India

Founded in 1986, Dua Associates serves a wide spectrum of clients drawn from multinationals including from the US, Europe, Japan and ASEAN.

Focusses / specialisms

The firm is strongest in its work involving mergers and acquisitions, foreign direct investment, private equity and other corporate transactions. It also covers a wide range of industrial sectors including healthcare and life sciences, technology, telecommunication, insurance, real estate, projects and infrastructures.

Key clients

Notable clients include Desay SV Automotive Singapore, TVS Motor, SNP, Blaser Swisslube, Fourth Partner Energy, Ritika, Kotak Securities and Lease Plan India.

Research period review: 33rd edition (2022/2023)   

In M&A, the firm was active in strategic deals on the buy side. The deals were in the infrastructure, energy and logistic sectors.

The firm was also active in restructuring and insolvency during the research period. 

The insolvency team welcomed partner Shikha Ginodia.

Deal highlights: 33rd edition (2022/2023)   

Bel Group/Britannia Industries joint venture.

Edwards’ acquisition of HHV Pumps.

Mahindra Logistics’ acquisition of approximately 60% stake in ZipZap Logistics.

Client feedback: 33rd edition (2022/2023)   

M&A

“They provide a diligent approach for an in-depth analysis. Good calibre resources across all levels, starting from associates, in-house expertise on all technical aspects, and the acumen to understand business aspects and advise accordingly.”

Prateek Bedi

“Honours delivery timelines, understands the business and advises accordingly, and produces crisp drafting, keeping in mind cross-legal implications.”

Nityashjit Kaur

“Nityashjit respects timelines, has a diligent approach on every given assignment, and provides efficient team management.”

Sunil Malik

“Mr. Malik is a reservoir of knowledge and a rare combination of technical expertise and humility.” 
 

Founded in 2019, AP & Partners has an office in New Delhi with four partners under the leadership of senior partner Anand Prasad. 

Focusses / specialisms 

The firm is recognised for its corporate and M&A, private equity and restructuring and insolvency work. It has a focus on the technology sector.

Key clients

Notable clients include Sequoia Capital, InterGlobe Enterprises, SpaceX/Starlink, Karza Technologies, Behtar Technology, Honda, Uber and Noble Resources.

Research period review: 33rd edition (2022/2023)   

The corporate team was recently active for buyers, sellers and merger parties across several domestic and cross-border mandates. In a landmark matter, the firm advised a food and beverage company on its merger, which was a significant deal in the food and beverage space globally.

The firm was also active on restructuring and insolvency matters. An eye-catching deal saw the firm act for the insolvent entity in one of the first insolvency resolution cases in India.

The firm recruited partner Harshit Anand into the M&A and private equity team and counsel Vipin Tyagi into the restructuring and insolvency team.

Deal highlights: 33rd edition (2022/2023)   

IPLTech Electric’s acquisition by TI Clean Mobility.

The $21 billion merger of Koninklijke DSM and Firmenich.

Noble Group Holdings’ $364 million insolvency.

Religare Finvest’s restructuring. 

Founded in 2004, AZB & Partners is a household name in the Indian legal market and has solidified its reputation as a top-notch corporate law firm. The firm has offices in Mumbai, New Delhi, Bangalore, Pune and Chennai.

Focusses / specialisms    

The firm performs consistently well in banking and finance, capital markets, corporate and M&A, private equity, and restructuring and insolvency. 

The banking team’s capabilities include advising both lenders and borrowers on matters such as project finance, acquisition finance, real estate finance and structured finance.  

The capital markets team has notably acted on significant mandates and is particularly sought after for advising on landmark QIPs. 

The firm’s corporate and private equity teams have built an impressive reputation with roles on marquee mandates. Their experience covers a wide range of matters, including domestic and international acquisitions, joint ventures, leveraged and unleveraged buyouts, control deals and distressed investments.  

The firm is also a formidable player in the restructuring and insolvency areas. Bahram Vakil, one of the firm’s founding partners, was notably a member of the Bankruptcy Law Reforms Committee set up by India’s Ministry of Finance.  

The firm takes on clients from a diverse range of sectors, including banking and financial services, energy, transport, oil and gas, automotive, technology and telecommunications, insurance, and food and beverage.

Key clients 

Notable clients include Goldman Sachs, Credit Suisse, Bank of America, Citibank, Anand Rathi Wealth, Aptus Value Housing Finance India, Allied Blenders & Distillers, Deltatech Gaming, Nazara Technologies, Zifo Technologies, Amazon and Tata Sons.

Research period review: 33rd edition (2022/2023)    

The banking team was acting for lenders and borrowers in asset finance, leveraged finance, real estate finance and project finance transactions during the research period. It also provides regulatory counselling to financial institutions along with increased restructuring and refinancing advice to borrowers. 

In the capital markets area, the firm advised on debt and equity transactions. On the debt side it did a mix of issuer and arranger-side work on private placement of bonds and debenture Issue. On the equity side it worked for issuers on IPOs. 

In M&A and private equity, the clients of the firm include market leaders from financial services, healthcare, and oil and gas. The deals also created great impact. Eye-catching mandates include the India’s largest-ever merger and acquisition transaction in the infrastructure and materials space. On the private equity front, the firm also worked on several marquee deals. 

In the projects space, the team was involved in various sectors such as energy, transport, and industrials and manufacturing.  

In staffing changes, Karthik Mudaliar and Shivanand Nayak from the banking and finance team got promoted to partners. Senior partner Gautam Saha and Pallavi Meena departed the firm.  

The firm also recruited senior partner Nandish Vyas, counsel Abhilash Chandran and Kritika Agarwal into the corporate and M&A team.

Deal highlights: 33rd edition (2022/2023)    

API Holdings’ structured debt financing 

Housing Development Finance Corporation’s $400 million term loan facility. 

IHC’s acquisition of a minority stake in Adani Transmission, Adani Energy and Adani Enterprises. 

Petronas Chemicals Group’s $2.3 billion acquisition of Perstorp Holding.

TMF Group’s non-convertible debt issuance.

Client feedback: 33rd edition (2022/2023)    

Capital markets

“They offer accessibility, problem-solving ability and responsiveness.”

Leveraged finance

“The AZB team understands the private equity sponsor clients and facilitates navigating their investment in India.”

M&A

“AZB is highly dependable, has excellent subject knowledge and is very practical when it comes to ensuring timely closure of deals.” 

“High responsiveness, full attention and dedication, quick turnaround times, top-notch advice, strong negotiation qualities, pragmatic approach and excellent communication. A fully integrated law firm.” 

“They are absolutely business orientated, provide super-fast turnarounds of SPA drafts and are 24/7 available. Very good value for money, perfect service.”

Private equity

“AZB & Partners guides us on the documentation and helps in negotiating the critical clauses at the right stage of our journey.” 

“Responsive, thoughtful and knowledgeable in all areas of their advice.”

Rahul Agarwal

“Rahul offers responsiveness, knowledge and accountability.”

Ajay Bahl

“Ajay offers knowledge, communication, responsiveness and accountability.”

Agnik Bhattacharya

“Agnik displays responsiveness, accountability and problem-solving ability.”

Ishan Handa

“Very personable and hard-working.”

Darshika Kothari

“Darshika is very focused, pragmatic and has in-depth knowledge.”

Divya Mundra

“She is business and problem-solving orientated, always available, perfect service.”

Devika Nayak

“A strong deal and team leader, with full focus on transaction and client demands, seamless integration between client and adviser, and focused and high-quality output, thinking of client’s priorities first.” 

“She is business and problem-solving orientated; a very good negotiator; 24/7 available; and provides perfect service.”

Ashish Pareek

“Ashish Pareek is a very diligent and learned professional. He is able to bring to attention specifics that may save us future trouble and he guides us very well on matters of importance.”

Suharsh Sinha

“Excellent subject knowledge, very dependable and adheres to timelines.” 
 

Chadha & Co is a full-service law firm founded in 2002. The firm is headquartered in New Delhi and has several foreign desks. 

Focusses / specialisms 

The firm acts for domestic and foreign clients on matters such as acquisitions, joint ventures and fundraisings across sectors including energy, industrials and manufacturing, consumer products, and technology and telecommunications.

Key clients

Notable clients include Agardsdotter & Co, Ciena International, Denso, DFS Group, DSM Nutritional Products, Electronic Arts, Hitachi, Honda, L’Occitane, OPPO, Panasonic, Pinkerton, Roland, STMicroelectronics, Sumitomo Electric and Talgo.

Research period review: 33rd edition (2022/2023)   

During the research period, the firm was busy advising on cross-border M&A, project development and restructuring transactions.  

Deal highlights: 33rd edition (2022/2023)   

Ymer Technology and Kanak restructuring.   
 

Chandhiok & Mahajan have offices in New Delhi, Bangalore, Hyderabad and Mumbai. The firm is recognised for its corporate and M&A and restructuring and insolvency work. Pooja Mahajan serves as managing partner of the firm. 

Focusses / specialisms    

The firm represents clients such as government entities, domestic and foreign corporates, insolvency professionals and promoter groups across a range of matters including mergers, acquisitions, joint ventures, restructurings, and insolvencies. Sectors of interest include industrials and manufacturing, technology, pharmaceuticals and energy.

Key clients

Notable clients include Refex Group, SAI Global India Fund I, ON Mauritius II, KTC Moly India, KTC Metals, KTC Ferro Alloys, Radiohead Brands and AlmaBetter Edutech.

Research period review: 33rd edition (2022/2023)   

During the research period, the corporate team was very active in cross-border and domestic acquisitions for both the buy and sell sides. The firm covered clients from different sectors including manufacturing, healthcare and education.

Deal highlights: 33rd edition (2022/2023)   

Refex Group’s acquisition of EMCO. 

Client feedback: 33rd edition (2022/2023) 

Private equity

“They are responsive and quick in their turnaround times, and come up with clear, actionable advice.”

M&A

“Efficient, problem-solving and commercial.”

Sujoy Bhatia

“Intelligent, calm, reasoned and effective.”

Kaushalya Venkataraman

“Very responsive and takes the lead in problem solving.” 
 

Founded in 2015, Cyril Amarchand Mangaldas is a household name in the Indian legal market. The firm has offices in Ahmedabad, Bengaluru, Chennai, New Delhi, Hyderabad, Mumbai and Singapore.

Focusses / specialisms    

The firm is experienced in advising domestic and foreign commercial enterprises, financial institutions, private equity funds, venture capital funds, startups, and government and regulatory bodies.

