India



asialaw Analysis

Aviation
Hammurabi & Solomon Partners

Hammurabi & Solomon Partners is a respectedestablished firm that offers a range of corporate law advice from M&As and foreign investments, to restructuring and insolvency matters. The firm moves up in the M&A and disputes tables this year and appears in the aviation ranking for the first time thanks to its track record of representing the Airport Economic Regulatory Authority in multiple mattersIts unique public policy and regulatory practice is well-regarded by clients for its government relations initiatives. The firm routinely undertakes research projects in the law, regulation and public policy space, leading to the preparation of white papers, draft legislations, theme discussions, support on emerging laws and regulations, and commissions of enquiry. The firm’s government relations practitioners have an in-depth understanding of the statutory and regulatory framework, and they maintain strong ties with executive agencies. Managing partner and key contact Manoj Kumar is a commercial and regulatory specialist. The firm scored recently with the recruitment of senior partner Devinder Jain, who was the former legal director of McDonald’s India.  


Work highlights 

Engaged by the Airport Economic Regulatory Authority of India (AERA) in a litigation against Delhi Aviation Fuel Facility relating to a challenge on the rules for fuel infrastructure charges fixed by the client.  

Link Legal India Law Services

The market holds Link Legal India Law Services in high regard for its strengths in aviation, construction, energy and infrastructure work. It moves into the Outstanding tier for infrastructure and up one rank for real estate this year.  The firm is a first port-of-call for infrastructure players due to its vast experience in large scale, long-term infrastructure projects, regulator relationships, and ability to go beyond transaction basics into extra layers of service like financing insurance. In February 2020, the firm acquired capital markets boutique ‘JPS Legal’ to shore up its capital markets offering. Atul Sharma and Nusrat Hassan are key partners for energy and infrastructure, and corporate and M&A, respectively The firm experienced a rotation of numerous senior lawyers, notably the joining of 10 partners and associate partners, and the departure of four. For example, corporate specialist Namita Das joined from Shardul Amarchand Mangaldas & Co and disputes partner Bhalchandra Palav lateralled over from Cyril Amarchand MangaldasCorporate partners Gaurav Sahay and Ketan Mukhija joined from HSA Advocates and P&A Law Offices, respectively. Projects partner Dinesh Pardasani left for DSK Legal, while corporate partner Venkat Satyanarayana departed for Algo Legal.  

Client feedback 

It has a good team of lawyers and is good value for money.” – Banking and finance 

The team is very positive, professional and proactive. They are well-experienced in infrastructure contracts, taxation, compliance, finance management, contract management, disputes and litigation. – Construction 

They have deep insight about relevant laws. They do good groundwork for written pleadings and have an effective presentation of arguments. – Dispute resolution 

Dinesh Pardasani 

Good understanding of relevant laws. Always accessible. Has a good grasp of the larger picture in the dispute. 

Nidhi Pathania 

She has good experience in project finance especially road projects and personally gets involved in the deal. 

 Anand Srivastava 

Extremely positive, hardworking and on time service. He takes complete ownership till the deal or assignment reaches its conclusion. 


Work highlights 

Advising Navi Mumbai International Airport on entering into a concession agreement with The City and Industrial Development Corporation of Maharashtra for the exclusive right and authority to develop a new airport at Navi Mumbai under PPP on a design, build, finance, operate and transfer basis. 

Advising Spicejet in ascertaining its losses and making it claims against Boeing as a result of the global grounding of the 737 MAX Aircraft. 

Key clients 

Delhi Aviation Fuel Facility Private, GMR Hyderabad International Airport, Kalyan Jewellers 

PDS Legal

PDS Legal is a boutique law firm with strengths in corporate and M&A and private equity. Managing partner Probal Bhaduri helms the team alongside partners Vihang Virkar and Chetan Nagendra. Since the latter joined last year, the firm has experienced an uptick in private equity-related instructions and has been active in advising start-up companies that are seeking private equity or venture capital investors.  

