India

IFLR1000 Reviews

Corporate and M&A
Dua Associates

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

 

Focusses / specialisms

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

 

Key clients

Key clients of the firm include Mahindra Logistics, Fourth Partner Energy, Maniv Mobility II, Digantara, and Ritika Private.

 

Research period review: 32nd edition (2021/2022)

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

In the private equity sector, the team kept busy with private acquisitions and venture capital transactions across logistics, renewable energy, and technology sectors often advising acquirers, loanees, investors, and target companies.

The corporate team continued to be active in domestic and cross-border acquisitions and joint venture works for clients in a variety of industries such as fashion retail, drone technology, telecommunication, manufacturing, automotive, and software. The firm acted for Ritika Private Limited, which is owned by one of India’s oldest and most highly regarded fashion designers, Ritu Kumar, and the Promoters (namely, their family), in the 52% equity acquisition by Reliance Retail.

 

Deal highlights: 32nd edition (2021/2022) 

Fourth Partner Energy $125 million equity fund raising

Hyderabad-based Fourth Partner Energy's acquisition of the onsite distributed 140 MW solar generation portfolio of ReNew Power

Mahindra Logistics’s $8.7 million acquisition of approximately 60% stake in ZipZap logistics

Reliance Retail’s equity acquisition of 52% of Ritika Private Limited

Financial and corporate
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.”

AP & Partners

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

 

Focusses / specialisms 

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

 

Key clients  

Key clients include Rolls Royce Group, Nippon Seiki, Dassault Systemes, Teacher Tools, Coding Ninjas, Cars24, Religare Group, and Groupo Tsolar.

 

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

The corporate team was recently active for buyers, sellers, and joint venture partners across several domestic and cross border mandates. Other highlights include advising an international client on market entry and entity formation matters. A private equity highlight saw the firm act for Cars24 Services on its fundraising from several investors.

The restructuring team was busy with creditor and debtor side roles. An eye-catching deal saw the firm act for a creditor on the first-ever take over of an Indian bank by a foreign bank.

The firm expanded its restructuring and insolvency team with the addition of Siddharth Sharma as counsel.

 

Deal highlights: 31st edition (2020/2021) 

Cars24 Services $200 million Series E financing

Isolux Corsan Group insolvency

Lakshmi Vilas Bank / DBS Bank merger

Situs acquisition of Acquisition Solutions

Uttam Galva Steel insolvency

 

Client feedback: 31st edition (2020/2021) 

M&A

"Quick and precise advice, well-thought-through arguments. Really assisting and advising you in potential pitfalls. Good understanding for the transaction. Stick to scope and budget for the services provided."

 

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, and Pune. 

 

Focusses / specialisms    

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

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

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

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

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

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

 

Key clients  

The firm boasts an impressive client list including both domestic and foreign clients, featuring big names such as Bharti Airtel, Housing Development Finance Corporation, Larsen & Toubro, Reliance Industries, Nomura, JPMorgan, Blackstone, Amazon, Toyota and Warburg Pincus. 

 

Research period review: 32nd edition (2021/2022) 

The banking team was actively acting for lenders and borrowers in structured finance, real estate finance, corporate and acquisition finance and leveraged buyouts and project finance transactions. It also provides regulatory counselling to financial institutions along with increased restructuring and refinancing advice to borrowers. 

The capital markets team assists with many of the largest transactions in the market, and the firm was focused on advice across the spectrum on high-profile public offerings and rights issues.  

In M&A and private equity, the clients of the firm include market leaders from financial services, health care and oil and gas. The deals also created great impact; eye-catching mandates include the largest transactions in India’s payments space. On theprivate equity front, the firm also worked on several marquee deals. 

During the research period, the founding partner of the firm, Bahram Vakil was appointed as member of the Bankruptcy Law Reforms Committee constituted by the Ministry of Finance, andGovernment of India. 

 

Deal highlights: 32nd edition (2021/2022)  

API Holdings $657 million acquisition of Thyrocare Technologies  

Bharti Airtel $2.82 billion fund raising 

HDFC Life Insurance $839 million acquisition of Exide Life Insurance  

Nabha Power $159 million debt issuance 

Qatar Holdings financing 

Reliance Industries $4 billion foreign currency bond issuance 

 

Client Feedback: 32nd edition (2021/2022)     

Capital markets 

"It is an excellent team led by Varoon Chandra and Lionel Almeida. They are responsive, adhere to timelines and provide comprehensive solutions. They are our trusted capital markets team." 

"The firm is very experienced and reliable on Indian capital markets transactions. " 

"The team are very committed and passionate towards their deliverables. " 

 

Financial services regulatory 

"Very sound knowledge of law. Good understanding of market practice. Ability to assess risk." 

 

M&A 

"Full service firm; impeccable advice." 

"Solution-oriented, up to date and efficient firm." 

"The firm was responsive, proactive, dealt with many out-of-scope issues (urgent work) and were very thorough with their work. Pragmatic and calm." 

 

Private equity 

"Advice is responsive, pragmatic and commercially oriented. Very strong knowledge of local legal and regulatory issues." 

"Excellent knowledge. hardworking and committed. Don't waste time to increase billing. Very commercial and deal-oriented. Nice people." 

"Responsive, patient, solution-oriented and punctual." 

"Very knowledgeable, practical and responsive." 

 

Project finance 

"Extremely knowledgeable re the Indian renewable power market and regulatory environment." 

"Superb lawyers and excellent, prompt and practical advice." 

"They provide very practical advice and are always constructive in finding solutions." 

 

Restructuring and insolvency 

"AZB has deep subject matter knowledge. Excellent research work and the advice is very practical. " 

"The restructuring and insolvency team at the firm has excellent up-to-date knowledge on the Indian legal regime and brings a level pf practicality and humility that proves very useful for their clients." 

"Top firm, best talent in India at partner level. The firm overall has a wide-reaching expertise and they bring that on board instantly at client's request to provide end-to-end legal advice. " 

 

Ravi Bhasin 

"Responsive. Availability. Sound legal knowledge. Solution-oriented." 

 

Agnik Bhattacharyya  

"He is a very user-friendly and talented lawyer. He has a good understanding of the complex Indian legal framework around securities offerings and walks clients through this very well - a pleasure to work with. " 

 

Varoon Chandra 

"Based in Mumbai, he is a very experienced and knowledgeable lawyer and very helpful to clients." 

 

Lionel D'Almeida 

"hardworking and attention to details are his key attributes." 

"He leads an excellent team. They are responsive, adhere to timelines and provide comprehensive solutions. They are our trusted capital markets team." 

 

Nilang Desai 

"Best understanding of India's banking and restructuring sector, accessible to all clients at all times, well networked and respected in the entire ecosystem. " 

"He is a very good technical lawyer with an excellent work ethic and great range of international experience. But more importantly, he brings a conscientious attitude towards his clients and work product, which along with the substantial learnings he brings to the table, and applies to his deals, sets him apart from his competitors." 

 

Nanditha Gopal  

"Well organized, very knowledgeable, responsive and practical. " 

 

Ashwath Rau 

"Ability to assess risk." 

"Solid advice." 

 

Priyamvada Shenoy 

"Accessible, responsive, solution-oriented." 

 

Suharsh Sinha 

"Suharsh is highly result oriented, with a depth of practical knowledge. He works extremely hard to create solutions. Suharsh’s calm approach in difficult negotiations is admirable." 

 

Anuja Tiwari 

"Excellent lawyer, in-depth knowledge of the market." 

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

Key clients of the firm include HDFC Assets Management Company, ICICI Asset Management Company, 3one4 Capital, Silvan Innovations Labs, Aaruha Technology Fund II, and Five Rivers Portfolio Managers.

 

Research period review: 32nd edition (2021/2022)

During the research period the firm was active in the capital market and private equity areas.

The capital markets team was preoccupied with debenture issues while the private equity and venture capital team advised on asset acquisitions, private acquisitions, and financial investments-related mandates.

In the private equity and venture capital space, the firm brought in senior associates Priyanka Nayak and Ajay Randhawa from Indus Law (Bengaluru) in 2021.

 

Deal highlights: 32nd edition (2021/2022)

IIFL Income Opportunities Fund (Series II) $6 million debenture issue

Silvan Innovation Labs $1 million sale of 100% shareholdings

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  

Key clients include General Motors, UltraTech Cement, Shopsense Retail Technologies, DCB Bank, Baird Capital Global Fund and General Atlantic.

 

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

The banking recently acted for both borrowers and lenders on financings and advised on regulatory compliance matters.

The firm also assisted several clients with issuing debentures.

Recent corporate highlights include advising General Atlantic on its multiple rounds of investment in Sorting Hat Technologies and assisting International Cargo Terminal and Infrastructure on an investment from Bain Capital.

The firm welcomed Rohit Sharma as a partner from ASA Legal to its banking team.

 

Deal highlights: 31st edition (2020/2021) 

ASF Infrastructure INR5 billion debenture issue

Brighton Park Capital acquisition of a stake in Indegene

General Atlantic $345 million acquisition of a stake in Sorting Hat Technologies

Maharashtra State Electricity Distribution INR59 billion financing

NoBroker Technologies Series D financing

Visakha Container Terminal INR8.273 billion financing

 

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. 

 

Focusses / specialisms 

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

 

Key clients 

Notable clients include DFS Group, L’Occitane, Panasonic, Hitachi, Toyota Material Handling and William Grant & Sons. 

