AP & Partners
Founded in 2019,
AP & Partners has an office in New Delhi with five partners under the leadership of senior partner
Anand Prasad. 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.
Recent examples of the firm’s deal work include
advising
Happily Unmarried Marketing on its acquisition by VLCC. This mandate was challenging as it involved the
acquisition of
Ustraa through a combination of multiple transactions including a secondary buy-out and share swap arrangement between the parties.
In private equity, the firm advised
Aadhyatmik Technologies on its series seed CCPS fund raise. This mandate was challenging because it involved multiple investors with a specific set of investor rights.
Religare, Zomato, InfoEdge India, SpaceX, Etsy, Situs AMC, Wholsum Foods, Toddle,
Freightify
“Partner led attention, especially by Harshit Anand and Sandeep Das.”
“The team at AP & Partners is highly competent and offers top notch legal services. We highly commend Moksha Bhat and his team for their expertise in cross-border M&A transactions, and their commercial knowledge and in-depth understanding of the market.”
“The team at AP & Partners gives personal attention and work with utmost responsiveness on each mandate which are the key highlights of the firm and the team from our perspective.”
“The team stood out for their nuanced understanding of
all of the investor negotiations. And for handling it with minimal intervention to the client.”
“The firm
provides us action-oriented advice that focuses on what can be achieved (given our business goals). They stand out for having an excellent understanding of emerging technology laws in India and the ability to outline specific risks and paths forward.”
“Very good at client management and managing difficult negotiations. Has in-depth knowledge of Indian corporate laws.”
“Moksha has swiftly handheld us through
very complex M&A transactions with ease. He gets up to speed on the commercial
objectives very quickly. His industry knowledge and his ability to efficiently draft and negotiate complex commercial-legal arrangements is commendable.”
“Moksha is highly responsive with a deep understanding of our business and the broader market. His vital insights and strategic solutions help us achieve our business goals efficiently.”
“Arjun is
very good at providing detailed, action-oriented advice. He has a substantial and deep understanding of how telecommunications and technology laws are evolving in India and how they affect business practice, He is very hands-on and always available.”
AZB & Partners
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.
The firm performs consistently well in banking and finance, capital markets, corporate and M&A, private equity, and restructuring and insolvency.
It 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.
In banking, the firm
advised
Air India
on 6 transactions for the acquisition of A350–900
aircraft. This was the first Airbus 350–900 leased / acquired by an Indian airline and the first
aircraft acquisition by a commercial airline through GIFT City. The transactions involved multi–jurisdictional complexities that required first–time navigation and innovative structuring to ensure lender comfort to provide finance leasing, under the
European Central Bank (ECB) route through GIFT City into India.
In
debt markets, the firm advised and represented
Bahadur Chand in relation to its issuance of listed Negotiable Certificate of Deposit (NCD), to Foreign Portfolio Investment (FPI) and mutual funds. The deal required a careful analysis of the extant regulatory framework applicable and navigating through various FPI and Securities and Exchange Board of India (SEBI) regulatory challenges in the context of the structure of this deal.
In equity markets,
AZB & Partners acted as legal counsel to
Tata Consultancy Services Limited (TCS) and JM Financial Limited on the buyback of equity shares by TCS on a proportionate basis, by way of the tender offer route, through the stock exchange mechanism. This was the largest buyback undertaken since the amendment in the Indian legislation in relation to buybacks.
In M&A, the firm advised
Housing Development Finance Corporation (HDFC) in its merger involving the amalgamation of HDFC Investments and HDFC Holdings, with and into HDFC and HDFC with and into HDFC Bank (Proposed Transaction). It is the largest and most complex M&A transaction India has ever seen and is the largest banking M&A transaction.
KKR, Air India, HSBC, HDFC, AU Small Finance Bank, Edelweiss Asset Reconstruction Company, MRF, Bharti Hexacom, IIFL Securities, Housing Development Financial Corporation, Tiger Global
“High level of client service and excellent technical
expertise. Ability to find commercial and pragmatic solutions to complex legal issues.”
“Quality of work, turnaround time, depth of knowledge.”
Financial services regulatory
“Most of the advice sought is for matters that are untested (industry first) - In that context, AZB's advice is succinct, clear, in keeping with new regulations and makes legal and commercial sense.”
“Quick response and solutions.”
“The AZB Partner is prompt, communicative and responsive to emails. The Team meets tight timelines and open to communication.”
“Their
availability, pragmatism and the fact that they are business oriented.”
“Quality and delivery of job in time.”
“Professional approach and solution oriented.”
“Practical and clear legal advice that makes commercial sense too.”
“Meets deadlines and listens to client job requirement and goal and outlines the
ibjective to be achieved from meeting.”
“Very responsiveness, hands-on, dedicated, very good knowledge of M&A.”
“Excellent communication and client management, good understanding of our business needs, subject matter expertise and ability to deliver firm to clients.”
“Ishan has excellent client service and responsiveness and is always able to apply a detailed technical knowledge of the law to find pragmatic and commercial solutions.”
“He is very responsive to emails and queries. Very much reachable and approachable. He is communicative and open to chatting about concerns.”
“Do well in client relationship, practical.”
“Responsive and knowledgeable. Available for
discussions generally.”
“Very business minded, find creative solutions.”
“Do well in client Relationship Management and solution oriented.”
Chadha & Co
Chadha & Co is a full-service law firm founded in 2002. The firm is headquartered in New Delhi and has several foreign desks.
The firm has a specialized inbound practice in
advising foreign corporations doing business in India on all Indian laws and regulations that are relevant to their business.
The firm also has
expertise in the areas of joint ventures, technology transfer and licensing, legal due diligence, infrastructure, mergers and acquisitions, project finance, corporate finance, direct and indirect taxation, labour and employment matters, information technology and outsourcing, intellectual property, corporate governance and legal and regulatory compliances.
In M&A the firm
was responsible for several confidential M&A matters. The firm was also
actively
acting for Joint venture partner during the research period.
Hitachi, Kawasaki Heavy Industries, Jakson,
Enernorth, W.R. Grace, Ciena,
Movomech,
Amireia
Pajoara, Gudrun
Sjoden, Gazprom, Shanghai United Imaging
Cyril Amarchand Mangaldas
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.
Dhaval Vussonji & Associates
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.
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.
In
real estate, the firm acted as the lead transaction counsel in a pivotal real estate financing deal, securing last mile funding for the “Vanu Heights” project in Mumbai, through the issuance of Non-Convertible Debentures to
SWAMIH Investment Fund I. This transaction highlights the firm’s expertise in complex real estate and corporate finance law
and also underscores its ability to effectively coordinate and negotiate between multiple stakeholders under demanding conditions.
The firm was also active in restructuring and insolvency,
acting for creditors, debtors, and administrators
Suvasya Builders and Developers, Honest Shelters, Macrotech Developers (Lodha Group), SWAMIH Investment Fund I, Piramal Enterprises, Aditya Birla Real Credit Opportunities Fund, Indiabulls
Infrastate
“She has an eye for detail and understands the business very well to identify key risks, segregate the same into acceptable and unacceptable risks and helps resolve the problems with relevant provisions of law/ case studies/ legal precedents.”
Dhir & Dhir Associates
Founded in 1993, full-service law firm
Dhir & Dhir Associates has offices in New Delhi, Mumbai, Hyderabad, and Bengaluru. The firm has extended its presence in the region with a representative office in Japan. The firm is active across the financial and corporate space and is particularly known for its expertise in project development and restructuring and insolvency.
In projects the firm has experience in acting for clients such as contractors, government entities, and developers and has strength in the power, oil and gas and transport sectors.
The firm has been active in the restructuring space since the 80s and has assisted stakeholders including resolution professionals, creditors and debtors.
Additionally, the firm takes on banking and finance, capital markets and M&A mandates across a broad range of sectors which include banking and financial services, real estate, manufacturing, and technology and telecommunications.
Noteworthy clients include Jindal India Thermal Power, Power Finance Corporation, India Infrastructure Finance Company, L&T Infrastructure Finance, India
Infradebt,
HDFC Bank and
Axis Bank.
Research period review: 32nd edition (2022/2023)
The firm’s banking work was primarily active for lenders on refinancing and project financing transactions.
On the restructuring front the firm took on a variety of roles for a variety of stakeholders in high profile resolution processes. A highlight saw the firm advising Supertech Group on its insolvency proceedings.
The firm strengthened its team with the addition of two partners,
Purusharth Singh and A.C. Singh.
Deal highlights: 32nd edition (2022/2023)
Power Finance Corporation $30.82 million financing
REC $13.8 million financing
Supertech Group
insolvency
Fox Mandal & Associates
One of the oldest law firms in India,
Fox Mandal & Associates is a full-service law firm established in 1896. The firm caters to clients across the country with offices in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune.
