Cyril Amarchand Mangaldas




Cyril Amarchand Mangaldas continues its reign as one of the most recognised full-service law firms in the country, a top tier choice for its panoply of international and domestic clients. The firm is almost always involved in the most high-profile deals and this year proves its dominance once again by rising into the ‘Outstanding’ tiers for competition, real estate, and technology and telecommunications. The firm houses elite partners and leaders in their fields like Cyril Shroff, L Viswanathan, Reeba Chacko, Avaantika Kakkar and Yash Ashar. The firm also has a unique bench of retired senior bureaucrats from key Indian regulators, such as RBI and SEBI, to provide an extra layer of expertise.  

There were several notable partner moves this yearThe corporate team was bolstered with the hiring of corporate partners Varun Sehgal and Anuj Prasad from Shardul Amarchand Mangaldas & Co. Private equity specialist Vivaik Sharma joined from AZB & Partners.  The firm bid farewell to banking partner Jimmy Joseph, who left for Trilegal, while the capital markets team lost S Vivek, Shatarupa Dasgupta, Shruti Rajan and Garima Joshi, with the latter two also going to TrilegalThe corporate team lost Aarti Joshi, Manu Varghese, Saurya Bhattacharya and Alice George, and tax expert Daksha Baxi left to establish her own non-profit.  

Private equity

Work highlights 

Advised Reliance Industries and Reliance Retail Ventures on raising $6.5 billion for a 10% stake sale to PE investors Silver Lake Partners, KKR, Mubadala, ADIA, GIC, TPG, General Atlantic and PIF. This is the largest ever private equity investment in the retail space in India. 

Represented Piramal Enterprises on its sale of a 20% interest in one of its pharmaceutical's businesses to The Carlyle Group.  

Acted for IFC on its equity investment in Mahyco International, a Singapore-based company, to help expand its cotton business in sub-Saharan Africa and expand its rice and eggplant business in Asia.  

Key clients 

Alpha Wave Incubation, Biocon Biologics, Brookfield Asset Management, Everchem Asia Private, IndoStar Capital Finance, IFC, Google, Warburg Pincus 

Labour and employment

Work highlights 

Advising Intel and Sai Life Sciences in challenging unfavourable interim orders passed by the Regional Provident Fund Commissioner.  

Advised Air Mauritius on the closure of outstations and the termination of employees there.  

Assisted Pfizer with the settlement of disputes regarding its contract labour arising out of the closure of its plants in Aurangabad and Irungattukottai 

Key clients 

Benetton Group, Boston Consulting Group, BytedanceCanada Pension Plan Investment Board, Caterpillar, Credit Suisse, ExxonMobil, Goldman Sachs, Royal Bank of Scotland 

Dispute resolution

Work highlights 

Appearing on behalf of the newly appointed board of directors of IL&FS and its group companies in an appeal filed before the National Company Law Tribunal and the National Company Law Appellate Tribunal. This case is a first of its kind and relates to the largest financial corporate fraud in India with $12 billion at stake.  

Represented the Committee of Administrators for the Board of Control for Cricket in India in a matter before the Supreme Court relating to the implementation of the reforms in cricket administration in India.  

Representing Jindal Power before the Supreme Court in civil appeals against orders passed by the National Green Tribunal levying a penalty in relation to a thermal power plant operated by JPL. The Supreme Court on July 20, 2020 has stayed the NGT orders. 

Key clients 

63 Moons Technologies, Fortis Hospitals, GE Power Conversion India, Maddock Films, Procter & Gamble Hygiene and Healthcare, Samsung C&T  

Restructuring and insolvency

Work highlights 

Acting for the committee of creditors of Dewan Housing Finance CorporationThis is the very first case of insolvency under the IBC against a financial service provider. 

Advised the State Bank of India and certain other investors with respect to a scheme proposed in relation to the restructuring and recapitalisation of Yes Bank by the Reserve Bank of India. 

Representing the committee of creditors of Jet Airways as the company is undergoing the corporate insolvency resolution process.  

Key clients 

Adani Group, Alvarez and Marsal, Eight Capital, ICICI Bank, JSW Group, Reliance Industries, State Bank of India, Union Bank of India 

Corporate and M&A

Work highlights 

Represented Punjab National Bank in relation to the amalgamation of Oriental Bank of Commerce and United Bank of India into the client.  

Advised Jindal Steel & Power on the sale of its equity interest in its subsidiary Jindal Shadeed Iron and Steel to Templar Investments for more than $1 billion. 

Acted for Bharti AXA General Insurance and Bharti General Ventures in the country’s very first demerger of an insurance company.  

Key clients 

Adani Green Energy, Bharti AXA General Insurance Company, Canara Bank, Escorts, GVK Group, Jindal Steel & Power, Mitsui Sumitomo Insurance Company, Signify, Tata Sons 

Capital markets

Work highlights 

Advised Gland Pharma and other selling shareholders in relation to the client’s IPO.  

Represented the lead managers for the IPO of Brookfield REIT consisting of a fresh issue of units.  

Acted for UTI Asset Management Company on its US IPO that raised nearly $3 billion.  

Key clients 

Blackstone, Burger King India, Computer Age Management Services, Home First Finance Company, Indigo PaintsPowergrid Infrastructure, Tower Infrastructure Trust 


Work highlights 

Advised Adani Airport Holdings on receiving clearance from the antitrust authorities for its acquisition of sole control of GVK Airport Developers.  

Acting for the Adani Ports and SEZ on its merger notification after its $1.9 billion acquisition of Krishnapatnam Port. This is the first transaction in the ports sector to be notified to the Competition Commission of India.  

Represented Reliance Industries and Reliance Projects & Property Management Services on obtaining CCI approval for its acquisition of the telecoms towers, optic fibre cable assets of Reliance Communications and Reliance Infratel. 

Key clients 

Adani Group, Axis Bank, CDPQ, NTPC, Siemens, The Blackstone Group, Warburg Pincus 

Banking and finance

Work highlights 

Acted for a consortium of lenders in relation to the State of Andhra Pradesh’s raising of financing through the assignment of  additional retail tax on the sale of liquor.  

Advised Jio Digital Fibre in relation to the term loan facility it borrowed from Digital Fibre Infrastructure Trust for the purpose of prepaying its existing senior lenders. 

Engaged by a consortium of lenders led by the State Bank of India in relation to the rupee term loan facility availed by Chhattisgarh East-West Railway Limited for the purpose of development, financing, construction, operation and maintenance of the Chhattisgarh East West Railway Corridor.  

Key clients 

Adani Capital, HSBC, ICICI Bank, JP Morgan Chase, Kotak Mahindra Bank, Power Finance, Sumitomo Mitsui Banking 

Real estate

Work highlights 

Acted for Brookfield in relation to an acquisition of commercial assets of RMZ Corp. This is the largest commercial real estate deal of this year. 

Advised Blackstone Advisors India which acquired a stake of Embassy Office Ventures Private and its affiliates in Embassy Commercial Projects (Whitefield).  

Key clients 

Brookfield Asset Management, Embassy Office Parks REIT, Envestnet Asset Management India, Keppel Land