AP & Partners
Founded in 2019, AP & Partners is a New Delhi-based law firm with seven partners, including senior partner Anand Prasad and managing partner Moksha Bhat. The firm is recognised for its work in corporate and M&A, private equity, and restructuring and insolvency, with a particular focus on the technology sector.
Recent examples of the firm’s deal work include advising Info Edge, a significant shareholder, following the acquisition of a controlling 52% stake in Greytip Software by Apax Partners. This transaction was a key deal in the HR-tech space, reflecting the growing trend of private equity investment in the sector.
In another key mandate, the firm advised Ashiana Housing on securing IFC debt financing through a listed Non-Convertible Debentures (NCD) issuance for an affordable housing project. This transaction was complex due to its structure, a venture-style investment into a publicly listed company, which required navigating stringent compliance and governance requirements.
Tesla, Amp Solar, Info Edge, Starlink India, Toddle, Ashiana Housing, Avendus Capital, Vensure Employer Solutions, InterGlobe Enterprises, SitusAMC, Zomato
“The firm has deep understanding of renewable energy and infrastructure law, combined with their practical approach to structuring complex joint ventures and agreements. Their team is highly responsive, detail-oriented, and proactive in identifying regulatory issues before they become challenges. Their ability to balance international best practices with Indian legal frameworks, which has been crucial in advancing our green ammonia projects and negotiations with global partners.” (Project development: Energy and infrastructure)
“Romit Dey is exceptionally skilled at simplifying complex legal and regulatory matters and presenting them in a clear, actionable way. He is thorough in his drafting and negotiations, ensuring that our interests are well protected while still keeping agreements commercially practical. What stands out is his proactive communication, attention to detail, and ability to anticipate potential issues in joint ventures and project contracts before they arise.”
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. Ajay Bahl, Zia J. Mody and Bahram N. Vakil are the firm’s founding partners. The firm has offices in Mumbai, New Delhi, Bangalore, Pune, Chennai and GIFT City.
The firm performs consistently well in banking and finance, capital markets, corporate and M&A, private equity, and restructuring and insolvency. It takes on clients from a diverse range of sectors, including banking and financial services, energy, transport, oil and gas, automotive, technology and telecommunications, insurance, and food and beverage.
In a landmark mandate, the firm advised Disney on its $8.5 billion media merger with Reliance Industries and Viacom18, creating India's largest TV and digital streaming platform. The deal, one of India's most significant media sector transactions, reaching over 750 million viewers, involved structuring a precise three-way joint venture and navigating complex domestic and cross-border regulatory frameworks.
In another standout mandate, the firm advised Bamboo Hotel and Global Centre on issuing one of the fiscal year's largest A+ rated non-convertible debentures to refinance debt and fund a major commercial project in Delhi's Aerocity. The transaction was complex due to its multi-lender structure with Nonbank financial companies (NBFCs) and mutual funds under a common security agreement, with further sophistication added by a green shoe option.
HDFC Capital Advisors, IIFL Capital Services, Canara Bank, ICICI Bank, Standard Chartered Bank, BlackRock, Visa, Indian Institute of Technology, Varde Partners Asia, Everstone Capital, Oaktree Capital Management
“AZB has developed an in-depth understanding of our bank's priorities and strategy over the years and provides prompt, relevant and accurate legal advice whenever required.” (Banking)
“They are trustworthy,
escalate concerns and are thorough in their work." (Banking)
“They stand out for their deep local M&A expertise, business-oriented approach, and consistent availability.” (M&A)
“AZB & Partners demonstrated strong cross-border due diligence capability, expertise and responsiveness throughout the transaction. Their expertise in navigating complex corporate structures ensured a seamless process. What made them stand out was their ability to work collaboratively across jurisdictions, particularly with our team at Ashitiva Advocates and Squire Patton Boggs as part of the Transaction Advisors ensuring that the due diligence exercise was not only technically sound but also commercially attuned to the project’s objectives. Their team combined technical depth with efficiency, which allowed the consortium to progress confidently.” (Project development)
“He understands very well our business and our constraints. He is pragmatic and really hands on.”
“Anuja Tiwari brought clarity and precision to the due diligence process. What stood out was her expertise, responsiveness and ability to engage constructively with our team at Ashitiva Advocates, ensuring alignment between Indian law and Kenyan regulatory requirements. She was efficient, pragmatic, and consistently solution oriented, which added real value to the transaction.”
“Prompt response.”
“Hufriz is great at understanding requirements in detail and well versed with Indian laws and regulations. She also always provides relevant advice on a timely basis.”
“She has great experience and clarity of thought and is well aware of commercial aspects of a transaction.”
Chadha & Co
Chadha & Co is a full-service law firm founded in 2002. The firm is headquartered in New Delhi and has several foreign desks.
The firm has a specialised inbound practice in advising foreign corporations doing business in India on all Indian laws and regulations that are relevant to their business. The firm also has expertise in the areas of joint ventures, technology transfer and licensing, legal due diligence, infrastructure, mergers and acquisitions, project finance, corporate finance, direct and indirect taxation, labour and employment matters, information technology and outsourcing, intellectual property, corporate governance and legal and regulatory compliances.
The corporate team demonstrated significant activity in cross-border joint ventures during the research period, advising on several confidential transactions across multiple sectors.
Mayekawa Mfg, Kisco, Hitachi, Tinubu Square, Gazprom
Clarence & Partners
Clarence & Partners is a new-generation, Bengaluru-based law firm established in 2024 under the leadership of its founder, Clarence Anthony. The firm distinguishes itself through its pioneering AI-native operational framework, which integrates advanced technology directly into its legal service delivery and workflow management. The firm offers expertise across key transactional areas including M&A, private equity, venture capital and structured finance. Clarence Anthony served as the founder of the firm.
The firm recently demonstrated its capabilities in handling innovative, cross-border, and early-stage transactions. It advised on the pioneering acquisition of India’s Trica Equity by UK sharetech leader Vestd—a complex deal that navigated multi-jurisdictional FDI and data regulations to facilitate strategic market entry and set a significant fintech precedent.
In the venture capital space, the firm represented Visceral (LV Angel Fund) in a $15 million seed investment in AI startup Mythik, which involved high-profile co-investors. This transaction required structuring sophisticated IP and data protections under evolving privacy laws, establishing a robust model for future early-stage tech investments.
LV Angel Fund, Myriadai Technologies, Sparkassen International Development Trust GmbH (SIDT), Trica Capital, Visceral (LV Angel Fund)
CMS INDUSLAW
Founded in 2000,
CSM IndusLaw is well known in the Indian legal market with a diversified financial and corporate practice. The firm has offices in Bengaluru, Chennai, Delhi and NCR, Hyderabad and Mumbai. The firm is a CMS member firm since 2025.
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, industrial and manufacturing, technology and telecommunications, retail, and banking and financial services.
A key capital markets mandate saw the firm advise a consortium of six book-running lead managers, including Kotak Mahindra Capital and JP Morgan, on the landmark IPO of Vishal Mega Mart. The offering was one of the largest in India's retail sector, marking a milestone for organised retail with its pan-India network of 611 stores.
In a separate landmark transaction, the firm advised on the complex corporate restructuring of Groww, a major fintech startup, to shift its domicile from the US to India through a National Company Law Tribunal (NCLT) approved amalgamation. This "reverse flip" which involved converting the US holding company into its Indian subsidiary, was a significant milestone, establishing Groww as one of the largest startups to successfully relocate its legal base to India.
ARCIL, HDFC Bank, Indusind Bank, Avendus Capital, Piramal Alternatives, UBS Securities, Axis Capital, Google, Nuvei, Sojitz Corporation, Esco Technologies (Asia), Multiples PE, CX Partners, Azure Power, Indian Renewable Energy and Development Agency
“We appreciated a very active approach by CMS IndusLaw in relation to our issue. They were not passive in their approach but checked in regularly and they provided us with helpful suggestions how to approach our matter.” (Financial services regulatory)
“Their work including advice, documentation, negotiation with major shareholders was great. We have completed selling of our shares.” (M&A)
“They always provide quick advice and show strong commitment. Further, their advice is always detailed and reasonable.” (M&A)
“Quick responses, reasonable and high-quality drafts.” (M&A)
“Knowledgeable team. Responsive at all hours of the day and night. Collaborative and pragmatic.” (Private Equity)
“Old relationship, prompt respond and expertise.” (Restructuring and insolvency)
“Very friendly, easy to communicate and responsive.”
“He is the best lawyer I met in my 30 years' business experience.”
“Outstanding lawyer. Very high level of attention to detail. A true advocate. Creative and solutions-oriented when negotiations or discussions get bogged down.”
“We were quite happy with the approach of the firm, which of course includes Namita as well as other member of the team.”
“His team always shows strong commitment. He, together with his team, always provide quickly reasonable and detailed advice.”
Crawford Bayley & Co
Founded in 1830, Crawford Bayley & Co is one of India's oldest law firms. The firm's partners and senior lawyers possess extensive decades of experience advising leading Indian and multinational corporations. The firm is regularly engaged by major corporate houses on complex matters across multiple practice areas, including company law, securities regulations, taxation, dispute resolution, labour law, foreign exchange, and pharmaceutical law.
Cyril Amarchand Mangaldas
Founded in 2015, Cyril Amarchand Mangaldas is a preeminent law firm in the Indian legal market. With a team of over 1,000 lawyers, the firm operates from six pan-India offices including a key location in IFSC GIFT City and maintains international offices in Singapore and Abu Dhabi.
The firm
advises a broad client base, including domestic and international corporations, financial institutions, private equity and venture capital funds, start-ups, and government bodies. Its strength lies in deploying an integrated team of generalists, specialists, and former senior regulators to provide comprehensive guidance across the most complex transactions and regulatory landscapes.
In a landmark capital markets mandate, the firm advised the underwriters on the IPO of Sagility India. The transaction was notable for its complexities, which included navigating Securities and Exchange Board of India (SEBI) queries regarding the company’s limited track record due to recent restructuring and addressing compliance matters concerning director independence. Notably, it was one of the first IPOs to voluntarily create a detailed audio-visual presentation for investors, setting a new benchmark in public offer communication and requiring extensive coordination with regulators and lead managers.
In a separate, significant transaction for the energy sector, the firm advised Green Growth Equity Fund (GGEF) on its exit from Ayana Renewable Power, one of India's leading renewable energy platforms. The sale of a 100% stake to a joint venture of ONGC and NTPC represents one of the largest-ever acquisitions in India's renewable energy sector.
State Bank of India, Adani Group, Jio Financial Services, Amazon, Abu Dhabi Investment Authority, Bain Capital, CG Power and Industrial Solutions, Sumitomo Mitsui Banking Corporation, Sustainable Energy Infra Trust
“Proactive nature. Solution oriented approach. Subject matter expertise.” (M&A)
“The team has great insights on the industry, innovative solutions to problems.” (M&A)
“They are up to date on the subject, has wide cross sector knowledge and experience, has the right contacts and network to get to know the practical aspects and workability of their suggestions.” (Restructuring and insolvency)
“Detail-oriented and extremely reliable.”
Dhaval Vussonji & Associates
Founded in 2013 in Mumbai, full-service law firm
Dhaval
Vussonji & Associates has a team of more than 60 lawyers in Mumbai with offices in Bengaluru and Delhi.
The firm has rich experience in
advising banks, non-bank financial companies and borrowers in concluding transactions involving term lending, consortium working capital lending, and pre-shipment and post-shipment facilities, among others.
It also regularly
advises domestic and cross-border financing transactions in the real estate, aviation, education and shipping sectors in India, China, Singapore and Africa.