The firm is
recognised for its corporate and M&A, private equity and
projects work. Sectors of activity include transport, hospitality, utilities, energy,
logistics, technology, manufacturing, pharmaceuticals and automotive.
In project development, the firm was the legal consultant to the project
initiated by Chennai Metropolitan Water Supply and Sewerage Board for the procurement and installation of automatic smart water meters. This is a pilot project in the city of Chennai.
The firm was also engaged as the legal expert for the Preparation of Detailed Feasibility Report for Restoration of 3 rivers in Tamil Nadu. The project was challenging as the firm had to
determine the structure and institutional setup of the project in line with the legislative framework.
Punjab National Bank, Bank of Baroda, DBS Bank India, Indian Bank, Axis Bank, Kaar Technologies India, Insemi Technology Services, Krishna Skyway
InfraProjects,
Athaang
Dichpally Tollway, Vedanta
“They offered cohesive and competent services and always with a smile”
“Professionalism and subject matter knowledge.”
Restructuring and insolvency
“They gave practical workable solutions to the issue.”
“Very strong communications and knowledge.”
“He was first contact point and guided us to right partner of the firm.”
IndusLaw
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.
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.
In banking, the firm advised
Salarpuria Sattva group entities on construction finance and lease rental discounting facilities aggregating. An innovative mechanism embedded within the transaction was the eventual conversion / repayment of the term loan facility into a lease rental discounting facility contingent upon the achievement of certain criteria, inter alia, including maintenance of pre- defined promoter contribution and lease rental income threshold.
In equity capital markets, the firm advised on several “market-first” transactions, including advising the BRLMs on all aspects of Indian law in the proposed initial public offering by SAMHI Hotels. This transaction was also one of the first transactions to be listed on a T+3 basis.
In restructuring and insolvency, the firm advised and represented L&T Finance
in
initiating Corporate Insolvency Resolution Proceedings against Sterling Healthcare. The matter assumes great significance as it settles the law on limitation under the provision of the Code and the scope of ‘financial debt’ under the Code.
Mobikwik,
Entero Healthcare,
Yulu Bikes, Power Finance Corporation,
Hampi Expressways, Glenmark Pharmaceuticals, Prestige Projects, JC Flower Asset Reconstruction, ICICI Bank, HDFC Bank
“Expertise and Commitment. They were extremely flexible and were available to us at all points of time.”
“We received a
personalised support from
IndusLaw on every step, starting from understanding the whole fund-raising process to structuring the company correctly for the fundraise, to negotiating the legal contracts on behalf of the company and finally to completing all the necessary filings and documentations for the fundraise.”
Financial services regulatory
“They were highly responsive, available on short notice, and prompt with their feedback. The work product was of
a very high quality but was also appropriately tailored to the relevant issues and not overly broad as some firms tend to do. The team of lawyers was very friendly and a sincere pleasure to work with.”
“Very quick, detailed, and focused.”
“The law firm has vast knowledge, and they understand the client requirement.”
“Their team is very hands-on,
responsive and available. They are upfront and transparent about costs. They are very efficient and get the job done in record time and with minimal fuss.”
“Thorough and very responsive. Able to meet fast M&A deadlines.”
“Responsive. And cut through some of the complicated red tape in India, to make the advice commercial and easy to digest.”
“Commercially savvy, efficient and technically sound.”
“Domain knowledge, responsiveness, value for money.”
“Great quality, sector specific expertise and dedicated team.”
“Highly responsive.
A keen eye for issue-spotting. Willingness to find common ground to reach agreement.”
“Prompt input, commercially savvy and technically sound.”
“The attention to detail, complete alignment with their client and consequent representation, aligning with founders' requirements, knowledge about the benchmarks in the ecosystem and regulatory knowledge base.”
“The team is knowledgeable on the subjects,
bring
expertise across similar transactions into play and
advise us accordingly.
Also very professional and keep strict timelines.”
“They take a very comprehensive view of all the factors, including hard facts like the agreements and documentation and regulatory scenario as well as softer issues like client reputation, court systems and what is practically possible.”
“Very deep corporate
expertise and focused cross-border experience. Partners stay involved in transactions rather than just handing off to junior lawyers.”
“He is
a great lawyer. He is very humble and smart. He is having vast experience to handle corporate matters.”
“Responsiveness, Ability to find solutions to our problems.”
“Provide commercially sound advice.”
“Exceptional domain knowledge and quality of work.”
“Shweta is quick and detailed, very knowledgeable.”
“Praveen is
very knowledgeable in his area of expertise. He is a client's dream because of his good response times and his desire to always keep the client apprised of matters.”
“He has always been
very supportive and transparent in our interactions. As a
first-time entrepreneur, he has helped us navigate our journey from Day 0.”
“Good at listening and understanding the concerns and then getting tailormade solutions to our situation.”
“Responsive, trusted advisor and listens.”
“I know that I can
definitely rely on Minhaz and his team. Whenever we need to use Indian based external lawyers, we expect the same level of service that we are used to from
IndusLaw and specifically from Minhaz's team. He is good at negotiations, knows when and to what extend to push and get the expected results.”
Revathy Murali
“Knows the law and responsive.”
“Responsive, knowledgeable and good with clients.”
“Revathy
understand our business, our
perspective and our needs well.
Accordingly she
advised us in our best interests.”
“Attention to detail, good follow-up, not missing details, and curating future documents with historical context of a company.”
“Understanding client needs and highly responsive in getting back to us with accurate results. Also, guides us to what law states Vs.
precedences / practical issues. Provides all information required for us to take the right decisions.”
“She is accessible always, provides quality input and is aligned towards ensuring swift closure.”
“Distills complex concepts in a succinct fashion. Always willing to talk -- incredibly responsive. A trusted partner who helps cut through a lot of the work across various areas of specialized legal practice.”
“She is an excellent lawyer who provide commercially savvy advice.”
“She is solution oriented, practical and hardworking.”
“She is clear, concise, and authoritative in her guidance.”
JSA
Founded in 1991, J Sagar Associates is one of the foremost law firms in India with offices in Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Mumbai and New Delhi. Key figures at the firm include joint managing
partner
Amit Kapur and Vivek Chandy.
The firm is known for its strong banking and finance and project development work. The firm’s flagship banking practice is experienced in an array of domestic and cross-border financing transactions.
The firm has extensive expertise in project finance
and also advises on trade finance, real estate finance, and leveraged finance. In the projects front, the firm focuses on energy, oil and gas, transport, infrastructure,
utilities and telecommunications.
Recent examples of the firm’s banking work include advising
REC
in relation to a project term loan facility extended to MP Power Transmission Package – II Limited (MPPTPL). MPPTPL is a wholly owned subsidiary of Adani Energy Solutions Limited (AESL),
India’s largest operating private power transmission company.
In debt capital markets, the firm
advised
State Bank of India (SBI), India’s largest lender, in the issue of USD 750 Million Bonds under the USD 10 Billion Medium Term Note
Programme.
SBI’s USD Bond Issue was one of the first offshore bonds Issue from out of India in the new
financial year and
in the midst of volatility in the international markets.
In equity capital markets, the firm advised
JM Financial,
BNP Paribas, ICICI Securities and IIFL Securities in the initial public offering of equity shares,
comprising of fresh issue and offer for sale by certain promoters of DOMS Industries. It was the first IPO to mandatorily debut under T+3 post issue timelines.
The restructuring and insolvency team
advised the
ICA Lenders in relation to resolution of debt availed by Reliance Home Finance (RHFL). This
is one of the largest successful
resolution processes of a housing finance company under the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 dated June 7, 2019 (RBI Directions).
Ares Asia, Standard Chartered Bank, Deutsche Bank, State Bank of India, HDFC Bank, Edelweiss ARC, Aether Industries, Axis Capital, Cello World, CLSA India
“JSA's team has
a very strong fundamental. They are extremely approachable and have a problem-solving approach. They have a clear understanding of the business and therefore provide very apt and balanced advice.”
“Turnaround time esp. for deals with crunch deals and opinion on any legal matters.”
“Good in communicating expectations from client and providing legal opinion on the matters.”
“Has a very strong core fundamentals and provides a balanced advice.”
Juris Corp
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.
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 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.
In a landmark banking mandate, the firm
advised a large American bank acting through its offices located globally, including, inter alia, India on Indian law aspects in relation to a first-of-a-kind revolving, uncommitted, true-sale account receivables purchase program of Cisco Systems, acting through its offices located globally, including, inter alia, India. Such a cross-border assignment process is a rarity in the market.
