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International law firm Trowers & Hamlins acted as lead counsel in relation to the USD105 million facility made available by First Abu Dhabi Bank acting through its Singapore Branch (FAB) to OVL Overseas IFSC Limited (OVL Overseas), a subsidiary of ONGC Videsh Ltd (OVL) which is the overseas investment arm of state-owned Oil and Natural Gas Corporation. 

Trowers & Hamlins worked as lead counsel to advise FAB on all matters relating to the financing, including drafting, negotiating and finalising the finance documents with OVL Overseas and OVL.  

OVL is the overseas investment arm of state-owned Oil and Natural Gas Corporation. OVL Overseas was incorporated as its wholly owned subsidiary in GIFT City to act as its global treasury centre to cater for the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across the world. 

This financing marks an important step in OVL Overseas achieving its key objectives of optimizing fund management of OVL and its subsidiaries. 

We are pleased to have been able to draw upon the market leading, cross-border banking experience of our multi-jurisdictional teams in the UAE and South East Asia as well as our India desk, to support our client in achieving financial close within tight time frames.   

The team was led by Elias Moubarak, Partner and Head of Banking & Finance for the ASEAN region, and Nicol Ong, International Banking & Finance Partner in the Malaysia office, with support from Associate Tiffany Tan.

Elias commented:

"Congratulations to the FAB and OVL Group teams who worked tirelessly to successfully conclude this financing. We are pleased to have been able to apply our experience and commercial, solution orientated approach to support FAB in achieving financial close in a timely manner. We are also pleased to have been able to leverage our unique geographical footprint, with offices in the UAE, Singapore and Malaysia as well as a dynamic India desk, to best meet our client's needs." 

Head-Operation OOIL Mr Kaveesh commented:

This was the first borrowing transaction by OVL Overseas and thanks to team Trowers & Hamlins led by Elias Moubarak for smooth closure.” 

Nishad Kulkarni, Executive Director of Corporate Banking India from FAB commented: 

"We are delighted to have been able to work with the OVL team to conclude this financing in a timely manner. This financing is illustrative of the strong relationship between FAB and OVL. We look forward to continuing to support the OVL Group in achieving its ambitious objectives which in turn will have a positive impact on India's energy security and therefore significant benefits for the people of India."