In
real estate, the firm acted as the lead transaction counsel in a pivotal real estate financing deal, securing last mile funding for the “Vanu Heights” project in Mumbai, through the issuance of Non-Convertible Debentures to
SWAMIH Investment Fund I. This transaction highlights the firm’s expertise in complex real estate and corporate finance law
and also underscores its ability to effectively coordinate and negotiate between multiple stakeholders under demanding conditions.
The firm was also active in restructuring and insolvency,
acting for creditors, debtors, and administrators
Suvasya Builders and Developers, Honest Shelters, Macrotech Developers (Lodha Group), SWAMIH Investment Fund I, Piramal Enterprises, Aditya Birla Real Credit Opportunities Fund, Indiabulls
Infrastate
“She has an eye for detail and understands the business very well to identify key risks, segregate the same into acceptable and unacceptable risks and helps resolve the problems with relevant provisions of law/ case studies/ legal precedents.”
Dhir & Dhir Associates
Founded in 1993, full-service law firm
Dhir & Dhir Associates has offices in New Delhi, Mumbai, Hyderabad, and Bengaluru. The firm has extended its presence in the region with a representative office in Japan. The firm is active across the financial and corporate space and is particularly known for its expertise in project development and restructuring and insolvency.
In projects the firm has experience in acting for clients such as contractors, government entities, and developers and has strength in the power, oil and gas and transport sectors.
The firm has been active in the restructuring space since the 80s and has assisted stakeholders including resolution professionals, creditors and debtors.
Additionally, the firm takes on banking and finance, capital markets and M&A mandates across a broad range of sectors which include banking and financial services, real estate, manufacturing, and technology and telecommunications.
Noteworthy clients include Jindal India Thermal Power, Power Finance Corporation, India Infrastructure Finance Company, L&T Infrastructure Finance, India
Infradebt,
HDFC Bank and
Axis Bank.
Research period review: 32nd edition (2022/2023)
The firm’s banking work was primarily active for lenders on refinancing and project financing transactions.
On the restructuring front the firm took on a variety of roles for a variety of stakeholders in high profile resolution processes. A highlight saw the firm advising Supertech Group on its insolvency proceedings.
The firm strengthened its team with the addition of two partners,
Purusharth Singh and A.C. Singh.
Deal highlights: 32nd edition (2022/2023)
Power Finance Corporation $30.82 million financing
REC $13.8 million financing
Supertech Group
insolvency
Fox Mandal & Associates
One of the oldest law firms in India, Fox Mandal & Associates is a full-service law firm established in 1896. The firm caters to clients across the country with offices in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune.
The firm is recognised for its corporate and M&A, private equity and projects work. Sectors of activity include transport, hospitality, utilities, energy, logistics, technology, manufacturing, pharmaceuticals and automotive.
Recent examples of the firm's deal work include advising on the structuring, tender drafting, and concession agreement for the Kilambakkam Bus Terminal, a major public-private partnership (PPP) project in Chennai aimed at transforming urban mobility; establishing a practical precedent for future infrastructure PPPs.
In a separate real estate transaction, the firm advised a client on the acquisition and financing of a 63-acre land parcel in Bangalore for development, securing funding from Kotak Mahindra Investments. The transaction's primary challenge was navigating the significant legal complexities inherent in large-scale land acquisitions, which demanded meticulous title due diligence and the vetting of multiple sale deeds.
ICICI Bank, UCO Bank, ESR Group, Heat & Control Group, Vena Energy Vidyuth, ReNew Power Ventures, Akara Research and Technologies, Tamilnadu Water Investment, Piramal Enterprises, ISR Constructions
“In-depth knowledge of the local laws. Solution oriented approach to the issues identified and encountered during transaction.” (Real estate)
"Aruna is very good with her knowledge on the real estate assignments. Understanding of the client requirement. "
JSA Advocates & Solicitors
Founded in 1991, J Sagar Associates is one of the foremost law firms in India with offices in Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Mumbai and New Delhi. Key figures at the firm include joint managing partner Amit Kapur and Vivek Chandy.
The firm is known for its strong banking and finance and project development work. The firm’s flagship banking practice is experienced in an array of domestic and cross-border financing transactions. The firm has extensive expertise in project finance and alsoand advises on trade finance, real estate finance, and leveraged finance. In the projects front, the firm focuses on energy, oil and gas, transport, infrastructure, utilities and telecommunications.
In a landmark banking mandate, the firm advised the State Bank of India (SBI) on its $600 million bond issuance under its $10 billion Medium-Term Note (MTN) programme and facilitated its listing on the India International Exchange at GIFT City. The deal was significant as the first offshore bond issuance from India in 2024, executed amid ongoing global market volatility.
In a record-breaking equity capital markets transaction, the firm advised the lead managers on the IPO of Waaree Energies, which attracted 97.34 lakh applications
(9.7 million), the highest in India's primary market history. The transaction involved navigating complex Securities and Exchange Board of India (SEBI) exemptions due to subsidiary insolvency proceedings and specific sector regulations.
Goldman Sachs, Standard Chartered Bank, NTPC Green Energy, National Highways Infra Trust, Waaree Energies, EQT, Coforge, Sumitomo, Alpha Wave Global, Oil and Natural Gas Corporation, ONGC Green
“Excellent work.” (Banking)
“Good subject knowledge, quick work, great understanding and partnership.” (Banking)
“They are proactive and pragmatic team.” (Capital markets: Equity)
“Industry knowledge and pragmatic approach to regulatory compliance.” (M&A)
“Practical solutions, responsiveness, easy to understand and user-friendly.” (M&A)
“JSA real estate team lead by an efficient partner with in-depth knowledge of real estate matters and statutory aspects related to the domain. They are thorough with their scrutiny and offer prompt services.” (Real estate)
“Professional team which is prompt in executing the task to ensure securing desired outcome.” (Restructuring and insolvency)
“Responsive to client interests and commercial considerations, market expertise and very professional and easy to work with providing immense value.” (Restructuring and insolvency)
“He is a role model to all the young lawyers who wants to taste success in the legal profession.”
“Good knowledge in the subject matter and communicates well.”
“Knowledge of the subject is very good.”
“Excellent advice and service.”
"Very patient listener, has in-depth knowledge, gives practical and viable solutions. Response time is very good.”
“Leadership and organisation of team, responsiveness when needed, delegates well, and works efficiently.”
“He's a thorough, pragmatic and accessible lawyer. He's an extremely good person to work with.”
“She grasps the client’s requirements and comes out with instant solutions. Her understanding of the legal challenges faced by real estate developers is sound.”
“Excellent communicator based on extensive experience across many fields provides commercially relevant and useful advice. Very calming demeanour.”
“Provides solid pragmatic and risk-based advice.”
Juris Corp
Founded in 2000, Juris Corp is a law firm with offices in Mumbai and Delhi, active across the financial and corporate sectors. Banking and finance are its flagship practice, with expertise in regulatory compliance, M&A, and structured finance.
The firm's capital markets team specialiszes in derivatives and serves as Indian counsel for the International Swaps and Derivatives Association (ISDA). Its corporate team handles M&A and fundraising, particularly in the technology sector, while the restructuring practice is frequently engaged by bondholders.
In a significant banking mandate, the firm advised a syndicate of 12 international banks on Shriram Finance's landmark $1.25 billion multi-currency external commercial borrowing (ECB), the largest social loan for a private Non-Banking Financial Company (NBFC) in India. The deal was highly complex due to its scale and structure as a social loan, requiring coordination across global lenders to establish a unified security package in favour of a security trustee, thereby setting a new benchmark for sustainable finance in India's NBFC sector.
In a separate high-value transaction, the firm acted as Indian counsel to a consortium of 11 banks on a $3 billion ECB facility for Reliance Industries, reported as the largest corporate loan in India since 2023.
MUFG Bank, Standard Chartered Bank, South Indian Bank, State Bank of India, Shriram Finance, Infopark Properties, Piramal Capital & Housing Finance, National Asset Reconstruction Company
“Good knowledge. Solution oriented. Transaction focus” (Banking)
“JC is a class apart in understanding the regulatory environment in India, providing tailored commercial savvy advice and meeting challenging closing timelines.” (Banking)
“Better regulatory relationship, better onshore market regulation understanding, among others.” (Financial services regulatory)
“Good communicator and quick in engagement.”
“Ankit is a sharp legal mind, always spots the right issues at inception and provides creative solutions.”
"Clear communication. Provides different options. Clearly states the risk."
Kaizen Law
Founded in 2022, Kaizen Law is a boutique and independent Indian law firm headquartered in Gurgaon, India, with a newly established office in Bangalore. Key figures include founding partner Harsh Kumar.
The firm specialize in general corporate and transactional work, including M&A, private equity (PE), and venture capital (VC). Its client includes emerging growth companies, financial investors, and listed Indian and multinational companies from diverse industries.
Highlights
In M&A, the firm advised the target Zywie Ventures, and its founders Aarti Gill and Mihir Gadani, in the sale of a controlling stake to HUL, a listed Indian company. This transaction presented several unique challenges, including a tight deadline for completing deal documents, regulatory obstacles related to the differential pricing structure for payments to the promoters and other existing shareholders, and the need to safeguard the promoters' earnout payments in the years following the initial closing.
In another notable M&A mandate, the firm advised Comic Con India and its promoters, Jatin Varma, and Karan Kalra. Nodwin Gaming, the acquirer purchased all the shares of the promoters, Jatin Varma and Karan Kalra, in the target. Nodwin Gaming paid Jatin and Karan partly in cash and partly in new shares allotted by Nodwin Gaming. Jatin and Karan continue to be engaged as consultants to the target until April 2025. As Nodwin Gaming paid Jatin and Karan partly in cash and partly in new shares allotted by Nodwin Gaming, the transaction structure triggered additional compliances under the Companies Act 2013 and SEBI regulations, which the firm had to evaluate and advise on.
Key clients
Hudson Bay’s Company, Alcobrew Distilleries India, TBO Tek, Shizuoka Gas Company, Urbanclap Technologies
Testimonials
M&A
“Kaizen Law always provides timely, to-the-point and feasible advice.”
“Subject matter expertise is commendable and always a call away whenever needed. Also, they help us land the desired output during negotiations.”
“The team is tenacious when negotiating on your behalf and they help commercial team members understand complex legal points in an easy way so we can take decisions on the deal.”
Private equity
“Kaizen Law team is very proactive and hand-on in their engagement with clients. They have never missed a deadline and it very motivated to get the transaction over the line.”
“They take genuine interest in understanding the commercial aspects of the transaction. They work in a spirt of win-win and find constructive solutions partnering with their counter parties.”
Harsh Kumar
“Clarity of thought and industry benchmarking and relevant inferences from law and industry.”
“Excellent knowledge of the law combined with ability to understand the commercial aspects of the transactions. Finds innovative solutions for tricky problems.”
“Explain complex legal terms and issues so we could take commercial decisions.”
“Harsh is one of the industry leaders in the VC/PE and M&A space in India. He is very hands on and remains motivated to get a transaction over the line. He has built a fantastic team with limited resources. He has an exceptional ability to solve problems, and he tries to find a solution that works for all stakeholders.”
“While he is the founder of Kaizen Law, he always be at the front of the deal and provides his service based on his experiences in major law firms in India.”
Khaitan & Co
Khaitan & Co is a full-service Indian law firm with a legacy dating back to 1911, operating from offices in Ahmedabad, Bengaluru, Chennai, Gurugram, Kolkata, New Delhi, Mumbai, Pune, and Singapore. Its practice spans key sectors, including banking, capital markets, corporate M&A, projects, and restructuring.