Client feedback 

Very thorough in their review of the lease agreements, polite but firm negotiations with other parties, and had a full understanding of the commercial aspects of aircraft lease agreements. – Aviation 

Vihang Virkar 

He is knowledgeable, easy to approach and a good negotiator. He highlights potential risk areas and consequences, enabling easy decision making on our part. 


Work highlights 

Advised Go Air on its lease of two Airbus aircrafts from Alafco Irish Aircraft Leasing Two 

Represented Babcock & Brown Air Funding I Limited on claims against Kingfisher Airlines and United Breweries Holdings. 

Acted for Go Air on its financing by China Construction Bank for the leasing of four Airbus aircrafts.  

Key clients 

DVB Bank, Natixis Transport Finance  

Banking and finance
Argus Partners

Argus Partners has been doing well in the rankings on the back of its impressive client rosters and strong deal flows. It moves up in dispute resolution and has received consistent market acknowledgement of its strength in the restructuring and insolvency arena. The firm’s core practices cover banking and finance, corporate and M&A, dispute resolution, and restructuring and insolvency. On the corporate and M&A side, the firm regularly advises blue-chip clients on governance, structuring and compliance issues. A new office was opened recently in Ahmedabad to complement its existing offices in Mumbai, Delhi, Bengaluru, and Kolkata. Krishnava Dutt, the firm’s managing partner, specialises in banking and finance, corporate and M&A and restructuring and insolvency. The firm welcomed corporate partner and ex-Cyril Amarchand Mangaldas lawyer Suchita Ambadipudi from her own, independent practice, and dispute resolution partner Udit Mendiratta from Shardul Amarchand Mangaldas & Co. Finance partner R Vedasagar retired from the firm in April 2020.  


Work highlights 

Advised Union Bank of India on funding a solar park power project in Maharashtra. 

Acted for Home First Finance Company India on its issuance of secured, redeemable non-convertible debentures 

Represented ICICI Bank on funding a solar power project in Tamil Nadu 

Advised the State Bank of India on funding construction of a warehousing and industrial park in Haryana. 

Atlas Law Partners

Atlas Law Partners maintains a strong showing in our banking and finance, corporate and M&A, real estate and private equity rankings. The firm won numerous mandates last years despite the pandemic impact, acting on 15 debt-related transactions. In the private equity space, the team is particularly specialised in handling start-up investments on behalf of both funds as well as target companies. Co-founders and senior partners Harry Chawla and Niti Paul are key contacts.  


Work highlights 

Advised M3M India private in raising $78 million debt funding. This was one of the largest debt funding in the real estate sector in India during the pandemic. 

Acted for Kunshan Q Tech Microelectronics on its external commercial borrowings.  

AZB & Partners

AZB & Partners is renowned as one of the top full-service law firms in India with leading practices across every category, including banking, capital markets, corporate and M&A, and private equity. This year, the firm ascends in the rankings for competition, dispute resolution, investment funds, and technology and telecommunications. The firm’s sterling reputation for M&A and private equity makes it a first port of call for heavyweight international and domestic clients hoping to secure its services for big-ticket deals. For example, this year the firm has represented Reliance Jio on its string of investments from a myriad of offshore private equity players, totalling a whopping $15.7 billion at the time of publishing. The firm comprises over 90 partners across six pan-India locations. Founding partners Zia Mody, Ajay Bahl and Bahram Vakil are legends in the market for their corporate and finance specialties.  

Last year the firm welcomed finance partner Gautam Ganjawala from Wadia Gandhy. It bid farewell to several partners, including senior partner Madhuria Mukherjee and Richa Choudhary, who left for J Sagar Associates and Trilegal, respectively. M&A specialist Anu Tiwari and investment funds expert Vivaik Sharma lateralled over to Cyril Amarchand Mangaldas, while dispute resolution specialist Anoj Menon departed for Desai DiwanjiTax partner Akansha Aggarwal left for Vedanata Resources.  

