Khaitan & Co

India

Analysis

Overview

Established in 1911, Khaitan & Co remains in the ‘Outstanding’ tier for most core practice areas, such as banking and finance, capital markets, corporate and M&A, dispute resolution and private equity. The firm is a reliable top-tier choice for its many international and domestic clients, part of the fraternity of the country’s largest, most famous corporations. It has a pan-India presence with offices in Mumbai, Bengaluru, Delhi and Kolkata. In particular, the firm’s investment funds practice is extolled by peers as a true pioneer for fund formation and structuring work. Kumar Saurabh Singh and Manisha Shroff are the frequent lead partners on banking and finance deals, and Sudhir Bassi is a key leader in capital markets transactions. The corporate practice features luminaries such as Haigreve Khaitan, Bharat Anand and Rabindra Junjhunwala.

Client feedback

“Good leadership and proactive service.” – Capital markets

“Profound understanding of the law and at the same time, an ability to adapt to business needs.” – Competition/antitrust

“It responds very quickly and gives practical advice.” – Corporate and M&A

“Excellent knowledge of both the Indian and English legal system allows them to advise English clients acting in India. It is always available, with good partner visibility. It provides good client insight briefings.” – Corporate and M&A

“The team is always in reach and very responsive. The support and advice are sound with a focus to find practical solutions, all on a highly professional level.” – Corporate and M&A

“Has very accessible people that provide well-researched and comprehensive opinions. They have an in-depth understanding of the issue and laws around it.” – Corporate and M&A

“The law firm and its partnership value integrity, pragmatism and being firmly on the right side of the law. Its advice has always been rooted in common sense and batting for honest dealings with our counterparts on the other side. As an entrepreneur, I highly value that approach as it delivers consistency in the long run and a good night's sleep for me!” – Corporate and M&A

“Lots of pluses, including high integrity, expertise, quick response times, excellent databases and infrastructure.” – Corporate and M&A

“Experienced, has knowledgeable partners who give quick responses.” – Investment funds

“Highly responsive and knowledgeable about the relevant subject matters. Very clear in terms of advice, and at the same time, practical.” – Real estate

“It has extensive networks and relationships. It works on client problems like it’s own.” – Regulatory’

“They have a wide range of services and have a pan-India presence.” – Restructuring and insolvency

“Very responsive and polite.” – Tax

Bharat Anand

“Bharat is an excellent lawyer who has an explosive mix of long-term strategic thinking combined with the pragmatism to achieve the most important short term outcomes. He is a strong believer in nudging his clients to do the right thing and play fair, and this commitment to integrity is rare for a corporate lawyer. That is perhaps why he is highly respected by his counterparts on the other side as well, and this goes a long way in him getting things that other lawyers may have a hard time achieving.”

Ashwin Bishnoi

“Depth of experience and willingness to engage and understand the client.”

Manas Chaudhuri

“He has a very deep understanding of the law and anticipation of a regulator's approach to legal questions. He has a strong ability to accommodate business requirements in a compliant way and provide advice accordingly.”

Rabindra Jhunjhunwala

“He is very professional, has an excellent understanding of our business and the actual matters at hand. He is very responsible, solutions-driven, and it is a pleasure to cooperate with him.”

Zakir Merchant

“Zakir is a very responsive and trust-worthy lawyer. He gives practical advice that suits the client.”

Nikhil Narayanan

“He is approachable, intelligent and willing to problem solve with the client.”

Atul Pandey

“Very knowledgeable and committed to the client needs. He is always available, has good innovative solutions and good relationships with those he works with.”

Kartikeya Prakash

“Very clear in terms of advice, practical and not pedantic. Knowledgeable and responsive.”

Sameer Sah

“Brilliant negotiator who has deep knowledge and is client-focused.”

Gahan Singh

“Good knowledge and commercial outlook.”

Divaspati Singh

“Prompt and accurate response, with in-depth knowledge about the industry.”

Tax
Work highlights

Acted for the promoters of Metropolis Healthcare in relation to the income tax implications arising from its IPO and on the exit of the existing private equity investor, Carlyle.

Provided tax counsel to the Laureate group in relation to its divestment of eight education companies in India to Global University Systems, which owns and operates an international network of higher education institutions.