The firm's banking team represents lenders in refinancing, aircraft financing, and acquisition finance. In capital markets, it advises on bond and debenture issues. The corporate M&A team handles transactions for a wide range of clients, while the projects group represents developers, government entities, and contractors. The restructuring practice advises sponsors, creditors, and resolution professionals on insolvency matters.
In a landmark move for India's energy transition, the firm is advising JSW Energy on its acquisition of the 4.7 GW renewable energy platform O2 Power, a transaction poised to be the largest in the sector and in JSW's history.
Concurrently, the firm advised Panasonic Holding Corporation and Panasonic Life Solutions India on the sale of its global automotive business to Apollo Global Management. This transaction is one of the largest private equity acquisitions in the automotive sector, marking a significant milestone in the industry's strategic realignment.
True North Credit Opportunities Fund I, Standard Chartered Bank, Power Finance Corporation, IIFL Finance, Canara Bank, Tata Capital, Varun Beverages, Bajaj Housing Finance, Torrent Investments, B9 Beverages, Samvardhana Motherson International
“Professional and technically sound.” (Banking)
“Always available.” (Capital markets: Equity)
“KCO provides strong fundamental and technical support on our transactions, it has a team which is fully committed to the project, and has a commercial outlook.”
(Capital markets: Equity)
“The team is very solid. We particularly work with Abhimanyu Bhattacharya, Aditya Cheriyan and Chirayu Chandani who are all very hands on and seasoned practitioners.” (Capital markets: Equity)
“Quick understanding and clarity.” (Financial services regulatory)
“Tomu Francis and his team are very knowledgeable, commercially thinking and responsive.” (Financial services regulatory)
“Experienced, responsive, and commercial solution-oriented advice from Sanchit.” (M&A)
“Responsiveness and quality of advice. Advice is also practical.” (M&A)
“Their team is available round the clock for all advisory matters, good negotiation skill and best in legal drafting.” (M&A)
“Their understanding of different laws applicable to a transaction, handling issues arising during the due diligence and drafting to ensure that the risk is mitigated and risk factors are made known to the engaging entity. Also, prioritisation of risk and defining negotiable and non-negotiable points.” (M&A)
“They are highly responsive, providing quick, proficient and efficient support where and when it is needed most. Their experience in the field of capital markets is evident from their ability to advise seamlessly and more importantly, strategically on complex issues.” (M&A)
“The team is always responsive, with easy-to-understand and practical advice.” (Private equity)
“They are prompt, the partners who were working on the transaction were innovative and quick to think outside the box and very hands on.” (Private equity)
“Well-staffed, timely delivery of deliverables. Great at collaborating internally without political issues that seem to sometimes hamper other firms. Legal advice provided is well thought-through and partners are able to apply a commercial lens as well.” (Private equity)
“Responsive. Experts on the topic. Available.” (Project development: Infrastructure)
“Khaitan's team is very responsive and with their wide offerings all nuances of a matter are looked into as a one stop shop. The team are domain experts and have the complete know how of the market as well as government ideologies.” (Project development: Telecommunications networks)
“Experienced, responsive, commercial, solution-oriented, thinks fast on his feet, a great communicator with strong intra-industry relationships.”
“Very hands on and experienced, commercially pragmatic and solution oriented.”
“Provides sound advice promptly and always contactable.”
“Strong in client relationships and strong technical knowledge.”
“Good understanding of the market, practical, knows the precedents and good at the law.”
“Knowledge and communication.”
“Risk management, handling regulatory matters, security litigation.”
“Very clear and detail oriented.”
“Very good pulse on market developments and trends as well as regulatory updates. He is great at applying commercial acumen when advising on legal issues, which is appreciated.”
“When we were struggling with the demat requirements, Kartikeya was critical in helping us work through those requirements.”
“He is sharp, articulate and an overall subject matter expert. I think having him on your side instils a lot of confidence during negotiations.”
“Best in negotiations, understands our requirements very well and delivers up to our expectations.”
“Responsive. Kind. Smart. Nimble.”
“Shourya is good in identifying the issues, presenting it to in-house counsels, provide a perspective both from legal and practical perspective, good drafting skills and able to share his insights while working with different clients.”
“Good personality and approachable.”
“He is my point of contact within the firm and thinks and behaves like a lawyer from an international firm. He is extremely dedicated, personable and approachable, but above all, he is very experienced, knowledgeable and quick to come up with practical solutions.”
“Harsh is a great lawyer and has immense knowledge. Being such a senior person, he is very responsive and always accommodates our requests and matters.”
King Stubb & Kasiva
King Stubb &
Kasiva
is a full-service corporate law firm in India. The firm has over 100 lawyers working in offices across the country including New Delhi, Chennai, Mumbai, Bangalore, Pune, Hyderabad, Kochi &
Mangalore.
The firm has extensive experience in the banking and finance area, general corporate, and private equity. It also has experience in mergers and acquisition, intellectual property, corporate finance, and regulatory matters.
During the research period, the firm has been active in advising clients in the M&A space. In a landmark mandate, the firm advised SSW Partners, a New York-based investment partnership (SSW), on the sale of Veoneer's Restraint Control Systems (RCS) business to American Industrial Partners Fund VII (AIP). The transaction was complex and involved multiple jurisdictions, requiring the firm to align the views of experts across the industry and execute strategic planning and risk and loss mitigation.
Veoneer, Baird Capital, Barrix Agro Services,
Cleartrip Middle East, Octillion, Horizon Global
Krishnamurthy & Co
Founded in 1999, Krishnamurthy & Co (K Law) is a full-service law firm with over 85 lawyers and 10 partners across offices in Bengaluru, Mumbai, New Delhi, and Chennai. The firm offers comprehensive legal advisory services in various practice areas, including private equity, M&A, banking and finance, intellectual property, and dispute resolution. The firm is headed by Naina Krishna Murthy, the founder and managing partner.
Lakshmikumaran & Sridharan Attorneys
Active since 1985, Lakshmikumaran & Sridharan boasts a pan-Indian presence with 14 offices across the country and is also a member of TerraLex, an international legal network.
The firm is recognised for its corporate and M&A, private equity and restructuring and insolvency capabilities. Key sectors of focus include agriculture, consumer products, healthcare, e-commerce, technology, hospitality and manufacturing.
The firm recently advised the shareholders of Oremus Corporate Services on its 100% acquisition by Fornax Corporate Services. The transaction was distinguished by its complex multi-jurisdictional structure and the integration of a critical pre-closing slump sale of a key business unit. To ensure transactional security, the firm introduced an innovative escrow mechanism for the purchase consideration while seamlessly coordinating with legal advisors across India, the US, and the UK.
Pacific Avenue Capital Partners, Regal Rexnord Corporation, SSI Aeration, Futura Surgicare, Pinbox Inclusion, MetLife Services East, IndiaMART InterMESH
“Dedicated client support.” (M&A)
“Thorough research and updated knowledge, most reliable team.” (Restructuring and insolvency)
“Studies case very well and thinks on the defences and appears well prepared in court.”
“Capable, client-focused, deal-focused and competent.”
Legacy Law Offices
Founded in 2006,
Legacy Law Offices
has offices in Chandigarh, Delhi, Mohali, Solan, Kurukshetra and an associate office in Mumbai. The firm extends its presence beyond the jurisdiction with representative offices in the UK and the US.
The firm is noted for its project development practice. Sectors of activity include transport, healthcare, energy and social infrastructure.
A significant capital market mandate saw the firm
act as a legal advisor for the Initial Public Offering (IPO) of
Vibhor Steel Tubes, a leading steel tube manufacturer and exporter of India. The IPO was held to be one of the most successful IPO of the year 2024 and the 3rd most successful IPO till date. The IPO has been over-subscribed by over 299 times.
Intercontinental Consultants & Technocrats,
Mienhardt Singapore, Ministry of Yemen, Nippon Koei (India), ANS Constructions, EMS, Vibhor Steel Tubes,
Khambatta Securities,
Narnolia Financial Services
Project development: Infrastructure
“Legacy has an excellent team of legal professionals who have varied
expertise and experience of handling corporate legal matters in the field of project development and execution. They also are known for their track record of providing legal services for the development of different PPP projects implemented in different sectors/industries.”
“The corporate team of Legacy provides regular legal advisory and contract management services to our organization. Being our legal partners, they also handle various legal and contractual matters to ensure
timely recovery of money and effectual contract performance as agreed upon, and handle other legalities associated thereof. They have a very flexible team having experience and expertise across different fields that ensures that they
are capable of providing legal advice and opinions
regarding legal ambiguities posed by us.”
“We have been working with Legacy for a long time and have availed their drafting, vetting and advisory services at different points. They have an excellent team of legal practitioners who are
really efficient with their deliverables and
timeframe to help ensure and uphold the interests of their clients in the best
possible way.”
“Gagan is an extremely hard-working legal professional having decades of experience in providing corporate legal services to the clients that help with the development and construction of different infrastructure projects and provide efficient legal advisory and opinion to help their clients with any legal nuances.”
“He is an extremely diligent legal professional known for his experience and expertise in handling project development and providing legal services towards construction of projects in different sectors/industries.”
“Shalini has been a reliable legal partner throughout the period of being associated with the firm. She is acquainted with the nuances of the construction and real estate sector and provides intelligent solutions to navigate the posed legal issues and queries. She is also aware of the commercial suitability of the legislation applicable in the sector and provides regular legal opinion to our organization to help ensure compliance and avoid any futuristic legal complications.”
Luthra and Luthra Law Offices India
Founded in 1990,
L&L Partners is widely recognised in the Indian legal market. The firm has offices in Mumbai, New Delhi,
Bangalore and Hyderabad.
The banking team regularly advises clients such as corporates,
banks and financial institutions, as well as non-banking financial institutions, and has a well-established project finance practice.
The firm has a historically strong capital markets practice and has worked on significant debt and equity offerings.
The corporate team advises buyers and sellers on both domestic and cross-border matters across various industries.
In projects, the firm acts for various stakeholders such as project developers, contractors, Indian and foreign investors, regulatory authorities, multilateral institutions, international
banks and financial institutions. Key sectors of focus include renewable energy, oil and gas, transport, infrastructure,
utilities and
logistics.
In restructuring, the firm has acted on high-profile insolvency resolution processes and is mandated by domestic and international clients such as insolvency practitioners, acquirers,
applicants and creditors.
A significant banking mandate saw the firm
acted for and
advised the foreign lenders in connection with foreign currency term loan facilities for an aggregate amount not exceeding USD 425 million approx. This was the first external commercial borrowing in the country for captive renewable energy projects hence setting the base for such future deals in the country. Further, the deal also saw international and domestic lenders tie up for the first time in a financing for captive renewable energy projects in the country. The PPA was a dollar denominated PPA which was a first in the country.
On the M&A front, the Firm
advised Novo to acquire a majority stake in Manipal Health Enterprises (Manipal) for USD 3.6 Billion alongside investors Temasek, The California Public Employees’ Retirement System (CalPERS) and TPG Asia. The transaction is a part of the largest private equity deal in the Indian healthcare sector.
In restructuring and insolvency, the Firm acted as legal advisor for the
Chairman of the Monitoring Committee and the Resolution Professional of Educomp Infrastructure and School Management.
This is one of the largest insolvency deals in the education sector and involves advising significantly also on the aspects of litigation across a range of fora.
Radiance Group, Renew Power, Ola Cell Technologies, Orchid Pharma,
Equirus Capital, SBI Capital Markets,
PocketAces Pictures, Novo Holdings A/S, ArcelorMittal Nippon Steel, Hinduja Renewable Energy, GAIL (India), Highways Infrastructure Trust
“Eye for detail, understanding of sector, knowledge of applicable regulations.”