 

Research period review: 32nd edition (2021/2022) 

During the research period, the firm was busy advising on cross-border transactions. Recent highlights include advising a technology and telecommunications company on its global restructuring, which changed the company’s distribution business model in India. 

 

Deal highlights: 32nd edition (2021/2022)  

Ciena International, Inc. restructuring  

Chandhiok & Mahajan

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

 

Focusses / specialisms    

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

 

Key clients  

Notable clients include Indorama Ventures, Panasonic,SIG Global Singapore Fund I, Chanel and United States Chamber of Commerce. 

 

Research period review: 32nd edition (2021/2022) 

The firm advises clients across a variety of sectors, including specialty chemicals, fertilisers, manufacturing, pharmaceuticals, automobiles, energy, educational services and information technology.  

In M&A, a highlight saw the firm act for Indorama on the acquisition of Grasim Industries’ fertiliser business, the firm received the CCI approval for the transaction in a record time. 

The firm recruited Nishant Sogani and Chintan Gandhi into the insolvency and restructuring team while Mohana Nijhawan and Gaurav Aroradeparted the firm. 

 

Deal highlights: 32nd edition (2021/2022)  

Clariant and Heubach $888 million acquisition of Clariant’s pigments business 

Indorama $358 million acquisition of fertiliser business 

Kilburn Chemicals restructuring 

 

Client Feedback: 32nd edition (2021/2022)     

Insolvency 

"Being available during tight timelines and the level of confidence in their advice as to how to proceed on certain issues/processes are what sets them apart." 

 

M&A 

"C&M brought with them a wealth of knowledge and expertise, and were able to deal with every eventuality. They highlighted all key risks for our consideration and proffered sensible suggestions for how to mitigate these. They were also prompt in responding and well prepared for every meeting." 

 

Private equity 

"Efficient, reliable advice and good value for money. " 

 

Sujoy Bhatia 

"Sujoy brought a wealth of experience and expertise, and was very effective in negotiating the transaction documents in a manner which best protected our rights." 

 

Kaushalya Venkataraman 

"Very responsive, responsible and efficient. Familiar with our team and business needs. " 

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 and Mumbai. 

 

Focusses / specialisms    

The banking team is regularly engaged by borrowers and lenders and advises across the spectrum of banking and finance matters. An award-winning project financing mandate saw the firm act for a consortium of lenders on providing financing to SB Energy Six. 

In capital markets, the firm has a history advising on landmark transactions. Types of work include IPOs, rights offerings, QIPs, FPOs, buybacks, bond issuances and REIT and InvIT listings. 

On the corporate front, the firm notably has the largest pool of partners and associates dedicated to corporate work in India. The team also advises on private equity matters, acting on the side of both acquirers and sellers in investments and exits in sectors such as utilities, real estate, insurance, financial services, infrastructure and logistics. 

In the projects space, the firm’s extensive client list includes lenders, sponsors, developers, government entities and multilaterals. 

The restructuring team advises clients including resolution professionals, financial institutions, and banks across a variety of industry sectors. 

 

Client Feedback: 32nd edition (2021/2022)     

M&A 

"Excellent work ethic." 

 

Project finance 

"1. Strong and experienced partners. 

2. Sector knowledge." 

 

Subhalakshmi Naskar 

"She is one of the most outstanding lawyers in India with a depth of knowledge across products and across infrastructure sub sectors. " 

"1. Excellent all round lawyer, very solid understanding of infrastructure and products.  

2. Experienced. 

3. Hard working and hands on lawyer.  

4. Good understanding of commercial issues. " 

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. 

 

Focusses / specialisms  

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

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

 

Key clients  

Key clients include HDFC, JM Financial and Adani Realty. 

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. 

 

Focusses / specialisms    

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. 

 

Key clients  

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 (2021/2022) 

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 (2021/2022)  

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, Bangalore, Chennai, Delhi, Hyderabad, Mumbai and Pune. 

 

Focusses / specialisms    

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.  

 

Key clients  

Clients include Jones Lang LaSalle, SBI Cap Ventures, Axis Finance, Indian Bank, DBS Bank India and Indian Wind Turbine Manufacturers Association. 

 

Research period review: 32nd edition (2021/2022) 

The firm has been active in banking and project development work during the research cycle. 

The banking and finance services team mainly acted as lenders' legal counsel for individual entities as well as consortium of lenders for financing and refinancing.  

The firm was also particularly active in project development work, especially on infrastructure and energy.  A significant mandate saw the firm advising a wind power company in respect of certain government orders issued. 

In staffing changes, the firm strengthened its project team with the addition of Pasupathy A.P. as practice head 

 

Deal highlights: 32nd edition (2021/2022)  

Axis Bank Insolvency 

CSB Bank financing 

 

Client Feedback: 32nd edition (2021/2022)     

Restructuring 

"Very prompt and efficient service." 

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: 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.

 

Key clients  

Noteworthy clients include the Asian Development Bank, State Electricity Board of Kerala, Fujitsu Group, Asian Development Bank, Woodstock Fund, and Taisei Corporation.

 

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

The corporate team notably advised on several mandates involving joint ventures and was also active in the private equity space, advising both investors and investees.

An interesting projects deal saw the firm advise an international client on a first of its kind project in the energy sector. Other highlights include advising Taisei Corporation on construction contracts for projects in India. The firm was also active on project financing deals, advising lenders.

 

Deal highlights: 31st edition (2020/2021) 

Fujitsu corporate restructuring

Propine Technologies financing

 

Client feedback: 31st edition (2020/2021) 

Banking and finance

"Extremely hands-on, very seasoned, quality of inputs and final outcome above expectation."

 

Private equity

"The firm is young, yet agile and extremely responsive in most cases, exceeding if not matching India's tier-one firms."

 

Ajoy Halder

"Ajoy is quick-thinking and extremely responsive. He approaches an issue with a solution-oriented approach."

"Very hands-on, pragmatic, deep understanding, global exposure and cost-efficient."

 

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 (2021/2022)

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 (2021/2022) 

Broekman Logistics India’s fund raising from Dutch bank

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 Bengaluru, New Delhi, Hyderabad, and Mumbai. 

 

Focusses / specialisms  

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

   

Key clients  

Notable clients include HDFC Bank, ICICI Bank, Kotak Mahindra Capital, Axis Capital, IIFL Securities, ICICI Securities, Edelweiss Financial Services and JM Financial Asset Reconstruction. 

 

Research period review: 32nd edition (2021/2022) 

The banking team was active for a mix of lenders and borrowers on domestic and cross-border financings, lending and debt restructuring work. It also advised on financial services regulatory matters. 

The capital markets team was particularly active on equity mandates and impressed with a role for book running lead managers on the IPO of CMS Info Systems, which was the first IPO by a cash management company after introduction of the much-awaited Private Security to Cash Transportation Activities Rules, 2018 by the Ministry of Home Affairs. 

In M&A the firm was active on strategic deals on the sell side. The deals were in the technology and telecommunications, energy and retail sectors. 

In restructuring and insolvency, the firm acted for both creditors and the administrator. A restructuring mandate saw the firm act for Yes Bank on its insolvency. 

 

Deal highlights: 32nd edition (2021/2022)  

Adani Wilmar Limited BSE / NSE IPO 

DMI Finance Private $14 million term loan facility 

Godrej Agrovet Limited $15 million funding 

ShareChat acquisition of MX TakaTak 

Vedant Fashions Limited BSE / NSE IPO 

Yes Bank insolvency 

 

Client Feedback: 32nd edition (2021/2022)     

Banking 

"Strategic thinking, supportive and ready to take on new challenges, available at short notice." 

 

Capital markets 

"Good problem-solving, research and solution-oriented." 

"In-depth knowledge, ability to assist and provide out-of-the-box solutions." 

"One of the finest legal firms in India working actively in the capital markets. Positive attributes include proactive guidance based on past experience with the firm. The firm has been able to support us in spite of the tight deadlines under this transaction. Notably, partners Manan Lahoty and Ravi Dubey have been instrumental in driving the capital markets practice at the firm." 

"Prompt; solution-oriented; good collateral knowledge base." 

"Smart and efficient resources, available any point in time." 

"Structuring the deal and negotiation." 

"Subject knowledge. Opinion. Experience in complex situations." 

"Supporting drafting of issue documents." 

"The firm has been a valuable partner in our IPO journey with their following attributes: 1. Deep understanding of the capital markets; 2. Legal expertise; 3. Professional and committed team." 

 

Insolvency 

"The drafting and arguments are good." 

 

M&A 

"Excellent knowledge of our business and our sector. Practical, agile advice. Focus on building strong relationships." 

"Good understanding of exchange control, corporate and commercial laws. In an evolving context, they provide advice based on experience. Partner is very responsive and gives advice worth its weight in gold - to-the-point, protective of the interest of client and solution-driven." 

"Smart, quick responses, diligent." 

"Subject-matter expertise, resource availability, end-to-end support and good negotiation skills." 

"They are very open, easily approachable and understand the mindset and the viewpoint of their clients. One of the best attributes which makes me go back to them is that they can be approached even during weekends and even when there is no active mandate in place [that is, in- between assignments]. They [including the partners] can be easily contacted to address any minor clarification we have. An adviser of the stature of the firm being a phone call away even during weekends is the biggest comfort any client can expect and for me this is the biggest comfort. Founders are mostly free during weekends." 