Key clients

Notable clients include State Bank of India, ICICI Bank, Bank of Baroda, IDBI Bank, Deutsche Bank, Standard Chartered Bank and Rabobank.

Research period review: 33rd edition (2022/2023)   

The banking team is regularly engaged by borrowers and lenders and advises across the spectrum of banking and finance matters. It also advises on financial services regulatory matters.

In capital markets, the firm has a history advising on landmark transactions. In a milestone mandate, the firm advised on the largest IPO of equity shares in the history of capital markets in India.

Deal highlights: 33rd edition (2022/2023)   

Life Insurance Corporation of India’s IPO.

PGP Glass’s $360 million financing.

Union Bank of India’s term loan facility. 
 
 

Established in 1978, Dave & Girish & Co is a full-service law firm headquartered in Mumbai. Key figures of the firm include founder partner Girish Dave and managing partner Mona Bhide.

Focusses / specialisms

The firm is known for its financial structuring documentation and litigations. The prime practice areas include international corporate transactions, M&A, private equity, capital markets, derivatives and project finance. 
 
 

Established in 1999, Dentons Link Legal is a full service corporate and commercial law firm with over 40 partners and 150 lawyers across multiple practice areas. With offices across all major Indian cities and access to more than 160 offices in more than 80 countries of Dentons’ combination firms across the world.

Focusses / specialisms    

The firm boasts a well-diversified financial and corporate offering.

In banking, the firm advises clients such as banks, financial institutions, and public and private companies on domestic and international transactions across various industries.

The firm’s capital markets team often represents book-running lead managers in equity deals.

The firm has established itself as a strong restructuring player and advises clients such as resolution professionals and operational creditors.

In projects work, key sectors of focus include infrastructure, transport, energy, utilities and automotive. The firm has a specialised Japanese desk focused on advising Japanese infrastructure companies operating in India or looking to enter India.

Key clients

Notable clients include NaBFID, Reserve Bank of India, State Bank of India, Union Bank of India, Axis Bank, Bank of India, HDFC Bank, ICICI Securities, SBI Capital Markets, IIFL Securities, Twin Technology and VinZero.

Research period review: 33^rd edition (2022/2023)   

The banking team mainly acted for lenders on loan facility and debentures issues during the research period, and impressed with a role for lenders/subscribers of some big-name banks, investors and institutions providing term loan facilities.  

The capital markets team was particularly active in the equity capital market advising on IPOs.

The corporate team was active in acquisitions for both the buy and sell sides. The firm covered clients from different sectors including manufacturing and consulting.

The firm was also active in project development, especially in infrastructure and energy.

A significant restructuring and insolvency mandate saw the firm advise one of the few cases of the sale of a company in liquidation, as a going concern, under the Insolvency and Bankruptcy Code.

Associate partner Jimit Shah from the capital markets team departed the firm.

The M&A team welcomed partner Sayantani Dutta and while partner Gaurav Priyadarshi and Jinni Sinha departed the firm.

Deal highlights: 33^rd edition (2022/2023)   

Dholera Airport in the state of Gujarat.

Ethos’ IPO.

Fedbank Financial Services’ IPO.

Ramayapatnam Port Development Corporation’s loan facilities.

Volex’s acquisition of inYantra.

Client feedback: 33^rd edition (2022/2023)   

M&A

“Proactive and client-focused.”

Anand Srivastava

“Client focus, patience and dedication to client service.”

Founded in 2013 in Mumbai, full-service law firm Dhaval Vussonji & Associates has a team of more than 60 lawyers in Mumbai with offices in Bengaluru and Delhi. 

Focusses / specialisms  

The firm has rich experience in advising banks, non-bank financial companies and borrowers in concluding transactions involving term lending, consortium working capital lending, and pre-shipment and post-shipment facilities, among others.  

It also regularly advises domestic and cross-border financing transactions in the real estate, aviation, education and shipping sectors in India, China, Singapore and Africa.

Key clients

Notable clients include Piramal Enterprises, Kautilya Real Estate Finance, Piramal Capital and Housing Finance and Indvalue Homes.

Research period review: 33rd edition (2022/2023)   

During the research period, the firm was advising lenders on asset finance and acquisition finance. 

The firm was also active in restructuring and insolvency, acting for creditor, debtor and administrator. 

Deal highlights: 33rd edition (2022/2023)   

Kautilya Real Estate Finance debt funding. 
 
 

Founded in 2005, Gagrats is an Indian law firm based in Mumbai. The firm also has an associate office named Gagrat & Co in New Delhi.  
  
Focusses / specialisms    

The firm is strongest in its banking and finance and project development practices, it also offers a broad-based practice cutting across a wide range of legal disciplines from finance, M&A, private equity, capital markets, securitizations, and project development.    
  
Key clients    

The firm has represented Indian and international corporates including banks, funds, foreign institutional investors, foreign educational institutions and airlines. Active industry sectors include aviation, engineering, infrastructure, energy, mining, pharmaceuticals, healthcare, hospitals, insurance, financial services, education, consumer products, tourism, transport, logistics, oil and gas, real estate, hospitality, retail, defense, advertising, publishing, chemicals, and telecommunications. 

Research period review: 33rd edition (2022/2023)

During the research period, the firm was active in banking and finance, capital markets, M&A, private equity, restructuring and insolvency, and project development areas. 

In the banking sector, the firm has been busy advising clients in regard to corporate finance, including on external commercial borrowings, securitisations and project finance, especially in aviation. The team often represented major Indian and foreign banks, multilateral lenders, domestic and foreign funds and Foreign Institutional Investors.

In the capital market, the team has been active in issuance of securities and related regulatory matters. 

The corporate team continued to advise clients on cross-border acquisitions, disposals, joint ventures, and restructuring works in the SAARC region, including The Middle East, Europe and the Far East, including in Bhutan, Iraq, Uzbekistan, Russia, Spain, Malaysia, Taiwan, Turkey, Jordan, Vietnam, the Philippines, Egypt, the U.A.E and Qatar. 

The project team has been acting for foreign and domestic power companies and state electricity boards on IPPs, Co-generation projects, Solar, Wind Power Projects and Nuclear Power Projects, and continued to be active in advising infrastructure projects.  

Boutique law firm Halder & Associates was founded in 2017 with a focus on corporate and M&A, and project finance and development work. The firm maintains its primary office in New Delhi.

Focusses / specialisms 

The firm works across numerous industries, including energy, healthcare, real estate, manufacturing, and pharmaceuticals. The projects team has experience in advising government entities, trade associations and development institutions on project financing and development mandates. 
 

Established in 2003, full-service law firm India Law Offices is led by founding and managing partner Gautam Khurana. The firm advises on matters across the country with offices in cities including New Delhi, Mumbai, Chennai, Bangalore, Hyderabad, and Goa. The firm is also associated with Warwick Legal Network, XLNC, IR Global, and PraeLegal.

Focusses / specialisms

The firm is recognized for its corporate and M&A capabilities. It also covers capital markets, joint ventures, private equity, restructuring, and insolvency across sectors including healthcare, construction, and infrastructure, automobile, power and energy, oil and gas, defence, real estate, IT, agriculture and FMCG.

Key clients

Key clients of the firm include Pidilite Industries, Broekman Logistics India, and COSCO Shipping.

Research period review: 32nd edition (2022/2023)

During the research cycle, the firm was active in banking and finance and corporate M&A activities.

The finance team was preoccupied with financing transactions and related mandates and acted for both lenders and borrowers in the logistics and construction sectors.

In the M&A area, the team was involved in private acquisition and share buyback activities advised acquirers and shareholders.

Deal highlights: 32nd edition (2022/2023) 

Broekman Logistics India’s fund raising from Dutch bank

Founded in 2000, IndusLaw is well known in the Indian legal market with a diversified financial and corporate practice. The firm has offices in Bangalore, Delhi, Hyderabad, Chennai and Mumbai.

Focusses / specialisms  

The firm is active in banking and finance, capital markets, M&A, project development and restructuring and insolvency. The firm boasts a particularly strong private equity practice. The firm represents clients across a broad range of sectors including energy, real estate, oil and gas, transport, industrials and manufacturing, technology and telecommunications, retail, and banking and financial services.

Key clients

Notable clients include PhonePe, Mamaearth, Lodha Developers, Navi Group, Yatra, Fusion MicroFinance, FirstMeridian, Lohia Corp, Greenko Energy, Ecoren Energy, Amp Energy, ReNew Power and Mahindra Susten.

Research period review: 33rd edition (2022/2023)   

The banking team was actively advising on financial services regulatory matters during the research period.

The capital markets team was particularly active on equity mandates, and it was kept busy with IPOs. 

The corporate team was very active in acquisitions for both the buy and sell sides. The firm covered clients from different sectors including technology, media and entertainment, e-commerce, infrastructure and shipping.

In projects, the team was involved in various sectors such as energy, infrastructure, hospitality and real estate.

In restructuring and insolvency, the firm mainly acted for creditors.

In staff changes, Abhyuday Bhotika from the capital markets team was promoted to partner. 
The firm also promoted Nikita Goyal, Ankita Gupta, Aakash Dasgupta and Ashwin Krishnan from private equity team to partners. The firm hired partner Amrit Mehta from Majmudar & Partners, while partner Anubha Sital departed the firm.

The firm also recruited partner Maneesha Kongovi and Sourasubha Ghosh into the restructuring and insolvency team while partner Lomesh Kiran Nidumuri departed the firm.

Deal highlights: 33rd edition (2022/2023)   

BRLM’s IPO.

EbixCash’s IPO.

Edelweiss Asset Reconstruction Company’s restructuring.

Mohalla Tech’s $700 million acquisition of MX TakaTak.

Client feedback: 33rd edition (2022/2023)   

Capital markets

“Proactive, always reachable, comes up with solutions to problems.”

“Very approachable. Quick to respond and they provide clarity of thought.”

Insolvency

“They provide good market know-how, practical and time-bound advice, and responsiveness.”

M&A

“Commercial and closure-orientated.”

“They are very knowledgeable and aware of regulatory constraints and solutions, ensuring that the client does not take on risks, and they handle difficult points with diplomacy and firmness and an overall sense of timeliness.”

“They have strong corporate and capital markets practices.”

“They were outstanding in their work. Their feedback was prompt, detailed and accurate – their knowledge on the legalities for M&A was excellent. It was an assurance to have them in our corner.”

