Osaka Gas advised on Indian city gas foray

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Khaitan & Co advised Tokyo Stock Exchange-listed Osaka Gas in its USD120 million investment, along with JOIN (Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development), in AG&P CGD HoldCo SPV3 (Singapore) ‒ AG&P City Gas ‒ which is developing 12 city gas distribution networks in India under the brand name AG&P Pratham.

Mori Hamada & Matsumoto’s Tokyo office advised Osaka Gas on the transaction documents and Singapore law aspects, while Milbank advised AG&P on the same. Trilegal advised AG&P on Indian law.

Announcing the deal, which closed on 20 December 2021, Osaka Gas said it was the first Japanese company to participate in the Indian city gas business.

Khaitan & Co’s core team comprised partners Zakir Merchant, Dibyanshu and Saswat Subasit, principal associates Prateek Bhandari and Sagar BM, and associates Agranee Kapoor and Sathyajith Nair. Principal associate Shikha Rastogi and associate Anish Kapoor assisted with due diligence.

Trilegal’s team was led by partners Upasana Rao and Nayantara Nag and included counsel Dhruv Chatterjee.

Atlantic Gulf & Pacific (AG&P) has exclusive rights for 25 years to develop city gas distribution infrastructure and supply gas across areas in Southeast India and Rajasthan. AG&P is part-owned by Osaka Gas, JBIC (the Japan Bank of International Co-operation) and publicly traded Kuwait fund Asiya.

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