Recent examples of the firm’s project finance work include advising Bank of Baroda in relation to the external commercial borrowing of up to USD 550 million for part refinancing of an existing external commercial borrowing. The transaction was unique as the refinancing was considered as a fresh European Central Bank.
In restructuring and insolvency, the firm advised and
represented a Bank in a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against a Corporate Debtor and the Corporate Guarantor in National Company Law Appellate Tribunal, New Delhi and National Company Law Tribunal, Principal Bench. The matter was complex and a very distinctive case before the NCLAT which raised important and complex issues concerning application of the provisions of the Insolvency and Bankruptcy Code, 2016 and Recovery of Debts and Bankruptcy Act, 1993.
DBS Bank, MUFG Bank, Axis Bank, Bank of America, Venus India Asset-Finance, Tata Housing Development Company, Shriram Finance, Piramal Group, IIFL Finance, Runwal Group
“Solution Oriented,
Indepth understanding of laws and upkeep of time.”
Restructuring an insolvency
“Up to the pace with the recent developments, excellency in professional
attiquettes and expertise in the field assisted into.”
“Client management, easy to approach and humble in deliverance.”
“Solution Oriented and strong knowledge.”
Kaizen Law
Founded in 2022, Kaizen Law is a boutique and independent Indian law firm headquartered in Gurgaon, India, with a newly established office in Bangalore. Key figures include founding partner Harsh Kumar.
The firm specialize in general corporate and transactional work, including M&A, private equity (PE), and venture capital (VC). Its client includes emerging growth companies, financial investors, and listed Indian and multinational companies from diverse industries.
Highlights
In M&A, the firm advised the target Zywie Ventures, and its founders Aarti Gill and Mihir Gadani, in the sale of a controlling stake to HUL, a listed Indian company. This transaction presented several unique challenges, including a tight deadline for completing deal documents, regulatory obstacles related to the differential pricing structure for payments to the promoters and other existing shareholders, and the need to safeguard the promoters' earnout payments in the years following the initial closing.
In another notable M&A mandate, the firm advised Comic Con India and its promoters, Jatin Varma, and Karan Kalra. Nodwin Gaming, the acquirer purchased all the shares of the promoters, Jatin Varma and Karan Kalra, in the target. Nodwin Gaming paid Jatin and Karan partly in cash and partly in new shares allotted by Nodwin Gaming. Jatin and Karan continue to be engaged as consultants to the target until April 2025. As Nodwin Gaming paid Jatin and Karan partly in cash and partly in new shares allotted by Nodwin Gaming, the transaction structure triggered additional compliances under the Companies Act 2013 and SEBI regulations, which the firm had to evaluate and advise on.
Key clients
Hudson Bay’s Company, Alcobrew Distilleries India, TBO Tek, Shizuoka Gas Company, Urbanclap Technologies
Testimonials
M&A
“Kaizen Law always provides timely, to-the-point and feasible advice.”
“Subject matter expertise is commendable and always a call away whenever needed. Also, they help us land the desired output during negotiations.”
“The team is tenacious when negotiating on your behalf and they help commercial team members understand complex legal points in an easy way so we can take decisions on the deal.”
Private equity
“Kaizen Law team is very proactive and hand-on in their engagement with clients. They have never missed a deadline and it very motivated to get the transaction over the line.”
“They take genuine interest in understanding the commercial aspects of the transaction. They work in a spirt of win-win and find constructive solutions partnering with their counter parties.”
Harsh Kumar
“Clarity of thought and industry benchmarking and relevant inferences from law and industry.”
“Excellent knowledge of the law combined with ability to understand the commercial aspects of the transactions. Finds innovative solutions for tricky problems.”
“Explain complex legal terms and issues so we could take commercial decisions.”
“Harsh is one of the industry leaders in the VC/PE and M&A space in India. He is very hands on and remains motivated to get a transaction over the line. He has built a fantastic team with limited resources. He has an exceptional ability to solve problems, and he tries to find a solution that works for all stakeholders.”
“While he is the founder of Kaizen Law, he always be at the front of the deal and provides his service based on his experiences in major law firms in India.”
Khaitan & Co
Founded in 1911,
Khaitan & Co is one of the oldest full-service firms in India and has offices in Ahmedabad, Bengaluru, Chennai, Kolkata, New Delhi, Mumbai, Pune, and Singapore.
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 bond 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.
Recent examples of the firm's capital market work include acting as the transaction counsel in relation to the issuance of secured, redeemable, listed, non-convertible debentures on a private placement basis by
Jamnagar Utilities & Power and arranged by Axis Bank, ICICI Securities Primary Dealership, and ICICI Bank.
This deal was one of the first issuances of privately placed listed non-convertible debentures under the general information document format which was listed on the Bombay Stock Exchange under the newly revamped disclosure schedule regime after the latest amendment to the Securities and Exchange Board of India Issue and Listing of Non-Convertible Securities Regulations, 2021.
In project development, the firm
advised
Reliance Jio
Infocomm on overall and end-to-end assistance in the contracting process for the client of various passive telecom infrastructure agreements.
These transactions are mostly complex as DoT restricts non-licensed entities and
especially IP-I providers from engaging in provision of services
pertaining to active infrastructure.
A significant project finance mandate saw the firm
act as Indian lender counsel to
Oaktree Capital Management (OCM) through its related funds, in relation to an offshore term loan facility of up to USD 900 million. The deal was legally innovative as it involved structuring of the multifaceted security package for both onshore and offshore support for the financing including the intricacies involved in obtaining consent from the Enforcement Directorate under the newly revamped Overseas Investment regime (New OI regime).
Aditya Birla Finance, Axis Bank, Bank of America, Candor Gurgaon One Realty Projects, J.P. Morgan Securities, Reliance Industries, Aditya Birla Capital, Brookfield Asset Management, JSW Steel, Prestige Developers, Tata Realty, Digital Edge
“Best firm to handle legal cases.”
“Dynamic and responsive.”
“Highly recommend - Best in service and best in handling cases.”
“Professional expertise, meticulous data management, prompt response on legal issues.”
“Very competitively priced and responsive.”
“Very prompt and business friendly advice.”
“The timely, well researched and suitable remedies with process driven and result oriented approach towards the assignment.”
“They are an extremely professional and efficient team. Skilled lawyers and timely delivery make them my counsel of choice.”
Financial services regulatory
“Best in handling legal cases in a professional manner!”
“Domain knowledge, intellect, work ethic, client service standards.”
“Expertise in reviewing the documents, drafting, negotiation on key clauses, meeting the set timeline, taking ownership on entire assignment.”
“Extremely competent, with a deep bench strength and go
above and beyond to fulfill requirements. Extremely reachable at all hours and the ideal legal partner to have in a tight timeline acquisition.”
“One stop shop, knowledgeable team, turnaround time.”
“The partner quality along with their knowledge and being a full-service law firm covering all domains helps us make it a one stop solution for all our legal requirements.”
“The team is very experienced, work together very cohesively, commercially astute and do their best to close out issues and make the deal a success.”
“Their team of partners are readily available to provide guidance on the intended subjects and their turn around time is prompt.”
“They provide prompt professional service through their experienced team members.”
“Subject matter expertise.”
“Adherence to deadlines. Ability to reach solutions / middle-grounds.”
“Khaitan know our fund and tailor their advice accordingly.”
“Pro-active problem-solving attitude. Industry/domain knowledge. Availability.”
“They are a very collaborative firm with multiple partners working together to help support the transaction. Their advise is clear and unambiguous. They also play a strong role in helping create middle-path solutions with the counterparty counsel which helps in high pressure negotiations.”
Project development: infrastructure
“Their availability 24/7 for any kind of discussion or work. Good turnaround time.”
Restructuring and insolvency
“Best IBC practice made the bankruptcy process very simple and straight forward.”
“Definitely recommend - best IBC practice to handle IBC cases”
“Knowledge, approach and proactiveness on deals.”
“Sincere, always on-point, collaborative.”
“Extremely professional, in-depth knowledge and highly experienced attorney.”
“Took the ownership and lead the entire assignment to the expected conclusion in the set deadlines.”
“He is an all-rounder and well respected in the industry. He goes
above and beyond for his clients. He is primarily into M&A but ensures he is involved in all our other legal matters as well just to see that we are being taken care of. He feels like an in-house legal counsel.”
“He is a highly skilled capital markets partner. Knowledgeable,
timely and helpful.”
“Rabindra is very knowledgeable about the market and the law, commercially astute, takes a bring-the-whole-team-to-market approach and a pleasure to work with.”
“Concise documentation, prompt solutions.”
“She provides clear and concise advice. She knows the market well and is a strong negotiator.”
“He is thorough in his work and gives proper advice in Arbitrations and Litigation matters that he is handling for us.”