“Quick access to and attention from their team. Dependable advisory services, moulding their services and deliverables to our requirements.”

“Very professional, they are an example of customer-centricity, timely response and a uniform experience whoever you are dealing with in Indus. They are easy to approach, solution-orientated, listen to you, dependable and – most importantly – result-orientated by committing to timelines. They possess expertise, and are ready to do the groundwork rather than just be in an advisory role. True partners.”

Private equity

“Experience, innovative solutions and responsiveness.”

“Good know-how, hands-on and I would recommend.”

“Highly responsive. Attuned to the market. A trusted adviser with an ear for the commercial while also balancing the legal protections in negotiations.”

“Incredibly responsive and proactive. Commercial in their approach without conceding on points/issues that matter to us. Creative in addressing problems.”

“IndusLaw is always very responsive, with reasonable comments on solutions, and the quality of work is always of high standard.”

“They are very easy to work with, open and clear in their communication, and adopt a practical approach in resolving differences.”

Stuti Agarwal

“She is knowledgeable with high professional ethics.”

Shabbeer Ahmed

“He has up-to-date knowledge, is quick in response and approachable.”

Gaurav Dani

“He is approachable anytime. You can feel confident to take him to your key stakeholders, he will always help out whatever the legal issue, and is calm, composed and dependable. A true partner of the business. Solutions are legal as well as business orientated. Fees are reasonable. Provides good customer experience. With him, I do not need to invest a lot of time in explaining, discussing the problems and solutions or negotiation of fees.”

Avimukt Dar

“Avimukt is the senior partner at IndusLaw. He manages the business and engagements very well!”

Kartik Ganapathy

“Very good communication, solution-orientated.”

Anindya Ghosh

“Anindya is very knowledgeable about the latest trends in the VC space and this helps us immensely as we are always looking to close out deals in a timely and efficient manner. He is also a great problem-solver and has provided us with innovative solutions when we have had a deadlock on different points with other investors and/or the target company. He is also generally a great person to work with and communicates well.”

“Approachable, quick and easy to work with. He has depth of legal and industry knowledge.”

Nikita Goyal

“She is the most thorough, detailed lawyer I have interacted with. She was always on top of her game through the entire engagement. She is an asset to IndusLaw, with an unbeatable work ethic.”

“She is responsive, knowledgeable and owns the work.”

Manish Gupta

“He is very easy to work with, and has a practical approach in resolving differences.”

“He shows depth of knowledge, ability to communicate internally and externally and to work within tight timelines.”

“Strong analytical skills, excellent communication skills, attention to detail and strong work ethic.”

Faraz Khan

“Faraz is detail-orientated and very hard-working.”

Ashwin Krishnan

“Ashwin has always had great attention to detail in his work while still managing to keep the bigger picture in focus. He is extremely hard-working and diligent and this helps us close out deals in an efficient and timely manner. He is also very knowledgeable about the different sectors we invest in and this helps us ensure that our risk is managed effectively.”

“He is accessible, has good knowledge, and is focused on getting the deal done so can be pragmatic.”

Saurav Kumar

“He is an excellent corporate lawyer who listens to the client and who can provide innovative solutions.”

Abhiroop Lahiri

“Approachable, very quick to respond, and excellent communication.”

Minhaz Lokhandwala

“Minhaz already knows what our firm's main requirements are. He will immediately respond to our new tasks and allocate the work to his team as necessary. He is always involved and knows what is happening and is ready to provide solutions that will safeguard us, but at the same time not create a gap in the relationship we have as an investor with the founder of the portfolio company.”

Revathy Muralidharan 

“He is solution-orientated, prompt and knowledgeable.”

Winnie Shekhar

“An all-star and an incredibly valued partner who enables us to partner with companies in India. Capable of handling the most complex of transactions. Very easy to work with and alongside.”

“Incredibly collaborative. Engages in negotiations in a productive manner, while still advocating for a client's position. Incredibly knowledgeable of the market and constantly evolving 'standard' terms.”

Rashi Singh

“Rashi has good time management and is responsive.”

Vishal Yaduvanshi

“Very responsive, proactive and has the ability to come up with solutions.” 
 
 
 

Founded in 2000, Juris Corp is active across the financial and corporate space with banking and finance being the firm’s key strength area. The firm has offices in Mumbai, Delhi and Bengaluru.

Focusses / specialisms    

The firm’s flagship banking practice has expertise in an array of matters such as regulatory compliance, merger and acquisition, and leveraged, trade and structured finance.

The capital markets team is often mandated by domestic and foreign banks and financial institutions. The team has expertise in derivatives and is notably the Indian counsel for the International Swaps and Derivatives Association.

The corporate team acts on mergers, acquisitions and fundraising, and is often active in the technology sector.

On the restructuring side, the firm is often engaged by bondholders.

Key clients

Notable clients include Reliance Industries, Vedanta, Axis Bank, Standard Chartered Bank, IIFL Finance, Investec Bank, JP Morgan, Provenance Land, Banco Santander, HDFC Bank, Union Bank of India, JSW Energy and Hero Solar Energy.

Research period review: 33rd edition (2022/2023)   

The banking team has actively advised on large financing deals, including advising on a marquee financing in line with Reliance Industries’ ‘new energy vision’ to become a global scale photovoltaic manufacturing organisation and as part of its energy transition plans. It also advised on financial services regulatory matters.  

In the capital markets, the firm advised issuers and investors on debenture issues. It also advised on structured finance and securitization.

In restructuring and insolvency, the firm acts as legal counsel for resolution professionals, committee of creditors and other members, including dissenting creditors.

The firm welcomed partner Vedanarayanan Lakshmanan while associate partner Teza Jose and counsel Sumitava Basu departed the firm.

Deal highlights: 33rd edition (2022/2023)   

CFM Asset Reconstruction’s restructuring.

REC Solar’s green loan financing.

Shriram Transport Finance’s debentures issue.

Client feedback: 33rd edition (2022/2023)   

Banking

“Client focus and structuring of the transaction.”

“They are prompt, responsive, flexible and accommodative.”

“They have commercial understanding, market knowledge and sound legal and regulatory understanding.”

Capital markets

“Juris Corp was always willing to help us in our day-to-day queries in relation to debenture issuance (plain NCD as well as market-linked debentures). They have joined us on meetings and calls on short notice where it was necessary.”

M&A

“It was great working with their partner Ms. Bindiya Raichura, she has good drafting skills, negotiates hard on the language, is solution-orientated and flexible on fees.”

Abir Dey

“Abir is very proactive, has good legal knowledge and is very responsive.”

Rupul Jhanjee

“Rupul has in-depth knowledge, a true subject-matter expert when it comes to banking and finance. She manages time well and always meets deadlines. Rupul is able to negotiate complicated matters and provides valuable legal advice.”

Apurva Kanvinde

“Apurva was willing to help and patiently understand the queries and practical difficulties faced by clients. She was willing to reach out to other market players and regulators to figure out solutions to the client's problems.”

Bindiya Raichura

“She has good legal acumen, has handled complex M&As along with robust litigations and has considerable documentation experience. She has very good drafting and negotiating skills.”

Saurabh Sharma

“Easily contactable and accessible.”

“He offers accessibility, understanding and sound knowledge.” 

Founded in 1911, Khaitan & Co is one of the oldest full-service firms in India and has offices in Bengaluru, Chennai, Kolkata, New Delhi, Noida, Mumbai and Singapore.

Focusses / specialisms    

The firm is ranked among the top-tier firms in banking and finance, capital markets, M&A, private equity, project development, and restructuring and insolvency.  

The banking team has experience in acting for international and domestic banks as lenders on refinancing, aircraft leasing and financing, and acquisition financing mandates.  

In capital markets, the firm advises arrangers, issuers and investors on a host of bonds and debentures issues.  

The firm’s corporate and M&A experience includes acting for acquirers and targets, private equity firms, investors and funds across the full spectrum of M&A matters.  

In projects, the firm represents developers, government entities, contractors and suppliers.  

On the restructuring front, the firm advises stakeholders such as sponsors, creditors and creditor committees, distressed debt investors and resolution professionals.

Key clients

Notable clients include Axis Bank, Bank of America, Bank of Baroda, BNP Paribas, Citibank, Cooperatieve Rabobank U.A., DBS Bank, Indian Renewable Energy Development Agency, Aditya Birla Finance, Power Finance Corporation, Nexus Select Trust REIT and Ruchi Soya Industries.

Research period review: 33^rd edition (2022/2023)   

The banking team was active on refinancings, asset finance and project finance work. It also advised on financial services regulatory matters.

The capital markets team was particularly active on equity mandates and impressed with a role for legal counsel to the book running lead managers on Nexus Select Trust REIT's IPO, which was the first IPO in India by a REIT that holds mixed-use retail assets.

In M&A, the firm mainly acted for acquirers. A representative example saw the firm advise IIFL Finance and IIFL Home Finance in relation to investment by Abu Dhabi Investment Authority for acquisition of 20% stake in IIFL Home Finance – one of the largest equity investments in the affordable housing finance segment in India by a financial investor.

In the projects space, the team was involved in various sectors such as energy and infrastructure.

In restructuring and insolvency, the team advises its clients in the financial services sector and offers regulatory advice.

On staff changes, the corporate and commercial team welcomed executive director Bhavin Vora and partners Prateek Desai, Anshuman Mozumdar and Promode Murugavelu, while Aravind Venugopal, Rohan Cherian, Tarunya Krishnan, Aayushi Anand and Arindam Sarkar left the firm.

Partner Akshay Malhotra from energy, infrastructure and resources, also departed the firm.

Deal highlights: 33^rd edition (2022/2023)   

Abu Dhabi Investment Authority’s acquisition of 20% stake in IIFL Home Finance.

Plastic Omnium’s acquisition of Varroc Lighting Systems.

My Home Industries’ financing.

Client feedback: 33^rd edition (2022/2023)   

Capital markets

“They are solution providers and offer an adequate number of team members with relevant experience.”

“They are very understanding of our commercial goals and how they fare against standard market terms, allowing us to negotiate the best possible position in our agreements. Highly knowledgeable about our requirements under applicable regulation and very responsive, allowing us to make all required filings in good time.”

Insolvency

“A very professional firm.”

“They have an excellent set of partners. We work a lot with Siddharth Srivastava, restructuring & insolvency partner, and are very happy with him.”

Project development

“I work with Dibyanshu and he always delivers excellent products and advice. A dream to work with.”

