S&R Associates




S&R Associates has market-leading capital markets, and corporate and M&A practices, a regular choice for selective clients. Its competition, disputes and insolvency practices are growing from strength to strength every year and perform well in their respective categories in our rankings. The firm is not a high-volume outfit but features on big-ticket mandates that require sophisticated lawyering. A highlight matter for the firm was playing a lead role for ArcelorMittal in its precedent-setting joint acquisition of Essar Steel with Nippon Steel, an instruction that required the savvy capabilities of its corporate, disputes and insolvency teams. Capital markets head Sandip Bhagat is highly respected in the market, with a peer acknowledging, (there is) absolutely no comparison, he is simply the best”. Partners Rajat Sethi and Niti Dixit lead the M&A and dispute resolution teams, respectively. The firm recently invested heavily on its banking and finance offering, recruiting a team of five from J Sagar Associates, including financing partners Divyanshu Pandey and Arpita Garg. The top tier capital markets team was also further bolstered with the joining of partner Jitesh Shahani from L&L Partners.  

Client feedback 

Sound technical knowledge of the partners and their team makes things very easy for clients. They nicely hand hold the client to tide over any queries. – Capital markets 

The team ensures legal protection while facilitating business. They have strong negotiation skills backed by analysis of existing agreements and legal framework and they are concise in arguments. – Private equity 

Jabarati Chandra 

JC is extremely well informed about her subject and her availability for the client's issue resolution is par excellence. 

Radhika Iyer 

She has clear articulation of thoughts, a strong knowledge of legal laws, great problem-solving approach, good communication skills and excellent negotiation skills. 

Private equity

Work highlights 

Acting for IRB Infrastructure Developers on receiving investments of up to $5.9 billion by affiliates of Singapore wealth fund GIC for the client’s road platforms. This is the largest transaction in the roads and highways sector in India.  

Advised Bertelsmann Group, as an existing investor in the operator of Indian furniture online marketplace Pepperfry, on a $40.5 million financing round led by Pidilite Industries. Additionally, it advised on the client’s follow-on investment in Lendingkart Technologies as part of a $30 million funding round that involved Fullerton Financial Holdings and India Quotient. 

Represented Gaja Capital Fund II and Gaja Capital India Alternative Investment Fund Trust on its investment in RBL Bank alongside multiple other investors through a proposed preferential allotment.  

Key clients 

Avatar Growth Capital, Manta Ray Ventures, Nepra Resource Management, Spice Money 

Corporate and M&A

Work highlights 

Advised Vodafone Group in the $14.6 billion merger of Indus Towers with Bharti Infratel, creating one of the world’s largest tower companies.  

Acted for Everstone as the seller and promoter of Indostar Capital Finance, which received a $195 million investment from Brookfield Business Partners, alongside its institutional partners. The transaction involved acquisition of a 40% stake in Indostar through a combination of subscription for securities and purchase of shares from the existing promoter and a mandatory tender offer. 

Representing Aeroports de Paris on its investment of $1.45 billion for an aggregate 49% stake in GMR Airports.  

Key clients 

C&S Electric, Embassy REIT, Hindustan Media Ventures, Smart Health City 

Capital markets

Work highlights 

Acted for Embassy Office Parks REIT, the country’s first listed REIT, on its $496 million institutional placementThis is the first institutional placement by a listed real estate investment trust in India. 

Represented the book running lead managers, including Kotak Mahindra Capital, Citigroup Global Markets India, Haitong Securities India and Nomura Financial Advisory and Securities India on Gland Pharma’s $872 million IPO.  

Advised the lead managers Goldman Sachs India Securities, Kotak Mahindra Capital, Morgan Stanley India Company and SBI Capital Markets, on the $1 billion qualified institutional placement of equity shares by Kotak Mahindra Bank.  

Key clients 

Edelweiss Financial Services, IRB Infrastructure Trust, JM Financial, Xiaomi Corporation 


Work highlights 

Advised Vodafone Group on all competition matters relating to the merger of Indus Towers and Bharti Infratel.  

Obtained approval from the CCI for client Groupe ADP on its acquisition of an aggregate 49% stake in GMR Airports.  

Key clients 

ArcelorMittal, Embassy Office Parks REIT, C&S Electric, Eros International, Vodafone Group 

Banking and finance

Work highlights 

Acted for Indospace Core on a green loan facility it received from HSBC pursuant to the refinancing of existing facilities.  

Represented Sitara Solar Energy Private as the borrower of an external commercial borrowing of up to $50 million from the US International Development Finance Corporation to set up a solar power plant in Rajasthan.  

Key clients 

AC Renewables International, IBM India, Indospace Core, Jindal Stainless, JSW Steel, Nationalwest Minster Bank, Pratibha Syntex, Sravanthi Energy