Milbank, Davis Polk act on Indian IPO

Milbank Tweed Hadley & McCloy and Davis Polk & Wardwell advised on the Rs270bn (£3.16bn) IPO of Reliance Petroleum – India’s largest-ever IPO. Reliance has been formed to set up a petroleum refinery and polypropylene plant in the state of Gujarat and will comprise part of the world’s largest oil refinery complex. Funding for the plant has been provided by Reliance Industries and institutional shareholders, with additional financing from banks and export credit agencies. Milbank represented the underwriters and the lending banks in Mumbai, led by London-based finance partner Tom Siebens. Davis Polk served as international counsel to Reliance, led by London tax partner John Paton. Indian law advice was provided by Khaitan & Co (for the underwriters), Junnarkar & Associates (for Reliance), and Amanchand Mangaldas (special counsel to the transaction).