“Outstanding client service, deep
knowledge and strong ability to pull in the right partners and talent where
required. Extremely accessible
at all times and incredibly hard working turning around things overnight when
required.”
“Managing the client and working efficiently to meet the deadlines.”
“She has been professional with utmost clarity and guidance oriented to attain the assignment in hand.”
“Good personality and technically sound.”
“Best lawyer in this field. He tries to get deep into the matters that he takes up and gives his 100%. Highly satisfied with his work.”
“He is an ace lawyer in both Banking and Insolvency space.
Known him for more than 10 years and rely on him on all complicated matters. Very trusted name in the market.”
“He is very professional and helpful and made a challenging and hard situation as smooth and easy as possible.”
“He is wonderful to work with. Things were always well explained and the responses to any questions were very prompt. Extremely professional!”
“Highly recommend Siddharth Srivastava, Partner, Khaitan & Co. He is very professional and helpful and made a challenging and
hard situation as smooth and easy as possible. You are
in good hands!”
“Siddharth is the best lawyer in this field. He tries to get deep into the matters that he takes up and gives his 100%. Highly satisfied with his work.”
“Timely and business friendly advice.”
“Super prompt and efficient. A knowledgeable partner. Works well with clients and peers.”
King Stubb & Kasiva
King Stubb &
Kasiva
is a full-service corporate law firm in India. The firm has over 100 lawyers working in offices across the country including New Delhi, Chennai, Mumbai, Bangalore, Pune, Hyderabad, Kochi &
Mangalore.
The firm has extensive experience in the banking and finance area, general corporate, and private equity. It also has experience in mergers and acquisition, intellectual property, corporate finance, and regulatory matters.
During the research period, the firm has been active in advising clients in the M&A space. In a landmark mandate, the firm advised SSW Partners, a New York-based investment partnership (SSW), on the sale of Veoneer's Restraint Control Systems (RCS) business to American Industrial Partners Fund VII (AIP). The transaction was complex and involved multiple jurisdictions, requiring the firm to align the views of experts across the industry and execute strategic planning and risk and loss mitigation.
Veoneer, Baird Capital, Barrix Agro Services,
Cleartrip Middle East, Octillion, Horizon Global
Lakshmikumaran & Sridharan
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.
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.
The corporate team was active in acquisitions for both the buy and
sell sides. The firm covered clients from different sectors including healthcare,
industrial and manufacturing, technology and telecommunications, and media.
In private equity, the firm acted for
Ritewater Solutions India and its promoters, in connection with the series B investment by Belgium-based
Incofin’s water acceleration fund and other investors into
Ritewater. The transaction marks the first time that a
specialised fund such as W2AF is entering into the clean water space in India.
Ritewater Solutions (India)
Financial services regulatory
“Accessible, knowledgeable and able to craft solution to suit specific requirement.”
“They are tax and IP experts. Subject knowledge is excellent. Advice that addresses the issue and provides solutions for us. Easy access to their team and mostly a quick response from them. They are one of the few firms doing PVP in India - they engage with the Authority on a regular basis which helps to find solutions or move matters forward. Their tax advice is of the highest quality - they understand the laws and are very conversant and up to date with the rules,
regulations and latest notifications. Therefore, they
are able to advise on compliance and solutions for compliance.”
“Able to give appropriate and wholesome solution.”
“She handles our IP
matters as well as biodiversity matters.
She does
all of these very well.
Subject matter
expertise is excellent. Advice is prudent and for the benefit of the client.”
Legacy Law Offices
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.
The firm is noted for its project development practice. Sectors of activity include transport, healthcare, energy and social infrastructure.
A significant capital market mandate saw the firm
act as a legal advisor for the Initial Public Offering (IPO) of
Vibhor Steel Tubes, a leading steel tube manufacturer and exporter of India. The IPO was held to be one of the most successful IPO of the year 2024 and the 3rd most successful IPO till date. The IPO has been over-subscribed by over 299 times.
Intercontinental Consultants & Technocrats,
Mienhardt Singapore, Ministry of Yemen, Nippon Koei (India), ANS Constructions, EMS, Vibhor Steel Tubes,
Khambatta Securities,
Narnolia Financial Services
Project development: Infrastructure
“Legacy has an excellent team of legal professionals who have varied
expertise and experience of handling corporate legal matters in the field of project development and execution. They also are known for their track record of providing legal services for the development of different PPP projects implemented in different sectors/industries.”
“The corporate team of Legacy provides regular legal advisory and contract management services to our organization. Being our legal partners, they also handle various legal and contractual matters to ensure
timely recovery of money and effectual contract performance as agreed upon, and handle other legalities associated thereof. They have a very flexible team having experience and expertise across different fields that ensures that they
are capable of providing legal advice and opinions
regarding legal ambiguities posed by us.”
“We have been working with Legacy for a long time and have availed their drafting, vetting and advisory services at different points. They have an excellent team of legal practitioners who are
really efficient with their deliverables and
timeframe to help ensure and uphold the interests of their clients in the best
possible way.”
“Gagan is an extremely hard-working legal professional having decades of experience in providing corporate legal services to the clients that help with the development and construction of different infrastructure projects and provide efficient legal advisory and opinion to help their clients with any legal nuances.”
“He is an extremely diligent legal professional known for his experience and expertise in handling project development and providing legal services towards construction of projects in different sectors/industries.”
“Shalini has been a reliable legal partner throughout the period of being associated with the firm. She is acquainted with the nuances of the construction and real estate sector and provides intelligent solutions to navigate the posed legal issues and queries. She is also aware of the commercial suitability of the legislation applicable in the sector and provides regular legal opinion to our organization to help ensure compliance and avoid any futuristic legal complications.”
Luthra and Luthra Law Offices India
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.
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.
A significant banking mandate saw the firm
acted for and
advised the foreign lenders in connection with foreign currency term loan facilities for an aggregate amount not exceeding USD 425 million approx. This was the first external commercial borrowing in the country for captive renewable energy projects hence setting the base for such future deals in the country. Further, the deal also saw international and domestic lenders tie up for the first time in a financing for captive renewable energy projects in the country. The PPA was a dollar denominated PPA which was a first in the country.
On the M&A front, the Firm
advised Novo to acquire a majority stake in Manipal Health Enterprises (Manipal) for USD 3.6 Billion alongside investors Temasek, The California Public Employees’ Retirement System (CalPERS) and TPG Asia. The transaction is a part of the largest private equity deal in the Indian healthcare sector.
In restructuring and insolvency, the Firm acted as legal advisor for the
Chairman of the Monitoring Committee and the Resolution Professional of Educomp Infrastructure and School Management.
This is one of the largest insolvency deals in the education sector and involves advising significantly also on the aspects of litigation across a range of fora.
Radiance Group, Renew Power, Ola Cell Technologies, Orchid Pharma,
Equirus Capital, SBI Capital Markets,
PocketAces Pictures, Novo Holdings A/S, ArcelorMittal Nippon Steel, Hinduja Renewable Energy, GAIL (India), Highways Infrastructure Trust
“Eye for detail, understanding of sector, knowledge of applicable regulations.”
“Problem solving approach, quick turnaround time, wanting to close transactions and providing innovative solutions.”
“Sincerity, & on time response.”
Restructuring and insolvency
“The advice is not strictly professional but also protects the stakeholder personally and futuristically.”
“Himanshi
Bhadoria can prepare good documents.”
“Good at relationship building and provide legal advice.”
“Problem solving, adherence to deadlines, sector knowledge.”
“Prompt and sound legal advice.”
Obhan & Associates
Founded in 2007,
Obhan & Associates
is headquartered in New Delhi.
Essenese Obhan is the founding partner of the firm.
The firm is
recognised for its
corporate 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.
The firm has been actively involved in M&A work during the research period, recently acting for clients such as investors and buyers on matters including financial investment, joint
venture and asset acquisition.
In a landmark mandate, the firm advised
Bioxgreen on entering into a joint venture agreement with Centrisys India Holdco (Centrisys), to
establish a joint venture company, to
synergise Centrisys’
cutting-edge technology in waste management with
Bioxgreen’s understanding of local requirements and connections within the local industry.
The matter was challenging
owing to the fact that Centrisys is a foreign-registered entity, and the intellectual property in the waste management technology is licensed to another Centrisys related party.
Steer Engineering, Okinawa
Autotech
Internationall, Chemical Construction International Group, Flexing It Services, Homage Ventures,
Spectacom Global
SD Partners
Founded in 2019, local boutique SD Partners is active in the financial and corporate space and has offices in Gurgaon and Mumbai.
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,
defense 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.
