AZB & Partners represented ONGC Videsh Limited (OVL), a Schedule ‘A’ Navaratna Central Public Sector Enterprise, in a cross-border transaction of acquiring: (i) Equinor Apsheron AS’ participating interest (PI) in Azeri-Chirag-Deepwater Gunashli oil fields (ACG Oil Field); (ii) Equinor Apsheron AS’ shareholding in AIOC and GPC (both Cayman Island registered companies); and (iii) ONGC BTC Limited’s (ONGC BTC) acquisition of Equinor BTC Caspian AS’ shareholding in two companies – BTC Co. and BTCII (both Cayman Island registered companies) which was holding the Baku-Tbilisi-Ceyhan Pipeline asset (BTC Pipeline). OVL and ONGC BTC were existing PI holders/shareholders in the ACG Oil Field and BTC Pipeline and intended to raise its stake in the assets by providing an exit to Equinor.

The deal team comprised our Senior Partner Anuja Tiwari, Partner Mallika Anand, Senior Associates Pranjal Bhattacharya, Sumi Trivedi and Aman Raj, Associates Munmun Kadam, Siddhanth Mitra and Aditya Goyal, supported by our Partner Anshuman Vikram Singh and Associate Sheetal Aery on corporate law aspects, and by our Senior Partner Anindita Roy Chowdhury, Partners Vatsala Rai and Abhijnan Jha on the arbitration strategy related aspects.