S&R Associates Advises BW LPG on Confidence Petroleum India Stake Sale
S&R Associates has advised BW LPG on the sale of its 8.5% equity stake in Confidence Petroleum India Limited (CPIL), marking the global LPG shipping giant’s full exit as a shareholder in the listed Indian company. The transaction, completed on 3 June 2026, was handled by a cross-practice team spanning corporate and tax matters.
Introduction
S&R Associates represented BW LPG, the world’s leading owner and operator of LPG vessels, in the sale of its 8.5% equity stake in Confidence Petroleum India Limited, a listed LPG and CNG solutions provider. CPIL trades on the NSE under the code “CONFIPET” and on the BSE under code “526829”.
The move follows BW LPG‘s earlier decision to cease investment in infrastructure partnerships in India. The divestment marks the full exit of BW LPG as a shareholder in CPIL. All fair value changes were recognised before the sale, and as such the transaction has no impact on the company’s profit or loss or total equity.
Legal Teams Involved
S&R Associates represented BW LPG across both corporate and tax workstreams.
Corporate Team — S&R Associates
The corporate team was led by Apurv Sharma (Counsel), Rajat Sethi (Partner), and Rachael Israel (Partner), with support from Durga Prasad Mohapatra (Associate).
- Apurv Sharma — Counsel
- Rajat Sethi — Partner
- Rachael Israel — Partner
- Durga Prasad Mohapatra — Associate
Tax Team — S&R Associates
The tax team was led by Sumit Bansal (Partner), with support from Taranjeet Singh (Associate).
- Sumit Bansal — Partner
- Taranjeet Singh — Associate
No other law firm was involved. Further details on the buyer’s advisers were not disclosed.
Significance and Impact
The transaction, announced on 3 June 2026, forms part of BW LPG‘s strategic plan to discontinue direct investments in infrastructure and gradually dissolve its partnerships in India. BW LPG continues to focus on its core LPG shipping operations, where it owns and operates about 50 Very Large Gas Carriers (VLGCs), including over 20 vessels with LPG dual-fuel propulsion technology.
The deal is notable for the multi-disciplinary mandate it placed on a single firm. S&R Associates fielded a five-member team spanning both corporate M&A and tax advisory, reflecting the complexity typically associated with a secondary market disposal of a listed-company stake. The transaction involved cross-border considerations, given BW LPG‘s Singapore domicile and CPIL‘s listing on Indian exchanges, requiring integrated advice on both deal structuring and the applicable tax treatment.
For a broader view of recent Indian M&A and capital markets mandates, see the Deal Meter.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
