IFLR 1000
The Guide to the World's Leading Financial Law Firms

Phoenix Legal has been widely recommended amongst peers for its project finance and banking practice. As a new firm in the Indian market, only being set up in 2008, the firm has been maintaining a strong client base in the mining and energy sectors. The firm is ranked for the first time in project finance this year because of wide peer recommendations and active involvement in transactions. A peer says, "Phoenix Legal has a very good project finance practice and deserves recognition. The firm has a strong client-base from the mining and energy sectors, and also does financing work for their clients." Another peer agrees, "Sawant Singh and Abhishek Saxena are very well-known practitioners. The firm does some project financing work and is particularly active in the energy space."

The firm has maintained its rankings for its banking practice, and has been advising mainly the borrowers in this space.

Deals
The firm is ranked in project finance for the first time this year, as it has demonstrated a strong track record advising borrowers in the project finance space, with a strong focus in the mining and energy industries. Sawant Singh, Jijo Cherian and Aditya Bhargava have advised SREI Infrastructure Finance Limited and ICICI Bank on a $2.2 billion term loan provided to a Lanco group company for construction and operation of a 100MW solar thermal power plant in Jaisalmer, India. The firm was involved in drafting the related documents and negotiating terms between the two lenders. The transaction was closed in June 2011.

Singh, Cherian and Bhargava also advised ICICI Bank on its $54 million term loan facility granted to an Abhijeet Group company in relation to the financing of the hhapra-Gopalganj section of National Highway-85 in Bihar, India. The firm was involved in negotiating and finalising the agreements with the National Highways Authority of India (NHAI).

The trio also advised ICICI Bank on its $135 million term loan granted to Videocon Industries to refinance and repay the existing facilities. The deal was closed in November 2011.

Phoenix Legal has continued to advice on a range of M&A and private equity deals since its establishment in 2008. Its M&A clients and private equity clients range from the mining and energy to the information technology space and involve both domestic and overseas companies. The firm is ranked for the first time in M&A due to wide recommendations from peers and its active involvement in transactions. A peer says, "Phoenix Legal is well known for its M&A work. Their partners are well-known lawyers from the field, previously from Trilegal. The firm is quite new but is one of the newly started firms which could maintain the volume of work." Another peer agrees, "The firm is known for its M&A practice, and has been quite active since it was founded."

Deals
The firm is ranked for the first time in M&A this year because of its active involvement in transactions, ranging from the mining and energy industries to information technology companies. Manjula Chawla has advised Trafigura Private, the Singapore-based unit of the world's third-largest crude oil trader, and Netherland's Trafigura Beheer, on their $ 100 million acquisition of Nagaruna Oil Corporation equity stakes, an oil processing company in India. The transaction was closed in November 2011.

Abhishek Saxena has also advised iEnergizer on its $150.1 million acquisition of Aptara from American Capital. Aptara is a company with interests in design services, project management, and digital information processing. Phoenix Legal was involved in conducting due diligence for iEnergizer.

The firm has also been active in the private equity space. Saket Shukla has advised Ramprastha in relation to the $216 million acquisition of its 49% equity stakes by India Property Fund and Vornado Realty group entity. Phoenix Legal was involved in structuring of the deal and finalising the agreements.

Saket Shukla has also recently advised the Mauritius holding company of Everstone Capital Advisors on its acquisition of 49% stakes in JS Hospitality Services Private. The firm was involved in advising on the subscription and purchase of shares of JS Hospitality Services Private and integration of the partnership businesses of the promoters with the operations of the company.