"They negotiated and executed the entire set of definitive agreements transaction for us in the M&A transaction, fully to our satisfaction." 

"Understand technology, and understand buyer/PE perspective. Managing partner oversaw and stepped in when needed." 

 

Private equity 

"Commitment to work, flexibility and solution-oriented services." 

"Incredibly responsive (even in the most last-minute of cases). The team has a good sense for merging legal protections with a business perspective. Collaborative and collegial in their engagement with opposing counsel." 

"They are very proactive and thorough. They understand the client requirements and suit their advice to the specific needs of the clients. " 

"The firm is very familiar with market practice and partners are very closure-oriented. " 

"The way the team hand holds a first time entrepreneur allows for a free-flowing conversation and cuts down jargon. The process and speed of delivery allows for the pace to never die down." 

"Very pragmatic lawyers." 

"We are very happy overall with their services. Responsiveness, value for money, market/sectoral expertise are top traits." 

 

Shabbeer Ahmed 

"Understanding the problem being faced; discusses thoroughly about the ways and means of solving the problem; drafts the documents well." 

 

Ravi Dubey 

"Approachable, proactive and solution-oriented professional." 

"He has been very proactive throughout the transaction advising the company on various legalities involved in the IPO. He has constantly been guiding us right since the beginning of the launch." 

"Pragmatic and responsive." 

 

Sushmita Gandhi 

"Accessible, patient, ready to take up challenges." 

 

Anindya Ghosh 

"Clarity in communication and risk assessment." 

"Easily accessible, proactive, gives very good suggestions, good listener, very patient and hears us out, very cheerful." 

"Experience in M&A transactions." 

"He is a prolific lawyer with a nuanced understanding of market functions allowing for accurate guidance and free-spirited conversations." 

"Subject-matter expertise, risk management, legal strategy." 

 

Manish Gupta 

"He is very analytical and a problem solver and is able to cut through the noise to get to the core of any problem and evolve solutions on first principles basis. He and his team are very responsive and efficient. Always a pleasure to work with him." 

 

Pallavi Kanakagiri 

"Extremely responsive. Focused on end outcomes and solutions. True adviser to the firm." 

"Very responsive and customer focused" 

 

Saurav Kumar 

"Always available to help. Quick and valuable advice. Keeps client's interests paramount. Trustworthy. Often seeks feedback and takes it positively. " 

"Diligent, communicative, gives time." 

"Responsive and well versed in legal nuances" 

 

Abhiroop Lahiri 

"Subject knowledge and experience." 

 

Aditya Rajput 

"He is a very diligent and hands-on lawyer. He drafted several important sections of our issue document. He showed willingness to understand our business, agility to incorporate feedback and the multiple changes that come with an IPO. He was a pleasure to work with." 

 

Winnie Shekhar 

"Highly responsive, patient, smart and humble." 

"Winnie is excellent. She works about as hard as any lawyer we've encountered and is somehow able to balance this work ethic with a collaborative approach that suits our negotiation style. She is extremely knowledgeable and a trusted adviser as we engage with companies and opposing counsel in a jurisdiction that is relatively unfamiliar to us." 

 

Anubha Sital 

"Good understanding of client needs. Is accessible and articulate." 

 

Vishal Yaduvanshi 

"Proactive, solution-oriented and prompt." 

"Solution-oriented approach and easily available." 

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.

 

Focusses / specialisms 

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 capital markets, the firm advises on a host of matters including INVITS and REITS listings and offerings, delistings, buy-backs, rights issues, debenture issues, and qualified institutional placements.

The corporate team’s expertise cover mergers, acquisitions, demergers, buyouts, divestments and tender offers. The firm also has a robust private equity practice and is engaged by private equity funds, hedge funds, incubators, and venture capital funds.

In the projects front, the firm focuses on energy, oil and gas, transport, infrastructure, utilities and telecommunications.

 

Key clients  

Notable recent clients include PepsiCo India, Axis Bank, Standard Chartered Bank, Deutsche Bank, Tata Sponge and Iron, Indian Railway Finance Corporation, State Bank of India, Mastercard International, and Australia and New Zealand Banking Group.

 

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

The banking team was active on a very high volume of mandates and often acted on the side of financial institutions. A cross border mandate saw the firm act for several confidential financial institutions on a high-value refinancing.

On the debt side, the firm regularly acted for clients such as issuers and arrangers on debenture and bond issues. In capital markets equity, the firm notably advised on the formation and listing of InvITs.

In corporate and M&A and private equity work, a standout deal saw the firm act for Google on its high-value investment in Jio Platforms. Another newsworthy mandate had the firm representing Mastercard International on its acquisition of Finicity Corporation.

In a landmark restructuring mandate, the firm acted for the creditors in the debt restructuring of Suzlon Energy - this marked the largest and first of its kind contractual debt restructuring under RBI’s new restructuring guidelines. Other highlights include advising the creditors in the insolvency of Reliance Communications.

The projects team advised Dilip Buildcon on developing a multipurpose drinking and irrigation water project in Gujarat.

The capital markets team welcomed partners Madhurima Mukherjee and Niruphama Ramakrishnan from AZB & Partners. While the banking team was hit by the departures of partners Divyanshu Pandey and Arpita Garg for S&R Associates. Additionally, the firm strengthened its corporate team with hires of partners Apurva Jayant from L&L Partners and Rajeev Reddy from Tatva Legal.

 

Deal highlights: 31st edition (2020/2021) 

Altico Capital India debt restructuring

Bhadbhut Barrage

Embassy Property Development INR13.55 billion debenture issue

Google $4.5 billion acquisition of a stake in Jio Platforms

Qualitest Group $115 million acquisition of QA Infotech Software Services

Reliance Communications insolvency

Rossari Biotech BSE/NSE IPO

Suzlon Energy debt restructuring

 

Client feedback: 31st edition (2020/2021) 

Banking and finance

"The team is extremely well rounded and capable of handling large transactions."

"The banking and finance team led by Aashit Shah has great depth of experience and knowledge across its members. The team has a very talented pool of young partners and associates which makes the execution of complex deals on a tight timeline very seamless. The legal advice provided is very sound and also commercially feasible."

"Expertise in the commodity prepay segment, good understanding of India export regulations and strong commercial attributes in delivering a well-balanced solution for the bank and the client. "

"Responsive, competent, knowledgeable, decent work quality."

"What I like most about JSA is their thoroughness and attention to detail. They sweat the small stuff for their client. Responsiveness and understanding of the market is also top-notch."

"Good team of lawyers. Good and diligence. Sound legal advice."

 "Team consisting of Nand Gopal (partner) and Harshit was supportive and decisive in carrying out the discussions with the client. "

Capital markets

"Intelligent, strategic, timely guidance."

"The law firm has the complete knowledge in providing the regulatory support required for the capital market transaction in India."

 

M&A

"Understand well the M&A legal due diligence requirements, M&A SPA terms and also negotiation dynamics. Took initiative and ownership on all legal aspects of signing and closing of the deal. "

 

Private equity

"Approachable at senior level and quick advice. "

"Excellent partner and adviser in Lalit Kumar, the lead counsel for the transaction. "

 

Project development

"Good domain knowledge, hard-working, understands the client's needs, very responsive."

 

Bhavana Alexander

"Bhavana stepped up and advised on all aspects of the transaction. Was willing to take a lead in coordinating with multiple parties rather than asking the buyer to manage it."

 

Pracheta Bhattacharya

"Quick in providing the solution or will try to find out the solution for the particular questions."

 

Vivek Chandi

"Approachable."

 

Tirthankar Datta

"Good sector knowledge. Practical legal solutions."

 

Utsav Johri

"Very smart and capable lawyer able to execute deals on an extremely tight timeline. A young partner who is very hands-on and also able to handle difficult negotiations well."

 

Amit Kapur

"Excellent domain knowledge, quick understanding, structures legal strategy effectively."

 

Lalit Kumar

"Lalit is the primary reason for us to engage with JSA."

 

Soumitra Majumdar

"Soumitra has been extremely responsive on deals and timelines. He also points out relevant red flags from both a commercial and legal perspective, which makes his inputs very valued. "

 

Arka Mukherjee

"One of the most intelligent, strategic and business-like approach lawyers I have met. "

"Quick in providing the solution or will try to find out the solution for the particular questions."

 

Anish Mashruwala

"Very good understanding of India export regulations and in-depth structuring expertise in delivering cross-border financing solutions for top-tier corporate clients. "

 

Aashit Shah

"Deep knowledge, responsive, commercially savvy."

"Legally very sound, solution-oriented and practical. Very accessible. Manages a super team."

"Aashit heads up the debt practice at JSA and is easily one of the three top practitioners in the banking finance space. We like his promptness and thoroughness."

 

Aarthi Sivanandh

"Aarthi is well versed in all aspects of an M&A transaction. She also provided very good advice during tricky negotiation junctures."

Juris Corp

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

 

Focusses / specialisms    

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

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

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

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

 

Key clients  

Key clients include JSW Steel, JSW Energy, Citibank, Punjab National Bank, Union Bank of India, Standard Chartered Bank and Shriram Transport Finance Company. 

 

Research period review: 32nd edition (2021/2022) 

The banking team has actively advised on large financing deals, including advising the banks on one of the biggest infrastructure financings under multiple banking arrangements. 