“Problem solving approach, quick turnaround time, wanting to close transactions and providing innovative solutions.”
“Sincerity, & on time response.”
Restructuring and insolvency
“The advice is not strictly professional but also protects the stakeholder personally and futuristically.”
“Himanshi
Bhadoria can prepare good documents.”
“Good at relationship building and provide legal advice.”
“Problem solving, adherence to deadlines, sector knowledge.”
“Prompt and sound legal advice.”
Obhan & Associates
Founded in 2007,
Obhan & Associates
is headquartered in New Delhi.
Essenese Obhan is the founding partner of the firm.
The firm is
recognised for its
corporate M&A and private equity work, offering advice on matters related to joint ventures, acquisitions, divestments, market entry, and regulatory compliance. Sectors of focus include hospitality, publishing, consumer products and energy.
The firm has been actively involved in M&A work during the research period, recently acting for clients such as investors and buyers on matters including financial investment, joint
venture and asset acquisition.
In a landmark mandate, the firm advised
Bioxgreen on entering into a joint venture agreement with Centrisys India Holdco (Centrisys), to
establish a joint venture company, to
synergise Centrisys’
cutting-edge technology in waste management with
Bioxgreen’s understanding of local requirements and connections within the local industry.
The matter was challenging
owing to the fact that Centrisys is a foreign-registered entity, and the intellectual property in the waste management technology is licensed to another Centrisys related party.
Steer Engineering, Okinawa
Autotech
Internationall, Chemical Construction International Group, Flexing It Services, Homage Ventures,
Spectacom Global
SD Partners
Founded in 2019 and led by partners Anuj Dubey and Shweta Dubey, SD Partners is a boutique business and IT consulting firm specialising in the outsourcing sector. The firm operates from Gurgaon and Mumbai.
The firm has developed a notable M&A practice, advising clients on transaction structuring and negotiations across sectors including information technology, defense, and manufacturing. It also maintains a strong restructuring and insolvency practice, frequently representing insolvency professionals and advising on distressed asset acquisitions and disposals.
Recent examples of the firm's deal work include advising on the sensitive, intra-group sale of minority stakes in Vision Rx Labs to its majority shareholder, a transaction that required meticulous management of valuation, shareholder dynamics, and regulatory compliance.
On the restructuring and insolvency front, the firm secured a landmark judgment for Axis Bank in the Birla Tyre matter. This precedent-setting case, which involved complex questions on security interest enforcement, clarified crucial creditor rights under India's Insolvency and Bankruptcy Code. The widely cited ruling has strengthened the recovery framework, providing greater certainty for financial institutions.
Jindal Power, SFC Energy AG, Intello Labs, Jindal Power, Axis Bank, BDO, State Bank of India
Singhania & Partners
Formed in 1999,
Singhania & Partners is a full-service law firm with offices in Bengaluru, New Delhi, Hyderabad and Gurugram. Ravi Singhania leads the firm as managing partner.
The firm’s banking and finance team are energy and infrastructure (roads and
railways) sector specialists.
In M&A,
the firm worked with in-house legal counsels, private equity funds, and
venture capital funds. It also advised existing and new companies incorporate and commercial mandates in relation to shareholders agreement, business/asset transfer agreements, and earn out models.
The firm also has a well-established practice in project, infrastructure, and energy laws.
SNG & Partners
Established in 1962 by the Late Mr. S. N. Gupta, SNG & Partners is a second-generation full-service law firm and a consistent performer across the banking and finance and capital markets practice areas. The firm maintains offices in Mumbai, New Delhi and Bengaluru.
The firm is known for its focus on banking, project finance and capital markets, acting for clients such as issuers, underwriters and lenders on domestic and cross border financings, and debt and equity offerings. The firm has worked across a plethora of sectors including banking and financial services, real estate, energy, transport, and oil and gas.
In a landmark mandate, the firm advised the promoters of Stirrup, India's leading Environmental, Social, and Governance (ESG) communications firm, on the sale of a strategic stake to Singapore's Xcelerate platform. The transaction marks India's first control deal in the ESG consulting sector. It set a precedent by adapting legal documentation to reflect modern ESG governance expectations within Indian corporate law.
The firm also advised HDFC Capital on a Non-Convertible Debenture (NCD) investment in Eldeco. The transaction was highly complex due to its multi-layered security structure. It required creating and cross-collateralising security interests across numerous project-specific Special Purpose Vehicles (SPVs). This ensured robust risk mitigation for the investor while enabling large-scale deployment in emerging real estate markets.
Credila Financial Services, Mundra Petrochem, HDFC Capital Advisors, Patanjali Ayurveda, Banyantree Growth Capital, Impactum Lands, Ugro Capital
“Detail oriented and meticulous work.” (Project finance)
“Listens well and gives sound advice. She is always updated with recent regulations and is a pleasure to work with.”
TT&A
Talwar Thakore & Associates (TT&A) is a law firm founded in 2007 with offices in Mumbai and New Delhi. The firm is widely recognised for its strength in banking and finance and maintains a broad corporate and financial practice.
Its core practice areas include corporate and M&A, banking & finance, capital markets, projects, infrastructure & energy, and disputes. The firm represents a diverse client base of Indian and multinational corporations, financial sponsors, banks, institutions, funds, and fintech players. TT&A has extensive sector experience across technology, pharmaceuticals, financial services, energy, infrastructure, consumer, and e-commerce.
In a landmark capital markets mandate, the firm advised a consortium of six international investment banks as initial purchasers on the debut $800 million senior secured notes issuance by Biocon Biologics Global. This transaction represented the first US bond issuance by an Asia-Pacific biopharmaceutical company and the largest debut high-yield issuance from India in a decade.
In the equity capital markets, the firm advised JP Morgan India on a landmark secondary block trade, facilitating Pastel (a Singtel entity) in the sale of 71 million Bharti Airtel shares for $1.54 billion, one of the largest such trades of the year.
Asian Development Bank, Asian Infrastructure Investment Bank, Barclays Bank, HSBC, JP
Morgan Securities, Morgan Stanley, Goldman Sachs, AXA, PayU Group, Futures Industry Association, Carrier Global
“The team is not only prompt, but also practical in its approach of handling the deals. The solutions provided are a win-win for both the sides. Also, the experience of the team of handling large and complex transactions gives them a better perspective of knowing beforehand, the stands that big financial institutions would take.” (Banking)
“Very good subject matter knowledge.” (Banking)
“Always available, High partner involvement, great market knowledge and regulatory insights.” (Capital market: Equity)
“What I appreciate most about TT&A is their strong legal acumen, professionalism, and ability to provide accurate yet practical legal advice. Partner Punita Gupta is truly outstanding. She ensured that all our interests were thoroughly protected throughout the transaction.” (M&A)
“They are market savvy and commercially sound.” (Private Equity)
“It is a pleasure to work with TT&A who are such a great and hardworking team. They take care of every aspect of a transaction with the highest standard and are able to provide clear, actionable and balanced advice helping the bank navigate legal risks.” (Project finance)
Punita Gupta
"Punita has deep experience in M&A deals. She knows market practices inside out and helps in making practical decisions. Her turnaround time is excellent; when she commits, she delivers. She is very approachable and down-to-earth too making it very easy for us to reach out to her for simplest of queries."
Priyanka Kumar
"Very good subject matter knowledge."
Abhinav Kumar
"Great market knowledge and regulatory insights. Always available."
Pallavi Meena
"She has very prompt and practical in her approach and has a deep understanding of the Indian Laws and also the approach that should be taken while dealing with institutions such as The United States International Development Finance Corporation (DFC) and the Asian Development Bank. Her drafting skills are commendable."
"Provide commercially astute and balanced advice covering all possible risks and eventualities that might impact the situation. She is commercially minded, is able to think through complex situations and deliver an actionable solution and uses her practical experience having dealt with a range of clients to offer a very well-rounded advice and perspective. Pallavi posesses strong very solution-minded and is able to use her robust experience to deliver quality advice on project financing matters."
Gautam Saha
"Gautam is the Managing Partner and commercially sound, very experienced."
Pragya Sood
"Pragya helps with funding, is ready and available to help and close."
A&O Shearman
International law firm
Allen & Overy’s India team is made up of some 100 partners and associates. India specialists
are drawn from across
the firm’s
international network of offices, particularly Dubai, Hong Kong, London, Singapore and New York.The firm
has no office in India due to the regulations.
The firm excels in foreign direct investment, M&A, banking, restructuring and insolvency, capital markets, litigation, arbitration and employment, and also the full range of business sectors, including energy, infrastructure, mining, financial institutions, private equity, insurance, telecoms, media and technology, real estate and life sciences.
Key clients include State Bank of India, Ares SSG and BlackRock and Indian Railway Finance Corporation.
Acuity Law
Founded in 2011, local law firm
Acuity Law has offices in Mumbai, Delhi and Bengaluru alongside a Japan desk.
Acuity Law has in-depth experience and expertise in rendering legal, tax and regulatory advice in the Japan-India business corridor. It has notably acted for Japanese clients and is experienced in the automotive, real estate, logistics, banking, aviation and technology sectors.
Key clients include
Nippon Steel, Kawasaki-Rikuso Transportation,
Daiko Advertising, Technico Industries, Shinsei Bank,
Venktesh Investment and Trading Company,
SBS Holdings and NPL Bluesky Automotive.
Advaita Legal
Active since 2013, Advaita Legal is best known for its project development work and is also active in banking and M&A. The firm notably sits on the panels of several government bodies such as the National Skill Development Council and the Tamil Nadu Infrastructure Development Board. The firm maintains offices in Mumbai and New Delhi.
The firm is experienced in sectors including aviation, technology and telecommunication, transport, fintech, healthcare, and oil and gas.
Noteworthy clients include the Airport Authority of India, Ministry of Civil Aviation, the Inland Waterways Authority of India, and Oil and Natural Gas Corporation.
During the research period the firm often acted on behalf of government bodies.
A recent staffing change saw the departure of banking and finance and corporate partner Atul Dua, who left to pursue independent practice. Additionally, corporate partner Subodh Sadana left the firm for Khaitan & Khaitan.
Deal highlights
Bhadla Solar Park 50MW solar PV
plant
Damanjodi 1MTPA alumina refinery
National Waterway -1
Nashik Smart City
Ranchi Smart City
Nashik Smart City
Client feedback
Financial services regulatory
"Understands regulation, gives good advice, is open to discussing good solutions, and is efficient and trustworthy.”
Monali Dutta
“Great support. I trust her fully to act on our behalf.”
Ahlawat & Associates
Established in 1978 as primarily a litigation practice by Avnish Ahlawat, Ahlawat & Associates gradually expanded its field of services and
expertise and now is a full-service law firm
in India.
The firm has been recognized for its
expertise in addressing an array of legal issues especially those relating to foreign direct investment, joint ventures,
corporate
compliance &
governance as well as advisory support to the booming startup ecosystem, in both the domestic and international space,
including setting up a business in India.
Alaya Legal
Founded in 2003 by Divjyot Singh and Suniti Kaur,
Alaya Legal
is a leading boutique law firm based in Delhi. The firm’s core industry sectors include energy, infrastructure, petrochemicals and information technology.
The firm has established a strong knowledge of energy and petrochemicals. Sectors of activities include oil and gas, renewable
energy, port concession agreements, sub-concessions, concessions for aviation fuel farms and downstream documentation.
The firm also has experience and expertise in financial technology, data protection and privacy, artificial intelligence and cyber security.
The firm is well known for its expertise in
arbitration
and is known as one of the leading
arbitration
law firms.
