List, Swap, Acquire: The ADR Case For Indian Oil and Gas

In his session, “List, Swap, Acquire: The ADR Case For Indian Oil and Gas,” Satish Jha explores how Indian oil and gas companies can consider alternative approaches to international expansion and capital access. The session examines why American Depositary Receipts (ADRs) can provide an alternative to direct cash acquisitions abroad, alongside considerations around asset acquisition, corporate restructuring, and international listings. It also looks at the economics of acquiring overseas oil and gas assets, using a Permian scenario to illustrate the potential fit between international assets and operators with comparable cost structures in India. The discussion further considers the regulatory and disclosure challenges involved in such strategies.