In the capital markets, the firm advised issuers and investors on debenture issues. It also advised on structured finance and securitisation; a highlight saw the firm act for UPL Corporation on its refinancing, which is the first-of-its-kind transaction by an offshore borrower owned by an Indian parent. 

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

 

Deal highlights: 32nd edition (2021/2022)  

CFM Asset Reconstruction acquisition of non-performing assets  

J.C. Flowers Asset Reconstruction loan portfolio sale 

HSBC Gift City Branch $750 million term loan facility 

UPL Corporation $750 million refinancing 

 

Client Feedback: 32nd edition (2021/2022)     

Bank lending 

"Positive, competitively priced, knowledgeable." 

 

Banking and finance 

"Available round the clock and responsive. Regulatorily strong and advice is business-compliant yet aimed at enabling business. " 

"Juris corp is very good at advisory, documentation and its execution vis-a-vis laws of India." 

"Thorough knowledge of subject and timelines. " 

 

Capital markets 

"Expertise in the area concerned and in touch with the regulator." 

 

Financial restructuring 

"Clear understanding of the law, good negotiation skills, great interpretational skills." 

 

Leveraged finance 

"The firm is knowledgeable, easy to access and quick to respond." 

 

Private equity 

"They helped us in closing some of the critical points of the SHA and SPA, which enabled a faster closure of the closure documentation." 

 

Aditi Joshi 

"She understands what it takes to get the closure on the funding documentation and advises clients on the possible alternatives." 

 

Smrithi Nair 

"She is very well versed with the topics being discussed with her and is clear in her thinking." 

 

Saurabh Sharma 

"Accessible, responsive, solution-oriented." 

"Good level of knowledge and easily approachable. " 

"Problem solving and analytical." 

"Respected in the market and knowledgeable." 

 

Ankit Sinha 

"Accessibility, knowledge and quick response." 

Khaitan & Co

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

 

Focusses / specialisms    

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

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

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

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

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

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

 

Key clients  

Key clients include Axis BankBank of Baroda, Blackstone Group, Tech Aspect Solutions, Lake Shore India Advisory, Citiustech Healthcare Technology, and Osaka Gas, Oil and Natural Gas Corporation. 

 

Research period review: 32nd edition (2021/2022) 

During the research cycle, the firm has been active in capital markets, M&A, project development and insolvency work. 

The capital markets team was particularly active on equity mandates and impressed with a role for legal counsel to the book running lead managers on One 97 Communications’ IPO, the largest initial public offering in the Indian equity capital markets to date. 

In M&A the firm mainly acted for acquirer. A representative example saw the firm act for Salsette Developers Private Limited on its acquisition of 100% of the share capital of Sheth Developers & Realtors (India) Limited - largest acquisition deals in the country involving a single mall asset. 

In project front, the firm acted for lenders, project sponsors, developers, central and state governments, private equity investors, contractors, equipment suppliers on deals in different sectors. 

In restructuring and insolvency, the team advises its clients in the financial services sector and offers regulatory advice. One highlight saw the firm act for the administrator on one of the few cross border insolvency cases in India. 

 

Deal highlights: 32nd edition (2021/2022)  

Alberta Investment Management Corporation investment in Virescent Renewable Energy Trust 

Axis Bank acquisition of Citibank’s consumer banking business in India 

Go Airlines India Limited BSE/NSE IPO 

JSW Steel $500 million note issue 

One 97 Communications BSE/NSE IPO 

Salsette Developers Private acquisition of share capital  

 

Client Feedback: 32nd edition (2021/2022)     

Bank lending 

"Legal expertise, hands-on approach and responsiveness." 

 

Banking 

"Prompt, responsiveness with high calibre." 

"Professional firm with great set of partners." 

 

Banking and finance 

"Extremely knowledgeable and have a strong ability to direct towards the right compliance. Very hands-on and proactive." 

 

Financial services regulatory 

"They are knowledgeable, thorough and prompt in their service. " 

 

Insolvency 

"Professional and value for money." 

"Very good with advice and bench strength." 

"Very prompt and professional." 

 

Leveraged finance 

"They are very professional, well experienced and responsive. They know their market standards and provide highly sophisticated and quick work." 

 

M&A 

"1. Very professional. 2. Team with good domain knowledge. 3. Agile and diligent." 

 

Project development 

"The firm has a strong TMT practice and provides a wide range of regulatory and corporate advisory services. The team consists of professionals who have a substantial and proven track record of working on complex TMT transactions/advisory work. The team possesses an astute and pragmatic understanding of the business and commercial needs of companies in this sector. The team not only restricts its advisory to legal and regulatory aspects, but also takes a holistic approach in providing us with practical solutions for implementation, which helps us in better decision-making." 

"The firm is quietly fantastic - gracious, not flashy, they get on with the job and produce excellent analysis and work product and provide sound and commercial advice. This is all done in a quiet, calm manner, they are a dream to work with. They know the market like no one else, this is because they do so much in the market, they are extremely well-regarded in my sector." 

 

Project finance 

"Responsive, solution-oriented." 

"Very professional outfit." 

 

Restructuring 

"Excellent real estate team." 

"In-depth domain knowledge, very professional and responsive, timeline sensitive. Handle pressure with lot of calmness." 

"Responsive, good knowledge, experienced." 

"They provide unbiased advice to lenders." 

 

Tanu Banerjee 

"Very professional in a friendly approachable manner. Calm under pressure, thorough in her domain. Her team is very well groomed by her with same values and work ethics." 

 

Devidas Banerji 

"Well experienced, responsive and practical views." 

 

Ashwin Bishnoi 

"Excellent experience and technical ability. Great attitude towards discussing all options and applying learnings on the deal based on the requirements of the client." 

 

Manisha Shroff 

"Approachable, friendly and value for money." 

 

Kumar Saurabh Singh 

"He is a diligent and patient lawyer who provides unbiased advice to his clients. " 

 

Dibyanshu Sinha 

"Knowledgeable, receptive, accessible and understands the timeline sensitivities." 

"Super-knowledgeable and commercial, calm and always has a sensible and practical way to deal with issues, some of which are extremely complex. Extremely personable and a pleasure to work with. I always call him right away if I get a deal in India - to be sure that the other side doesn't get him first." 

 

Siddharth Srivastava 

"Extremely professional, prompt and master of his art. Very intelligent insolvency lawyer. Market leader in his practice area in my view. " 

"He is an asset to the firm. His knowledge and experience on myriad matters including banking, project finance, restructuring and insolvency is exquisite. He is a one-stop shop for us for all banking and insolvency-related matters." 

"I have known him for several years, he has been consistently delivering the goods. Very involved in deals, always available, provides solutions to enable closure of deals. Easy to get along with and commercially very sharp as well. One of the market leaders in this space. " 

"One of the most promising insolvency lawyers in India. Articulate, attentive and very responsive. His knowledge on the subject is deep and brings his experience of handling cross-border insolvency deals in play while advising on complex matters." 

"Responsive, knowledgeable, solution-oriented." 

"Very hands-on, amicable personality and approachable. Extremely confident and very clear on legal principles. One of the most recognized insolvency and finance lawyers in the market. " 

 

Rajeev Vidhani 

"He is a standout partner. He is strong on fundamentals, commercially thorough, well connected, a pleasure to work with and leads a formidable team. " 

"Responsive, always willing to help, persuasive." 

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. 

 

Focusses / specialisms    

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

 

Key clients  

Notable clients include LifeCell International, Alphavector (India), High Eximpetro, OJI Holdings Corporation (OJI) and CollegeDekho. 

 

Research period review: 32nd edition (2021/2022) 

In private equity, the firm recently acted for both seller and investor on serval cross-border transactions 

The corporate team was recently active for buyers on serval significant deals, including Oji Holding Corporation acquisition in Empire Packages and High Eximpetro’s acquisition. 

 

Deal highlights: 32nd edition (2021/2022)  

LifeCell International fund raising 

Oji Holding Corporation acquisition of Empire Packages 

Winter Capital / ETS / Man Capital series B Investment in CollegeDekho 

 

Client Feedback: 32nd edition (2021/2022)     

M&A 

"Fast response, excellent expertise, business minded, providing futureproof advice." 

 

Gaurav Dayal 

"Keeping oversight - fast response - business understanding and thinking ahead." 

Legacy Law Offices

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

 

Focusses / specialisms    

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

 

Key clients  

Clients include The Morinda Cooperative Sugar Mills, REC Power Development and Consultancy, Punjab State Container and Warehousing Corporation, Al Madinah Region Development Authority and Dedicated Freight Corridor Corporation of India. 

 

Research period review: 32nd edition (2021/2022) 

During the research cycle, the firm has been active in project development, especially in energy, social infrastructure, and transport and utilities. A standout mandate saw the firm act for lead counsel on Haryana International Horticultural Marketing Corporation ultra-modern fruit and vegetable market - the first of its kind in the country. 

The project team welcomed principal associate advocate Kaushik Anand Satpathy from a role as in-house counsel. 

 

Deal highlights: 32nd edition (2021/2022)  

Bhogpur Cooperative Sugar Mills PPP programme 

Dedicated Freight Corridor Corporation of India engineering survey 

Haryana International Horticultural Marketing Corporation ultra-modern fruit and vegetable market 

REC Power Development and Consultancy (RECPDCL) transmission system 

 

Client Feedback: 32nd edition (2021/2022)     

M&A 

"Legacy Law Offices has a very positive approach towards work. They are very professional while performing their duties. " 

"The firm follows a positive approach towards work. They are very professional while performing their tasks. " 

 

PPP/PFI 

"Legacy Law Offices is regarded as one of the best law firms for this niche area of practice and we believe we made the right choice by having them on our side for this work." 