Algo Legal
Founded in 2019, Algo Legal is headquartered in Bengaluru and is led by founding and managing partner Sandeep Kapoor.
Focusses / specialisms
The firm has a particular focus on the technology sector and advises on a range of matters including, private equity and venture capital, mergers and acquisitions, joint ventures, and fund formation.
Key clients
Notable clients include Sequoia Capital, Insignia, Unilever, Ribbit, Gojek, Berkshire Hathaway, and SteadView Capital Management.
Ally Juridique Aide
Founded in 2014, Ally Juridique Aide is headquartered in Gurgaon.
Focusses / specialisms
The firm is recognized for its banking work.
ALMT Legal
Founded in 2000,
ALMT Legal has a team of 20 partners across its offices in Mumbai and Bengaluru.
While ALMT Legal is best recognised for its project development work, the firm also has strong M&A and private equity practices.
The banking team specialises in regulatory compliance-related work and also advises on matters such as debt restructuring and refinancing.
The corporate team is experienced in the technology, retail, real estate and social infrastructure sectors. On the private equity side, the firm often acts for private equity houses, banks and non-banking financial institutions.
Alpha Rajan & Partners
Established in 2012, Alpha Rajan & Partners is a full-service young law firm headquartered in New Delhi with additional office in Bengaluru. The
firm is the result of the merger of two law firms, namely Alpha Partners and Chambers of Rajan and Indraneel.
The firm
specialises in advising and representing large foreign and domestic corporations with diverse business interests in India.
It assists Indian companies in fund
raising
(private), inorganic expansion and growth through M&A, corporate restructuring, insolvency, contract and compliance management. It helps foreign companies in setting up or doing business in India and
undertaking cross-border
transactions, and works with foreign law firms in advising their clients
on Indian law.
Key clients include HT Media, POPxo,
Oagri Farm, New Delhi Centre for Sight, Scholar Alley,
Geniemode Global and CBRE Group.
Archer & Angel
Archer & Angel is a full-service legal firm headquartered out of Delhi, India, with offices in Bangalore, Mumbai, Hyderabad and Pune.
The firm is active in M&A. It advises private entities, venture capital funds and investment companies on transactions in the technology sector. It also advises its clients in IT, real estate, hospitality and manufacturing.
Clients
mostly from India,
the US, Europe, UK, Japan and Singapore.
Argus Partners
Argus Partners merged with Udwadia & Udeshi to form
Udwadia Udeshi & Argus Partners in 2012, which was renamed to Argus Partners in 2015. The firm boasts a pan-Indian presence with offices in Bengaluru, Delhi, Kolkata and Mumbai.
In banking, the firm’s clients include nationalised and international banks, financial institutions, non-banking financial institutions, debt funds and corporate houses. Although the firm typically acts for lenders and investors, it also has experience in advising borrowers.
The corporate team is experienced in sectors including banking and financial services and industrials and manufacturing.
The private equity team is experienced in advising clients on venture capital and private equity investments.
Assentio Legal
Boutique law firm Assentio Legal has offices in Chennai and Bengaluru and is helmed by founding partner Thriyambak Kannan.
Focusses / specialisms
The firm is noted for its corporate and M&A and private equity work. The firm’s experience includes advising on joint ventures, inbound and outbound investments, restructuring and regulatory compliance.
Key clients
Recent clients include Gambit Sports, Kcap, Rhapsody Music Education, The India Cements and Marriott International.
Research period review: 30th edition (2019/2020)
Recent highlights include advising Marriott International on forming a partnership with Prestige Group and advising a real estate developer on a high-value joint venture.
Deal highlights: 30th edition (2019/2020)
Nostragamus series A financing
Rhapsody Music Education seed investment
The India Cements $26 million acquisition of Springway Mining
Waycool Foods $35 million series C financing
Client feedback: 30th edition (2019/2020)
Restructuring and insolvency
“Speed, swift advice and turnaround times.”
“Teamwork and professional approach.”
Bathiya Legal
Founded in 1987, local law firm
Bathiya Legal has a pan-India presence with offices in Mumbai, New Delhi, Hyderabad, Bengaluru, and Ahmedabad.
Focusses / specialisms
The firm is recognised for its corporate and M&A practice and has experience in a range of sectors, including real estate, technology, manufacturing, hospitality, logistics, and healthcare.
Key clients
Notable clients include Prabhat Dairy, Sun Pharmaceutical Industries, One Asia Networks, Decathlon Sports India, Sunways, and India Steel Works.
Begur & Partners
Begur & Partners (formerly ARA LAW) was founded in 1996 and maintains offices in Mumbai and Bengaluru. Key figures include Rajesh Begur, who leads the firm as managing partner.
Focusses / specialisms
The firm is best known for its corporate and M&A and private equity practices. Sectors of activity include aviation, retail, real estate and financial services.
Key clients
Notable clients include Sequoia Capital, Semac Consultants India, Metro Cash & Carry India, Revathi Equipment, Roto Pumps, National Buildings Construction, and Karnataka State Industrial Development.
Research period review: 33rd edition (2022/2023)
During the research period, the firm was active in the M&A and private equity areas.
In M&A, the firm was active in strategic deals on both the buy and sell sides. The deals were in the education and technology, software and coding and manufacturing sectors.
In the private equity area, the team acted for investors in fundraising.
The firm welcomed partner Joy Jacob, Poonam Das and Nishi Shabana.
Deal highlights: 33rd edition (2022/2023)
Brahma Advisors’ acquisition of Wavestone India.
Gulati Steel Fab’s acquisition of 100% shareholding of Northern Tools & Gauges.
Client feedback: 33rd edition (2022/2023)
Banking and finance
“Always available, well prepared and they move really fast.”
Rajesh Begur
“He stays calm and closes the loop.”
Bharucha & Partners
Active since 2008, Bharucha & Partners is recognised for its work across the financial and corporate space, the firm is best known for its strong corporate and M&A offering. The firm has three offices in Mumbai, New Delhi and Bengaluru.
Focusses / specialisms
The firm is most active in banking and finance, M&A and private equity.
In the M&A and private equity space, the firm takes on roles for both buyers and targets in matters including acquisitions and fundraising. The firm’s experience covers a range of sectors such as real estate, manufacturing, technology and telecommunication, banking and financial services, industrials and chemicals, and hospitality.
Key clients
Notable clients include Ashv Finance, Asirvad Microfinance, IDBI Bank, State Bank of India, Profectus Capital, Aseem Infrastructure Finance, Satya MicroCapital, KrazyBee Services and Spandana Sphoorty Financial.
Research period review: 33rd edition (2022/2023)
The banking team has acted for both borrowers and lenders on financing and advised on regulatory compliance matters.
The capital markets team was particularly active in equity transactions. It kept busy with IPOs.
In M&A, the firm was active on strategic deals on both the buy and sell sides. The deals were in the technology and telecommunication, logistics and real estate sectors.
Deal highlights: 33rd edition (2022/2023)
Aurum PropTech’s acquisition of HelloWorld Technologies India.
DreamFolks Services’ IPO.
Greenlam Industries’ acquisition of Bloom Dekor's factory in Gujarat.
Gujarat Polysol Chemicals’ IPO.
Bombay Law Chambers
Boutique law firm Bombay Law Chambers is active in the financial and corporate space and has offices in Mumbai, Bangalore and New Delhi.
The firm is strongest in corporate and M&A and is also active in the banking and finance and private equity areas.
Sectors of experience
include real estate, financial services, technology and healthcare.
Burgeon Law
Founded in 2015,
Burgeon Law is a boutique law firm having offices in New Delhi and Singapore. The firm is aiming to expand its presence in Mumbai and Bengaluru.
The firm is well known for its
private equity and venture capital space.
Key clients include Sky Gate Hospitality, Atlan, Animall Technologies, Drivetrain AI, Airblack Technologies, Healthy Life Holding, PayGlocal Technologies, LC Nueva AIF and
Capitalgrid Technologies (Trica).
Chandhiok & Mahajan, Advocates and Solicitors
Chandhiok & Mahajan have offices in New Delhi,
Bangalore,
Hyderabad and Mumbai. The firm is
recognised for its corporate and M&A and restructuring and insolvency work.
Pooja Mahajan serves as managing partner of the firm.
The firm represents clients such as government entities, domestic and foreign corporates, insolvency professionals and promoter groups across a range of matters including mergers, acquisitions, joint ventures, restructurings, and
insolvencies. Sectors of interest include industrials and manufacturing, technology,
pharmaceuticals and energy.
Recent examples of the firm’s deal work include advising
KTC Ferro Alloys
on
its sale on an industrial land parcel measuring 10 acres (approx.) to Vesuvius India, an Indian listed entity. The transaction was structured in a unique manner as it involved several intricacies.
In the area of restructuring and insolvency, the firm provided comprehensive legal support services, both advisory and litigation, to the financial creditor, Asset Care Reconstruction Enterprise Limited, throughout the Corporate Insolvency Resolution Process of the debtor company, ICTL, which resulted in the approval of a resolution/ restructuring plan for ICTL. This case is significant as it is one of the few in which the nature of compulsorily convertible debenture (CCD) was examined in detail to determine whether it
constitutes a ‘financial debt’ under the Indian insolvency laws.
Phasorz Technologies, Refex Group, Sarda Energy & Minerals, Brij Financing, Pristine Logistics, TD
Synnex, Indorama Group, Susquehanna International Group (SIG), KTC Korea, Radiohead Brands
Restructuring and insolvency
“The knowledge, dedication and expertise.”
Clasis Law
Full-service law firm
Clasis Law was founded in 2010 and has offices in Mumbai and New Delhi. Vineet Aneja serves as managing partner of the firm.
The firm’s core strength lies in its corporate and M&A practice.
The firm has a focus advising international and domestic clients operating in the retail, manufacturing, services and hospitality sectors.
Client feedback: 32nd edition (2022/2023)
“Timely advice, complete work.”
Dave & Girish & Co
Established in 1978, Dave & Girish & Co is a full-service law firm headquartered in Mumbai. Key figures of the firm include founder partner Girish Dave and managing partner Mona Bhide.
Focusses / specialisms
The firm is known for its financial structuring documentation and litigations. The prime practice areas include international corporate transactions, M&A, private equity, capital markets, derivatives and project finance.
Dentons Link Legal
Established in 1999, Dentons Link Legal is a full service corporate and commercial law firm with over 40 partners and 150 lawyers across multiple practice areas. With offices across all major Indian cities and access to more than 160 offices in more than 80 countries of Dentons’ combination firms across the world.
Focusses / specialisms
The firm boasts a well-diversified financial and corporate offering.
In banking, the firm advises clients such as banks, financial institutions, and public and private companies on domestic and international transactions across various industries.
The firm’s capital markets team often represents book-running lead managers in equity deals.
The firm has established itself as a strong restructuring player and advises clients such as resolution professionals and operational creditors.
In projects work, key sectors of focus include infrastructure, transport, energy, utilities and automotive. The firm has a specialised Japanese desk focused on advising Japanese infrastructure companies operating in India or looking to enter India.
Key clients
Notable clients include NaBFID, Reserve Bank of India, State Bank of India, Union Bank of India, Axis Bank, Bank of India, HDFC Bank, ICICI Securities, SBI Capital Markets, IIFL Securities, Twin Technology and VinZero.
Research period review:
33rd edition (2022/2023)
The banking team mainly acted for lenders on loan facility and debentures issues during the research period, and impressed with a role for lenders/subscribers of some big-name banks, investors and institutions providing term loan facilities.
The capital markets team was particularly active in the equity capital market advising on IPOs.
The corporate team was active in acquisitions for both the buy and sell sides. The firm covered clients from different sectors including manufacturing and consulting.