Client feedback 

They are very good at insolvency, equally good at corporate advice, tax, and insurance advisory. They are extremely effective at litigation. – Banking and finance 

Good knowledge and timely response. – Corporate and M&A 

There is easy access to senior-most members and the Firm doesn't relent just to please the client. It provides a practical outlook with an appropriate focus on the risks. – Corporate and M&A 

The team is extremely collaborative and thoughtful. They've taken the time to really get to know our business model and to walk us through the complexities of setting up a subsidiary in India. They have gone above and beyond to help us problem solve and have consistently demonstrated the highest standards of integrity and professionalism. – Corporate and M&A 

The team has good skills sets as they handle multiple sector clients including multinational clients. – Corporate and M&A 

Very precise and pragmatic advice. Easily accessible partners and team members. Very friendly yet professional approach. – Labour and employment  

They are able to respond quickly. I find them reliable in that sense. They are accessible, come back fast. I appreciate their speedreliability and accessibility. – Technology and telecommunications 

Rachit Bahl 

Rachit has been the lead partner on our engagement. He's been an enormously thoughtful and effective advisor, who always takes the time to understand our specific needs and make sure they are addressed. His associate Shagun Badhwar provides much of our day-to-day counsel and has also been exceptionally helpful. They are always available, and always providing first-rate advice and service. 

Veena Gopalakrishnan 

Great knowledge and a pragmatic lawyer. 

Gautam Saha 

Brilliant lawyer with a positive attitude and solution-seeking approach.  Good knowledge and experience. 

Priyamvada Shenoy 

Practical and candid. Mindful of our appetite for risk and advises accordingly. Not unnecessarily aggressive and knows how to get the deal done. 

Abhyudai Singh 

Very prompt in response. 

Suharsh Sinha 

Competent, effective, soft spoken but clear. A great negotiator. 


Work highlights 

Advised Export Development Canada, as the lender, in relation to a $95 million external commercial borrowing provided to Azure Power India 

Acted for Asia Development Bank in relation to its subscription of unlisted, non-convertible debentures issued by Northern Arc Capital 

Represented Qatar Holdings as security provider in relation to its shares held in Adani Electricity Mumbai 

Key clients 

Brookfield Asset Management, HDFC, IFC, Larsen & Toubro, Tata Motors 

Bharucha & Partners

Bharucha & Partners is an established full-service firm that handles complex, high-level matters. The firm has a stellar reputation in the market for its disputes work, with partners MP Bharucha and DP Singh lauded by peers. This year it ascends into the Highly Recommended tier in our dispute resolution table. Key partners of the transactions practice group are Alka Bharucha, Justin Bharucha and Vandana Pai.  Last year, disputes specialist Shreya Sircar joined from Shardul Amarchand Mangaldas & Co 


Work highlights 

Advising the State Bank of India, Bank of Maharashtra, and the Maharashtra State Electricity Distribution Company (MSEDCL) on the extension of rupee term loan facilities by the banks to MSEDCL. 

Representing Edelweiss Group’s E Cap on the issue of their non-convertible debentures to multiple entities. 

Acting for new lender NIIF Infrastructure Finance in acquiring facilities extended to Amplus Power by original lender, HDFC Bank and Tata Cleantech Capital. 

Advising the State Bank of India on the extension of a rupee term loan facility to Aseem Infrastructure Finance Solutions 

Key clients 

GSFT, Kotak, Macquarie Group, Tala

Bombay Law Chambers

One year old startup firm Bombay Law Chambers is steadily growing. It executed no less than 57 deals in its core areas of banking and finance, corporate and M&A, and private equity. The firm has offices in Mumbai and Bangalore and is expanding into New Delhi. The main partners are Karan Kalra and Dipanshu Singhal. 


Work highlights 

Advised ResponsAbility Fund on advancing a structured debt facility to Conord Enviro FZE, a Dubai subsidiary of Concord Enviro Systems 

Acted for Rajdarbar Nine Ventures on its borrowing of $17 million structured debt from IIFL.  

Represented Bulk MRO Industrial Supply on its borrowing of a $3.85 million venture debt loan from Stride Ventures.  

