Davis Polk & Wardwell LLP advised Reliance Holding USA, Inc. on its Rule 144A and Regulation S offering of $1.5 billion aggregate principal amount of senior notes guaranteed by Reliance Industries Limited. The offering consisted of $1 billion principal amount of 4.5% senior notes due 2020 and $500 million principal amount of 6.25% senior notes due 2040. Banc of America Securities LLC, Citigroup Global Markets Inc., The Hongkong and Shanghai Banking Corporation Limited and The Royal Bank of Scotland plc acted as joint bookrunners and lead managers.

Reliance Holding USA is currently focused on developing a business relating to the production of natural gas and liquids from various shale deposits in the United States and has entered into joint ventures with three established shale gas companies that are active in the Marcellus Shale in Pennsylvania and the Eagle Ford Shale in South Texas.

Reliance Industries is an integrated energy company with leadership positions in the areas of oil and gas, petroleum refining and petrochemical manufacturing, and operates principally in India. It is India’s largest private sector enterprise.

The Davis Polk corporate team included partner Jeffrey R. O’Brien and associates Reuven B. Young, Phillip G. Sharp and Radoslaw Michalak. Partner John D. Paton and associates Alon Gurfinkel and Kent Heggerud provided tax advice. Associate Catherine L. Martin of the New York office provided Investment Company Act advice. Bhupinder Grewal was the legal assistant on the transaction. Except as noted above, all members of the Davis Polk team are based in the London office.