Shardul Amarchand Mangaldas & Co

India

Analysis

Overview

Shardul Amarchand Mangaldas & Co has a commanding presence in the market with top tier practices across all practice areas and industry sectors. It has only grown stronger since it splintered from Amarchand Mangaldas five years ago, evolving and keeping pace with the demands of a highly competitive market. The firm offers the best of all worlds: large capacity, pan-India presence, depth of expertise and experience, and market leading professionals. It is an unsurprising first choice for many international clients entering the Indian marketplace, regularly advising the largest multinationals, Indian conglomerates, and private equity players and funds. Pallavi Shroff is well-known for her extensive experience in dispute resolution, and Shardul Shroff is renowned for his expertise as a general corporate lawyer.

The firm’s technology and telecommunications practice climbs up in the ranking this year, due to its recent involvement in several of the most eye-watering tech-related deals. This includes its lead role in the biggest private equity exit ever in the country, the $16 billion Walmart-Flipkart transaction and helping a revolving door of prestigious private equity entities in their Reliance Jio investments.

There were multiple notable movements in the course of the last 12 months. Corporate compliance and anti-corruption specialist Alina Arora joined the firm recently from L&L Partners. Dispute resolution partner Arjun Perikal and corporate partner Jamshed Bhumgara lateralled over from J Sagar Associates. Banking partner Zubin Mehta and projects partner joined from Veritas Legal and Link Legal India Law Offices, respectively. On the departure side, the firm said goodbye to litigation partner Dhruv Dewan who set up his own practice and capital markets partner Kaushik Mukherjee went in-house to Indiabulls Housing Finance. Defence and aerospace partner Anuj Prasad and corporate specialist Varun Sehgal both lateralled over to Cyril Amarchand Mangaldas, while corporate and energy partner Sunando Mukherjee joined HSA Advocates.

Restructuring and insolvency
Work highlights

Acted for Power Finance Corporation and a consortium of lenders in relation to the resolution of debts of Rattan India Power under the Reserve Bank of India’s prudential framework.

Assisted the resolution professional of Alok Industries in managing the insolvency process through its entirety.

Advised the committee of creditors for various insolvencies, including Bhushan Energy and Aditya Estates.

Key clients

Bank of America Merrill Lynch, Deloitte Touche Tohmatsu India

Capital markets
Work highlights

Acted for the lead managers, including Axis Capital, JP Morgan India, Goldman Sachs India Securities, and ICICI Securities, in the $3.5 billion rights issue by Bharti Airtel. This is the largest equity capital markets deal in India to date.

Advised Axis Bank on its $1.74 billion qualified institutions placement (QIP), the second-largest QIP in India ever.

Assisted the lead managers in the $458 million QIP of DLF, the largest one ever by a real estate company in the country. 

Key clients

BNP Paribas, Chalet Hotels, Citigroup Global Markets India, Orienta InfraTrust

Competition/antitrust
Work highlights

Advised Ctrip.com International and led on all competition law aspects of its acquisition of an additional 42% shareholding of MakeMyTrip from Naspers.

Represented Oravel Stays before the competition authority in an abuse of dominance case in the budget hotel sector. Ultimately the competition commission dismissed all allegations against the client.

Key clients

Canada Pension Plan Investment Board, Larsen & Toubro, Saudi Arabian Oil Company, Uber India Systems

Banking and finance
Work highlights

Advised joint structuring advisors, including JP Morgan, Kotak Mahindra and Morgan Stanley, on the allotment of tranche A debentures of $418.5 million in the issuance of rupee-denominated listed, rated, secured, redeemable, non-convertible debentures by Embassy Office Parks REIT. This was the first issue of listed debentures by a REIT registered with the Securities and Exchange Board of India.

Represented State Bank of India and a consortium comprising 18 financial institutions, on the $7 billion loan to finance the acquisition of Essar Steel India by ArcelorMittal and Nippon Steel. The firm also advised the committee of creditors in Essar Steel’s insolvency proceedings.

Key clients

Azure Power, Brookfield, IFC, Mizuho Bank