The firm was also active in project development, especially in infrastructure and energy.
A significant restructuring and insolvency mandate saw the firm advise one of the few cases of the sale of a company in liquidation, as a going concern, under the Insolvency and Bankruptcy Code.
Associate partner Jimit Shah from the capital markets team departed the firm.
The M&A team welcomed partner Sayantani Dutta and while partner Gaurav Priyadarshi and Jinni Sinha departed the firm.
Deal highlights: 33rd edition (2022/2023)
Dholera Airport in the state of Gujarat.
Ethos’ IPO.
Fedbank Financial Services’ IPO.
Ramayapatnam Port Development Corporation’s loan facilities.
Volex’s acquisition of inYantra.
Client feedback: 33rd edition (2022/2023)
M&A
“Proactive and client-focused.”
Anand Srivastava
“Client focus, patience and dedication to client service.”
Desai & Diwanji
Founded in 1930,
Desai & Diwanji is a full-service law firm with offices in Mumbai, Gurugram, Indore, New Delhi and Pune.
The firm focuses on core areas of commercial and finance activity which included corporate and M&A, capital markets, banking, finance, insurance,
project finance, energy, natural resources and infrastructure,
aviation,
admiralty
and maritime, technology, media and telecommunications, life sciences and pharmaceuticals, real estate and construction, litigation and dispute resolution, employment, employment benefits and executive compensation.
DSK Legal
Founded in 2001,
DSK Legal has offices in
Mumbai, Delhi, Bengaluru, Pune and Hyderabad.
The firm has grown rapidly on the strength of its expertise, to a multi-disciplinary team with more than
250 lawyers, including 53 partners.
The banking team acts for both borrowers and lenders across the spectrum of banking and finance matters.
In projects, DSK Legal regularly acts for government bodies, concessionaires and contractors in a wide array of matters including tenders, bids, consortium arrangements, EPC contracts and concessions and regulatory matters. The firm has a close relationship with the government and acts for government bodies on
the majority of its deals.
In restructuring work, the firm advises applicants, debtors and resolution professionals across a variety of sectors.
Economic Laws Practice
Established in 2001, full service law firm
Economic Laws Practice has a strong presence in India with offices in Mumbai, New Delhi, Pune, Ahmedabad, Bangalore and Chennai.
The banking team has an extensive client base encompassing public sector and private sector banks, global banks, funds and investment houses, asset reconstruction companies as well as domestic and foreign commercial enterprises.
The corporate team takes on both buy and sell side roles.
In the projects space the firm takes on clients from sectors including construction, hospitality, mining and transport.
Finsec Law Advisors
Founded in 2010,
Finsec Law Advisors is a financial sector law firm based in Mumbai.
The firm is a leading law firm in the financial sector regulatory practice area which includes advisory, disputes and policy. The firm focuses on the securities, investments and fintech
industries in particular.
Key clients include Association of Mutual Funds of India, CRISIL, Financial Planning Standards Board (USA), ICRA Analytics, India Ratings and Research, Pabrai Investment Fund 3,
WestBridge Crossover Fund,
Zerodha Broking and World Gold Council.
Client feedback: 32nd edition (2022/2023)
“Quick, highest accuracy, inputs received from various general practices and regulators.”
Financial services regulatory
“Finsec Law Advisors is an accomplished and one of best law firms
in India.”
Fox & Mandal
Founded in 1896 by John Kerr Fox and Gokul Chandra Mandal,
Fox & Mandal (F&M) is one of India’s oldest full-service law firms. The firm has offices in Kolkata and New Delhi and led by managing partner Debanjan Mandal and joint managing partner Kunal
Vajani.
The firm has
expertise in diverse practice areas, including real estate, private equity, banking and finance, constitutional law, consultancy services, insolvency & bankruptcy, government advisory, and projects and infrastructure.
Gagrats
Founded in 2005,
Gagrats is an Indian law firm based in Mumbai. The firm also has an associate office named
Gagrat & Co in New Delhi.
The firm is strongest in its banking and finance and project development practices, it also offers a broad-based practice cutting across a wide range of legal disciplines from finance, M&A, private equity, capital markets, securitizations, and project development.
In the banking sector, the firm has been
active in
advising clients on corporate finance, including on external commercial borrowings and securitizations.
The team has also been active in the capital market,
assisting with the issuance of securities and related regulatory matters.
The corporate team has been advising clients on cross-border acquisitions, disposals, joint ventures, and restructuring work.
The project team has been representing foreign and domestic power companies and state electricity boards on IPPs, cogeneration projects, solar and wind power projects, and nuclear power projects. Additionally, the team has been active in advising on infrastructure projects.
Gravitas Legal
Established in 2015, the local law firm Gravitas Legal has two offices in New Delhi and maintains an office in Mumbai. The firm sits on the panels of several financial institutions, including HDFC Bank, State Bank of India and L&T Infra Finance.
The firm is
recognised for its banking, M&A and restructuring and insolvency practices.
In addition to regular bilateral and multilateral financing transactions, the firm has been involved in novel and atypical transactions around the 5\25 flexible structuring scheme, takeout finance, refinance, S4A, OSDR and SDR.
Halder & Associates
Boutique law firm Halder & Associates was founded in 2017 with a focus on corporate and M&A, and project finance and development work. The firm maintains its primary office in New Delhi.
Focusses / specialisms
The firm works across numerous industries, including energy, healthcare, real estate, manufacturing, and pharmaceuticals. The projects team has experience in advising government entities, trade associations and development institutions on project financing and development mandates.
Hammurabi & Solomon
Founded in 2001,
Hammurabi & Solomon Partners has offices in New Delhi, Mumbai, Bengaluru, Gurugram, Patna and Ranch.
The firm focuses on M&A, restructuring and insolvency and project development practices.
The firm advises defaulting companies, lenders and investors at all levels of the capital structure as well as corporates/directors, defaulting companies, banks, insolvency officeholders/trustees and government institutions.
Hitesh Sanghvi Law Offices
Established in 2010,
Hitesh Sanghvi Law Offices is a boutique law firm active in the financial and corporate space. The firm maintains an office in Mumbai and is led by name partner Hitesh Sanghvi.
The firm is
recognised for its banking and finance
practices. It is experienced in advising lenders and borrowers on regulatory and financing matters.
HSA Advocates
Founded in 2003,
HSA Advocates is a full-service law firm with a pan-India presence. The firm has offices in New Delhi, Mumbai, Bengaluru and Kolkata. Key figures at the firm include founding partner Hemant Sahai.
The
firm’s banking team has a focus on the energy and infrastructure sector and often represents international commercial banks and multilaterals in India.
The corporate team’s experience covers a range of matters such as joint ventures, M&As, buyouts, capital reductions and asset transfers.
The firm’s well-known projects team has expertise assisting stakeholders on matters throughout a project’s life cycle in sectors such as transport, infrastructure, oil and gas, and conventional and renewable energy.
Key clients include Rural Electrification Company, Mytrah Vayu (Sabarmati), Power Finance Corporation, Kotak Mahindra Bank, Bank of Baroda, Axis Bank and L&T Infrastructure.
IC RegFin Legal Partners
Estatblished in 2025, IC RegFin Legal Partners operates the financial services regulatory practice originally established within IC Legal in 2004. The firm is a full-service practice with offices in Mumbai, Bengaluru, GIFT City Gandhinagar, and Delhi NCR, supported by a team of over 125 lawyers. It is expanding its expertise into venture capital, private equity, M&A, structured credit, real estate, and banking & finance.
India Law Offices
Established in 2003, full-service law firm India Law Offices is led by founding and managing partner Gautam Khurana. The firm advises on matters across the country with offices in cities including New Delhi, Mumbai, Chennai, Bangalore, Hyderabad, and Goa. The firm is also associated with Warwick Legal Network, XLNC, IR Global, and PraeLegal.
Focusses / specialisms
The firm is recognized for its corporate and M&A capabilities. It also covers capital markets, joint ventures, private equity, restructuring, and insolvency across sectors including healthcare, construction, and infrastructure, automobile, power and energy, oil and gas, defence, real estate, IT, agriculture and FMCG.
Key clients
Key clients of the firm include Pidilite Industries, Broekman Logistics India, and COSCO Shipping.
Research period review: 32nd edition (2022/2023)
During the research cycle, the firm was active in banking and finance and corporate M&A activities.
The finance team was preoccupied with financing transactions and related mandates and acted for both lenders and borrowers in the logistics and construction sectors.
In the M&A area, the team was involved in private acquisition and share buyback activities advised acquirers and shareholders.
Deal highlights: 32nd edition (2022/2023)
Broekman Logistics India’s fund raising from Dutch bank
Jerome Merchant + Partners
Founded in 2013,
Jerome Merchant + Partners is a boutique full-service law firm headquartered in Mumbai, with a presence in New Delhi and London.
The firm is active in the financial and corporate space.
In banking, the firm often advises banks and non-banking financial institutions in India on corporate financing and structured transactions. The firm also has a focus on aviation finance.
In the corporate and M&A space, the firm has experience advising private equity investors and target companies at all stages of the investment cycle and businesses.
In capital markets, the firm is known for its expertise in the debt space.
JoyceLaw
Founded in 2018,
JoyceLaw is a boutique law firm focused on startups for the Indian market. The firm has an office in Gurgaon.
The firm is specialising in corporate transactions, including equity and debt financing, acquisitions and consolidations.
It's sectors and practice areas of expertise include Fintech, E-gaming, Software as a Service (SaaS), Direct to Consumer Brands Foreign Investment Laws, Mergers and Acquisitions, corporate finance transactions, B2B Business Models and consumer internet space.
Juris Arena
Founded in 2020,
Juris Arena is a
boutique firm based in Bengaluru,
India.
Key figures include partner Soumitra Banerjee.
Specializing in corporate lawthe firm's practice areas include infrastructure, real estate, fund set-up, media and telecom, mergers and acquisitions, data privacy and technology, corporate
governance and microfinance.
Juris Legal
Established by managing partner Rupin
Pawha in 2005,
Juris Legal is a full-service international law firm based in New Delhi.
The firm is
well known for its
corporate M&A,
project,
infrastructure and
energy work.
In M&A, the firm has particular expertise in the formation and acquisition of entities, licensing requirements and regulatory compliances.
In project and infrastructure, the firm is active in roads, ports, government housing, airports, power, renewable energy and social infrastructure projects.
In
the energy area, the firm has special experience and expertise in the oil and gas sector.
Key clients include Federal Ministry of Coal and Federal Ministry of Petroleum and Natural Gas.
Client feedback: 32nd edition (2022/2023)
“Very knowledgeable and helpful.”
Financial services regulatory
“Juris
Legal are incredibly responsive and very willing to take on tasks that are not necessarily within the usual role of an external lawyer to assist us in progressing tasks with other service providers and ultimately
achieve our outcomes.”
Kamendu Joshi & Associates
Active since 2013, local law firm
Kamendu Joshi & Associates has a pan India presence with offices in cities including Mumbai, Bangaluru, Pune, Delhi, and Chennai.
Focusses / specialisms
The firm is recognized for its corporate and M&A team, which has experience in sectors such as telecommunication, manufacturing, engineering, and mining and natural resources.
Key clients
Clients include Essel Propack, ATC Telecom Infrastructure, and PGP Glass.
Client feedback: 31st edition (2020/2021)
Banking and finance
"The firm always comes forward with the solutions, which takes care of the judiciary system as well as interest of the customer."
Kanga & Co
Established in 1890, domestic law firm
Kanga & Co has an office in Mumbai housing a team of 16 partners.