Restructuring

“Hard-working and detail-orientated, responsive, and they take charge of the matter.”

Rahul Chakraborti

“Hard-working, accessible and detail-orientated.”

Dibyanshu

“Dibyanshu is my first choice in India for any project development matter (energy) in India. No-nonsense, he just gets on with it and delivers practical, useful and insightful advice.”

Devi Patel

“Devi is very knowledgeable about the law and has demonstrated a command of the commercial aspects of the practice, and is highly responsive and detail-orientated. I have relied heavily on him to shepherd our now several transactions through review, negotiation and execution.”

Gahan Singh

“A problem-solver with in-depth legal knowledge.”

Gautham Srinivas

“Gautham is excellent in client management. I have not seen a client who does not give him repeated work. His proactiveness and solution-orientated mindset helps him to retain clients.”

“Gautham is extremely positive and capable, taking general instruction as to objectives and implementing them in a confident and effective manner, which was essential given the different time zones involved. He is highly knowledgeable about legal and commercial terms and was able to secure those through negotiation with our various counterparties. I also found his client management skills to be well above par.”

Siddharth Srivastava

“He gives attention to detail, and is sharp, incisive, precise and mature. Siddharth is a thorough professional and is an expert in insolvency matters. He has the experience of handling matters from all stakeholders' perspectives, which enables him to give holistic and practical advice.”

“He is the most reliable insolvency lawyer in the country. I have seen him operate over the years and he has been super-consistent. I would rate him as one of the best and most sought-after IBC lawyers. His wide experience in acting for various stake holders in the insolvency space makes him the go-to lawyer for me. Absolutely recommended.”

King Stubb & Kasiva is a full-service corporate law firm in India. The firm has over 100 lawyers works in offices across the country including New Delhi, Chennai, Mumbai, Bangalore, Pune, Hyderabad, Kochi & Mangalore. 

Focusses / specialisms   

The firm has extensive experience in the banking and finance area, general corporate, private equity, mergers and acquisition, intellectual property, corporate finance and regulatory matters. 

Its industry focus encompasses blockchain & cryptos, e-commerce, defense, fintech, healthcare & Pharmaceuticals, power & energy, telecom, media and telecommunications, transport & logistics, trusts, charities and not-for-profit and white-collar crime. 

Key clients  

Key clients of the firm include ICICI Bank, ING Vysya Bank, Kotak Mahindra Bank, State Bank of India, Canara Bank, Standard Chartered Bank, IDBI Bank, IndusInd Bank, Citi Bank, Scotia Bank, SEB, Rabo Bank, Shinhan Bank, and Bank of Baroda. 

Research period review: 33rd edition (2022/2023) 

During the research period, the firm has been active advising clients in the banking and finance area. The team was pre-occupied with corporate finance, securitizations, and related regulatory matters advising lenders. The firm also routinely represents developers, project sponsors and Special Purpose Vehicles in drafting, reviewing and negotiating agreements in project financing.  

Associate Partner Asha Kiran Sharma joined the banking and finance team in 2023.   

Active since 1985, Lakshmikumaran & Sridharan boasts a pan-Indian presence with 13 offices across the country and is also a member of TerraLex, an international legal network.

Focusses / specialisms    

The firm is recognised for its corporate and M&A, private equity and restructuring and insolvency capabilities. Key sectors of focus include agriculture, consumer products, healthcare, e-commerce, technology, hospitality and manufacturing.

Key clients

Notable clients include Ambience Group, National Gas Company (SAOG) Oman and Yes Bank.

Research period review: 33^rd edition (2022/2023)   

The corporate team was active in acquisitions for both the buy and sell sides. The firm covered clients from different sectors including healthcare, industrials and manufacturing, technology and telecommunications, and media.

The firm was also responsible for several confidential private equity mandates.

Deal highlights: 33^rd edition (2022/2023)   

Belgacom International Carrier Services’ acquisition of 3M Digital Networks.

Client feedback: 33^rd edition (2022/2023)   

M&A

“They are pretty well versed in the corporate and tax laws in India. They have deep experience in M&A transactions.”

“Quality of advice and speed of response.”

Private equity

“They are incredibly knowledgeable about Indian corporate law and investment/M&A transactions within the jurisdiction we invested in. They work incredibly quickly and inefficiently. They are able to highlight key elements to review in a transaction, provide sound recommendations and highlight key risks.”

Kunal Arora

“He has immense experience in M&A transactions and corporate law.”

“Very knowledgeable, and works incredibly efficiently.”

Gaurav Dayal

“He offers accessibility, the ability to keep an overview and the extent of his knowledge and expertise.”

Founded in 2006, Legacy Law Offices has offices in Chandigarh, Delhi, Mohali, Solan, Kurukshetra and an associate office in Mumbai. The firm extends its presence beyond the jurisdiction with representative offices in the UK and the US.

Focusses / specialisms    

The firm is noted for its project development practice. Sectors of activity include transport, healthcare, energy and social infrastructure.

Key clients

Notable clients include Chetak Enterprises, REC Power Development and Consultancy, Punjab State Container and Warehousing, Al Madinah Region Development Authority, Arch Consultancy, Dedicated Freight Corridor Corporation of India, ANS Constructions and Ajnala Co-operative Sugar Mills.

Research period review: 33^rd edition (2022/2023)   

During the research cycle, the firm has been active in project development, especially in infrastructure, power, energy and transport. A standout mandate saw the firm act for lead counsel on setting up of Himachal Pradesh’s bulk drug park infrastructure, which is one of the major initiatives taken by the government in 2022 and is one of three bulk drug park projects initiated in the country.

The projects, infrastructure and energy team welcomed partner Amarendra Gogoi, while partner Madhav Sharma and principal associate Kaushik Anand Satpathy departed the firm.

Deal highlights: 33^rd edition (2022/2023)   

Establishment of the bulk drug park.

Tughlakabad’s MRTS station.

Statue of Oneness project at Omkareshwar, state of Madhya Pradesh.

Client feedback: 33^rd edition (2022/2023)   

Project development

“Depicting best-in-class expertise and experience, Legacy is well equipped with a distinguished skill set in the construction and infrastructure field and has extended legal services to our company for over a decade now. They have a very responsible a team that provides intelligent solutions to situations and legal hurdles arising in the legal sphere.”

“Legacy has provided excellent contract management services for the development of various projects. The team of professionals headed by Mr. Gagan Anand delivers intelligent solutions and ways to cure deficiencies and loopholes to extend effectual contract management services to ensure progression to the execution of the project.”

“Legacy Law Offices has been providing legal assistance to us since 2015 and has helped us tackle various complex and severe legal situations effectively. With such an efficient team of lawyers, Legacy has always rendered timely legal advice and suggestions for various construction and infrastructure projects and has aided us throughout the procedure of successful project execution.”

“Mr. Gagan Anand has been of continuous assistance and has provided excellent and dynamic contract management services and solutions to our organisation.”

Gagan Anand

“Mr. Gagan Anand, managing director at Legacy, has been of assistance through the entire process of project implementation and execution over a period of almost eight years now. He is well versed and has in-depth knowledge regarding project development and implementation to ensure timely delivery of best-in-class output.”

“The team of Legacy headed by Gagan has ensured the best contract management services to our company for the development of unique and distinguished projects taken up by the company. They are well-versed in developmental legislations and initiatives and provide effective solutions to posed challenges during the projects’ implementation stages.”

“The team of lawyers at Legacy, headed by Mr. Gagan, has served us in the best possible ways. They have extended intelligent solutions to pose challenges thereby helping us to overcome tough challenges in the process of assignment progress and implementation.”

Shalini Munjal

“Ms. Shalini Munjal, who heads and directs the dispute resolution and corporate team of the firm, has delivered intelligent solutions to different kinds of project developmental activities undertaken by our company.”

Eshjyot Walia

“Eshjyot, currently serving as the senior associate advocate at Legacy, has in-depth knowledge regarding legal compliance and other associated legalities in each and every step of project development, which has helped us with execution of project deadlines.”

“Eshjyot is well-versed and has gained expertise in handling corporate matters relating to project development in various countries and is capable of rendering effective legal advice and solutions towards policy implementation and project execution.”

Founded in 1990, L&L Partners is widely recognised in the Indian legal market. The firm has offices in Mumbai, New Delhi, Bangalore and Hyderabad.

Focusses / specialisms    

The firm boasts a well-diversified financial and corporate offering.

The banking team regularly advises clients such as corporates, banks and financial institutions, as well as non-banking financial institutions, and has a well-established project finance practice.

The firm has a historically strong capital markets practice and has worked on significant debt and equity offerings.

The corporate team advises buyers and sellers on both domestic and cross-border matters across various industries.

In projects, the firm acts for various stakeholders such as project developers, contractors, Indian and foreign investors, regulatory authorities, multilateral institutions, international banks and financial institutions. Key sectors of focus include renewable energy, oil and gas, transport, infrastructure, utilities and logistics.

In restructuring, the firm has acted on high-profile insolvency resolution processes and is mandated by domestic and international clients such as insolvency practitioners, acquirers, applicants and creditors.

Key clients

Notable clients include HDFC Bank, ICICI Bank, Yes Bank, India Infrastructure Finance Company, India Infradebt, Accurant International, SVL-SME Fund and Kosmo One Business Park.

Research period review: 33^rd edition (2022/2023)   

The banking team was active for a mix of lenders and borrowers on domestic and cross-border financings, refinancing and acquisition finance works.

In the capital markets area, the firm advised on debt and equity transactions. On the debt side, it acted for the issuer on investment bond issues. On the equity side, it worked for issuers on IPOs.

In M&A, the firm acted for investor, seller and acquirer on deals in several sectors including energy, insurance, technology, healthcare and financial services.

In the projects space, the team was involved in various sectors such as social infrastructure, financial services, energy, industrials and manufacturing, and transport.

On the restructuring and insolvency front, the firm recently acted for receivers, creditors, debtors and liquidators.  

Deal highlights: 33^rd edition (2022/2023)   

Aegis Vopak Terminals’ financing.

Honasa Consumer’s acquisition of the majority shareholding of Fusion Cosmeceutics.

Kidvento Education and Research’s fundraising.

O2 Power Singapore’s acquisition of a portfolio of solar power plants from Emmvee Photovoltaic Power.

SMC Capital’s Venus Pipes & Tubes IPO.