Key clients 

Alteria Capital, Innoven Capital  

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.  


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 

DSK Legal

Full service firm DSK Legal debuts for aviation and moves up in the infrastructure, real estate and private equity categories this year. Under the guidance of top flight real estate partner Sajit Suvarna, the firm’s real estate offering is regarded as one of the strongest in Mumbai. With an added capacity on the corporate side from its additions last year, the firm posted a strong showing by closing over 50 sizable M&A deals. The firm’s specialised media and entertainment department is well-received by the market. It boasts many A-list Bollywood film stars as clients, along with local and international media houses and platforms like Disney and Star India. Key contact and managing partner Anand Desai is a venerable figure in the legal industry for banking and finance, corporate and M&A, disputes, and media and entertainment. Deputy managing partner Suvarna is a banking and real estate specialist. Projects specialist Dinesh Pardasani joined from Link Legal, while disputes partners Ravi Prakash and Nana Kishore left to start their own independent counsel practice  

Client feedback 

Excellent response time and attention to client needs. – Banking and finance 

Experts in the area, knowledgeable of the market and reliable. – Corporate and M&A 

Good knowledge base about arbitration acts and have a proper transfer of knowledge and information. – Dispute resolution 

Meticulous and strategic in approach. Deep understanding of the legal issues and are aware of commercial realities. – Real estate 

The team is professional and knows the subject on which they opine. – Regulatory 

Timely Response, effective, result-oriented approach, and provides rational legal opinions. –  

They were supportive and prompt with their work. – Restructuring and insolvency 

Anjan Dasgupta 

Professionally assisted in an MRO-related contract. He knew the relevant laws and was up to speed. 

 

He is responsive, explains laws clearly and can translate the law to fit practical situations. 

Aninda Pal 

Very good lawyer, reliable and knowledgeable. 

Jatin Pore 

Intelligent, hardworking and has a willingness to listen and adapt. 

Ajay Shaw 

Prompt and Responsive. 

Sajit Suvarna  

Most knowledgeable person in real estate legal matters. He is easy to reach and has ample clarity of thoughts on risk and risk mitigation. 

Sajit is the best lawyer I have ever met for real estate.” 

Nilesh Tated 

Excellent approach to subject, and logical thinking for problem solving and providing solutions. 


Work highlights 

Advised Arka Fincap in relation to providing financing to Hero Solar Energy Private Limited, a Hero Group entity 

Acted for Aditya Birla Finance on its provision of a term loan that is to be used to fund the acquisition of more than 92% of Biochemical and Synthetic Products. 

Assisted LIC Housing Finance in relation to providing financing to IIFL Home Finance 

Key clients 

IndusInd Bank, NIF Infrastructure Finance, OmniActive Health Technologies, SBI Life Insurance, The Chatterjee Group 

Economic Laws Practice

As one of the top law firms in India, Economic Laws Practice is highly ranked across the banking and finance, capital markets, competition/antitrust, dispute resolution, regulatory and tax practices. This year it moves up in the real estate ranking. The firm’s renowned tax group is acknowledged by peers as a market leaderFirm managing partner and main contact Suhail Nathani is often a lead partner in competition cases, as well as on private equity and M&A deals. Four corporate and private equity focused partners left the firm to establish their own start upDarshan Upadhyay, Bhavin Gada, Shyam Pandya and Amit Manubarwala. Another corporate partner, Tushar Ajinkya, left to start his own firm, while M&A expert Amruta Kelkar lateralled over to Shardul Amarchand Mangaldas & Co. The tax team expanded with the hiring of Saumil Shah as a new tax director and Mitesh Chauhan as an associate tax director. 

Client feedback 

Great team, very approachable and practical in advising. Good at closing the deal quickly. – Corporate and M&A 

I appreciate the team’s commercial awareness, practical guidance and great grasp of our business. – Tax 

Rohit Jain 

Excellent delivery of service, technically very good and has great knowledge of our industry. 