The firm advises clients across a range of sectors and is
recognised for its banking and finance, capital markets, and corporate and M&A work.
Key clients include GPX Global Systems, United Breweries, Sumitomo Chemical India, and Mukesh Bhuta and Medha Bhuta.
Client feedback: 32nd edition (2022/2023)
“Strategic-minded, 100% consultation with us on all matters, availability was outstanding 24x7, focused on
maximising value, excellent negotiating tactics.”
Khaitan & Khaitan
Founded in 1997, full service law firm Khaitan & Khaitan has nine partners and is headquartered in New Delhi.
Focusses / specialisms
The firm is noted for its banking and finance and corporate work.
Sectors of activity include manufacturing, real estate and energy.
Key clients
Recent clients include Orient Refractories, Asiya Capital Investments, Lingaraj Pipes, Emaar MGF Land, and JCK Infra Projects.
Research period review: 30th edition (2019/2020)
Over the research period, the firm often acted on the side of acquirers and also advised international clients on matters such as market entry and regulatory compliance.
The firm recently recruited partners Subodh Sadana and Ray Sharat Prasad from Advaita Legal.
Deal highlights: 30th edition (2019/2020)
Asiya Capital Investments $7 million investment in Duet Hotels Group
Hyderabad Logistics Park
Orient Refractories $6.6 million acquisition of manufacturing plant
OYO $6.2 million acquisition of Emaar MGF Land’s subsidiary
KKL Partners
Founded in 2018,
KKL Partners is a New Delhi-headquartered full-service law firm. Key figures include founding partner Aashish Vats.
The firm is active in the financial and corporate space and often acts on matters in the real estate sector.
Key clients include Jalan
Kalrock Consortium, Cargo Motors, Sara International,
Agio Image, Quantum Investments, Ultra International, Paras
Buildtech Group, India Sotheby’s International Realty and Karam Safety Group.
Client feedback: 32nd edition (2022/2023)
“Amazing understanding of our requirements.
Provided counsel
and drafting of the documentation.”
“Very professional and well read. They have been advising us on all aspects of M&A, corporate advisory, litigation, etc. We run every legal decision we take by them before implementing, as we trust their sound, professional advice very much.”
Kochhar & Co
Founded in 1994, full-service law firm
Kochhar & Co caters to the Indian markets through its offices in New Delhi, Mumbai, Bangalore, Chennai, Gurgaon,
Hyderabad and Chandigarh. The firm notably has an international presence with offices in Dubai, Singapore and Chicago.
The firm boasts well-established banking and finance, corporate and M&A, and project development practices.
The firm has expertise in advising on matters such as project contracts, project financing and infrastructure M&A.
Key clients include Bengal Gas Company, Green Gas, Gas Authority of India Limited (GAIL),Meidensha
Corporation, ITD Cementation,
Afcons Infrastructure, Axis Bank, Adani Power, Azure Power,
Ask Capital and Aditya Birla Finance.
Legasis Partners
Independent law firm Legasis Partners has been active since 2007 and has offices in Mumbai, New Delhi, Pune and Hyderabad.
Focusses / specialisms
The firm is active in the corporate and M&A and private equity areas. The firm takes on clients from sectors including healthcare, e-commerce, technology, and social infrastructure.
Key clients
Clients include Pegasus Fininvest Advisory, ITI Growth Opportunities Fund, 1Funds Domestic Scheme, and East West Holdings.
Client feedback: 31st edition (2020/2021)
Investment funds
"Incredible people and willing to work the extra hours towards deal closure."
Lex Favios
Full-service local law firm Lex
Favios has been active since 2014 and has offices in New Delhi and Mumbai. Sumes Dewan serves as managing partner of the firm.
Lex
Favios is ranked for its work in banking, capital markets and M&A.
The firm is active in sectors including power, banking and financial services, hospitality, and oil and gas.
Key clients include Imagine Marketing,
Novezo Consulting,
Ummeed Housing Finance, Kline Technical Consulting, KTC Fortress and Trina Solar Third.
Maheshwari & Co
Founded in 2004,
Maheshwari and Co is a full-service law firm based in
New Delhi.
The firm has
expertise and vast experience across various areas of practice including corporate and commercial Law, mergers and acquisitions, intellectual property rights, taxation, litigation and arbitration, insolvency and bankruptcy and immigration. Sectors of activities include automotive, food and beverages,
pharmaceuticals and
healthcare, startups, e-Commerce,
banking and
finance,
infrastructure,
real
estate,
information
technology and
power and
telecom.
Majmudar & Partners
Active since 1943,
Majmudar & Partners has a local and international presence with offices in Mumbai, Bangalore and New York. The firm has a presence in Chennai, Hyderabad and New Delhi through integrated network offices.
The firm has a well-diversified practice in the financial and corporate space and is experienced advising clients from a wide range of sectors such as energy, natural resources, banking and financial services, fintech, healthcare and insurance.
Mansukhlal Hiralal & Co
Established around 1910,
Mansukhlal Hiralal & Company has offices in Mumbai and Delhi. The firm are members of International Law Firms and International Advisory Experts
Corporate, especially M&A, is the core practice of the firm.
In M&A, the firm
is
experienced on restructuring schemes of arrangements, reconstructions and demergers, leveraged buyouts and joint venture and investment agreements.
MDP & Partners
Founded in 1973, MDP & Partners has a main office in Mumbai and an associate office in New Delhi. Nishit Dhruva and Ashok Paranjpe serve as co-managing partners.
The firm is recognised for its banking and finance work.
MVKini Law Firm
MVKini Law Firm is a local law firm with offices in several cities including Mumbai, New Delhi, Bengaluru, Hyderabad, Pune and Goa.
Focusses / specialisms
The firm is active in the financial and corporate space and advises on a range of matters including, IPOs, rights issues, and asset finance.
Key clients
Notable clients include WEP Solutions, Satin Creditcare Network, GM Polyplast, PlatinumOne Businees Services, Arrow Greentech, and Billwin Waterproof.
Naik Naik & Company
Full service law firm Naik Naik & Company was founded in 2004 and is helmed by managing partner Ameet Naik. The firm maintains two offices in Mumbai.
Focusses / specialisms
The firm is noted for its corporate and M&A and restructuring practices.
Sectors of activity include technology, consumer products, entertainment, and food and beverage.
Key clients
Clients include Reliance AIF Management, Balaji Infratech & Constructions, Fixstream Networks, Workstore, Avarsekar & Sons, Chaii Guys and Civica Group.
Nishith Desai Associates
Established in 1989, Nishith Desai Associates is a well-known name in the Indian legal market. The firm has a global presence with offices in Silicon Valley, New York, Munich, New Delhi, Mumbai, Bangalore and Singapore.
Focusses / specialisms
The firm is best known for its corporate and private equity work. Sectors of focus include banking and financial services, infrastructure, pharmaceuticals, and technology, media and telecommunications.
Key clients
The firm’s client list includes GIC Singapore, Solara Active Pharma Sciences, Dewan Housing Finance Corporation, Radiant Life Sciences, Square Dotcom and Actis.
Research period review: 30th edition (2019/2020)
A newsworthy deal saw the firm advise GIC Singapore on an investment in the first-ever private unlisted InvIT in the country, which was the largest investment in the road sector. The firm also advised GIC Singapore on the first-ever preferential allotment by a public InvIT to a private equity player. A highly publicised matter in the education sector saw the firm advise EuroKids Group on an investment from KKR. The firm also advised Radiant Life on an interesting mandate involving a series of demergers and a reverse merger.
Staffing changes saw the departure of Rohan Singh for Trilegal and Ruchi Biyani who left for academic pursuit.
Deal highlights: 30th edition (2019/2020)
Actis $500 million acquisition of Acme Solar’s solar power plants
GIC Singapore $700 million investment in IRB Infrastructure Investment Trust
GIC Singapore $300 million investment in Indigrid Infrastructure Investment Trust
KKR acquisition of a majority stake in Eurokids
Radiant Life acquisition of Max Healthcare
Client feedback: 30th edition (2019/2020)
M&A
“Very good leaders in the practice areas. Market leaders for certain specific areas such as M&A tax.”
NL LEGAL
NL LEGAL is a boutique law firm headquartered in Mumbai. The firm focuses on banking and finance and debt capital markets work and
specialises in infrastructure, shipping, insurance, energy, financial services,
healthcare and commodities. It has a good reputation for its banking and finance and capital markets work.
During the research period, the firm was
very active in banking and finance and debt capital markets.
In banking, the team acted as legal counsel of Punjab National Bank, Dubai Branch for regulatory aspects of the facility agreements, including on negotiations with the English law counsel on the applicability of the Reserve Bank of India (RBI) regulations for change in benchmark rate. The transaction is innovative because the team advised on the Indian law regulatory aspects of the change in benchmark from LIBOR. The RBI’s external commercial borrowing framework has several new provisions added in respect of the transition from the LIBOR to an alternative benchmark.
Power Finance Corporation, Punjab National Bank, REC, State Bank of India, GuarantCo,
Bangalore Metro Rail, Tata International, Bharat Petroleum
“Agile, professional, solution oriented and well versed with law.”
“Professional and solution oriented.”
NovoJuris Legal
Founded in 2008, NovoJuris Legal is an innovative new-age law firm which has a primary office in Bangalore and a side office in Mumbai. Sharda Balaji is the founder and managing partner of the firm.
The firm specialises in private equity. Sector of activities include technology, startups, accelerators, R&D, electronics, e-commerce, trading, media, entertainment, BFSI, sports, real estate and telecom.
Phoenix Legal
Phoenix Legal is a full-service law firm founded in 2008 with offices in Delhi and Mumbai. Key figures at the firm include co-founding partners Sawant Singh and Abhishek Saxena.
In M&A, the firm takes on clients from diverse sectors including automotive, banking and financial services, technology and telecommunications, food and beverages, insurance, mining and utilities.
The firm’s projects practice specialises in energy, oil and gas, and infrastructure projects.
The restructuring team advises stakeholders, including creditors and resolution professionals
Pioneer Legal
Established in 2019,
Pioneer Legal is headquartered in Mumbai and is led by managing partner Satish Kishanchandani.
The firm is noted for its focus on corporate and M&A and private equity matters. It works across a breadth of sectors such as education, advertising, healthcare, pharma, energy, oil&gas, financial services, telecoms, automotive, technology, manufacturing, logistics
and transportation being some of the more prominent.
The firm’s M&A team render the full range of legal services for mergers and acquisition transactions across diverse sectors to acquirers, target entities and sellers.
The
private
equity team has deep and broad experience in advising funds, representing buy and sale sides across diverse sectors.
PLR Chambers
Founded in 2013, PLR Chambers is a law firm headquartered in New Delhi specialising in comprehensive business life-cycle advisory. The firm leverages integrated expertise from the public, private, and non-profit sectors to serve its clients.
Poovayya & Co
Bangalore-headquartered law firm Poovayya & Co has been active since 1996 and is known for its focus on corporate and M&A and private equity work.
Focusses / specialisms
The firm has significant experience advising technology and media companies as both buy and sell-side counsel. Other sectors of focus include insurance and pharmaceuticals.
Key clients
The firm has acted for Behtar Technology, Asianet News, Axiscades and YH Precision.
Research period review: 30th edition (2019/2020)
Highlights include advising a listed company on the acquisition of a private company; advising an infrastructure company on the sale of a subsidiary; and advising a tech company on its fundraising.