Client feedback: 33^rd edition (2022/2023)   

Banking and finance

“The firm has a great network of lawyers who work well with each other in an integrated and cohesive manner. Their ability to resolve problems and take a deal to its closure is their biggest strength. In addition to legal knowledge, they also have good commercial acumen.”

Project finance

“The overall philosophy of the firm of 'client first' is their strongest attribute. They place the client's needs above all else.”

Piyush Mishra

“Piyush is brilliant in his knowledge and application of the law. He has guided us not only through legal, but also the commercial aspects and nuances of the insolvency process that we have engaged Luthra & Luthra for.”

Karan Mitroo

“Karan is the go-to guy for solutions. His ability to get parties together and resolve issues is commendable. His ethics, legal and commercial acumen and team make him a go-to person for any complex deal.”

“Karan is the problem-solver. If you have any legal issues or concerns, he has innovative solutions. He is exemplary at negotiations and in addition to his legal skills, his ability to take a transaction to closure is his biggest strength.”

Founded in 2007, Obhan & Associates is headquartered in New Delhi. Essenese Obhan is the founding partner of the firm.

Focusses / specialisms    

The firm is recognised for its corporate and M&A and private equity work, offering advice on matters related to joint ventures, acquisitions, divestments, market entry, and regulatory compliance. Sectors of focus include hospitality, publishing, consumer products and energy.

Key clients

Notable clients include Homage Ventures, Okinawa Autotech, CKR Resorts, The Financial Times (India), Neblio Technologies (CoinDCX), FreshOnTable DWC, Tip Tales Singapore and TBEA Green Energy (India).

Research period review: 33^rd edition (2022/2023)   

The firm has been actively involved in M&A works during the research period, recently acting for clients such as investors and buyers on matters including financial investment, joint venture and asset acquisition.

Deal highlights: 33^rd edition (2022/2023)   

SFN’s acquisition of ZyadaShop, along with all its underlying intellectual property rights.

Okinawa/Tacita joint venture.

Founded in 2019, local boutique SD Partners is active in the financial and corporate space and has offices in Gurgaon and Mumbai. 

Focusses / specialisms  

The firm is recognised for its M&A team, which regularly advises clients on transaction structuring and negotiations. The team is experienced in sectors including information and technology, defence and manufacturing.

The firm also has strengths in restructuring and insolvency, which often acts for insolvency professionals and advises on matters such as distressed acquisitions and disposals. 

Key clients

Notable clients include SFC Energy AG, Intello Labs, Liberty, Dharampal Satyapal and DCM Shriram.

Research period review: 33^rd edition (2022/2023)   

During the review period, the corporate team was active in cross-border and domestic acquisitions for both the buy and sell sides. The firm covered clients from different sectors including energy, natural resources and technology and telecommunications.

In restructuring and insolvency, the firm recently acted for both administrator and liquidator. A restructuring mandate saw the firm act for Rajesh Business & Hotels on its insolvency.

Deal highlights: 33^rd edition (2022/2023)   

McNally Bharat Engineering insolvency

Rajesh Business & Hotels insolvency

Simplex Projects insolvency

Client Feedback: 33^rd edition (2022/2023)   

Insolvency

“Remains updated over the case laws and judgements. Good command over the IBC process. Handles legal negotiations efficiently with the parties. Provide crip and clear advice on matters.”

“SD Partners provided their legal support keeping the client's interest in mind. They were well aware of the relevant laws and regulations and ensured that the work was in compliance with the applicable laws.”

“Vast knowledge they bring in and ready precedents to support the assertion.”

Restructuring

“They helped us in timely delivering all the assigned requirements and helped us filing the final plan with the NCLT.”

Shweta Dubey

“Knowledgeable and Eloquent.”

“She always has ready responses to the legal problem at hand.”

“Shweta is a hands-on lawyer who is well versed and knowledgeable about her work. She is accessible and always has her client's interest first.”

Ishita Srivastava

“Have Good knowledge of subject matter. Also, helpful and supportive in most of the instances.”

Established in 1962 by the Late Mr. S. N. Gupta, SNG & Partners is a second-generation full-service law firm and a consistent performer across the banking and finance and capital markets practice areas. The firm maintains offices in Mumbai and New Delhi and is led by managing partner Rajesh Gupta.

Focusses / specialisms

The firm is known for its focus on banking, project finance and capital markets, acting for clients such as issuers, underwriters and lenders on domestic and cross border financings, and debt and equity offerings. The firm has worked across a plethora of sectors including banking and financial services, real estate, energy, transport, and oil and gas.

Key clients

Key clients of the firm include ICICI Bank, Standard Chartered Bank, ICICI Home Finance Company, CSB Bank, Adhikaansh Realtors Private, HDFC Capital Advisors, State Bank of India and Gulshan Polyols.

Research period review: 33^rd edition (2022/2023)

During the research period, the firm was active in banking and finance, capital markets, M&A and private equity.

The firm’s banking and finance team continued to assist domestic banks, foreign banks and non-bank financial companies to standardise their lending documentation, draft and frame various policies under the applicable laws, and prepare, review and standardise the policy and process on lending and security documentation, as well as the due diligence process.

The capital markets team was busy handling IPOs, rights Issues, bonus Issues, preferential issues, QIPs, public acquisitions, listing of debt instruments, offshore listings, custodial services, foreign institutional investors, depository and the capital market. The firm works closely with investment bankers, merchant bankers, underwriters and corporate houses.

In the M&A area, the firm was very active advising both buy and sell sides in domestic and international mergers and acquisitions. Active industry sectors including real estate, hospitality, food processing, media and entertainment, sports management, engineering goods and services.

Deal highlights: 33^rd edition (2022/2023)

Issuance of non-convertible debentures by DLF Cyber City Developers.

Gulshan Polyols’ ₹80 crores qualified institutional placement.

Dorf Ketal’s acquisition of Khyati Chemicals.

HDFC Capital’s ₹400 crore investment in Signature Global.

Client feedback: 33^rd edition (2022/2023)

Banking and finance

“Excellent guidance, including identifying red flags in various legal documents and agreements that the bank is required to execute. They are a customer-centric organisation and value the relationship over money matters.”

Anju Gandhi

“Knowledgeable, understands the client's requirements and perspective, always values relationships over money and pro-customer oriented. She will always highlight aspects that need a 'business decision' when the legal clause in agreement is dicey.”

ZBA is a boutique law firm headquartered in Mumbai. The firm focuses on banking and finance and debt capital markets work and specialises in infrastructure, shipping, insurance, energy, financial services, healthcare and commodities.

Focusses / specialisms

The firm has a good reputation for its banking and finance and capital markets work.

Key clients

Key clients of the firm include State Bank of India, Punjab National Bank, Bank of India, Axis Bank, Canara Bank, United Overseas Bank, Indian Railway Finance Corporation, Indian Oil, Sumitomo Mitsui Banking Corporation and Star Union Dai-ichi Life Insurance Company.

Research period review: 33^rd edition (2022/2023)

During the research period, the firm was very active in banking and finance and debt capital markets.

The banking team continued to advise on complex, high-value, large banking and finance transactions, both domestic and cross-border. In the debt capital market, the firm was particularly active in bond issuance advising issuers.

Deal highlights: 33^rd edition (2022/2023)

Indian Railway Finance Corporation’s $1.10 billion raise via a yen-denominated offshore loan.

IRFC’s $500 million green bonds issuance on India INX at GIFT IFSC.

PNB MetLife’s $53 million issuance of debentures.

Client feedback: 33^rd edition (2022/2023)

Capital markets

“Agile, professional, solution oriented and well versed with law.”

Niloufer Lam    

“Professional and solution oriented.”

Mihir Shukla

“Meets timelines.”

Founded in 2019, Algo Legal is headquartered in Bengaluru and is led by founding and managing partner Sandeep Kapoor.

Focusses / specialisms 

The firm has a particular focus on the technology sector and advises on a range of matters including, private equity and venture capital, mergers and acquisitions, joint ventures, and fund formation.

Key clients  

Notable clients include Sequoia Capital, Insignia, Unilever, Ribbit, Gojek, Berkshire Hathaway, and SteadView Capital Management.

Active since 2013, Advaita Legal is best known for its project development work and is also active in banking and M&A. The firm notably sits on the panels of several government bodies such as the National Skill Development Council and the Tamil Nadu Infrastructure Development Board. The firm maintains offices in Mumbai and New Delhi.

The firm is experienced in sectors including aviation, technology and telecommunication, transport, fintech, healthcare, and oil and gas.

Noteworthy clients include the Airport Authority of India, Ministry of Civil Aviation, the Inland Waterways Authority of India, and Oil and Natural Gas Corporation.

During the research period the firm often acted on behalf of government bodies.

A recent staffing change saw the departure of banking and finance and corporate partner Atul Dua, who left to pursue independent practice. Additionally, corporate partner Subodh Sadana left the firm for Khaitan & Khaitan.

Deal highlights

Bhadla Solar Park 50MW solar PV plant

Damanjodi 1MTPA alumina refinery

National Waterway -1

Nashik Smart City

Ranchi Smart City

Nashik Smart City

Client feedback

Financial services regulatory

"Understands regulation, gives good advice, is open to discussing good solutions, and is efficient and trustworthy.”

Monali Dutta

“Great support. I trust her fully to act on our behalf.”

Founded in 2014, Ally Juridique Aide is headquartered in Gurgaon.

Focusses / specialisms 

The firm is recognized for its banking work.

Boutique law firm Assentio Legal has offices in Chennai and Bengaluru and is helmed by founding partner Thriyambak Kannan.

Focusses / specialisms

The firm is noted for its corporate and M&A and private equity work. The firm’s experience includes advising on joint ventures, inbound and outbound investments, restructuring and regulatory compliance.

Key clients

Recent clients include Gambit Sports, Kcap, Rhapsody Music Education, The India Cements and Marriott International.

Research period review: 30th edition (2019/2020)

Recent highlights include advising Marriott International on forming a partnership with Prestige Group and advising a real estate developer on a high-value joint venture.

Deal highlights: 30th edition (2019/2020)

Nostragamus series A financing

Rhapsody Music Education seed investment

The India Cements $26 million acquisition of Springway Mining

Waycool Foods $35 million series C financing

Client feedback: 30th edition (2019/2020)

Restructuring and insolvency

“Speed, swift advice and turnaround times.”

“Teamwork and professional approach.”

Founded in 1987, local law firm Bathiya Legal has a pan-India presence with offices in Mumbai, New Delhi, Hyderabad, Bengaluru, and Ahmedabad.

