$1bn Reliance JV with BP
BP plc and Reliance Industries Limited (RIL) confirmed and completed their Indian fuels and mobility joint venture, viz. Reliance BP Mobility Limited.
This deal involved the transfer of the pan-India petroleum retail marketing and other ancillary businesses of RIL to a separate entity, immediately followed by an acquisition of a 49 per cent stake by BP in the joint venture entity.
Touchstone Partners advised BP on all Indian legal and regulatory aspects of the transaction, including conducting due diligence, negotiation and finalisation of the transaction documents (including the transfer documentation for the various assets), obtaining merger control clearance and assisting with the closing process. The transaction was led by Karam Daulet-Singh and Gaurav Desai.