Aakansha Joshi 

He is open in communications and clear in feedback. He understands issues very quickly. He has maturity in negotiating and resolving with the counterparty. 

 


Work highlights 

Assisted Arka Fincap and SBM Bank as lenders to Signature Global India and Sternal Buildcon 

Advised DBS Bank on its loan to Whispering Heights Real Estate Private.  

Acted for Bank of Baroda on its loan facility to Polycab India.  

Key clients 

Avendus Finance, IndusInd Bank 

Gravitas Legal

Founded in 2015, Gravitas Legal offers bespoke, quality representation on projects, investments, M&A, disputes, and real estate matters. Last year, the firm expanded its reach into the insolvency, securities and white-collar crimes spaces. With offices in Delhi and Mumbai, the firm made strategic hires recently to boost specific practice areas, such as alternative dispute resolution. Interestingly, the firm demonstrated niche experience advising private equity funds and working on pure fund structuring mandates. In addition to regular project finance and corporate finance documentation, the firm excels in novel and atypical transactions around the 5/25 flexible structuring scheme and SDR. Gravitas is empanelled with several banks and financial institutions including PTC India Financial Services, HDFC Bank, State Bank of India and L&T Infra Finance. Banking and insolvency partner Tanuj Sud is key contact at the firm.  


Work highlights 

Acted as lender’s counsel to the State Bank of India in relation to its financing of Lalitpur Power Generation Company 

Represented REC on its provision of facilities to Athena Bhiwadi Solar Power, Athena Hisar Solar Power and Athena Karnal Solar Power, three SPCs that have developed and operated solar power projects throughout India.

Key clients 

AGR Steel Strips,HDFC Bank, L&T Infra Finance, State Bank of India

Hitesh Sanghvi Law Offices

Boutique law firm Hitesh Sanghvi Law Offices was founded in 2010 and is based in Mumbai. It is active in the banking and finance, general corporate and construction areas, but stands out for its dispute resolution practice. Its major clients include businesses from a range of sectors, including industrials, electrical equipment, healthcare, medical equipmentfinancial services, and regulatory bodies. Key contact and eponymous partner Hitesh Sanghvi counts the Reserve Bank of India as a loyal client for regulatory issues and he has rendered honorary advisory services to the World Bank Group on domestic law.  


Work highlights 

Acted for German export credit agency Euler Hermes on two distinct cross-border loan restructurings

HSA Advocates

HSA Advocates has a commanding reputation in the market as a preferred firm for energy, construction and infrastructure work. This year the firm vaunts into the top tier infrastructure, complementing its outstanding status in energy and construction. Sophisticated clients know this is the firm for complex, multi-party, long-term infrastructure projects, as it has decades of experience working with all stakeholders from the beginning to the end of a project life cycle. The firm provides a complete suite of solutions for development, financing, transactions, restructuring and dispute resolution support. The firm is routinely found advising on power, road, port, airport, oil, gas, clean energy and special economic zone projects. Founding partner and projects legend Hemant Sahai is key contact.  


Work highlights 

Advised HDFC Bank, NIIF Infrastructure Finance and India Infradebt on their financing of a power project.  

Acting for PTC India Financial Services in respect of a working capital facility granted to Welspun Enterprises. 

Assisting Rural Electrification Corporation in relation to settlement of outstanding debt of Rattanindia Power 

Key clients 

Axis Bank, Kotak Mahindra Bank, L&T Infrastructure FinancePolycab India, Power Finance Corporation 

India Law Offices

India Law Offices is a full-service law firm that was founded in 2003. Headquartered in New Delhi, the firm is present across Mumbai, Bengaluru, Chennai, Hyderabad, Kolkata, Goa, and Pune. It has deep experience in a variety of industry sectors, including aviation, automobile, healthcare, IT, real estate, food and beverage, banking, energy, infrastructure, insurance, media and telecommunications. Recent additions bolstering the firm’s capacity include two senior partners, bankruptcy and corporate expert Sanjeev Ahuja and maritime specialist Captain Pankaj Kapoor. Corporate specialist and managing partner Gautam Khurana is the main contact at the firm.  