Focusses / specialisms 

The firm is recognised for its corporate and M&A practice and has experience in a range of sectors, including real estate, technology, manufacturing, hospitality, logistics, and healthcare.

Key clients  

Notable clients include Prabhat Dairy, Sun Pharmaceutical Industries, One Asia Networks, Decathlon Sports India, Sunways, and India Steel Works.

Begur & Partners (formerly ARA LAW) was founded in 1996 and maintains offices in Mumbai and Bengaluru. Key figures include Rajesh Begur, who leads the firm as managing partner.

Focusses / specialisms

The firm is best known for its corporate and M&A and private equity practices. Sectors of activity include aviation, retail, real estate and financial services. 

Key clients

Notable clients include Sequoia Capital, Semac Consultants India, Metro Cash & Carry India, Revathi Equipment, Roto Pumps, National Buildings Construction, and Karnataka State Industrial Development.

Research period review: 33rd edition (2022/2023)   

During the research period, the firm was active in the M&A and private equity areas. 

In M&A, the firm was active in strategic deals on both the buy and sell sides. The deals were in the education and technology, software and coding and manufacturing sectors. 

In the private equity area, the team acted for investors in fundraising. 

The firm welcomed partner Joy Jacob, Poonam Das and Nishi Shabana.

Deal highlights: 33rd edition (2022/2023)   

Brahma Advisors’ acquisition of Wavestone India. 

Gulati Steel Fab’s acquisition of 100% shareholding of Northern Tools & Gauges.

Client feedback: 33rd edition (2022/2023)    

Banking and finance

“Always available, well prepared and they move really fast.”

Rajesh Begur

“He stays calm and closes the loop.” 
 

Active since 2008, Bharucha & Partners is recognised for its work across the financial and corporate space, the firm is best known for its strong corporate and M&A offering. The firm has three offices in Mumbai, New Delhi and Bengaluru.

Focusses / specialisms 

The firm is most active in banking and finance, M&A and private equity.

In the M&A and private equity space, the firm takes on roles for both buyers and targets in matters including acquisitions and fundraising. The firm’s experience covers a range of sectors such as real estate, manufacturing, technology and telecommunication, banking and financial services, industrials and chemicals, and hospitality. 

Key clients

Notable clients include Ashv Finance, Asirvad Microfinance, IDBI Bank, State Bank of India, Profectus Capital, Aseem Infrastructure Finance, Satya MicroCapital, KrazyBee Services and Spandana Sphoorty Financial.

Research period review: 33rd edition (2022/2023)   

The banking team has acted for both borrowers and lenders on financing and advised on regulatory compliance matters. 

The capital markets team was particularly active in equity transactions. It kept busy with IPOs. 

In M&A, the firm was active on strategic deals on both the buy and sell sides. The deals were in the technology and telecommunication, logistics and real estate sectors.

Deal highlights: 33rd edition (2022/2023)   

Aurum PropTech’s acquisition of HelloWorld Technologies India. 

DreamFolks Services’ IPO. 

Greenlam Industries’ acquisition of Bloom Dekor's factory in Gujarat. 

Gujarat Polysol Chemicals’ IPO. 
 

Established in 2001, full service law firm Economic Laws Practice has a strong presence in India with offices in Mumbai, New Delhi, Pune, Ahmedabad, Bangalore and Chennai.

Focusses / specialisms 

The firm is active in banking and finance, capital markets, corporate and M&A, project development and restructuring and insolvency.

The banking team has an extensive client base encompassing public sector and private sector banks, global banks, funds and investment houses, asset reconstruction companies as well as domestic and foreign commercial enterprises.

The corporate team takes on both buy and sell side roles. On the private equity side the firm has experience advising stakeholders such as investment managers, sponsors and seed investors, lead investors, placement agents and co-investors.

In the projects space the firm takes on clients from sectors including construction, hospitality, mining and transport.

Key clients  

Recent clients include IndusInd Bank, Tata Capital Housing Finance, Seven Islands Shipping, Samara Capital, Exide Industries, HDFC Bank, RattanIndia Finance, Standard Chartered Bank and Allahabad Bank.

Client feedback: 31st edition (2020/2021) 

M&A

"Went over and beyond to provide exceptional services, always looked out for their client (us), were available 24*7, and had a broad range of specialists with deep experience in various verticals to assist us. "

Active since 2013, local law firm Kamendu Joshi & Associates has a pan India presence with offices in cities including Mumbai, Bangaluru, Pune, Delhi, and Chennai.

Focusses / specialisms 

The firm is recognized for its corporate and M&A team, which has experience in sectors such as telecommunication, manufacturing, engineering, and mining and natural resources.

Key clients  

Clients include Essel Propack, ATC Telecom Infrastructure, and PGP Glass.

Client feedback: 31st edition (2020/2021) 

Banking and finance

"The firm always comes forward with the solutions, which takes care of the judiciary system as well as interest of the customer."

Founded in 1997, full service law firm Khaitan & Khaitan has nine partners and is headquartered in New Delhi.

Focusses / specialisms

The firm is noted for its banking and finance and corporate work.

Sectors of activity include manufacturing, real estate and energy.

Key clients

Recent clients include Orient Refractories, Asiya Capital Investments, Lingaraj Pipes, Emaar MGF Land, and JCK Infra Projects.

Research period review: 30th edition (2019/2020)

Over the research period, the firm often acted on the side of acquirers and also advised international clients on matters such as market entry and regulatory compliance.

The firm recently recruited partners Subodh Sadana and Ray Sharat Prasad from Advaita Legal.

Deal highlights: 30th edition (2019/2020)

Asiya Capital Investments $7 million investment in Duet Hotels Group

Hyderabad Logistics Park

Orient Refractories $6.6 million acquisition of manufacturing plant

OYO $6.2 million acquisition of Emaar MGF Land’s subsidiary

Independent law firm Legasis Partners has been active since 2007 and has offices in Mumbai, New Delhi, Pune and Hyderabad.

Focusses / specialisms 

The firm is active in the corporate and M&A and private equity areas. The firm takes on clients from sectors including healthcare, e-commerce, technology, and social infrastructure.

Key clients  

Clients include Pegasus Fininvest Advisory, ITI Growth Opportunities Fund, 1Funds Domestic Scheme, and East West Holdings.

Client feedback: 31st edition (2020/2021) 

Investment funds

"Incredible people and willing to work the extra hours towards deal closure."

Founded in 1973, MDP & Partners has a main office in Mumbai and an associate office in New Delhi. Nishit Dhruva and Ashok Paranjpe serve as co-managing partners.

Focusses / specialisms

The firm is recognised for its banking and finance work.

Research period review: 30th edition (2019/2020)

During the research period, the firm acted on a host of confidential financing transactions for the lender side.

Client feedback: 30th edition (2019/2020)

Banking

“MDP is very good at delivering accurate documents on time.”

MVKini Law Firm is a local law firm with offices in several cities including Mumbai, New Delhi, Bengaluru, Hyderabad, Pune and Goa.

Focusses / specialisms 

The firm is active in the financial and corporate space and advises on a range of matters including, IPOs, rights issues, and asset finance.

Key clients  

Notable clients include WEP Solutions, Satin Creditcare Network, GM Polyplast, PlatinumOne Businees Services, Arrow Greentech, and Billwin Waterproof.

Full service law firm Naik Naik & Company was founded in 2004 and is helmed by managing partner Ameet Naik. The firm maintains two offices in Mumbai.

Focusses / specialisms 

The firm is noted for its corporate and M&A and restructuring practices.

Sectors of activity include technology, consumer products, entertainment, and food and beverage. 

Key clients  

Clients include Reliance AIF Management, Balaji Infratech & Constructions, Fixstream Networks, Workstore, Avarsekar & Sons, Chaii Guys and Civica Group.

Established in 1989, Nishith Desai Associates is a well-known name in the Indian legal market. The firm has a global presence with offices in Silicon Valley, New York, Munich, New Delhi, Mumbai, Bangalore and Singapore.

Focusses / specialisms

The firm is best known for its corporate and private equity work. Sectors of focus include banking and financial services, infrastructure, pharmaceuticals, and technology, media and telecommunications.

Key clients

The firm’s client list includes GIC Singapore, Solara Active Pharma Sciences, Dewan Housing Finance Corporation, Radiant Life Sciences, Square Dotcom and Actis.

Research period review: 30th edition (2019/2020)

A newsworthy deal saw the firm advise GIC Singapore on an investment in the first-ever private unlisted InvIT in the country, which was the largest investment in the road sector. The firm also advised GIC Singapore on the first-ever preferential allotment by a public InvIT to a private equity player. A highly publicised matter in the education sector saw the firm advise EuroKids Group on an investment from KKR. The firm also advised Radiant Life on an interesting mandate involving a series of demergers and a reverse merger.

Staffing changes saw the departure of Rohan Singh for Trilegal and Ruchi Biyani who left for academic pursuit.

Deal highlights: 30th edition (2019/2020)

Actis $500 million acquisition of Acme Solar’s solar power plants

GIC Singapore $700 million investment in IRB Infrastructure Investment Trust

GIC Singapore $300 million investment in Indigrid Infrastructure Investment Trust

KKR acquisition of a majority stake in Eurokids

Radiant Life acquisition of Max Healthcare

Client feedback: 30th edition (2019/2020)

M&A

“Very good leaders in the practice areas.  Market leaders for certain specific areas such as M&A tax.”

Phoenix Legal is a full-service law firm founded in 2008 with offices in Delhi and Mumbai. Key figures at the firm include co-founding partners Sawant Singh and Abhishek Saxena.

Focusses / specialisms  

In M&A, the firm takes on clients from diverse sectors including automotive, banking and financial services, technology and telecommunications, food and beverages, insurance, mining and utilities.

The firm’s projects practice specialises in energy, oil and gas, and infrastructure projects.

The restructuring team advises stakeholders, including creditors and resolution professionals.

Key clients

Notable clients include the US International Development Finance Corporation, Asian Development Bank, Calvert Impact Capital, Northern Arc Capital, Howden Broking Group, Applied Materials and Firstpay Technologies (Junio).

Research period review: 33rd edition (2022/2023)

During the research period, the firm was actively advising lenders on financing.

The capital markets team was particularly active in the debt capital market, advising on green bond issues and debenture issues.

The corporate team was active in acquisitions for both the buy and sell sides. The firm covered clients from different sectors including insurance, technology and healthcare.

