Davis Polk & Wardwell LLP advised the Petroleum Trust on a block trade of 33 million equity shares of Reliance Industries Limited for gross proceeds of approximately $763 million. UBS Securities India Private Limited acted as broker for the transaction.

The Petroleum Trust was formed on May 2, 2002, by Reliance Industrial Investments & Holdings as part of the scheme of amalgamation of Reliance Petroleum with Reliance Industries Limited. Reliance Industrial Investments & Holdings, a wholly owned subsidiary of Reliance Industries Limited, is the sole beneficiary of the trust. Reliance Industries Limited is a Fortune Global 500 company and the largest private sector company in India.

The Davis Polk corporate team included partner Kirtee Kapoor and associate Gordon Chin, both of the Hong Kong office.