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

Wednesday, 26 June 2013 By Legally India Corporate M&A

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

Comments

malHOTra fan 26 Jun 2013, 11:45

+3 -3

Way to go Vidyut! You are a rock star!
from under the shadows to with the stars!

doubt ? 26 Jun 2013, 13:53

+0 -0

how long does it take to complete a deal like the one aforementioned ?

and, do law firm's work for weeks on such deals ?

Hunter 27 Jun 2013, 07:00

Months. Yes, Many.

doubt answered 27 Jun 2013, 07:21

+2 -0

[quote name="doubt ?"]how long does it take to complete a deal like the one aforementioned ?

and, do law firm's work for weeks on such deals ?[/quote]
3 weeks and 4 days.

No, but they bill like they do.

Jurisdiction 26 Jun 2013, 18:51

Is AMSS advising on non Indian law? This seems to be the case as assets are Brazilian. Acquirer clearly had international counsel. Target in brazil.

xyz 27 Jun 2013, 11:53

+3 -0

[quote name="Jurisdiction"]Is AMSS advising on non Indian law? This seems to be the case as assets are Brazilian. Acquirer clearly had international counsel. Target in brazil.[/quote]

dont you know many top Indian firms have capabilities to advise on English, French, Indonesian and many other exotic laws of the world!

they are so good that they do not even need an insurance to protect against any mal practice claim!!

Scooter 27 Jun 2013, 14:16

a careful reading of the first paragraph will clear your doubts and drouse the sarcasm.

xyz 27 Jun 2013, 19:52

i did read the first para, however could not figure out what is the Indian leg in this deal? also wonder why ONGC/OVL did not appoint Indian lawyers for the elusive Indian leg?

MC Assoc 27 Jun 2013, 05:09

MP, 3 Partners, a PA-D and an Associate, wow - that's a really top heavy team!!!

Dose of reality 6 Jul 2013, 11:32

Actually some of the people who actually did the deal were neglected. Interesting who made this press release.

ehem 27 Jun 2013, 12:34

This is also a truly unique cross-jurisdictional deal given that it features a Mozambique gas field in Brazil!! Tectonic success!

blinkie 27 Jun 2013, 13:53

Good show, AMSS and Shardul Shroff. Good show, Oil India. Good show, all. Peace.

anonymous 28 Jun 2013, 05:03

Kochhar & Co. has acted all aspects of the transactions for Oil India Limited and ONGC Videsh as the Indian Law Firm, through Simmons & Simmons was negotiating the main Agreement. Somehow, Kochhar & Co. has not been as prompt and excited as AMSS.

anonymous 28 Jun 2013, 05:07

Kochhar & Co. Partner, Ngangom Junior Luwang and associates - Avichal Prasad and Tarana Khan have been actively working on the transaction for the last some weeks as Kochhar & Co. was engaged by OIL to advise the consortium of OIL and ONGC Videsh on the deal as the Indian Law Firm and Simmons & Simmons was engaged as the International Law Firm.

Guest 28 Jun 2013, 08:34

good going avichal..!!!

dancing girl in stone 29 Jun 2013, 03:44

Why a derivative word such as 'excited'? Anyway excitement for work is a good show. Poor deal reporting isn't. And if anything Kochar is or should be more excited about big deals than AMSS should na.

Bigod 5 Jul 2013, 21:05

+0 -1

Indian firms are experts at using big numbers to cloak their miniscule involvement in deals. This deal has nothing to do with india directly. A foreign subsidiary of an indian company purchased some foreign property from the foreign subsidiary of another indian company. The actual "Indian law" related work would have been a day's job for a well read associate. 2 hrs for a good partner. Instead each of these firms - AMSS and Kochar have flaunted their managing partners' names (*and more) to get a bit of publicity. Who will it fool? Not the foreign firms who referred the matter to AMSS. Not insiders for sure. Maybe some interns and students. And themselves.

Even the purchase of a flat in South Delhi involves more legal intricacies than this!!!

Dose of reality 6 Jul 2013, 11:33

FYI.. This transaction was attempted a fair number of times before. So someone did get it right this time :).

Only they arent mentioned here.

sour grapes 12 Jul 2013, 10:48

for yuor stunning insights and analysis about the role of indian law firms - you should be awarded a foreign deal too. check the facts regarding the role of these firms and the extensive work done by them and then comment, my friend.

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