The firm was also active on project development matters, especially in Infrastructure, energy and transport.

In restructuring and insolvency, the firm recently acted for both creditors and administrator. 

The project team welcomed partner Pallavi Bedi from Luthra & Luthra Law Offices.

Deal highlights: 33rd edition (2022/2023)   

Acuity Knowledge Partners’ acquisition of Cians Analytics.

The LNG terminal at Dabhol Port.

Namdev Finvest’s green bond issue. 

Bangalore-headquartered law firm Poovayya & Co has been active since 1996 and is known for its focus on corporate and M&A and private equity work.

Focusses / specialisms

The firm has significant experience advising technology and media companies as both buy and sell-side counsel. Other sectors of focus include insurance and pharmaceuticals.

Key clients

The firm has acted for Behtar Technology, Asianet News, Axiscades and YH Precision.

Research period review: 30th edition (2019/2020)

Highlights include advising a listed company on the acquisition of a private company; advising an infrastructure company on the sale of a subsidiary; and advising a tech company on its fundraising.

Deal highlights: 30th edition (2019/2020)

Asianet News Media and Entertainment divestment from ARG Outlier Asianet News

Axiscades Engineering Technologies $27.3 million acquisition of Mistral Solutions

Behtar Technology $3 million fundraising

Founded in 1999, full-service law firm Rajani Associates is collated in Mumbai. Key figures include managing partner Prem Rajani.

Focusses / specialisms 

The firm advises on banking and finance, capital markets, corporate and M&A, private equity, and project development mandates across a range of industries.

Key clients  

Notable clients include BlackSoil Capital, Future Focus Infotech, L3 Harris Technologies, and LEAP India.

Client feedback: 31st edition (2020/2021) 

M&A

"They are expert on the subject and quick on completing the documents. Mr Prem Rajani MD and associate partner Mr Amish Shroff were personally involved in completion of this agreement."

Restructuring and insolvency

"Timely updates on the matters handled. Complete professionalism in handling the matter. Approachability of all the partners."

"With in-depth knowledge of the law and best practices, they provide legal assistance in day-to-day affairs of the insolvency process. Giving opinions on legal matters in a timely manner. Proactively highlighting risk areas and guiding us in correct course of action."

Investment funds

"Good team, wanting to find amicable and practical solutions and yet standing their ground on important issues."

Full service law firm Singh & Associates was formed in 2002 and is led by name partner Manoj Kumar Singh. The firm has a strong presence throughout India with offices in New Delhi, Gurugram, Bengaluru and Mumbai.

Focusses / specialisms 

The firm is the strongest in project development and is also active in banking and finance, corporate and M&A, and restructuring and insolvency.

Singh & Associates takes on domestic and international clients from sectors including real estate, infrastructure, food and beverage, energy, healthcare, logistics, mining and manufacturing.

Key clients  

Recent clients include Kyokuto Kaihatsu Kogya, Bank of China, New Dimensions Edumark, and Buzz India Trust.

Client feedback: 31st edition (2020/2021) 

Banking and finance

"They are happy to assist in these trying times and have a good interface with revenue authorities to help with the necessary formalities for security creation over land."

Project development

"The lawyers there have very in-depth understanding of mining law and business."

Founded in 2005, S&R Associates is a well-regarded firm with offices in New Delhi and Mumbai. Key figures at the firm include partners Rajat Sethi and Sandip Bhagat.

Focusses / specialisms 

The firm has a record advising on landmark capital markets mandates and is known as a market leader in capital markets. It advises on matters such as IPOs, listings, delistings, buybacks, QIPs, rights issues and private placements.

The corporate team has experience in buy and sell-side roles in sectors such as telecommunications, healthcare, transport, media, and manufacturing. The firm is also active in the private equity space, acting for both investors and investees across a range of industries.

In restructuring, the firm has experience acting for stakeholders including financial and operational creditors, acquirers, bondholders, shareholders and distressed asset investors.

Key clients  

Noteworthy clients include Morgan Stanley, Vodafone Group, Citigroup Global Markets, ArcelorMittal, Hitachi, Aakash Educational Services and McDonald’s Corporation.

Client feedback: 31st edition (2020/2021) 

Capital markets

"The firm was professional, adequately staffed, timely specific inputs were provided for the deal to go through."

"SNR is very through and professional in their work and extremely dependable. Their value addition in terms of diligence points and ability to come up with possible solutions to resolve the same is definitely very positive to the entire team."

M&A

"Highly competent team on M&A and corporate restructuring."

"Superb partner contact and low leverage in its teams. Good ownership by associates and pragmatic approach to drafting and technical issues."

"The associates and partners in the firm possess extremely relevant experience and knowledge skills sets. The firm is very agile in its working and has a very professional approach towards its clients."

Private equity

"Very good at: legal structure, negotiations, reaching agreement with PE while still keeping our interests in mind. Legal drafting Responsiveness. Communication. Regulatory knowledge and experience."

Shardul Amarchand Mangaldas & Co

Founded in 2015 by Shardul Shroff, Shardul Amarchand Mangaldas & Co is one of the leading law firms and a household name in the Indian legal market. The firm maintains offices in New Delhi, Mumbai, Gurugram, Bengaluru, Ahmedabad, Kolkata, and Chennai and is one of the largest full-service firms in India.

Focusses / specialisms

The firm is widely recognised for its top tier work across the financial and corporate space. In banking, the firm provides advice on matters such as acquisition finance, leveraged finance, real estate finance, debt restructuring and corporate lending.

The corporate and restructuring teams are experienced in advising an array of clients including acquirers, sellers, lenders issuers and borrowers.

The projects team acts for stakeholders across a wide variety of sectors including power, oil and gas, transport, infrastructure, telecommunication and utilities.

Key clients

Key clients of the firm include BNP Paribas, MUFG Securities, Sumitomo Mitsui Banking, Assets Care & Reconstruction Enterprise, Carlyle Funds, DBS Bank India, Think & Learn, Altico Capital India, Bain Capital Credit, One 97 Communications and PB Fintech.

Research period review: 32nd edition (2022/2023)

During the research cycle, the firm was active in banking and finance, capital markets, corporate M&A, private equity, projects, restructuring, and insolvency areas.

In the banking and finance space, the team kept busy advising cross-border debt financing, acquisition finance, financial restructuring, and related regulatory mandates across various industries for clients in Singapore, the United States, and Mauritius. Notable deals include advisuing Altico Capital India, one of India’s largest foreign-owned and controlled non-banking financial companies (“NBFC”) as the first successful NBFC resolution outside of the Insolvency and Bankruptcy Code.

In capital markets, the team was very active with high-profile domestic and overseas IPOs, right issues, portfolio sales, and bond note issuances often advised issuers. Notable deals include advising the listing of Paytm (One 97 Communications) - India’s biggest initial public offering - and Freshworks listing, which is one of the largest US IPOs by an Indian-founded company and is also the first Nasdaq listing by an Indian software-as-a-service (SaaS) company.

The corporate team continued to be active in acquisitions and private equity buyouts and advised both buyers and sellers. The firm advised Biocon Biologics in relation to the alliance with Serum Institute of India, which is the first vaccine block strategic deal for the supply of COVID-19 vaccines, and one of the largest strategic vaccine deals in the world. Clients of the firm were across various industries including technology and telecommunications, sports, healthcare, consumer goods and services, pharmaceuticals, and life sciences.

In the project space, the firm was very active in advising energy and social infrastructure projects, particularly in transport, and involved in related acquisition works.

The firm was also busy advising companies on restructuring and insolvency and related mandates. It is worth mentioning the firm was involved in several companies related to the “dirty dozen”, which refers to 12 of the largest entities in corporate India against which banks have been asked to initiate bankruptcy proceedings by the RBI.

Deal highlights: 32nd edition (2022/2023) 

Ares SSG Capital Management’s $27.5 billion acquisition of Altico Capital India

Biocon Biologics $1.285 billion strategic alliance with Serum Institute of India

Carlyle’s proposed $3billion acquisition of CA Magnum Holdings

Continuum Energy Levanter $561 million green bonds

CPPIB Canada acquisition of 10.09% stake in PG InvIT

Freshworks $1.03 billion NASDAQ IPO

PayU Payments’s $4.6 billion acquisition of 100% of the equity in IndiaIdeas.com

Paytm $2.4 billion NSE IPO

PB Fintech $766 million NSE IPO

Client Feedback: 32nd edition (2022/2023)  

Restructuring

“Full-service firm providing high level advice across multiple practise areas and on complex issues. Availability and responsiveness are very good.”

“SAM team advised us through the entire process. They are detail oriented and have good understanding of local regulatory issues and legal framework.”

Veena Sivaramakrishnan

“Responsiveness and availability are excellent. Great at running complex matters with multiple stakeholders.”

“She has good understanding of the distressed assets space and legal framework. She also has perseverance for protracted negotiations.”

Led by managing partner Aaron Solomon, full-service firm Solomon & Co has been active since 1909. The firm has offices in Mumbai and Pune. The firm is empaneled with Bank of Baroda, HSBC, Cosmos Cooperative Bank and State Bank of India.

Focusses / specialisms 

The firm is recognised for its banking and finance and M&A work across a diverse range of sectors including banking and financial services, logistics, and food and beverages.

Key clients  

Key clients include HSBC, Muthoot Fincorp, and Inox Market Service.

Founded in 1971, Surana & Surana maintains offices in Chennai and New Delhi. Key figures at the firm include managing partner Vinod Surana.

Focusses / specialisms

The firm has a focus on the banking and financial services sector and is noted for its corporate and M&A work.

Key clients

The firm has been engaged by Vijaya Bank, Allahabad Bank, Bank of Baroda, Logos India, Windfin, and Venda Ventures.

Research period review: 30th edition (2019/2020)

In the past year, the firm was notably active in the banking and financial services sector, advising on bank mergers and restructurings. In an interesting mandate, the firm advised on a three-way bank merger.

Deal highlights: 30th edition (2019/2020)

Indian Bank / Allahabad Bank merger

Logos India $95 million acquisition of warehouse facilities of Casa Grande

Founded in 2007, Talwar Thakore & Associates works across the financial and corporate space and is widely recognised for its strength in banking and finance. It maintains offices in Mumbai and New Delhi.  

Focusses / specialisms 

The firm has experience in sectors such as banking and financial services, real estate, transport, renewable energy, and healthcare. 