 

Project development 

"The brilliance portrayed by law firm in handling legal issues is highly commendable. The lawyers are perspicacious, mindful and client-oriented in their approach. " 

"The firm deals with clients with a very subtle and professional attitude." 

"The firm has been a great help since we joined hands. They have provided the best possible legal aid to us. " 

"The firm is competent in handling the most complex issues; the level of understanding the partners possess is unparalleled." 

 

Gagan Anand 

"He and his team were very professional and I truly appreciate their knowledge and assistance and what I appreciate the most is his proactive nature." 

"He is a professional lawyer and he deals with clients and work very efficiently. " 

"Mr Gagan Anand, the managing partner of the law firm, is a delightful and a highly competent personality. His ability to draw reasonable and logical solutions to our problems is highly appreciated." 

 

Shalini Munjal 

"A co-managing partner of the firm, she is one of our main contact lawyers. She possesses immense experience in the field of dispute resolution and is extremely friendly to work with. " 

"She is a great lawyer and we have been in touch with her since the beginning. She has a unique approach of problem solving which helped us a lot." 

"She is a good listener and a very patient person. She has been in touch with us since the beginning and time and again has helped us solve issues with her innovative problem-solving approach. " 

"She is very patient and good listener. She helps in finding innovative solutions to the problems." 

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."

Link Legal

Founded in 1999, Link Legal India Law Services is a full-service law firm led by managing partner Atul Sharma. The firm has a pan-India presence with offices in New Delhi, Mumbai, Bengaluru, Gurugram, Hyderabad, Chennai and New York. 

 

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  

Key clients include State Bank of India, Union Bank of India, India Infradebt Fund, Mission1 Investments, Probus Insurance BrokerVinzero, Twin Technology, Air India and Rolls-Royce. 

 

Research period review: 32nd edition (2021/2022) 

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

The private equity and M&A team was active on and advised in cross practice area deals including intellectual property rights, real estate, employment, anti-corruption, and dispute resolution. 

The firm has opened a new office in New York. 

The firm underwent a host of staffing changes at the partner level. The banking team welcomed associate partner Pushkar Bavare from Desai & Diwanji 

The corporate practice welcomed partner Ketan Mukhija and associate partner Gaurav Priyadarshi from P&A Law Offices; partner Gaurav Sahay from HSA Advocates; associate partner Ambuj Kumar Sonal from Pioneer Legal and Neha Singh from RNC Legal / Rajinder Narain & Co.  

The energy and infrastructure team brought in associate partner Aditya Kumar Singh from HSA Advocates. While the healthcare group welcomed associate partner Pradnesh Warke from Wind World India. 

On the other hand, the firm was hit by the loss of corporate partner Venkat Satyanarayana who went to Algo Legal, and associate partner Pratyush Khurana and Apurbalal Mallik who both left for IndusLaw. 

  

Deal highlights: 32nd edition (2021/2022)  

HSBC $95.38 million loan facility  

Jupitice $4 million capital raising 

Mission1 Investments investment in Shriram Mutual Funds 

State Bank of India loan facility 

Skill India impact bond 

 

Client Feedback: 32nd edition (2021/2022)     

Financial services regulatory 

"Nothing very positive about them. I had to terminate their contract and get the work done again by another lawyer. Although their senior partner was knowledgeable, he was not involved in the assignment and the junior partner was not competent. Only later did it become clear that the junior partner had a different area of expertise from what was required on my assignment. " 

 

M&A 

"Deeply knowledgeable and a remarkable service ethic." 

"Excellent client support and availability." 

"Extremely diligent and solution oriented." 

"Knowledge of law, availability." 

"Very hardworking, punctual, diligent partner, ready to go the extra mile." 

"Very well managed throughout the process, understood our needs and desires and skilfully managed the end-to-end transaction." 

 

Nusrat Hassan 

"Amazing listener and problem solver." 

"Outstanding leadership leading a quality team." 

 

Milind Jha 

"Diligent; knowledgeable; solution oriented; conflict resolution oriented." 

"Excellent partner, very hardworking and ready to roll up their sleeves. Thorough professional." 

 

Vinu Peter 

"Positive, problem solving, timely and knowledgeable." 

 

Anand Srivastava 

"Client focus and commitment." 

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. 

 

Focusses / specialisms    

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

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

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

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

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

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

 

Key clients  

Key clients include L&T Finance, Terraform Global India Private, Blackrock Singapore, CICI Bank, Enel India, METKA EGN, Fourth Partner Energy Private and Azure Power. 

 

Research period review: 32nd edition (2021/2022) 

The banking team advised both lenders and borrowers across several banking and energy deals. 

In M&A the firm acted for investor, seller and acquirer on deals in several sectors include food and beverage, healthcare and agriculture. 

In projects, the firm was highly visible in energy, telecommunications and infrastructure. A significant mandate saw the firm advise a leading Canadian fund expanding operation in their various renewable energy projects undertaken in India. 

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

During the past year, the banking team and restructuring and insolvency team welcomed partner Nishant Singh from IndusLaw and Piyush Mishra from AZB & Partners. The projects team was also joined by Asim Abbas, Geeta Dhania, Sachit Mathur, Girish Rawat, Ashneet Chhabra and Riya Manuja. 

 

Deal highlights: 32nd edition (2021/2022)  

Crest Steel & Power insolvency 

Dr. Lal Path Labs acquisition of equity share capital  

Indian Renewable Energy Development Agency $172 million financial assistance  

L&T Finance / YES Bank $123 million financing 

Reliance Naval & Engineering insolvency 

 

Client Feedback: 32nd edition (2021/2022)     

Banking and finance 

"L&L Partners excels in client service, understanding client requirements and arranging for adequate support. Karan Mitroo has good transaction knowledge and is very responsive to the demands of the transaction or the client and displays a solution-oriented approach. " 

"The firm are good at drafting and negotiations. They also have in-house expertise in most areas of law." 

"The firm has good in-house expertise for banking and finance." 

 

Insolvency 

"Sincerity. Promptness. Clarity of advice. 

 

Private equity 

"Awesome response time and client service orientation." 

"Their team is hands-on and very much aware of the market practices. They're also good in handholding all stakeholders and bringing practical solutions to the table. Best thing about the team is their habit of delivering before the committed timelines." 

 

Project finance 

"A solution-oriented firm, they ensure timely delivery of good quality work and have great legal knowledge to provide innovative solutions to close deals." 

"Client-centric, valuable inputs." 

"Fast. Accurate. Understanding." 

"Prompt service and a perfect negotiation to conclude draft agreement mutually agreed between the parties." 

 

Nitin Gera 

"His ability to understand the requirement of the client and the pace required for the transaction. He's also very good with handling the founders and making them feel comfortable." 

"Very responsive and good commercial acumen." 

 

Karan Mitroo 

"Extremely contented and calm lawyer. Understands the client's requirement and provides complete solution. In fact, we love consulting him for every matter." 

"He has good knowledge of the renewables sector and is great with negotiations." 

"He is excellent at negotiations and his knowledge in renewables is impressive. He understands his industry and practice area really well." 

"He is the go-to lawyer in the country, especially for infrastructure finance. His honestly, humility and legal acumen speak volumes. He has always been a solution-oriented lawyer and thrives on challenging work. We use him for all innovative work." 

"He is involved in the deal and provides prompt legal solutions and is great at negotiations." 

"Karan Mitroo has very good industry and sector knowledge and has a solution-oriented approach. He has vast experience and is able to provide valuable advice and insights. " 

"Karan, not only has a great network and knowledge of my sector but he is also a wonderful individual and understands clients' requirements in a calm and thoughtful manner." 

 

Girish Rawat 

"Quick turnaround. Understanding." 

 

Nakul Sachdeva 

"Strong litigation skills, sincerity, good prompt communication, clarity of thought." 

Obhan & Associates

Founded in 2007, Obhan & Associates is headquartered in New Dehli. Ashima Obhan heads the firm’s corporate and M&A practice. 

 

Focusses / specialisms    

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

 

Key clients  

Key clients include Homage Ventures, Mr. Aditya Ghosh, Pine Labs, Sitac Group, Mr. Neeraj Sharma and Avtaar Career Technologies. 

 

Research period review: 32nd edition (2021/2022) 

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

 

Deal highlights: 32nd edition (2021/2022)  

Aerouant Capital investment in Natasha Moor 

Homage Ventures/Caterland Hospitality joint venture 

Homage Ventures subscribed to the equity shares of Speakin Communications 

Tip Tales acquisition of intellectual property rights 

Pioneer Legal

Established in 2019, Pioneer Legal is headquartered in Mumbai and is led by managing partner Satish Kishanchandani. 

 

Focusses / specialisms    

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. 

 

Key clients  

Clients advised include Amicus Capital Partners, Zephyr Peacock India Growth Fund, Rapidue Technologies, ADVIK Hi-Tech, Alcon Electronics and Aster DM Healthcare. 

 

Research period review: 32nd edition (2021/2022) 

The firm has been particularly active in private equity and M&A work during the research cycle. 

