September 8, 2021

Milbank Advises AG&P in Gas Distribution Joint Venture with I Squared Capital


Milbank advised Atlantic Gulf & Pacific (“AG&P”) in relation to I Squared Capital’s (“ISQ”) investment of up to US$300 million in AG&P City Gas. The joint venture partnership is expected to deploy up to US$1.3 billion of capital expenditure to develop the city gas distribution networks in India.

AG&P City Gas, a Singapore-based company operating in India under the brand name AG&P Pratham, is developing twelve city gas distribution networks, or concessions spanning 280,000 square kilometers and nine states. It is anticipated that the equity investment and partnership between AG&P, one of the largest private city gas distribution companies in India, and ISQ will accelerate the development of critical city gas infrastructure in the country, as well as the distribution of clean and affordable natural gas to millions of industrial and commercial customers across India.

The Milbank team was led by Singapore partner Jacqueline Chan and Hong Kong partner Paul Pery with Singapore associates Hua Chan, Stephanie Kam, Min Kim and law clerk Yixian Zhao.  

“The successful completion of the transaction, given its complexity, multiple equity and debt instruments and innovative first-of-its-kind structures, against the backdrop of a market roiled by the global pandemic, is a testament to Milbank’s ability to deliver top-level support on market-leading deals during even the most challenging conditions,” said Ms. Chan. 

“AG&P is at the forefront of transforming the natural gas value chain in emerging markets and our Milbank team is thrilled to have advised them on this highly important transaction,” added Mr. Pery.