Written by John on 21 February 2013.
♦ Recent Deals ♦ Hong Kong, India, Singapore
Herbert Smith Freehills has acted as international and US counsel to NTPC Limited ("NTPC"), one of India's largest state-owned power generation companies, in connection with an offer for sale ("OFS") by the Government of India of a US$2.14 billion stake in NTPC. The sale of 783,262,880 equity shares at a floor price of Rs.145 per share raised approximately US$2.14 billion, making the NTPC OFS the biggest Indian government privatisation in the current fiscal year and the largest equity deal in India since March 2012. The NTPC OFS marks a significant step towards achieving the Indian Government's target of raising up to USD 6 billion from privatisations in the current fiscal year. Under the OFS structure, shareholders sell their holdings in listed companies in a market-transparent manner, with the sale price set by auction through an exchange-based bidding platform. The Herbert Smith Freehills team consisted of Siddhartha Sivaramakrishnan and Yuji Huang, together with Steve Thierbach. Siddhartha Sivaramakrishnan commented: "We are pleased to have acted on this landmark India capital markets transaction. Herbert Smith Freehills continues to be a leader in the Asia equity capital markets landscape." Citigroup, Deutsche Bank, Goldman Sachs, Kotak Mahindra, Morgan Stanley and SBI Capital acted as brokers to the transaction.
Written by John on 08 October 2012.
♦ Recent Deals ♦ Hong Kong, India
On October 1, 2012, Gazprom announced that the Russian energy company had signed a landmark deal to supply liquefied natural gas (LNG) to GAIL (India) Limited. This marks the first long-term sale of LNG by Gazprom -- through its subsidiary Gazprom Marketing and Trading Singapore (GMTS) -- into the Indian market.
Baker Botts’ London and Hong Kong offices advised on the LNG sale and purchase agreement that included challenging negotiations in London, Singapore, New Delhi and Moscow.
GAIL will receive an annual volume of 2.5 million tonnes of LNG, sourced from Gazprom's production facilities and global trading portfolio. The gas will be delivered to Indian LNG import terminals at Dahej, Dabhol and Kochi.
"We are delighted to have assisted Gazprom to conclude a strategically important deal, being its first long-term sale of LNG into the Indian market," said Mark Rowley, the London-based partner for Baker Botts who led the deal. "We enjoyed a very close working relationship with an excellent Gazprom team. It was extremely satisfying to use our LNG expertise, and international experience, to assist our client in achieving a good result."
Gazprom and GAIL plan to explore further LNG opportunities in India.
Written by John on 03 October 2012.
♦ Recent Deals ♦ India
Field Fisher Waterhouse LLP has advised Ping Pong East Limited, the franchising arm of the casual dining dim sum concept, in relation to the grant of franchise rights for the Indian states of Goa and Maharashtra. Field Fisher Waterhouse IP Associate Gordon Drakes, assisted by Indian qualified solicitor Lisa Sen, advised Ping Pong on its negotiations with the Mirah Group, who are experienced operators in the Indian hospitality sector. The parties signed a franchise agreement which will see the roll out of up to eight Ping Pong restaurants over the next five years. Gordon Drakes said: "We are delighted to have had the opportunity to advise Ping Pong on this deal and help them gain a foothold in this important emerging market. This deal demonstrates Ping Pong's growing international reputation and highlights our expertise in structuring and advising clients on their international franchise roll out programmes."
Written by John on 23 August 2012.
♦ Recent Deals ♦ India
Field Fisher Waterhouse LLP has advised Ping Pong East Limited, the franchising arm of the casual dining dim sum concept, in relation to the grant of franchise rights for the Indian states of Goa and Maharashtra. Field Fisher Waterhouse IP Associate Gordon Drakes, assisted by Indian qualified solicitor Lisa Sen, advised Ping Pong on its negotiations with the Mirah Group, who are experienced operators in the Indian hospitality sector. The parties signed a franchise agreement which will see the roll out of up to eight Ping Pong restaurants over the next five years. Gordon Drakes said: "We are delighted to have had the opportunity to advise Ping Pong on this deal and help them gain a foothold in this important emerging market. This deal demonstrates Ping Pong's growing international reputation and highlights our expertise in structuring and advising clients on their international franchise roll out programmes."
Written by Editor on 01 June 2012.
♦ Economic News ♦ China, India, Indonesia, Korea, Malaysia, Philippines
Frankly, the American economy has taken a huge hit over the past few years. After the housing bust of 2006, the unemployment rate skyrocketed, and many startups folded due to increasing financial woes. As a result, many top businesses looked to jump ship and swim to more promising foreign markets. Though the U.S. economy has improved greatly over the past few years, this trend is still prevalent, especially among law firms seeking new legal business. Such firms often look across the Atlantic and Pacific to open new offices and hire local employees. According to an industry report by Ibisworld, the global recession in 2009 caused a decrease in demand for legal services, leading many companies to branch out to non-traditional locations like Asia for business. "This trend weakened the top-tier firms in 2009 since they receive the bulk of their revenue from major corporate clients," said IBISWorld industry analyst Kevin Culbert, according to a press release. "While profit margins declined following the recession, firms were quick to cut costs." However, many small offices that were once struggling to find clients have now blossomed into major players in the region. In 2007, Asia Law ranked the top law firms in China, Indonesia, India, Malaysia, the Philippines and South Korea across a variety of industries, and many of these firms have remain influential today. If you are trying to make a career move to one of these exciting countries, give our attorney headhuntersat Kinney Recruiting a call. Our professionals can give you access to some of the top law firms in Asia, and also provide advice on the cultural aspects of living in the region.