In private equity the firm recently acted for investor and target in fund and capital raising. The deals were in technology and financial service. 

In M&A the firm acted for both acquirer and seller on deals including technology and telecommunications, investment management, and industrials and manufacturing. 

 

Deal highlights: 32nd edition (2021/2022)  

Cnergyis Infotech India $10 million capital raise 

Kirloskar Ferrous Industries acquisition of stake  

Merkle acquisition of LiveArea 

Siguler Guff Advisers $450 million investment in the Series I fundraising of VerSe Innovation 

True North's exit from Meru Travel Solutions 

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.

 

Focusses / specialisms 

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

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

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

 

Key clients  

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

 

Client feedback: 31st edition (2020/2021) 

Capital markets

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

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

 

M&A

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

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

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

 

Private equity

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

Shardul Amarchand Mangaldas & Co

Shardul Amarchand Mangaldas & Co

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

 

Focusses / specialisms

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

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

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

 

Key clients

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

 

Research period review: 32nd edition (2021/2022)

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

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

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

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

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

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

 

Deal highlights: 32nd edition (2021/2022) 

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

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

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

Continuum Energy Levanter $561 million green bonds

CPPIB Canada acquisition of 10.09% stake in PG InvIT

Freshworks $1.03 billion NASDAQ IPO

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

Paytm $2.4 billion NSE IPO

PB Fintech $766 million NSE IPO

 

Client Feedback: 32nd edition (2021/2022)  

Restructuring

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

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

 

Veena Sivaramakrishnan

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

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

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. 

 

Focusses / specialisms    

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. 

 

Key clients  

Notable clients include RBL Bank, Ness Technologies (India), National Highways Authority of India, Adani Green Energy, ACME Power Holdings, and Indian Renewable Development Agency. 

 

Research period review: 32nd edition (2021/2022) 

The firm has been active in banking and finance and project development during the research period. 

In banking and finance the firm often acted for borrowers and purchasers in several sectors including social infrastructure and energy deals.  

The corporate team was particularly active on strategic deals on the acquirer side. The deals were in the investment management, financial services, healthcare, technology and telecommunications and industrial and manufacturing sectors. 

The corporate team welcomed of counsel Shradha Dubey from an independent law firm. 

 

Deal highlights: 32nd edition (2021/2022)  

Achieve Partners Management acquisition of business assets  

AML RightSource acquisition of Blue Umbrella 

Delhi Mumbai Expressway $5.6 billion consortium lending 

Novo Tellus Partners corporate and financing management 

Wind Five Renergy $47 million financial assistance 

SNG & Partners

Active since 1962, SNG & Partners is a consistent performer across the banking and finance and capital markets practice areas. The firm maintains offices in Mumbai and New Delhi and is led by managing partner Rajesh Gupta. 

 

Focusses / specialisms    

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

 

Key clients  

Notable clients include ICICI Bank, DBS Bank IndiaIndusind Bank National, Indiabulls Housing Finance, HDFC Capital Advisors, UGRO Capital and Mr. Rajiv Bhandari.  

 

Research period review: 32nd edition (2021/2022) 

The banking team actively acted for lenders on domestic financing work.  

In the capital markets area, the firm advised on debt transactions, and did a much work on non-convertible debentures issues. 

In restructuring and insolvency, the firm advised creditors in formulating and implementing financial restructuring strategies, involving business reorganisation, sale of assets/business and demergers. 

 

Deal highlights: 32nd edition (2021/2022)  

DLF $62.75 million secured listed non-convertible debentures issue 

Dorf Ketal Chemicals India acquisition of Khati Chemicals 

Incred Financial Services $62.75 million non-convertible debentures public issue  

UGRO Capital and Sundae Capital Advisors non-convertible debentures issue 

SBICAP Trustee Company financing 

Tatva Legal

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

 

Focusses / specialisms    

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

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

 

Key clients  

Notable clients include YES Bank, Standard Chartered Bank, JPMorgan, Reliance Capital Asset Management, Genkai Capital Management Company, Government of Tamil Nadu, Dell and Strides Pharma Science. 

 

Research period review: 32nd edition (2021/2022) 

In M&A the firm mainly acted for clients on domestic work. The deals were in healthcare, real estate, transport and pharmaceuticals and life sciences. 

The firm’s private equity team often acted for investors and acquirers on domestic deals. The deals were in Fintech, Healthcare and IT Services. 

A staffing change saw the departure of partnerManav Nagaraj and KS Bhargava. 

 

Deal highlights: 32nd edition (2021/2022)  

Amicus Capital Partners investment and acquisition of Namaste Credit 

Carlyle and Brighton Park $200 million investment and acquisition of Indegene 

Eclat Health Solutions $23.5 million secondary sale of shares 

Serum Institute India acquisition of stake 

UpGrad Education $16.62 million acquisition of Knowledgehut Solutions 

 

Client Feedback: 32nd edition (2021/2022)     

Banking and finance 

"Well grounded team with varied talent pool." 

 

NK Dilip 

"Pleasant personality, unperturbed communication, conviction." 

ZBA

ZBA is a boutique law firm focusing on banking and finance and debt capital markets work. The firm maintains an office in Mumbai. 

 

Focusses / specialisms    

Banking, capital markets, corporate and commercial law, maritime, projects and infrastructure, insolvency and restructuring, insurance, dispute resolution are the firm’s key practices.  

The firm has strengths in tactically advising creditors, distressed corporates and acquirers on the takeover of insolvent companies, and regularly acts in recovery litigation and asset reconstruction for Indian and overseas clients.    

The firm advised clients on a plethora of debt capital markets and financing transactions such as structured financing, trade financing, acquisition financing, asset financing, project financing and bond issues across a diverse range of sectors. 

 

Key clients  

Notable clients include State Bank of India, Punjab National Bank, Bank of India, Axis Bank, Canara Bank, Indian Oil, Ray Energy and Liberty House Group. 

  

Research period review: 32nd edition (2021/2022) 

During the research cycle, the firm has been active in banking, capital market and restructuring and insolvency work. 

The banking team often advised lenders and borrowers across a range of cross-border financing transactions. One high-value deal saw the firm act for the lenders in a term loan facility to Indian Railway Finance Corporation. 

The firm was also active in the restructuring and insolvency space, highly visible in acting for creditors on domestic insolvency work. 

 

Deal highlights: 32nd edition (2021/2022)  

Indian Railway Finance Corporation $1 billion bilateral term loan facility 

Sumitomo Mitsui Banking Corporation $325 million syndicated unsecured term loan facility 

State Bank of India auctioned secured properties owned by Accent Metals 

 

Client Feedback: 32nd edition (2021/2022)     

Capital markets 

"1. Up to date on recent amendments. 2. Timely action." 

"Excellent hold and knowledge of the law and also the practical aspects. On time completion of assignments. Accessible. Courteous." 

"We found the firm's regulatory knowledge up to the mark, their speed in responding fast and their handholding of a first time issuer very supportive." 

 

Leveraged finance 

"Eye for detail, in-depth understanding of the structure and accordingly guiding on way ahead. " 

 

Niloufer Lam 

"1. Listening to the requirements.  

2. Timely response and easily reachable.  

3. In-depth knowledge in the work area." 

"Assertiveness and problem-solving approach." 

"Knowledge. Accessibility. Speed in reverting. Ability to resolve conflicts." 

 

Mihir Shukla 

"Accessibility. 

Sound knowledge. 

Meeting deadlines." 

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.

Acuity Law

Founded in 2011, local law firm Acuity Law has offices in Mumbai, Delhi and Bengaluru alongside a Japan desk. 

  

Focusses / specialisms  

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 

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. 

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. 

 

Focusses/ specialisms   

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. 

 

Key clients 

Key clients include PricewaterhouseCoopers, IndianOil Skytanking, Bitonic Technology Labs, ElectronicTender.com (India),and RedCarpet Tech. 

 

Client feedback: 32nd edition (2021/2022) 

Project development 

“Clear understanding of applicable law, handle efficiently without needing to revert to a senior arguing counsel. Understand the business part well and advice is accordingly practical as well.” 

“Ability to present complex legal issues in simple terms. Drive consensus in a situation with differing opinions. Commercial understanding of the business. 

Allen & Overy

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 

 

Focusses/ specialisms   

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 

Key clients include State Bank of India, Ares SSG and BlackRock and Indian Railway Finance Corporation. 

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. 

  

Focusses / specialisms  

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. 

 

Client feedback: 32nd edition (2021/2022) 

Project finance 

“Efficiency.” 

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. 

 

Focusses/ specialisms   

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 

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. 

 

Focusses/ specialisms   

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. 

 

Focusses / specialisms  

Argus Partners is best known in India for its banking, M&A and private equity work. 

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. 

 

Key clients 

Key clients include HDFC, Gruh Finance, Herbolab India, Schreiber Dynamix Dairies, India Resurgence Fund (IndiaRF) and Tata Steel. 

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.”

Atlas Law Partners

Boutique practice Atlas Law Partners was founded in 2016. The firm has offices in New Delhi and Gurugram. Key figures at the firm include managing partner Harry Chawla. 

  

Focusses / specialisms  

The firm's corporate M&A team has an extensive combined partnership experience. Sectors of focus include real estate, renewable energy, technology-based businesses, electronics and manufacturing. 