In restructuring and insolvency, the firm acted
as the
administrator on a deal involved assistance in claim verification, including claims related export promotion capital goods scheme, drafting of the process documents and review of the resolution plans submitted by 6 bidders in the process.
Simultaneous negotiation with 6 bidders was extremely challenging.
This is also a peculiar case where the plan approval application was reserved for orders and then de-reserved as one of the members of National Company Law Tribunal (NCLT) was transferred. The plan approval process was once again reinitiated before a new bench of NCLT.
SFC Energy AG, Indian Oil Corporation,
Nishkala Healthcare, Jindal Power, ONGC, KPMG, PwC, EY, BDO, JINDAL POWER
“The understanding of the total gamut of unique circumstances and giving suitable options to the client so that he acts knowingly.”
Restructuring and insolvency
“Professional, solution oriented”
“SD Partners stands out on the legal solutions they offer to their clients and can also help with commercial parameters. Further, the Partner, Shweta Dubey is a highly skilled and efficient individual who always looks out for her client's best interests.”
“Her knowledge of corporate laws, understanding of scenarios, nice drafting.”
“Provides practical solutions.”
“Shweta is efficient at devising legal strategies and approaches to resolving legal issues in Insolvency and Restructuring Engagements. Further, she's one of the few lawyers who can provide insights on the commercial parameters of M&A deals.”
Singhania & Partners
Formed in 1999,
Singhania & Partners is a full-service law firm with offices in Bengaluru, New Delhi, Hyderabad and Gurugram. Ravi Singhania leads the firm as managing partner.
The firm’s banking and finance team are energy and infrastructure (roads and
railways) sector specialists.
In M&A,
the firm worked with in-house legal counsels, private equity funds, and
venture capital funds. It also advised existing and new companies incorporate and commercial mandates in relation to shareholders agreement, business/asset transfer agreements, and earn out models.
The firm also has a well-established practice in project, infrastructure, and energy laws.
SNG & Partners
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.
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.
In the M&A area, the firm was
very active advising both buy and sell sides in domestic and international mergers and acquisitions.
An eye-catching mandate saw the firm
advise
Jindal Power, a prominent player in the power sector, in their acquisition of Bhadreshwar Vidyut, a company undergoing insolvency proceedings and engaged in generating and selling power through windmills. The deal involved legal challenges on the aspect of auction of
Bhadreshwar Vidyut, particularly
regarding the vested rights and legitimate expectations of the highest bidder within the auction process.
HSBC, Axis Bank, Standard Chartered Bank, Piramal Enterprises, ICICI Prudential Asset Management, IDBI Trusteeship Services, Shriram Properties, HDFC Capital Advisors,
Macrotech Developers, Hind Terminal
“Knowledgeable, flexible approach, willing to go that extra mile.”
“Quality of work delivered timeliness of service and value for money proposition.”
“Her to the point inputs of impact of certain terms and conditions in agreements is extremely helpful for our organization.”
“Knowledgeable, very client focused, easily approachable.”
TT&A
Founded in 2007,
Talwar Thakore & Associates (TT&A) 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.
The key practice areas of the firm are corporate and M&A, banking & finance, capital markets, projects, infrastructure & energy, disputes, regulatory and competition law. Its clients
comprise Indian corporates, multinationals, financial sponsors, private equity firms, venture capital providers, banks, financial institutions, multilateral and development financial institutions, funds, and fintech players.
The firm has experience across a broad range of sectors including telecoms, technology, pharmaceutical, FIG, insurance, energy, infrastructure, consumer, fintech and e-commerce.
A significant banking mandate saw the firm
advised
Deutsche Bank A.G. and Standard Chartered Bank as structuring banks in relation to USD 1.7 billion financing by way of listed high yield debentures for Goswami Infratech Private. This was the largest private placement of debentures by a non-investment grade issuer and attracted significant interest from onshore and offshore private credit investors.
In Financial services regulatory, the firm
assisted
BondEvalue on GIFT City related aspects in connection with the operationalisation of its
BondBlox Platform in the regulatory sandbox in GIFT City under a limited use authorization granted by the International Financial Services Centres Authority. This is the first fractional bond ownership platform in the GIFT City regulatory sandbox.
The private equity team
advised
Genus Power Infrastructures for setting up new platform in Singapore to fund smart metering projects with an affiliate of Singapore sovereign wealth fund GIC at
an initial commitment of approximately USD 2 billion. This
represents the largest transaction in the smart metering space in India and positions Genus at the forefront of the smart metering revolution underway in the country.
Standard Chartered Bank, Asia Debt Management Hong Kong, U.S. International Development Finance Corporation, Barclays Bank, J.P. Morgan Securities, HSBC, National Investment and Infrastructure Fund, American Tower Corporation, Sanofi, Brookfield Infrastructure
Testimonials
Banking
"TT&A is technically sound, and they stand out for their understanding of and ability to distil and explain, the most complicated financing transactions in the India market today."
M&A
"Efficiency of operations enabled by detailed knowledge base and process management."
"The firm's M&A practice is top tier and the team’s hands on approach is commendable. Their assistance has been flawless and timely. In the recent matter that we engaged them on, they tailored their services to meet the specific needs and goal of the transaction, and this is where it sets the firm apart from other law firms. In terms of client satisfaction and retention, the firm has a leading practice.
Punita Gupta
"Punita communicates clearly and regularly, and she was always willing to accommodate our schedules and needs without hampering the quality of services."
"Solution oriented, knowledge base and ability to manage complex transactions within strict timelines."
Sonali Mahapatra
"She is a highly accomplished practitioner in the banking and finance field in India."
Sachin Mehta
"Sachin Metha is a senior lawyer has an approach to minimize business risks by providing end-to-end, high-value service. He has a reputation of handling large complex matters with clear thought and solid knowledge and that’s why he is our “go to” lawyer for each transaction."
A&O Shearman
International law firm
Allen & Overy’s India team is made up of some 100 partners and associates. India specialists
are drawn from across
the firm’s
international network of offices, particularly Dubai, Hong Kong, London, Singapore and New York.The firm
has no office in India due to the regulations.
The firm excels in foreign direct investment, M&A, banking, restructuring and insolvency, capital markets, litigation, arbitration and employment, and also the full range of business sectors, including energy, infrastructure, mining, financial institutions, private equity, insurance, telecoms, media and technology, real estate and life sciences.
Key clients include State Bank of India, Ares SSG and BlackRock and Indian Railway Finance Corporation.
Acuity Law
Founded in 2011, local law firm
Acuity Law has offices in Mumbai, Delhi and Bengaluru alongside a Japan desk.
Acuity Law has in-depth experience and expertise in rendering legal, tax and regulatory advice in the Japan-India business corridor. It has notably acted for Japanese clients and is experienced in the automotive, real estate, logistics, banking, aviation and technology sectors.
Key clients include
Nippon Steel, Kawasaki-Rikuso Transportation,
Daiko Advertising, Technico Industries, Shinsei Bank,
Venktesh Investment and Trading Company,
SBS Holdings and NPL Bluesky Automotive.
Advaita Legal
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.”
Ahlawat & Associates
Established in 1978 as primarily a litigation practice by Avnish Ahlawat, Ahlawat & Associates gradually expanded its field of services and
expertise and now is a full-service law firm
in India.
The firm has been recognized for its
expertise in addressing an array of legal issues especially those relating to foreign direct investment, joint ventures,
corporate
compliance &
governance as well as advisory support to the booming startup ecosystem, in both the domestic and international space,
including setting up a business in India.
Alaya Legal
Founded in 2003 by Divjyot Singh and Suniti Kaur,
Alaya Legal
is a leading boutique law firm based in Delhi. The firm’s core industry sectors include energy, infrastructure, petrochemicals and information technology.
The firm has established a strong knowledge of energy and petrochemicals. Sectors of activities include oil and gas, renewable
energy, port concession agreements, sub-concessions, concessions for aviation fuel farms and downstream documentation.
The firm also has experience and expertise in financial technology, data protection and privacy, artificial intelligence and cyber security.
The firm is well known for its expertise in
arbitration
and is known as one of the leading
arbitration
law firms.
Algo Legal
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.
Ally Juridique Aide
Founded in 2014, Ally Juridique Aide is headquartered in Gurgaon.
Focusses / specialisms
The firm is recognized for its banking work.
ALMT Legal
Founded in 2000,
ALMT Legal has a team of 20 partners across its offices in Mumbai and Bengaluru.
While ALMT Legal is best recognised for its project development work, the firm also has strong M&A and private equity practices.
The banking team specialises in regulatory compliance-related work and also advises on matters such as debt restructuring and refinancing.
The corporate team is experienced in the technology, retail, real estate and social infrastructure sectors. On the private equity side, the firm often acts for private equity houses, banks and non-banking financial institutions.
