Davis Polk & Wardwell and Cyril Amarchand Mangaldas have advised Reliance Industries on its $2.6 billion sale of stakes in its retail unit to Singapore sovereign wealth fund GIC, global private equity firm TPG Capital, Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company.

Mubadala, which was represented by Skadden, Arps, Slate, Meagher & Flom, bought a 1.4 percent stake worth $853 million, while ADIA paid $751 million for a 1.2 percent stake. Meanwhile, GIC and TPG Capital together will invest about $1 billion.

According to Reuters, Reliance, controlled by Asia’s richest man Mukesh Ambani, has secured more than $2 billion in investments from global investors over the past few months.

Previously, Google, Saudi Arabia’s Public Investment Fund, TPG, L Catterton, Mubadala, ADIA, KKR, General Atlantic, Vista Equity Partners, Silver Lake, and social media giant Facebook purchased stakes in Reliance’s Jio Platforms.

The Davis Polk team was led by partners Jeffrey R. O’Brien and Leo Borchardt.

Partners Jonathan Stone, Rajeev Duggal and Nathan Giesselman led the Skadden team.


To contact the editorial team, please email ALBEditor@thomsonreuters.com.

Related Articles

Deloitte network adds new M’sia firm led by ex-Rahmat Lim partner

by Mari Iwata |

Deloitte Legal has added to its network a new law firm in Malaysia called Wei Lih Ho & Co, which is led by Wei Lih Ho, a former partner of Rahmat Lim & Partners.

Latham, Ropes, Milbank advise on $6.5 bln merger of BPEA EQT firms in HK

by Nimitt Dixit |

U.S. law firms Latham & Watkins, Ropes & Gray, and Milbank have driven the merger of BPEA EQT’s Hong Kong-based business services firms Vistra and Tricor, creating a combined enterprise valued at $6.5 billion, in a deal that is one of Asia's largest private equity-backed transactions this year.

AZB, SAM, IndusLaw act on $625 mln India cosmetics deal

by Aparna Sai |

AZB & Partners has advised investment firm KKR on its $625 million acquisition of a stake in India’s Vini Cosmetics, which was counselled by Shardul Amarchand Mangaldas, with IndusLaw representing the seller Sequoia Capital.