Deal highlights: 30th edition (2019/2020)
Asianet News Media and Entertainment divestment from ARG Outlier Asianet News
Axiscades Engineering Technologies $27.3 million acquisition of Mistral Solutions
Behtar Technology $3 million fundraising
PSL Advocates & Solicitors
Active since 2012,
PSL Advocates & Solicitors is a boutique law firm with offices in Mumbai, New Delhi, Chandigarh and Bangalore. Sameer Jain is the managing partner and one of the founders of the firm.
The firm is noted for its restructuring and insolvency work and advises on matters such as debt restructuring, distressed acquisitions and sales, refinancing and insolvency proceedings.
Rajani Associates
Founded in 1999, full-service law firm Rajani Associates is collated in Mumbai. Key figures include managing partner Prem Rajani.
Focusses / specialisms
The firm advises on banking and finance, capital markets, corporate and M&A, private equity, and project development mandates across a range of industries.
Key clients
Notable clients include BlackSoil Capital, Future Focus Infotech, L3 Harris Technologies, and LEAP India.
Client feedback: 31st edition (2020/2021)
M&A
"They are expert on the subject and quick on completing the documents. Mr Prem Rajani MD and associate partner Mr Amish Shroff were personally involved in completion of this agreement."
Restructuring and insolvency
"Timely updates on the matters handled. Complete professionalism in handling the matter. Approachability of all the partners."
"With in-depth knowledge of the law and best practices, they provide legal assistance in day-to-day affairs of the insolvency process. Giving opinions on legal matters in a timely manner. Proactively highlighting risk areas and guiding us in correct course of action."
Investment funds
"Good team, wanting to find amicable and practical solutions and yet standing their ground on important issues."
S&A Law Offices
Established in 1994,
S&A Lawyers LLP is a leading full-service law firm base in Maldives. The practice initially began with a focus on litigation, now the firm is becoming the leading practice in the country for corporate and commercial work.
The firm is renowned for strength across a range of corporate and commercial transactions, including foreign investments, acquisitions, and banking and finance-related matters.
The firm also advised clients on both cross-border and domestic transactions from multiple jurisdictions including Malaysia, Singapore, Dubai, Germany, Sri Lanka, India, China, Thailand and the US.
Singha Estate, HPL Group,
Dhiraagu,
Bank of Maldives, and Maldives Airports Company Limited.
“Knowledge of local law compared to competitors.”
S&R Associates
Founded in 2005, S&R Associates is a well-regarded firm with offices in New Delhi and Mumbai. Key figures at the firm include partners Rajat Sethi and Sandip Bhagat.
The firm has a record advising on landmark capital markets mandates and is known as a market leader in capital markets. It advises on matters such as IPOs, listings, delistings, buybacks, QIPs, rights issues and private placements.
The corporate team has experience in buy and sell-side roles in sectors such as telecommunications, healthcare, transport, media, and manufacturing. The firm is also active in the private equity space, acting for both investors and investees across a range of industries.
In restructuring, the firm has experience acting for stakeholders including financial and operational creditors, acquirers, bondholders, shareholders and distressed asset investors.
Saga Legal
Founded in 2016,
Saga Legal is a multi-service law firm with offices in New Delhi and Bangalore.
The firm specializes in several practice areas, including corporate structuring and restructuring, banking and finance, insolvency and bankruptcy laws, mergers and acquisitions, intellectual property laws, labor and employment laws, real estate, maritime laws, trust laws, tax advisory and planning, foreign exchange and contribution laws, and security laws.
Sagus Legal
Established in 2020, full-service law firm
Sagus Legal maintains offices in New Delhi and Gurugram. Key figures include founding partner Shruti Kanodia.
The firm is
recognised for its banking and finance, corporate and M&A, and project development work.
Sectors of focus include banking, energy, real estate, oil and gas, food and beverage, and fintech.
Samvad Partners
Local law firm
Samvad Partners was founded in 2006 and has offices in Bengaluru, Chennai, Hyderabad, Mumbai and New Delhi.
The firm has a well-established banking and finance practice
and also takes on corporate and M&A and restructuring work.
Sectors of activity include pharmaceuticals, energy, transport, oil and gas, and logistics.
Saraf and Partners
Founded in 2021,
Saraf and Partners came into existence after the splitting of L&L Partners under orders of
the Hon’ble Delhi High Court. The firm has offices in Delhi, Mumbai and Bengaluru. Key figures include founder and managing partner Mohit Saraf.
The firm
specialises
in mergers and acquisitions, banking and finance, insolvency and restructuring, capital markets, real estate, competition law, dispute resolution, projects, energy and infrastructure, and private equity.
Sarthak Advocates & Solicitors
Established in 2010,
Sarthak Advocates & Solicitors is headquartered in New Delhi and is led by managing partner Abhishek Nath Tripathi.
The firm is noted for its M&A and restructuring and insolvency practices. Sectors of activity include energy, healthcare, technology, real estate, hospitality, private equity, and financial services.
The firm also has experience in private equity, joint ventures and commercial partnerships. It covers antitrust and competition, commercial, employment and benefits, environmental, intellectual property, tax and corporate governance.
Shardul Amarchand Mangaldas & Co
Founded in 2015 by Shardul Shroff, Shardul Amarchand Mangaldas & Co is one of the leading law firms and a household name in the Indian legal market. The firm maintains offices in New Delhi, Mumbai, Gurugram, Bengaluru, Ahmedabad, Kolkata, and Chennai and is one of the largest full-service firms in India.
The firm is widely recognised for its top tier work across the financial and corporate space. In banking, the firm provides advice on matters such as acquisition finance, leveraged finance, real estate finance, debt restructuring and corporate lending.
The corporate and restructuring teams are experienced in advising an array of clients including acquirers, sellers, lenders issuers and borrowers.
The projects team acts for stakeholders across a wide variety of sectors including power, oil and gas, transport, infrastructure, telecommunication and utilities.
Solomon & Co
Led by managing partner Aaron Solomon, full-service firm
Solomon & Co has been active since 1909. The firm has offices in Mumbai and Pune. The firm is empaneled with Bank of Baroda, HSBC, Cosmos Cooperative Bank and State Bank of India.
Focusses / specialisms
The firm is recognised for its banking and finance and M&A work across a diverse range of sectors including banking and financial services, logistics, and food and beverages.
Key clients
Key clients include HSBC, Muthoot Fincorp, and Inox Market Service.
Spice Route Legal
Active since 2016,
Spice Route Legal specialises in M&A and private equity work with a focus on the technology sector. The firm boasts ties with international firms such as Mayer Brown, Dentons, Bird & Bird and Eversheds Sutherland. The firm has offices in Bengaluru, Pune, Mumbai and Kochi.
In addition to technology, the firm also takes on clients from media, energy, food and beverages, industrials and chemicals, and life sciences sectors.
Stratage Law
Established in 2020, local law firm
Stratage Law is led by managing partner Darshan Upadhyay and has an office in Mumbai.
The firm is active in the corporate and M&A and private equity areas.
Sectors of activity include real estate, hospitality, healthcare, retail, manufacturing, and food and beverage.
Surana & Surana
Founded in 1971, Surana & Surana maintains offices in Chennai and New Delhi. Key figures at the firm include managing partner Vinod Surana.
Focusses / specialisms
The firm has a focus on the banking and financial services sector and is noted for its corporate and M&A work.
Key clients
The firm has been engaged by Vijaya Bank, Allahabad Bank, Bank of Baroda, Logos India, Windfin, and Venda Ventures.
Research period review: 30th edition (2019/2020)
In the past year, the firm was notably active in the banking and financial services sector, advising on bank mergers and restructurings. In an interesting mandate, the firm advised on a three-way bank merger.
Deal highlights: 30th edition (2019/2020)
Indian Bank / Allahabad Bank merger
Logos India $95 million acquisition of warehouse facilities of Casa Grande
Tag & Bench Associates
Established in 2020, local law firm
Tag & Bench is led by founding partner Shraddha Ray Menon and has an office in Gurgaon.
The firm is noted for its corporate and M&A team, which takes on work including inbound investments and promoter exits.
Key clients include Accelera Enterprises USA, YFret Technologies, Airbnb India,
Airbnb Global Capability
Center, CBN Multimedia, The Platform, Terumo India, Monti Grupo Spa and XPND.
Client feedback: 32nd edition (2022/2023)
“Excellent communication. Thorough and diligent attention to detail and working for the best interest of us, the customer.”
Tatva Legal
Tatva Legal is a full-service law firm with offices in Bangalore, Delhi, Hyderabad, Mumbai, Chennai and Vijayawada .
The firm takes on mandates in banking and finance, corporate and M&A, private equity, and restructuring and insolvency.
Tatva Legal has experience advising across a range of sectors including energy, insurance, real estate, media, technology, food and beverage and hospitality.
Thinking Legal
Founded in 2018,
Thinking Legal is a business-oriented, tech-enabled law firm for entrepreneurs, startups, and visionary VC funds. The firm has
an office in
New Delhi.
The firm is well known for its M&A,
private equity and venture capital works.
Sector of activities include alternative investment funds,
EdTech, food products, artificial intelligence, medical R&D and D2C apparel.
Key clients include She Capital Fund, Indian Angel Network Services, Sixth Sense Fund, Zerone Microsystems, Dhruva Space, Agility Ventures Fund, Emerge Capital, Vasuki India Fund and Nomad Pizza.
Trilegal
Founded in 2000, Trilegal
is one of the most well-known law firms in India, with more than 300 lawyers spread across offices in Bangalore, Mumbai, New Delhi and Gurgaon.
The firm is strongest in its banking and finance and project finance practices. It is also known for its high-quality work in capital markets, corporate and M&A, and project development.
UKCA and Partners
Active since 1990, UKCA and Partners is led by managing partner Manisha Chaudhary and has offices in New Delhi, Chandigarh, and Mumbai.
Focusses / specialisms
The firm is recognised for its banking and finance and M&A work and is also active in the restructuring space. The firm’s banking experience covers an array of matters, including ship finance, project finance, regulatory compliance, and security documentation. The M&A team is particularly active for domestic clients in the real estate sector. Its key clients include Larsen & Toubro and Era Group.
Key clients
Key clients include Larsen & Toubro, Era Group, and DLF Group.
Client feedback: 31st edition (2020/2021)
M&A
"Quick response time, knowledge of company law and understanding of the factual matrix."
"They are exact, to the point and no fooling around. Have in-depth knowledge of the matters they are advising upon."
Veritas Legal
Founded in 2015,
Veritas Legal
boasts a team of
more than
50 lawyers under the leadership of founding and managing partner Abhijit Joshi. The firm maintains an office in Mumbai.
The firm is known for its corporate and M&A and private equity work.
The firm advises sellers and acquirers in a variety of sectors including retail, consumer products, healthcare and pharmaceuticals, financial services, and food and beverage.
Vertices Partners
Founded in 2016, local law firm
Vertices Partners has offices in Mumbai and Gurugram. Key figures include managing partner Vinayak Burman and founding partner Archana Khosla Burman.
The firm is ranked for its private equity and restructuring and insolvency work.
The firm provides a niche service focusing on guiding clients through seed, growth and expansion phases. The firm has experience acting for investees, promoters and investors in a range of sectors, including agriculture, technology, healthcare, logistics, financial services and hospitality.
Wadia Ghandy & Co
One of the oldest law firms of India,
Wadia
Ghandy & Co was founded in 1883 with an office in what was then Bombay. It currently holds offices at Ahmedabad, Bengaluru, Chennai, Delhi, Mumbai, Pune and Singapore.
The firm
is active in banking and capital markets work.
In banking, the firm
has
strong experience
in
external commercial borrowings and
has
advised and acted for both offshore lenders and domestic borrowers.
In capital markets, the firm is
experienced on all phases of capital markets issuances, from IPOs to rights issues to debt capital markets issuances.
