Latham and Watkins and AZB & Partners have advised French energy giant Total SA on its $865 million purchase of a 37.4 percent stake in Indian gas distribution company Adani Gas, which was represented by Cyril Amarchand Mangaldas and Clifford Chance.
According to Reuters, Total is looking to capitalise on India’s push for cleaner sources of energy. The country is expected to become the second-biggest driver of global demand for liquefied natural gas (LNG) market, after China. The French company is the third foreign oil major to enter India’s gas sector after BP Plc and Shell.
Indian Prime Minister, Narendra Modi has set a target to more than double the share of gas in India’s energy basket to 15 percent by 2030, while Total has embarked on a series of deals this year to expand its liquefied natural gas (LNG) portfolio, added Reuters.
The AZB team was led by partners Zia Mody, Ashwath Rau and Kashish Bhatia.
The Latham & Watkins team included partners Edward Barnett, Ryan Maierson and Rajiv Gupta.
The Cyril Amarchand Mangaldas team was led by managing partner Cyril Shroff, international tax head Daksha Baxi, and partners L .Viswanathan, Ravi Kumar, Ruetveij Pandya, Paridhi Adani and Avaantika Kakkar.
