Allen & Overy has advised Vedanta Resources plc on the financing arrangements for its USD9.6 billion purchase of a majority stake in Cairn India Ltd. Banking partner Sanjeev Dhuna commented: “This is a landmark deal for Vedanta and the Indian market. The financing structure is innovative and state of the art. This deal sets a new benchmark”.
The sale will include one of the country’s biggest oil and gas production developments in Rajasthan and see Vedanta become a major player in India’s oil and gas industry.
The deal follows A&O advising on the largest ever acquisition financing by an Indian corporate earlier this year – Sanjeev Dhuna advised Standard Chartered Bank, as mandated lead arranger and lead advisor, on the financing of Bharti Airtel’s purchase of Zain Africa BV.
The A&O team was led by banking partner Sanjeev Dhuna who was assisted by senior associate Sarah Hubbard-Ford. Additional advice was provided by partners Philip Bowden and Mark Dighero and by senior counsel Jacob Minas.
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