Key clients 

Notable clients include ADM Capital, Bank of America, Blackrock, BNP Paribas, Citibank, Deutsche Bank, Embassy REIT, Farallon Capital, Goldman Sachs, Apollo Global Management, Credit Suisse, Sanofi, Johnson & Johnson and Madison Group. 

Research period review: 33rd edition (2022/2023)    

During the research cycle, the banking team was active for a mix of lenders and borrowers on domestic and cross-border financings work. 

The capital markets team was particularly active on debt mandates and impressed with a role as issuer on a note issuance - the issuance is one of the largest US private placements by an Indian issuer. 

In M&A the firm was active on strategic deals on the buy side. The deals were in the retail, infrastructure and financial services sectors.  

The firm was also active on project development projects, especially on energy. 

Deal highlights: 33rd edition (2022/2023)    

Biocon Biologics term loan facility 

Continuum Energy Aura USD senior secured floating rate notes issuance 

HSBC acquisition of L&T’s mutual fund business 

Nhava Sheva Freeport Terminal term loan facility 

Client Feedback: 33rd edition (2022/2023)    

Banking and finance 

“A terrific cross-practice team with an excellent knowledge of local law and a pragmatic and highly responsive approach.” 

“The firm has a very strong team across the board, are always responsive and provide advise that is tailored towards the needs of our business.” 

M&A 

“Highly skilled and specialized in their area of work. Extremely customer centric.” 

Neville Golwalla 

“Deep knowledge of the subject matter. Solution oriented.” 

Pallavi Meena 

“Pallavi is responsive and always targets her advice to the needs of our business. She is a trusted adviser and a key member of our team.” 

Gautam Saha 

“An outstanding lawyer. Gautam brings strong technical skills combined with a pragmatic and commercial approach.” 

Tatva Legal is a full-service law firm with offices in Bangalore, Delhi, Hyderabad, Mumbai, Chennai and Vijayawada .

Focusses / specialisms     

The firm takes on mandates in banking and finance, corporate and M&A, private equity, and restructuring and insolvency.  

Tatva Legal has experience advising across a range of sectors including energy, insurance, real estate, media, technology, food and beverage and hospitality. 

Key clients 

Notable clients include Strides Pharma Science, Titan, Ascendas, MetLife Group, Coffeeday Enterprises, Manipal Group, Nippon Steel Corporation, Accenture, Mouser Electronics, Shopmatic Group, RSP Design Consultants, MV Core Tech Fund-I, Mela Ventures, Efftronics Systems, Alfahive and Dorf Ketal Group.    

Research period review: 33rd edition (2022/2023)    

In M&A the firm mainly acted for clients on domestic work. The deals were in insurance, manufacturing and technology sectors. 

The firm was also active private equity work, the team often acted for investors on domestic deals. 

Deal highlights: 33rd edition (2022/2023)    

Chiron Lifescience acquisition of Aayas Trade Services 

Marvel Group acquisition of SpicaWorks India

Trentar acquisition of RFLY Innovations  

Client Feedback: 33rd edition (2022/2023)     
Investment funds 

“They understand our business and our needs, they are fair and take a balanced view, they are detail-orientated, and they share their views on pros and cons on complex legal aspects.” 

M&A 

“The team is excellent as to its expertise and client care. They provide very practical advice in a timely manner, well considering the reality of business based on their deep understanding of the history and business of the joint venture company. Their responsiveness is always very good.” 

“Very prompt and creative lawyers.” 

Project finance 

“Professionalism and courtesy are two qualities and traits of the law firm which stand apart.” 

Avinash Mody 

“He is excellent in negotiation with counterparts, and leads the team well.” 

“Very responsive and a creative thinker.” 

Shivacharan Reddy 

“Shiva has the great quality and skill to be able to listen to each and every individual patiently and carefully.” 

Rashmi Talukdar 

“Great to work with, pleasant and responsive, and knowledgeable.”  

Founded in 2000, Trilegal is one of the most well-known law firms in India, with more than 300 lawyers spread across offices in Bangalore, Mumbai, New Delhi and Gurgaon.

Focusses / specialisms

The firm is strongest in its banking and finance and project finance practices. It is also known for its high-quality work in capital markets, corporate and M&A, and project development.

Key clients

Key clients of the firm include Rabobank, REC, Power Finance Corporation, Actis, ADB, Aditya Birla Finance, Apollo, Ares SSG, Axis Bank, Bain, Barclays Bank, Blackstone, Baring Private Equity Asia, Carlyle Group, Deutsche Bank, Goldman Sachs, HDFC Bank, HSBC and ICICI Bank.

Research period review: 33^rd edition (2022/2023)

During the research period, the firm was active in its banking and finance, capital markets, M&A, private equity, project development, and restructuring and insolvency practices.

The firm’s banking team was occupied with domestic and cross-border financing, including structured finance, syndicated loans, private placements of bonds and debentures, acquisition finance, project finance, securitization and restructuring, including distressed investments. The firm was also providing services in relation to regulatory matters.

In the capital markets, the firm routinely acts for Indian and foreign companies, underwriters, foreign portfolio investors, banks, venture capitalists, private equity houses, and asset management companies. Counsel Ronak Chawla joined the firm’s capital markets team in 2022.

During the research period, the corporate team was particularly active in advising acquirers in high-value public acquisitions. It is worth mentioning that the firm bolstered its corporate team by welcoming 12 new partners, including Pallabi Ghosal, Pranav Atit, Sai Krishna Bharathan, Vivek Bajaj, Shivani Kabra, Deep Choudhuri, Kabeer Mathur, Sneha Vardhan, Samira Lalani, Karishma Dodeja, Sanjam Arora and Apeksha Mattoo.

In the project development sector, the firm has been active in renewable energy transactions. Other active sectors include energy storage, e-mobility, infrastructure, water, sanitation and waste management.

Deal highlights: 33^rd edition (2022/2023)

Issuance of bonds by Aavas Financiers.

HCC’s debt restructuring

Shriram Transport Finance Company’s update of the $3.5 billion GMTN programme.

Sula Vineyards’ IPO.

ArcelorMittal Nippon Steel India's acquisition of assets under Essar.

Client feedback: 33^rd edition (2022/2023)

Banking

“Partner is very hands-on. The team is thorough and knowledgeable. The team is proactive. They are sector experts.”

“Trilegal are pragmatic, responsive and proactive. They look out for their client’s interests but understand there’s a deal to be done so don’t make a big deal out of minor issues.”

Capital markets

“They have been available to answer all queries as and when raised, even at midnight, to help a speedy IPO for us.”

“Represented multiple selling shareholders and coordinated well with the company's as well as the underwriters' counsels.”

“Solutions-oriented with speed of execution.”

M&A

“Attention to detail, commercial-minded, speed and sector knowledge.”

“Agility, good depth of knowledge and also expertise in the M&A space.”

Private equity

“Efficient, capable and knowledgeable.”

“Trilegal's USP is their availability to get the transaction closed and a 360-degree view on not only legal aspects but also a commercial viewpoint, which helps alignment between parties.”

Project development

“Timely responses and a nice team.”

Project finance

“They are extremely professional and astute.”

Restructuring

“A detail-oriented team.”

Delano Furtado

“Amazing to work with, very personable and knowledgeable. Gives great, practical advice.”

Ankush Goyal

“He strives to grow and improve.”

“Driven, detail-oriented, with the ability to balance commercial and legal aspects.”

Aniruddha Sen

“Great communication skills, attitude, solution-oriented approach, accessibility.”

Brajendu Bhaskar

“He is very much to the point on whatever query is asked, and he never puts us in a state of confusion.”

Joseph Jimmy

“Client service oriented.”

Nayantara Nag

“She is extremely responsive and provides hands-on solutions.”

Kannan Rahul

“He is very thorough, knowledgeable and extremely hands-on. He understands commercials very well. He makes himself available whenever required.”

Varun Kumar

“Availability, knowledge of law, attention to detail and overall support on closing the transaction.”

Upasana Rao

“Responsive, good communication and domain knowledge.”

Richa Choudhary

“Very positive mindset. Solutions oriented. A risk taker.”

Sneha Vardhan

“Sneha is everything I appreciate about Trilegal – sharp, commercial, practical and extremely responsive. She’s also very positive and builds relationships with all stakeholders in a deal.”

Active since 1990, UKCA and Partners is led by managing partner Manisha Chaudhary and has offices in New Delhi, Chandigarh, and Mumbai.

Focusses / specialisms 

The firm is recognised for its banking and finance and M&A work and is also active in the restructuring space. The firm’s banking experience covers an array of matters, including ship finance, project finance, regulatory compliance, and security documentation. The M&A team is particularly active for domestic clients in the real estate sector. Its key clients include Larsen & Toubro and Era Group.

Key clients  

Key clients include Larsen & Toubro, Era Group, and DLF Group.

Client feedback: 31st edition (2020/2021) 

M&A

"Quick response time, knowledge of company law and understanding of the factual matrix."

"They are exact, to the point and no fooling around. Have in-depth knowledge of the matters they are advising upon."

Equilex is a boutique law firm established in 2019 by Deep Roy, who also serves as managing partner. The firm is headquartered in Mumbai.

Focusses / specialisms 

The firm is recognized for its focus on the restructuring and insolvency space, where it advises clients such as asset reconstruction firms, banks, resolution professionals, NBFCs and corporates.

Key clients  

Key clients include Dev Land and Housing Private, Sasawaka India Leprosy Foundation, Grant Thornton Bharat, SAMHI Hotels Group, Bank of India, Punjab National Bank and Asset Reconstruction Company India.

Research period review: 31st edition (2020/2021) 

The firm had an impressive showing in the last year, with roles for clients such as resolution applicants and creditors on a host of transactions. Notable work includes advising a creditor in the insolvency of Dewan Housing Finance Corporation and assisting Grant Thornton Bharat with the claims management process for the IL&FS Group.

Deal highlights: 31st edition (2020/2021) 

ABT insolvency

Dewan Housing Finance Corporation insolvency

GB Global insolvency

IL&FS Group insolvency

SAMHI Hotels Group debt restructuring

Shree Kedarnath Sugar and Agro Products insolvency

Client feedback: 31st edition (2020/2021) 

M&A

"Thorough domain knowledge. "

Restructuring and insolvency

"Decent turnaround time. Sound advisory and good drafting."

"A firm which provides value-added practical solutions."

Deep Roy

"Knowledgeable, articulate, sound drafting and argument in court."

"Extremely knowledgeable and hands-on approach."