & Elkins partner Douglas Bland is understood to have helped with the American laws.

RIL and Atlas Energy joint venture-cum-acquisition was the first such investment of the year by India’s largest listed company in the US energy sector.

RIL has reportedly aimed for vigorous expansions in the overseas markets.

According to the Business Standard, RIL bought 45 per cent stake in Pioneer Natural Resources’ Eagle Ford shale acreage for $1.3 billion in June followed by 60 per cent acquisition in Carrizo Oil & Gas and its partner in August first week. 

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