Deals of the Year 2011: BP/Reliance

Finally, to M&A, where the outstanding transaction was the $9 billion strategic partnership between BP and Reliance. This wasn’t a landmark takeover, since there was no overall change of control – instead, Reliance Industries sold a 30% stake in its southern and eastern Indian oil and gas fields to BP for $7.2 billion plus up to $1.8 billion in performance payments. However, it warrants recognition partly through scale – one of the biggest foreign direct investment deals into India – and partly through the sheer effort of getting any inbound deal over the line in India.