Alpha Rajan & Partners
Established in 2012, Alpha Rajan & Partners is a full-service young law firm headquartered in New Delhi with additional office in Bengaluru. The
firm is the result of the merger of two law firms, namely Alpha Partners and Chambers of Rajan and Indraneel.
The firm
specialises in advising and representing large foreign and domestic corporations with diverse business interests in India.
It assists Indian companies in fund
raising
(private), inorganic expansion and growth through M&A, corporate restructuring, insolvency, contract and compliance management. It helps foreign companies in setting up or doing business in India and
undertaking cross-border
transactions, and works with foreign law firms in advising their clients
on Indian law.
Key clients include HT Media, POPxo,
Oagri Farm, New Delhi Centre for Sight, Scholar Alley,
Geniemode Global and CBRE Group.
Archer & Angel
Archer & Angel is a full-service legal firm headquartered out of Delhi, India, with offices in Bangalore, Mumbai, Hyderabad and Pune.
The firm is active in M&A. It advises private entities, venture capital funds and investment companies on transactions in the technology sector. It also advises its clients in IT, real estate, hospitality and manufacturing.
Clients
mostly from India,
the US, Europe, UK, Japan and Singapore.
Argus Partners
Argus Partners merged with Udwadia & Udeshi to form
Udwadia Udeshi & Argus Partners in 2012, which was renamed to Argus Partners in 2015. The firm boasts a pan-Indian presence with offices in Bengaluru, Delhi, Kolkata and Mumbai.
In banking, the firm’s clients include nationalised and international banks, financial institutions, non-banking financial institutions, debt funds and corporate houses. Although the firm typically acts for lenders and investors, it also has experience in advising borrowers.
The corporate team is experienced in sectors including banking and financial services and industrials and manufacturing.
The private equity team is experienced in advising clients on venture capital and private equity investments.
Assentio Legal
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.”
Bathiya Legal
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
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.”
Bharucha & Partners
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.
Bombay Law Chambers
Boutique law firm Bombay Law Chambers is active in the financial and corporate space and has offices in Mumbai, Bangalore and New Delhi.
The firm is strongest in corporate and M&A and is also active in the banking and finance and private equity areas.
Sectors of experience
include real estate, financial services, technology and healthcare.
Burgeon Law
Founded in 2015,
Burgeon Law is a boutique law firm having offices in New Delhi and Singapore. The firm is aiming to expand its presence in Mumbai and Bengaluru.
The firm is well known for its
private equity and venture capital space.
Key clients include Sky Gate Hospitality, Atlan, Animall Technologies, Drivetrain AI, Airblack Technologies, Healthy Life Holding, PayGlocal Technologies, LC Nueva AIF and
Capitalgrid Technologies (Trica).
Chandhiok & Mahajan, Advocates and Solicitors
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.
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.
Recent examples of the firm’s deal work include advising
KTC Ferro Alloys
on
its sale on an industrial land parcel measuring 10 acres (approx.) to Vesuvius India, an Indian listed entity. The transaction was structured in a unique manner as it involved several intricacies.
In the area of restructuring and insolvency, the firm provided comprehensive legal support services, both advisory and litigation, to the financial creditor, Asset Care Reconstruction Enterprise Limited, throughout the Corporate Insolvency Resolution Process of the debtor company, ICTL, which resulted in the approval of a resolution/ restructuring plan for ICTL. This case is significant as it is one of the few in which the nature of compulsorily convertible debenture (CCD) was examined in detail to determine whether it
constitutes a ‘financial debt’ under the Indian insolvency laws.
Phasorz Technologies, Refex Group, Sarda Energy & Minerals, Brij Financing, Pristine Logistics, TD
Synnex, Indorama Group, Susquehanna International Group (SIG), KTC Korea, Radiohead Brands
Restructuring and insolvency
“The knowledge, dedication and expertise.”
Clasis Law
Full-service law firm
Clasis Law was founded in 2010 and has offices in Mumbai and New Delhi. Vineet Aneja serves as managing partner of the firm.
The firm’s core strength lies in its corporate and M&A practice.
The firm has a focus advising international and domestic clients operating in the retail, manufacturing, services and hospitality sectors.
Client feedback: 32nd edition (2022/2023)
“Timely advice, complete work.”
Dave & Girish & Co
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.
Dentons Link Legal
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:
33rd 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: 33rd 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: 33rd edition (2022/2023)
M&A
“Proactive and client-focused.”
Anand Srivastava
“Client focus, patience and dedication to client service.”
Desai & Diwanji
Founded in 1930,
Desai & Diwanji is a full-service law firm with offices in Mumbai, Gurugram, Indore, New Delhi and Pune.
The firm focuses on core areas of commercial and finance activity which included corporate and M&A, capital markets, banking, finance, insurance,
project finance, energy, natural resources and infrastructure,
aviation,
admiralty
and maritime, technology, media and telecommunications, life sciences and pharmaceuticals, real estate and construction, litigation and dispute resolution, employment, employment benefits and executive compensation.
DSK Legal
Founded in 2001,
DSK Legal has offices in
Mumbai, Delhi, Bengaluru, Pune and Hyderabad.
The firm has grown rapidly on the strength of its expertise, to a multi-disciplinary team with more than
250 lawyers, including 53 partners.
The banking team acts for both borrowers and lenders across the spectrum of banking and finance matters.
In projects, DSK Legal regularly acts for government bodies, concessionaires and contractors in a wide array of matters including tenders, bids, consortium arrangements, EPC contracts and concessions and regulatory matters. The firm has a close relationship with the government and acts for government bodies on
the majority of its deals.
In restructuring work, the firm advises applicants, debtors and resolution professionals across a variety of sectors.
Economic Laws Practice
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.
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.
In the projects space the firm takes on clients from sectors including construction, hospitality, mining and transport.
Finsec Law Advisors
Founded in 2010,
Finsec Law Advisors is a financial sector law firm based in Mumbai.
The firm is a leading law firm in the financial sector regulatory practice area which includes advisory, disputes and policy. The firm focuses on the securities, investments and fintech
industries in particular.
Key clients include Association of Mutual Funds of India, CRISIL, Financial Planning Standards Board (USA), ICRA Analytics, India Ratings and Research, Pabrai Investment Fund 3,
WestBridge Crossover Fund,
Zerodha Broking and World Gold Council.
Client feedback: 32nd edition (2022/2023)
“Quick, highest accuracy, inputs received from various general practices and regulators.”
Financial services regulatory
“Finsec Law Advisors is an accomplished and one of best law firms
in India.”
Fox & Mandal
Founded in 1896 by John Kerr Fox and Gokul Chandra Mandal,
Fox & Mandal (F&M) is one of India’s oldest full-service law firms. The firm has offices in Kolkata and New Delhi and led by managing partner Debanjan Mandal and joint managing partner Kunal
Vajani.
The firm has
expertise in diverse practice areas, including real estate, private equity, banking and finance, constitutional law, consultancy services, insolvency & bankruptcy, government advisory, and projects and infrastructure.
Gagrats
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.
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.
In the banking sector, the firm has been
active in
advising clients on corporate finance, including on external commercial borrowings and securitizations.
The team has also been active in the capital market,
assisting with the issuance of securities and related regulatory matters.
The corporate team has been advising clients on cross-border acquisitions, disposals, joint ventures, and restructuring work.
The project team has been representing foreign and domestic power companies and state electricity boards on IPPs, cogeneration projects, solar and wind power projects, and nuclear power projects. Additionally, the team has been active in advising on infrastructure projects.
Gravitas Legal
Established in 2015, the local law firm Gravitas Legal has two offices in New Delhi and maintains an office in Mumbai. The firm sits on the panels of several financial institutions, including HDFC Bank, State Bank of India and L&T Infra Finance.
The firm is
recognised for its banking, M&A and restructuring and insolvency practices.
In addition to regular bilateral and multilateral financing transactions, the firm has been involved in novel and atypical transactions around the 5\25 flexible structuring scheme, takeout finance, refinance, S4A, OSDR and SDR.
Halder & Associates
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.
Hammurabi & Solomon
Founded in 2001,
Hammurabi & Solomon Partners has offices in New Delhi, Mumbai, Bengaluru, Gurugram, Patna and Ranch.
The firm focuses on M&A, restructuring and insolvency and project development practices.
The firm advises defaulting companies, lenders and investors at all levels of the capital structure as well as corporates/directors, defaulting companies, banks, insolvency officeholders/trustees and government institutions.
Hitesh Sanghvi Law Offices
Established in 2010,
Hitesh Sanghvi Law Offices is a boutique law firm active in the financial and corporate space. The firm maintains an office in Mumbai and is led by name partner Hitesh Sanghvi.
