Cyril Amarchand Mangaldas Advised Sumitomo Corporation, Osaka Gas, And JOIN On Investment In AG&P LNG Marketing
Cyril Amarchand Mangaldas has advised Japanese consortium consisting of Osaka Gas, Sumitomo Corporation, and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) on their primary investment into AG&P LNG Marketing Pte. Ltd (AG&P).
The consortium, led by Osaka Gas, the second-largest city gas distributor in Japan, has reached an agreement to invest in AG&P Marketing, with the aim of enhancing AG&P’s city gas distribution (CGD) business in India.
AG& Marketing, a significant player in India’s energy sector, boasts a prominent presence with a City Gas Distribution (CGD) network spanning 28 districts nationwide, authorized by the Petroleum and Natural Gas Regulatory Board of India. Additionally, AG&P holds investments in THINK Gas, operating in 7 geographical areas (GAs) mainly in north-central India, and AG&P Pratham, with 12 GAs predominantly in southern India.
Leveraging the recent investment, AG&P aims to expand its gas distribution coverage, particularly in urban areas of north and central India. Supported by Osaka Gas and its consortium partners, AG&P seeks to bolster its foothold in the Indian market and contribute to the nation’s transition towards low-carbon energy solutions.
This strategic endeavor aligns with the Indian government’s initiatives to promote natural gas usage and develop city gas distribution networks, amid a growing emphasis on reducing carbon emissions and air pollution as India’s economy continues to expand.
Cyril Amarchand Mangaldas played a pivotal role in advising the consortium on Indian regulatory requirements and conducting due diligence on Indian entities involved in the CGD business.
The Project & Project Finance team of Cyril Amarchand Mangaldas advised on the transaction. The transaction team was led by Ajay Sawhney, Partner; Aditi Misra, Partner; with support from Angira Chakraborty, Senior Associate; and Aditya Prakash, Senior Associate; Ragini Agarwal, Associate; Siddharth Rana, Associate; Ashish Jain, Associate; Aeruva Akash, Associate; and Yathansh Joshi, Associate; who helped in due diligence of the Indian companies.
Sreetama Sen, Partner; with support from Nooreen Haider, Principal Associate; and Bhadra Nair, Associate; assisted on due diligence covering corporate aspects.
Ankita Ray, Partner; with support from Akshat Sahajpal, Senior Associate; Anushka Dua, Associate; assisted on due diligence of employment related aspects.
Kranti Mohan, Partner; and Janhavi Seksaria, Partner with support from Saloni Tyagi, Senior Associate advised on InVIT and IPO related aspects of the deal.
Vijay Chauhan, Partner; with support from Rajat Sharma, Associate; Jaibir Bindra, Associate; advised on competition law aspects of the deal.
Kapil Arora, Partner; assisted on disputes and on white collar law related aspects.