Feb 01, 2008

Cleary Gottlieb represented the underwriters, led by Kotak Mahindra Capital Company and UBS Securities India, in an initial public offering by Reliance Power Limited of 260,000,000 equity shares listed on the Bombay Stock Exchange and the National Stock Exchange of India. The $2.93 billion offering is the largest IPO in Indian history. The transaction closed on February 1. 

The global offering was made to investors under Regulation S and Rule 144A.

Reliance Power is developing 13 power projects in India with a combined capacity of over 28 gigawatts at a projected cost of $28.5 billion. Reliance Power is an affiliate of the Reliance ADA Group, one of the largest business houses in India, comprising companies in the telecommunications, financial services, media and entertainment, infrastructure, energy and other sectors.

Jul 30, 2007

Cleary Gottlieb represented Fortress Investment Group LLC in its acquisition of a minority stake in Reliance Telecom Infrastructure Limited from Reliance Communications Limited. Fortress’ co-investors included a number of leading funds across the United States, Europe and Asia. The deal signed on July 30.

Reliance Telecom, a part of India’s Reliance ADA Group, is worth approximately $6.75 billion. It builds, owns and operates wireless telecommunications towers and related assets, generating revenue by sharing infrastructure with wireless telecom operators through long-term contracts.

May 16, 2007

Cleary Gottlieb represented Indian pharmaceutical firm Wockhardt Limited in its acquisition of Negma Laboratories, a deal that will make Wockhardt Europe's largest Indian pharma company. The $265 million all-cash transaction signed on May 2 and closed on May 16.

Negma is Wockhardt’s largest acquisition to date and its fifth in Europe.

Wockhardt is a global pharmaceutical and biotechnology company with a portfolio of 130 products in Europe. Negma is the fourth largest independent pharmaceutical group in France with 172 patents.

Mar 02, 2007

Cleary Gottlieb represented Mittal Investments S.à.r.l., a Mittal family investment vehicle, in connection with the entering into of a Joint Venture Agreement with Hindustan Petroleum Corporation Limited (HPCL), a state-owned Indian company. The deal was signed on March 2.

The Joint Venture Agreement provides for the construction and operation of a 9-million MTPA greenfield refinery at Bathinda in Punjab state, a 1,011-kilometer pipeline between Bathinda and port facilities in Mundra, and a crude oil terminal together with associated facilities in Mundra. Commercial production is expected to start in September 2010 at the latest. The total cost of the project is estimated to be around $4 billion. Each of Mittal Investments and HPCL will initially hold a 50% interest in the venture.

On March 2, Mittal Investments and HPCL also entered into a Memorandum of Understanding whereby they will cooperate in exploring other opportunities in the oil and gas sector, including setting up a 9-million MTPA capacity brownfield refinery and a petrochemical complex in India.