Reflecting the strength and breadth of the firm’s global practice, Cleary Gottlieb made an early commitment to India. Principally through our London and Hong Kong offices, the firm has been active in India-related work for almost two decades, and was one of the first international law firms to act as counsel in IPOs by Indian companies following the introduction of India’s liberalization program in 1991. We have continued to handle significant matters in India ever since.
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Jan 29, 2011
Cleary Gottlieb represented Tata Steel Limited in its offering of 57 million equity shares, raising approximately $774 million. The follow-on offering included a public offering in India and a Rule 144A/Reg S international placement, marking the first placement by Tata Steel in the U.S. under Rule 144A. Tata Steel's equity shares are listed on the Bombay Stock Exchange and the National Stock Exchange of India. The offering closed on January 29.
Tata Steel is one of the world’s largest steel producers, with major operations in Europe, India and South-East Asia.
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.
Mar 11, 2010
Cleary Gottlieb represented Citigroup Global Markets India Private Limited in its capacity as broker in the sale by Daimler of shares in Tata Motors.
Under the terms of the transaction, Daimler sold a total of 25,596,476 Tata shares for an aggregate price of approximately $414 million on the Stock Exchange of India and the Bombay Stock Exchange. The transaction closed on March 11.
Founded in 1945, Tata is India’s largest automobile manufacturer. Tata’s ADRs are listed on the New York Stock Exchange. Amarchand & Mangaldas & Suresh A. Shroff & Co. acted as Indian counsel to Citigroup. AZB & Partners acted as legal advisors to Daimler.
Jul 28, 2009
Cleary Gottlieb represented Tata Steel Limited in connection with its offering of 65,410,589 global depository receipts (GDRs), raising approximately US$500,000,000. The offering was also accompanied by the listing of the company's GDRs on the London Stock Exchange, which complements the existing listing of its shares in India and is the largest Indian GDR ever to be listed in London. It is also the largest capital raising by a company outside of its domestic market on any European exchange this calendar year. The offering closed on July 24, 2009.
Tata Steel Limited is the world’s eighth largest steel producer, with major operations in Europe, India and Southeast Asia. The listing marks a return to the UK stock markets for the assets formerly controlled by Corus, which was acquired by Tata in 2007 and which still employs over 24,000 people in the United Kingdom.
Jun 12, 2008
Cleary Gottlieb represented ONGC Mittal Energy Limited (OMEL) in the acquisition of two offshore oil & gas prospecting permits and the negotiation of the related production sharing contracts (PSC) with Nigerian National Petroleum Corporation (NNPC). Cleary Gottlieb advised on the negotiation of the farm-out agreements with Total, the partnership and carry arrangements with the local partner and the joint operating agreements (JOA) relating to the two blocks, along with various ancillary agreements. The investment was structured under an oil-for-infrastructure framework, a foreign investment regime recently adopted by the Nigerian Government. The transaction closed on June 12, 2008.
OMEL is a joint venture between Mittal Investments Sarl and ONGC Videsh Ltd. focusing on oil & gas investment opportunities. ONGC Videsh Ltd. is the international arm of Indian national oil & gas corporation ONGC.
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 01, 2008
Cleary Gottlieb represented First Reserve Corporation, a leading energy-focused private equity firm in its investment in Kenersys, a newly-formed integrated wind energy company of the $2.1 billion Kalyani Group, a leader in the auto component sector in India. Kenersys is expected to focus on design, assembly and marketing of wind turbine generators.
With over $1.2 billion invested in alternative and renewable energy companies, First Reserve is one of the largest investors in renewable energy. It is targeting up to 15% of funds under management to this sector. First Reserve has invested in seven companies covering biofuels, waste to energy, CO2 offset origination and renewable generation through solar and wind power.
Kenersys, with its design set-up in Germany and two operating companies in Germany and India, is expected to initially focus on assembling and marketing turbines in Europe and Asia-Pacific. The Indian organization will focus additionally on turnkey wind farm project development. Other regions, including North America, are expected to follow.
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.
India Private Equity Deal of the Year
(TPG and Shriram's acquisition of Vishal Retail)
International Financial Law Review (2012)
Capital Markets Deal of the Year
(Tata Steel's $774 million Reg S/Rule 144A follow-on equity offering)
India Business Law Journal (2011)
Named a "significant player" for India-related transactions as part of IBLJ's fifth annual survey of international law firms working in India.
India Business Law Journal (2011)
Top 10 International Firms for India Work
India Business Law Journal (2010)
Capital Markets Deal of the Year
(Tata Steel's $500 million GDR offering)
India Business Law Journal (2010)
Leading International Law Firm for India-related Expertise
India Business Law Journal (2009)
Capital Markets and Finance Deal of the Year
(Reliance Power’s IPO)
India Business Law Journal (2009)
“This respected US firm focuses on high-end transactions, and typically represents blue-chip US and European clients seeking to expand into India. Sources say: ‘We were impressed with the team’s excellent level of service, quality, reliability and availability.’”
Chambers Asia (2013)
“This leading Wall Street firm handles a selection of the more substantial and complex capital markets transactions in the Indian market, generally acting for banking or corporate clients. Sources say: ‘A superb firm.’”
Chambers Asia (2012)
“Cleary Gottlieb Steen & Hamilton LLP provides ‘excellent expertise, knowledge and reliability’ to a raft of Indian corporates such as ArcelorMittal, Tata Group and Reliance Industries, and also advises private equity sponsor TPG on its investments in India.”
Legal 500 Asia Pacific (2011)
“Cleary Gottlieb Steen & Hamilton continues to provide high quality service to companies in India.”
IFLR 1000 (2011)
Sources say: “They have a strong team that does high-end work.”
Chambers Asia (2011)
“Cleary Gottlieb Steen & Hamilton LLP has deeply entrenched roots in the Indian market since the country’s liberalisation program in 1991, and has strong relationships with some of the largest Indian corporates.”
Legal 500 Asia Pacific (2010)
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