AZB & Partners acted as transaction counsel to Indian Strategic Petroleum Reserve Limited (ISPRL), a Government of India enterprise, in structuring and drafting the complete suite of bid documents that culminated in the successful award of the development of the 2.5 MMT Padur Phase II Strategic Petroleum Reserve to Megha Engineering & Infrastructure Limited on a public-private partnership basis (DBFOT). Padur Phase II is the first strategic crude-oil cavern in the country to be developed under a PPP model. When operational, it will extend India's strategic crude-oil cover by an additional 12 days, taking total reserve capacity from 10- to 22 days, according to the Ministry of Petroleum and Natural Gas.
Our deal team comprised our Senior Partner Anuja Tiwari, Partner Mallika Anand, Senior Associate Aman Raj and Associate Shikhar Thukral.
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