The firm is
recognised for its banking and finance
practices. It is experienced in advising lenders and borrowers on regulatory and financing matters.
HSA Advocates
Founded in 2003,
HSA Advocates is a full-service law firm with a pan-India presence. The firm has offices in New Delhi, Mumbai, Bengaluru and Kolkata. Key figures at the firm include founding partner Hemant Sahai.
The
firm’s banking team has a focus on the energy and infrastructure sector and often represents international commercial banks and multilaterals in India.
The corporate team’s experience covers a range of matters such as joint ventures, M&As, buyouts, capital reductions and asset transfers.
The firm’s well-known projects team has expertise assisting stakeholders on matters throughout a project’s life cycle in sectors such as transport, infrastructure, oil and gas, and conventional and renewable energy.
Key clients include Rural Electrification Company, Mytrah Vayu (Sabarmati), Power Finance Corporation, Kotak Mahindra Bank, Bank of Baroda, Axis Bank and L&T Infrastructure.
IC Universal Legal
Founded in 2004,
IC Universal Legal has solidified its presence across India with offices in several strategic locations include Ahmedabad, Bengaluru, Chandigarh, Chennai, Mumbai and New Delhi. The firm also extended its presence to the
US and Brazil through its affiliation with Chugh.
The firm
focuses on debt capital markets, corporate and M&A and private equity work.
The capital markets team is experienced in advising clients such as alternative investment funds, mutual funds and non-banking finance companies on a range of matters such as debt investments,
securitisation and private placements.
The corporate team has a keen focus on assisting startups with regulatory compliance. Sectors of focus include banking and financial services, technology, agriculture and real estate.
India Law Offices
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
Jerome Merchant + Partners
Founded in 2013,
Jerome Merchant + Partners is a boutique full-service law firm headquartered in Mumbai, with a presence in New Delhi and London.
The firm is active in the financial and corporate space.
In banking, the firm often advises banks and non-banking financial institutions in India on corporate financing and structured transactions. The firm also has a focus on aviation finance.
In the corporate and M&A space, the firm has experience advising private equity investors and target companies at all stages of the investment cycle and businesses.
In capital markets, the firm is known for its expertise in the debt space.
JoyceLaw
Founded in 2018,
JoyceLaw is a boutique law firm focused on startups for the Indian market. The firm has an office in Gurgaon.
The firm is specialising in corporate transactions, including equity and debt financing, acquisitions and consolidations.
It's sectors and practice areas of expertise include Fintech, E-gaming, Software as a Service (SaaS), Direct to Consumer Brands Foreign Investment Laws, Mergers and Acquisitions, corporate finance transactions, B2B Business Models and consumer internet space.
Juris Arena
Founded in 2020,
Juris Arena is a
boutique firm based in Bengaluru,
India.
Key figures include partner Soumitra Banerjee.
Specializing in corporate lawthe firm's practice areas include infrastructure, real estate, fund set-up, media and telecom, mergers and acquisitions, data privacy and technology, corporate
governance and microfinance.
Juris Legal
Established by managing partner Rupin
Pawha in 2005,
Juris Legal is a full-service international law firm based in New Delhi.
The firm is
well known for its
corporate M&A,
project,
infrastructure and
energy work.
In M&A, the firm has particular expertise in the formation and acquisition of entities, licensing requirements and regulatory compliances.
In project and infrastructure, the firm is active in roads, ports, government housing, airports, power, renewable energy and social infrastructure projects.
In
the energy area, the firm has special experience and expertise in the oil and gas sector.
Key clients include Federal Ministry of Coal and Federal Ministry of Petroleum and Natural Gas.
Client feedback: 32nd edition (2022/2023)
“Very knowledgeable and helpful.”
Financial services regulatory
“Juris
Legal are incredibly responsive and very willing to take on tasks that are not necessarily within the usual role of an external lawyer to assist us in progressing tasks with other service providers and ultimately
achieve our outcomes.”
Kamendu Joshi & Associates
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."
Kanga & Co
Established in 1890, domestic law firm
Kanga & Co has an office in Mumbai housing a team of 16 partners.
The firm advises clients across a range of sectors and is
recognised for its banking and finance, capital markets, and corporate and M&A work.
Key clients include GPX Global Systems, United Breweries, Sumitomo Chemical India, and Mukesh Bhuta and Medha Bhuta.
Client feedback: 32nd edition (2022/2023)
“Strategic-minded, 100% consultation with us on all matters, availability was outstanding 24x7, focused on
maximising value, excellent negotiating tactics.”
Khaitan & Khaitan
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
KKL Partners
Founded in 2018,
KKL Partners is a New Delhi-headquartered full-service law firm. Key figures include founding partner Aashish Vats.
The firm is active in the financial and corporate space and often acts on matters in the real estate sector.
Key clients include Jalan
Kalrock Consortium, Cargo Motors, Sara International,
Agio Image, Quantum Investments, Ultra International, Paras
Buildtech Group, India Sotheby’s International Realty and Karam Safety Group.
Client feedback: 32nd edition (2022/2023)
“Amazing understanding of our requirements.
Provided counsel
and drafting of the documentation.”
“Very professional and well read. They have been advising us on all aspects of M&A, corporate advisory, litigation, etc. We run every legal decision we take by them before implementing, as we trust their sound, professional advice very much.”
Kochhar & Co
Founded in 1994, full-service law firm
Kochhar & Co caters to the Indian markets through its offices in New Delhi, Mumbai, Bangalore, Chennai, Gurgaon,
Hyderabad and Chandigarh. The firm notably has an international presence with offices in Dubai, Singapore and Chicago.
The firm boasts well-established banking and finance, corporate and M&A, and project development practices.
The firm has expertise in advising on matters such as project contracts, project financing and infrastructure M&A.
Key clients include Bengal Gas Company, Green Gas, Gas Authority of India Limited (GAIL),Meidensha
Corporation, ITD Cementation,
Afcons Infrastructure, Axis Bank, Adani Power, Azure Power,
Ask Capital and Aditya Birla Finance.
Krishnamurthy & Co
Founded in 1999, full-service Indian law firm Krishnamurthy & Co has offices in Bengaluru, Mumbai, New Delhi and Chennai.
The firm is strongest in corporate and M&A, but also takes on work in banking, project development and restructuring.
Key clients include Axis Bank, HDFC Bank, Tata Cleantech Capital, Tata Capital Financial Services, Piramal Structured Credit Opportunities Fund, Piramal Capital and Housing Finance, and SBI Funds Management.
Client feedback: 32nd edition (2022/2023)
“Great knowledge, solid experience.”
“Good levels of client service, ability to handle complex matters, responsive, solution-oriented approach.”
Legasis Partners
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."
Lex Favios
Full-service local law firm Lex
Favios has been active since 2014 and has offices in New Delhi and Mumbai. Sumes Dewan serves as managing partner of the firm.
Lex
Favios is ranked for its work in banking, capital markets and M&A.
The firm is active in sectors including power, banking and financial services, hospitality, and oil and gas.
Key clients include Imagine Marketing,
Novezo Consulting,
Ummeed Housing Finance, Kline Technical Consulting, KTC Fortress and Trina Solar Third.
Maheshwari & Co
Founded in 2004,
Maheshwari and Co is a full-service law firm based in
New Delhi.
The firm has
expertise and vast experience across various areas of practice including corporate and commercial Law, mergers and acquisitions, intellectual property rights, taxation, litigation and arbitration, insolvency and bankruptcy and immigration. Sectors of activities include automotive, food and beverages,
pharmaceuticals and
healthcare, startups, e-Commerce,
banking and
finance,
infrastructure,
real
estate,
information
technology and
power and
telecom.
Majmudar & Partners
Active since 1943,
Majmudar & Partners has a local and international presence with offices in Mumbai, Bangalore and New York. The firm has a presence in Chennai, Hyderabad and New Delhi through integrated network offices.
The firm has a well-diversified practice in the financial and corporate space and is experienced advising clients from a wide range of sectors such as energy, natural resources, banking and financial services, fintech, healthcare and insurance.
Mansukhlal Hiralal and Co
Established around 1910,
Mansukhlal Hiralal & Company has offices in Mumbai and Delhi. The firm are members of International Law Firms and International Advisory Experts
Corporate, especially M&A, is the core practice of the firm.
In M&A, the firm
is
experienced on restructuring schemes of arrangements, reconstructions and demergers, leveraged buyouts and joint venture and investment agreements.
MDP & Partners
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.
The firm is recognised for its banking and finance work.
MVKini Law Firm
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.
Naik Naik & Company
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.
Nishith Desai Associates
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.”
