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Freshfields Bruckhaus Deringer and Linklaters are understood to have secured the top legal roles on the listing of the oil and power arms of Indian industrial conglomerate Essar on the London Stock Exchange (LSE).
The flotation, if it goes ahead, is expected to raise as much as $3bn (£1.9bn), with the market cap of the new entity reaching as much as $12bn, making it eligible for inclusion in the FTSE100.
Freshfields is thought to be advising Essar on the proposed listing, with corporate partners Stuart Grider and Neil Radford taking the lead.
Linklaters, meanwhile, is acting for underwriting banks Deutsche Bank and JPMorgan. Corporate partners Robert Cleaver and Charlie Jacobs are understood to be leading the team for the magic circle firm, alongside capital markets partner Patrick Sheil.
Indian firms Amarchand & Mangaldas & Suresh A Shroff & Co and Talwar Thakore & Associates handled Indian aspects of the deal for the issuer and banks respectively. The listing is expected to be one of the largest by an Indian company on the LSE. The two magic circle firms also acted on the first major Indian listing in London - 2003’s admission of mining company Vedanta.
A source familiar with the deal said: “There was a feeling that more would come after Vedanta but so far they haven’t. For these sorts of companies London’s still attractive.”
A pathfinder prospectus is expected to be published this week with pricing and evaluation to follow later in the month.