The private equity team is particularly specialised in handling startup investments on behalf of both funds and the target company. Sectors of focus include the technology segment, real estate, e-commerce marketplace, social media and audio-visual platforms. 

 

Key clients 

Key clients include M3M Group, Atria Group, Krrish Group, Euramco (SachsenFonds),Intellicar Telematics, Indian Farmers Fertiliser Cooperative, Fosun Group, Hashed and Goodwater Capital. 

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.

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. 

  

Focusses / specialisms  

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. 

 

Key clients 

Key clients include WestBridge AIF I and Safecrop Investments India, Madison India Opportunities Trust Fund, Shree Krishna Trust Fund, BlackSoilFund, Alteria Capital and ZCL Chemicals. 

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. 

 

Focusses/ specialisms    

The firm is well known for its private equity and venture capital space. 

 

Key clients  

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). 

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. 

  

Focusses / specialisms  

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 (2021/2022) 

M&A 

“Timely advice, complete work.” 

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. 

 

Focusses / specialisms  

The firm boasts a well-diversified practice across the financial and corporate space. 

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. 

 

Key clients  

Key clients include Allcargo Inland Park, Edelweiss Group, Aseem Infrastructure Finance, HSBC Bank Canada, Deutsche Bank, IndusInd Bank, Canara Bank - London branch, Bank of Baroda - New York branch and Arka Fincap. 

 

Client feedback: 32nd edition (2021/2022) 

M&A 

“Guidance on M&A. Drafting & negotiation of SPA with buyer.” 

“Worked on a merger recontrol matter which required notification. They were superb and very timely.” 

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.

 

Focusses / specialisms 

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

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

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

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

 

Key clients  

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

 

Client feedback: 31st edition (2020/2021) 

M&A

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

Finsec Law Advisors

Founded in 2010, Finsec Law Advisors is a financial sector law firm based in Mumbai. 

 

Focusses/ specialisms    

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  

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 (2021/2022) 

Capital markets 

“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.” 

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. 

 

Focusses / specialisms  

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. 

 

Key clients  

Key clients include 1707 Capital Advisors, Burger King, More Retail, Yoma Business, LoveIn Store Technologies, Allianz Partners, ByteDance (India) Technology and I Need A Help Technologies. 

Hammurabi & Solomon

Founded in 2001, Hammurabi & Solomon Partners has offices in New Delhi, Mumbai, Bengaluru, Gurugram, Patna and Ranch.  

 

Focusses/ specialisms    

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. 

 

Key clients  

Notable clients include JBM Auto, Cue Learn, FCIL, G4S Secure Solutions India, Feedback Infra, Jubilant Agri & Consumer Products, Adecco India, Feedback Highways OMT and Dr Lal PathLabs. 

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. 

  

Focusses / specialisms 

The firm is recognised for its banking and finance practices. 

The firm is experienced in advising lenders and borrowers on regulatory and financing matters. 

 

Key clients  

Key clients include Axis Bank, SBI Pension Funds, Varian Medical Systems, World Bank, IFC, RBI, Shipra Estate, IIFL Private Wealth, KfW IPEX-Bank, Euler Hermes, Bruker and Urban Infrastructure Venture Capital. 

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. 

  

Focusses / specialisms  

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  

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. 

  

Focusses / specialisms  

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. 

 

Key clients  

Key clients include Fireside Investments, Nippon India Digital Innovation AIF, Mirae Asset Venture Investment, GMO Venture Partners, Stellaris Venture Partners India I, Dolat Capital Market, Aditya Birla Sun Life AMC and Xponentia Capital Partners. 

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. 

 

Focusses / specialisms  

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. 

 

Key clients  

Key clients include Kotak Bank, India Infoline, SSG Capital, Altico, KKR, Tata Capital, Aspada LGT, Sequoia, MegaDelta and Mahindra Lifespaces. 

 

Client feedback: 32nd edition (2021/2022) 

M&A 

“Quick to respond, deep business knowledge and ability to quote precedence to help a commercial resolution.” 

 

Private equity 

“Extremely responsive, excellent negotiators, run the deal from start to finish at the same pace, specific and detailed advice on various sectors.” 

JoyceLaw

Founded in 2018, JoyceLaw is a boutique law firm focused on startups for the Indian market. The firm has an office in Gurgaon. 

 

Focusses / specialisms 

The firm is specialising in private equity and venture capital transactions. 

 

Key clients  

Key clients include Uni Cards, magicpin, CityMall, FrontRow, Fashinza, Blupin Technologies (Mylo), Verak, BrewMoney, FrontPage and Rage Coffee. 

 

Client feedback: 32nd edition (2021/2022) 

M&A 

The JoyceLaw team was extremely professional. Their knowledge of Indian company law was excellent. Moreover, given their past experience in the Indian startup M&A ecosystem, they were able to bring a lot of insights for me that helped me get a better financial deal with less onerous liabilities for my company, our shareholders and myself. They met all the tight timelines and were mostly always available even at short notice when the negotiations were in their final stages.” 

“Timely completion of tasks and prompt revert.” 

Juris Legal

Established by managing partner Rupin Pawha in 2005, Juris Legal is a full-service international law firm based in New Delhi.  

 

Focusses / specialisms 

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  

Key clients include Federal Ministry of Coal and Federal Ministry of Petroleum and Natural Gas. 

 

Client feedback: 32nd edition (2021/2022) 

Bank lending 

“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. 

  

Focusses / specialisms  

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  

Key clients include GPX Global Systems, United Breweries, Sumitomo Chemical India, and Mukesh Bhuta and Medha Bhuta. 

 

Client feedback: 32nd edition (2021/2022) 

M&A 

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. 

  

Focusses / specialisms 

The firm is active in the financial and corporate space and often acts on matters in the real estate sector. 

 

Key clients  

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 (2021/2022) 

Banking and finance 

“Amazing understanding of our requirements. Provided counsel and drafting of the documentation.” 

 

M&A 

“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. 

  

Focusses / specialisms  

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  

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.  

  

Focusses / specialisms 

The firm is strongest in corporate and M&A, but also takes on work in banking, project development and restructuring. 

 

Key clients  

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 (2021/2022) 

Asset finance 

“Great knowledge, solid experience.” 

 

Banking and finance 

“Good levels of client service, ability to handle complex matters, responsive, solution-oriented approach.” 

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. 

  

Focusses / specialisms 

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  

Key clients include Imagine Marketing, Novezo Consulting, Ummeed Housing Finance, Kline Technical Consulting, KTC Fortress and Trina Solar Third. 

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. 

  

Focusses / specialisms  

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. 

 

Key clients  

Key clients include ZoomInfo Technologies, Carlisle Companies, Buchanan Technologies, Ultraserve, Insurity, InfacElecs, RPS Consulting and PathPartner Technology. 

 

Client feedback: 32nd edition (2021/2022) 

M&A 

“Good knowledge on M&A in India. Professional client relationship handling. Ability to understand and respond positively to pressing timelines, challenges and demands.” 

“Very responsive; highly professional; strong breadth of practice.” 

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 

 

Focusses / specialisms 

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. 

 

Key clients  

Key clients include Securities and Exchange Board of India, Cipla, Hitachi Systems India, India Glycols, IL&FS Financial Services, Hitachi Capital Asia Pacific, Luxora Infrastructure, IG International, Mitsubishi HC Capital Asia Pacific, Goodworker Technologies and IG Berries. 

 

Client feedback: 32nd edition (2021/2022) 

Insolvency  

“I have been associated with the firm for the last 10 years. I find the team of lawyers diligent, hardworking and attentive to detail in all my matters.” 

 

M&A 

“I have been working with MHCO for more than eight to 10 years. The team is very good. In our M&A deals, they added enormous value.” 

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.

 

Focusses / specialisms

The firm is recognised for its banking and finance work.

 

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

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

 

Client feedback: 30th edition (2019/2020)

Banking

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

MVKini Law Firm

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.”

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. 

 

Focusses / specialisms 

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. 

 

Key clients  

Key clients include Onsurity Technologies, Cyllid Technologies, KytTechnologies, Nolan Edutech, Waterwala Labs, Bidgely, 4care Onco Solutions and Frontier Markets Consulting. 

 

Client feedback: 32nd edition (2021/2022) 

Investment funds 

“Supportive and sharp.” 

 

Private equity 

“The team at NovoJuris are well aware and have significant experience in the areas that we were engaged in. They are knowledgeable, up to date with current laws and regulations. The team's engagement process with the client is well streamlined and addresses the requirements of the engagement scope in detail.” 

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. 

  

Focusses / specialisms  

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

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

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

 

Key clients  

Key clients include United States International Development Finance Corporation, Swedfund International, Calvert Impact Capital, AAV Sarl and Masala Investments Sarl (Symbiotics), MicroVest Short Duration Fund, Northern Arc Capital and CredAvenue. 

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. 

  

Focusses / specialisms  

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. 

 

Key clients  

Key clients include Bishal Jaiswal, Krrish & Brahma Buyers Association, Atul Rajwadkar, Vidyasagar Prasad, Vineet Chaudhary, Kerilee Investments, Sahara Hospitality, Aamby Valley and Siemens. 

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

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

 

Focusses / specialisms 

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

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

 

Key clients  

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

 

Client feedback: 31st edition (2020/2021) 

Banking and finance

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

 

Project development

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

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. 

  

Focusses / specialisms  

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. 