NL LEGAL
NL LEGAL 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. It has a good reputation for its banking and finance and capital markets work.
During the research period, the firm was
very active in banking and finance and debt capital markets.
In banking, the team acted as legal counsel of Punjab National Bank, Dubai Branch for regulatory aspects of the facility agreements, including on negotiations with the English law counsel on the applicability of the Reserve Bank of India (RBI) regulations for change in benchmark rate. The transaction is innovative because the team advised on the Indian law regulatory aspects of the change in benchmark from LIBOR. The RBI’s external commercial borrowing framework has several new provisions added in respect of the transition from the LIBOR to an alternative benchmark.
Power Finance Corporation, Punjab National Bank, REC, State Bank of India, GuarantCo,
Bangalore Metro Rail, Tata International, Bharat Petroleum
“Agile, professional, solution oriented and well versed with law.”
“Professional and solution oriented.”
NovoJuris Legal
Founded in 2008, NovoJuris Legal is an innovative new-age law firm which has a primary office in Bangalore and a side office in Mumbai. Sharda Balaji is the founder and managing partner of the firm.
The firm specialises in private equity. Sector of activities include technology, startups, accelerators, R&D, electronics, e-commerce, trading, media, entertainment, BFSI, sports, real estate and telecom.
Phoenix Legal
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.
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
Pioneer Legal
Established in 2019,
Pioneer Legal is headquartered in Mumbai and is led by managing partner Satish Kishanchandani.
The firm is noted for its focus on corporate and M&A and private equity matters. It works across a breadth of sectors such as education, advertising, healthcare, pharma, energy, oil&gas, financial services, telecoms, automotive, technology, manufacturing, logistics
and transportation being some of the more prominent.
The firm’s M&A team render the full range of legal services for mergers and acquisition transactions across diverse sectors to acquirers, target entities and sellers.
The
private
equity team has deep and broad experience in advising funds, representing buy and sale sides across diverse sectors.
Poovayya & Co
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
PSL Advocates & Solicitors
Active since 2012,
PSL Advocates & Solicitors is a boutique law firm with offices in Mumbai, New Delhi, Chandigarh and Bangalore. Sameer Jain is the managing partner and one of the founders of the firm.
The firm is noted for its restructuring and insolvency work and advises on matters such as debt restructuring, distressed acquisitions and sales, refinancing and insolvency proceedings.
Rajani Associates
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."
S&A Law Offices
Established in 1994,
S&A Lawyers LLP is a leading full-service law firm base in Maldives. The practice initially began with a focus on litigation, now the firm is becoming the leading practice in the country for corporate and commercial work.
The firm is renowned for strength across a range of corporate and commercial transactions, including foreign investments, acquisitions, and banking and finance-related matters.
The firm also advised clients on both cross-border and domestic transactions from multiple jurisdictions including Malaysia, Singapore, Dubai, Germany, Sri Lanka, India, China, Thailand and the US.
Singha Estate, HPL Group,
Dhiraagu,
Bank of Maldives, and Maldives Airports Company Limited.
“Knowledge of local law compared to competitors.”
S&R Associates
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.
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.
Saga Legal
Founded in 2016,
Saga Legal is a multi-service law firm with offices in New Delhi and Bangalore.
The firm specializes in several practice areas, including corporate structuring and restructuring, banking and finance, insolvency and bankruptcy laws, mergers and acquisitions, intellectual property laws, labor and employment laws, real estate, maritime laws, trust laws, tax advisory and planning, foreign exchange and contribution laws, and security laws.
Sagus Legal
Established in 2020, full-service law firm
Sagus Legal maintains offices in New Delhi and Gurugram. Key figures include founding partner Shruti Kanodia.
The firm is
recognised for its banking and finance, corporate and M&A, and project development work.
Sectors of focus include banking, energy, real estate, oil and gas, food and beverage, and fintech.
Samvad Partners
Local law firm
Samvad Partners was founded in 2006 and has offices in Bengaluru, Chennai, Hyderabad, Mumbai and New Delhi.
The firm has a well-established banking and finance practice
and also takes on corporate and M&A and restructuring work.
Sectors of activity include pharmaceuticals, energy, transport, oil and gas, and logistics.
Saraf and Partners
Founded in 2021,
Saraf and Partners came into existence after the splitting of L&L Partners under orders of
the Hon’ble Delhi High Court. The firm has offices in Delhi, Mumbai and Bengaluru. Key figures include founder and managing partner Mohit Saraf.
The firm
specialises
in mergers and acquisitions, banking and finance, insolvency and restructuring, capital markets, real estate, competition law, dispute resolution, projects, energy and infrastructure, and private equity.
Sarthak Advocates & Solicitors
Established in 2010,
Sarthak Advocates & Solicitors is headquartered in New Delhi and is led by managing partner Abhishek Nath Tripathi.
The firm is noted for its M&A and restructuring and insolvency practices. Sectors of activity include energy, healthcare, technology, real estate, hospitality, private equity, and financial services.
The firm also has experience in private equity, joint ventures and commercial partnerships. It covers antitrust and competition, commercial, employment and benefits, environmental, intellectual property, tax and corporate governance.
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.
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.
Solomon & Co
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.
Spice Route Legal
Active since 2016,
Spice Route Legal specialises in M&A and private equity work with a focus on the technology sector. The firm boasts ties with international firms such as Mayer Brown, Dentons, Bird & Bird and Eversheds Sutherland. The firm has offices in Bengaluru, Pune, Mumbai and Kochi.
In addition to technology, the firm also takes on clients from media, energy, food and beverages, industrials and chemicals, and life sciences sectors.
Stratage Law
Established in 2020, local law firm
Stratage Law is led by managing partner Darshan Upadhyay and has an office in Mumbai.
The firm is active in the corporate and M&A and private equity areas.
Sectors of activity include real estate, hospitality, healthcare, retail, manufacturing, and food and beverage.
Surana & Surana
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
Tag & Bench Associates
Established in 2020, local law firm
Tag & Bench is led by founding partner Shraddha Ray Menon and has an office in Gurgaon.
The firm is noted for its corporate and M&A team, which takes on work including inbound investments and promoter exits.
Key clients include Accelera Enterprises USA, YFret Technologies, Airbnb India,
Airbnb Global Capability
Center, CBN Multimedia, The Platform, Terumo India, Monti Grupo Spa and XPND.
Client feedback: 32nd edition (2022/2023)
“Excellent communication. Thorough and diligent attention to detail and working for the best interest of us, the customer.”
Talwar Thakore & Associates
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
Tatva Legal is a full-service law firm with offices in Bangalore, Delhi, Hyderabad, Mumbai, Chennai and Vijayawada .
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.
Thinking Legal
Founded in 2018,
Thinking Legal is a business-oriented, tech-enabled law firm for entrepreneurs, startups, and visionary VC funds. The firm has
an office in
New Delhi.
The firm is well known for its M&A,
private equity and venture capital works.
Sector of activities include alternative investment funds,
EdTech, food products, artificial intelligence, medical R&D and D2C apparel.
Key clients include She Capital Fund, Indian Angel Network Services, Sixth Sense Fund, Zerone Microsystems, Dhruva Space, Agility Ventures Fund, Emerge Capital, Vasuki India Fund and Nomad Pizza.
Trilegal
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.
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.
UKCA and Partners
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."
Veritas Legal
Founded in 2015,
Veritas Legal
boasts a team of
more than
50 lawyers under the leadership of founding and managing partner Abhijit Joshi. The firm maintains an office in Mumbai.
The firm is known for its corporate and M&A and private equity work.
The firm advises sellers and acquirers in a variety of sectors including retail, consumer products, healthcare and pharmaceuticals, financial services, and food and beverage.
Vertices Partners
Founded in 2016, local law firm
Vertices Partners has offices in Mumbai and Gurugram. Key figures include managing partner Vinayak Burman and founding partner Archana Khosla Burman.
The firm is ranked for its private equity and restructuring and insolvency work.
The firm provides a niche service focusing on guiding clients through seed, growth and expansion phases. The firm has experience acting for investees, promoters and investors in a range of sectors, including agriculture, technology, healthcare, logistics, financial services and hospitality.
Wadia Ghandy & Co
One of the oldest law firms of India,
Wadia
Ghandy & Co was founded in 1883 with an office in what was then Bombay. It currently holds offices at Ahmedabad, Bengaluru, Chennai, Delhi, Mumbai, Pune and Singapore.
The firm
is active in banking and capital markets work.
In banking, the firm
has
strong experience
in
external commercial borrowings and
has
advised and acted for both offshore lenders and domestic borrowers.
In capital markets, the firm is
experienced on all phases of capital markets issuances, from IPOs to rights issues to debt capital markets issuances.