Key clients

Birlasoft, Hardcastle Restaurants, Pune Kondhwa Realty, Varian Medical Systems India

Private equity
Work highlights

Acted for Citiustech Healthcare Technology on the sale of an 80% controlling stake by the founders and existing investor, General Atlantic Singapore Fund to a special purpose vehicle backed by Baring Private Equity Asia for $750 million.

Advised Advent International Corporation on the acquisition of a minority stake in Aditya Birla Capital.

Key clients

Apax Partners, Advent International, Blackstone Group, Brookfield Asset Management, Global Infrastructure Partners, Temasek Holdings

Investment funds
Work highlights

Assisted Meritz Financial Group on the structuring of one of its companies’ investments into a fund with a target size of $429 million. The fund proposes to purchase the non-convertible debentures of certain identified portfolio companies.

Engaged by Piramal Asset Management to set up a category II alternative investment fund with Caisse de dépôt et placement du Québec, with a target of $300 million. Through this platform, the fund will offer private credit solutions to such companies across various sectors.

Key clients

Bain Capital, HealthQuad Capital Advisors, IIFL Wealth & Asset Management, Lightbox Ventures, Makrana Capital Management

Restructuring and insolvency
Work highlights

Acted for RattanIndia Power in relation to the binding one-time settlement between the client, its promoters and its lenders effected by the assignment of entire outstanding debt to a trust set up by Aditya Birla ARC.

Representing Jayaswal Neco Industries on the restructuring of its existing $761 million debt towards the full and final settlement of the dues of the company.

Key clients

AnaCap Financial Partners, Cantor Fitzgerald, Carlyle Group, Deutsche Bank Special Situations Group, Redwood Capital, Silver Point Capital

Corporate and M&A
Work highlights

Advised Nippon Life Insurance Company on its acquisition of 75% of the share capital of Reliance Nippon Life Asset Management.

Represented Reliance Industries in relation to its proposed joint venture with oil multinational, BP Group. The joint venture company will, subject to regulatory and other customary approvals, own Reliance’s existing petroleum retail marketing business and operate its aviation fuel business.

Key clients

City Football Group, Ingersoll-Rand, Laureate Education, Manipal Health Enterprises, Wabco Holdings

Capital markets
Work highlights

Engaged by the lead managers including Morgan Stanley India, JM Financial and Axis Capital, for the IPO of equity shares of Chalet Hotels. This was the first transaction to include the recently SEBI-introduced unified payment interface (UPI) mechanism for retail investor applications of the IPO.

Advised Sterling and Wilson Solar and Metropolis Healthcare on their IPOs on the National Stock Exchange.

Key clients

Bajaj Finance, Delhi International Airport, India Infrastructure Trust, RattanIndia Power, RBL Bank

Competition/antitrust
Work highlights

Secured unconditional regulatory approval for the combination between Toyota Motor Corporation and Suzuki Motor Corporation.

Successfully represented Pfizer in a joint merger filing with GlaxoSmithKline for the creation of their global consumer healthcare joint venture. The combined sales of the joint venture two years ago was $12.7 billion.

Represented Alkem Laboratories in a matter where a third-party alleged instances of anti-competitive conduct against Bengali Chemist & Druggist Association and the client.

Key clients

Eli Lilly and Company, Inox Leisure, Nippon Life Insurance, Reliance Industries

Banking and finance
Work highlights

Advised a consortium of banks led by State Bank of India in financing the Patanjali Group to acquire Ruchi Soya Industries through the corporate insolvency resolution process.

Represented Kairos Property Managers and the investor, BSREP II India Office Holdings III, in the acquisition financing for the acquisition of Mars Hotels and Resorts from its existing owners.

Key clients

Bank of America, Citibank, First Abu Dhabi Bank, HSBC, ING Bank, JP Morgan Chase, South Indian Bank, Yes Bank

Regulatory
Work highlights

Advised Padget Electronics in relation to procuring RBI approval for post-facto regularisation and write-off of the import-related bill of entries.

Obtained the necessary approvals from the Department of Pharmaceuticals (DoP) for the Zentiva group to acquire Sanofi India’s manufacturing facility in Gujarat. This was one of the biggest pharma deals in 2019, and required lengthy explanations of the deal mechanics at the DoP.

Key clients

Airports Economic Regulatory Authority, Directorate of Enforcement, Electricity Regulatory Commissions, Securities and Exchange Board of India, Telecom Regulatory Authority of India