 

Key clients  

Key clients include Tata Power, Tata Power Delhi Distribution, West Bengal Power Development Corporation, Petronet LNG, Jindal Stainless, Lenskart, TPCODL, FRV and Jubilant FoodWorks. 

 

Client feedback: 32nd edition (2021/2022) 

Financial restructuring 

“Efficiency, accuracy and reliability.” 

 

Financial services regulatory 

“Very well accessible and helpful. React to the client's needs.” 

Samvad Partners

Local law firm Samvad Partners was founded in 2006 and has offices in Bengaluru, Chennai, Hyderabad, Mumbai and New Delhi. 

  

Focusses / specialisms  

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. 

 

Key clients  

Key clients include Yes Bank, ICICI Bank, Morjar Windfarm Development, India Infradebt and Continuum Green Energy (India). 

 

Client feedback: 32nd edition (2021/2022) 

M&A 

Competence is the first thing that comes to mind. Samvad's team has been great at making sure that things keep moving while highlighting areas that I need to review. They explain the implications of legal clauses in terms I can understand while also keeping me aware of business implications. This gives me the peace of mind to let them run the legal side of the transaction while I focus on other items. 

 

Private equity 

“They are very good at understanding the needs of the customer, valuing the importance, and being available for discussions. They work closely like a partner and provide valuable insights with complete solutions.” 

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. 

 

Focusses / specialisms 

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. 

 

Key clients  

Key clients include Adani Group, State Bank of India, LIC Housing Finance, Nayara Energy, ASK Real Estate and JSW Infrastructure. 

Sarthak Advocates & Solicitors

Established in 2010, Sarthak Advocates & Solicitors is headquartered in New Delhi and is led by managing partner Abhishek Nath Tripathi. 

 

Focusses / specialisms    

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. 

 

Key clients  

Key clients include Om Metals, Jal Power Corporation, Sterlite Power Transmissions, S&P Infrastructure Developers, Unogrowth Technologies and B&S Advisory Services.  

 

Research period review: 32nd edition (2021/2022) 

During the research period, the corporate team acted for clients including sellers, financial advisers, offerors, merger party and management on mandates across a wide range of sectors, including energy, entertainment, law and logistics. 

The restructuring team often acted for the debtors on insolvency proceedings in the energy, real estate and manufacturing sectors. 

 

Deal highlights: 32nd edition (2021/2022)  

BHEL supply and service contract claims 

Exit 10 marketing insolvency 

Glass Dreamz Entertainment seed funding 

 

Client Feedback: 32nd edition (2021/2022)     

Insolvency 

"They are solution oriented and precise in their advice and legal strategy. Most importantly they are one of very few law firms in India where you can trust them for honest and no nonsense advice. They helped us navigate through most difficult situations by candid advice, guidance and legal solutions. The most unique advantage with Sarthak is TRUST - one can trust them 100%, a rare attribute these days. " 

 

Abhishek Tripathi 

"Patient, resolved, knowledgeable, experienced, makes you feel at home during the most difficult times." 

SD Partners

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

  

Focusses / specialisms  

The firm is recognised for its restructuring and insolvency team, which often acts for insolvency professionals and advises on matters such as distressed acquisitions and disposals. 

 

Key clients  

Key clients include Ernst & Young, PricewaterhouseCoopers, RBSA Restructuring Advisors, Amtek Auto, Castex Technologies, Mittal Corp, Ind-Bharat, SRS, Lotus Auto Engineering and Sarbat Cotfab. 

 

Client feedback: 32nd edition (2021/2022) 

Insolvency 

“They exceed expectations. I thought that they were a small boutique firm and engaged them because of fees. I was pleasantly surprised by the quality of work and their attitude towards clients.” 

 

M&A 

“Horizontal view on Indian legal issues and network to introduce legal experts in specific domains if needed. Timely. Driven.” 

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. 

  

Focusses / specialisms  

In addition to technology, the firm also takes on clients from media, energy, food and beverages, industrials and chemicals, and life sciences sectors. 

 

Key clients  

Key clients include Decentro, BharatPe, Disney, Instamojo, Let’s Krypto, IBBIC, DigiSahamati Foundation, Bureau, KarbonCard, Pillow Fund and Dream11. 

 

Client feedback: 32nd edition (2021/2022) 

Investment funds 

“1. Well considered and thought through in their approach. 2. Simplified and robust contracts3. Ability to build out scenarios that we may not have envisioned. 

 

Private equity 

"Punctualdepth of work; knowledge of the subject mattergoing extra mile.” 

Stratage Law

Established in 2020, local law firm Stratage Law is led by managing partner Darshan Upadhyay and has an office in Mumbai. 

  

Focusses / specialisms  

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. 

 

Key clients  

Key clients include Samara India Advisors, Sahajanand Medical Technologies, Tano India Advisors, Bharat Insecticides, Safex Chemicals India, Polycab India, Trigyn Technologies, Mayfield Fund and ESL Securities. 

 

Client feedback: 32nd edition (2021/2022) 

M&A 

“Building strategy to plan the acquisition, mitigating the risk and ensuring protection of rights of the buyer and compliance as per the law of the land.” 

 

Private equity 

“Honest, timely, proactive, high in integrity. They are very good negotiating on term sheets and on definitive documents.” 

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. 

 

Focusses / specialisms 

The firm is noted for its corporate and M&A team, which takes on work including inbound investments and promoter exits. 

 

Key clients  

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 (2021/2022) 

M&A 

“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  

Key clients include Bank of America, Credit Suisse, Barclays, Avendus, Nayara, KKR, Deutsche Bank, JP Morgan, Nomura, Ares SSG, Standard Chartered Bank and Citibank. 

 

Client feedback: 32nd edition (2021/2022) 

Banking and finance 

“The team excels at delivering commercially focused advice on market practice and regulatory issues in India. I have absolute confidence in the advice I'm getting regardless of the partner delivering it.” 

“TTA's ability to mobilise resources for forensic due diligence, comprehensive review of Indian laws and regulations and documentation and closing, stands out as one of the most seamless, commercially focused and strong in India.” 

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. 

 

Focusses / specialisms 

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  

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. 

  

Focusses / specialisms  

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

The banking team has extensive expertise advising clients such as non-banking financial institutions and banks across an array of financing mandates, including acquisition finance, project finance, regulatory compliance and securitisation. 

In capital markets, the firm routinely acts for domestic and foreign companies, underwriters, foreign portfolio investors, development finance institutions and banks. 

The firm is quickly building a reputation as a corporate and M&A powerhouse and has significantly strengthened its corporate team. The firm also has a robust private equity practice and advises on a wide range of matters including fund formation, investments and exits. 

In projects, key sectors of focus include renewable energy, infrastructure, transport and healthcare. 

 

Key clients  

Key clients include Metro Brands, Fino Payments Bank, GPT Healthcare, Asianet Satellite Communications, HCL Technologies, Indorient Financial Services, Alicon Castalloy, Haitong Securities India, UBS Securities India, Equirus Capital, Kotak Mahindra Capital, Axis Capital and BofA Securities India. 

 

Client feedback: 32nd edition (2021/2022) 

Investment funds 

“Diligent, knowledge of law and current updates, client-focused.” 

 

M&A 

Trilegal is a very commercially oriented law firm who assist by providing high-quality pragmatic advice. They work to find practical solutions to assist in the closure of transactions in a timely and efficient manner.” 

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. 

  

Focusses / specialisms 

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. 

 

Key clients  

Key clients include Pfizer, Daimler, International Paper, Roquette Frères, SPi Global (now Straive), Provenance Land, Signet Excipients, Aegis Logistics and Huntsman. 

 

Client feedback: 32nd edition (2021/2022) 

M&A 

“Very thorough with their work; high-quality people; very client-centric and they truly embody the client's best interests in their advice.” 

 

Private equity 

“Very knowledgeable and thorough.” 

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. 

  

Focusses / specialisms  

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. 

 

Key clients  

Key clients include Whitehat Jr, DeHaat, SHEROES, Tano Capital, Finova Capital, NMI, ICICI Bank, SOSV, Leadstart Publishing, Teachmint Technologies, Sindhuja Microcredit and Pickrr Technologies. 

 

Client feedback: 32nd edition (2021/2022) 

Private equity 

“They know the local legal landscape superbly, and that helps in defining and executing strategy when litigating.” 

“They know their laws and the jurisdictions well.” 

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. 

 

Focusses / specialisms 

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. 

 

Key clients  

Key clients include Kotak Mahindra Bank, HDFC Bank, HSBC, Shriram Transport Finance, Citibank, IIFL Wealth Prime, BlueOrchard Finance and Northern Arc Capital. 

 

Client feedback: 32nd edition (2021/2022) 

Financial services regulatory 

“Proactive, quality advice, high quality of partners and ability to approach and get the job done. Pricing also v competitive.” 

Financial and corporate
EQUILEX

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

 

Focusses / specialisms 

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

 

Key clients  

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

 

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

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

 

Deal highlights: 31st edition (2020/2021) 

ABT insolvency

Dewan Housing Finance Corporation insolvency

GB Global insolvency

IL&FS Group insolvency

SAMHI Hotels Group debt restructuring

Shree Kedarnath Sugar and Agro Products insolvency

 

Client feedback: 31st edition (2020/2021) 

M&A

"Thorough domain knowledge. "

 

Restructuring and insolvency

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

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

 

Deep Roy

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

"Extremely knowledgeable and hands-on approach."