Luthra & Luthra Law offices, Delhi, have advised BPCL on the sale of 24 percent of its equity holding in the Bina Refinery Project to Oman Oil Company. The Rs. 11,397 crore ($ 2.4 Billion) project was originally conceived through a joint venture between Oman Oil and BPCL, the Bharat Oman Refineries Limited set up in 1993.

Oman Oil had frozen its investment in the JV at the initial amount of Rs. 75 crores ($ 16 Million) for a 2 percent equity stake, citing extraordinary delays in implementation of the project. BPCL has confirmed that that Oman Oil has paid Rs 1,220 crore ($ 259 Million) for the 24 percent equity at a 50 percent premium. BPCL, which arranged a loan for the unbridged portion of the Rs. 4,000 crore ($ 860 Million) equity, will recover the remaining 24 percent through a public or a institutional offering at a future date.

The transaction, supervised in different phases by Mumbai Partner Sameen Vyas and Delhi Partners Madhurima Mukherjee and Sundeep Dudeja, was led by Group Head, Nivedita Tiwar and Associates Arun Krishna Dhan, Gautam Gururaj and Manish Gupta.

Linklaters' London, who are the international legal advisors for Oman Oil was led by Head of India Group and Partner, Sandeep Katwala, assisted by Managing Associate, Savi Hebbur. J. Sagar Associates were the domestic legal counsels for Oman Oil. 

In 2003, when the Government had proposed divesting its share in BPCL, the Inter Ministerial Group had chosen Luthra & Luthra from a panel of several law firms, which included the likes of Dua Associates, Amarchand Mangaldas and Pathak Associates. Luthra has since advised BPCL on a variety of deals.