Work highlights 

Acted for Trench Shoring Rental on its fundraising from the Reserve Bank of India.  

Advised GenX Fabric in a cross-border financing from a Thai financial institution.  

IndusLaw

IndusLaw debuts in the capital markets table as an Outstanding firm this year on its growing prominence in the ECM sphere under the leadership of star partner Manan LahotyThe firm also moves up for restructuring and insolvency. The firm is rapidly earning a place among the top echelons of the country’s most prestigious law firms thanks to its relatively speedy growth and sizeIn particular, the firm takes pride in its growing prominence among sophisticated clients for its private equity and TMT work. It specialises in working with investors across the full funding lifecycle and on a variety of funds including sector-specific ones such as technology, life sciences, e-commerce, retail and infrastructure.  

There were several noteworthy inflows and outflows of talent this year.Labour specialist Manishi Pathak left to start up his own firm, as did the heads of its competition practice, Rahul Goel and Anu Monga. The corporate team was bolstered with the recruitment of partners Dissharth Manchanda from Algo Legal and Pratyush Khurana form Link Legal India Law Services. Tax specialist Shashi Methews joined from PDS Legal, while tax director Ritesh Kumar joined from Ernst & Young. The disputes team welcomed partners Mayank Mishra and Shabbeer Ahmed from JSA and Kochhar & Co, respectively. Media and entertainment specialist Tanu Banerjee left for Khaitan & Co. Real estate partner Praveen Kumar Thodupunuri lateralled over from Tatva Legal, while the firm bid adieu to real estate specialist Karthik BM who left for J Sagar Associates 

Client feedback 

They are professional and have the systems and demeanour of a well-developed and experienced law firm.  They are quick to respond and affable. – Banking and finance 

IndusLaw provides timely, commercially viable and cost-effective advice for all our matters. – Banking and finance 

I appreciate their attentiveness, quality of advice, commerciality and availability. – Banking and finance 

Their client-centric, solution-oriented approach and thoroughness are some of the positive attributes. And what is really impressive is how these attributes are found consistently right from the Senior Partner to the Associate working on the transaction. This is a true example of a strong client- focused culture. – Capital markets 

Overall, their preparation and presentation were good and excellent. Their in-depth knowledge on arbitration matters and evidence was comforting. – Construction 

Very business savvy, client-centric, and detail-oriented. – Corporate and M&A 

Detail-oriented and has a good understanding of M&A in the tech start-up space. Partners are very approachable and spend the required amount of time on transactions. – Corporate and M&A 

The team was very well-prepared and diligent. Despite the pandemic situation, they made sure speed and the quality of work was not impacted. They proactively guided us to substantially improve the company and founders' position. – Corporate and M&A 

There is extensive partner involvement ensuring quality service. – Corporate and M&A 

Responsive, commercial-minded and flexible on fee arrangements. – Corporate and M&A 

Proactive, excellent quality of services and very capable team members. – Corporate and M&A 

IndusLaw has advised on multiple investments in start-ups and have a deeper understanding of the start-up ecosystem, which gives them an edge in handling venture capital investments, including issues and challenges that we face. – Corporate and M&A 

It provides great opportunities to its colleagues with no age bars of any sort. I have seen very young professionals become partners in this firm. – Corporate and M&A 

Approachable, quick turnaround and practical approach to issues. – Corporate and M&A 

Effective response time and relevant expertise. It is a one-stop shop having a huge access to relevant and critical legal expertise. Best of all, the firm is cost-effective. – Dispute resolution 

“The team is very agile, has a good talent pool and very competent dispute resolution partners. They have a reasonable rate card. – Dispute resolution 

I met Suneeth Katarkithe founding and senior partner of Induslaw, a few years ago and Induslaw has never aggressively pushed their services to my company. But they have kept in touch through emails from time to time and through visits to our offices. I like their friendly and approachable ways and their long-term approach to building a relationship with us. What impressed me a lot was their knowledge in the area of "anti-arbitration" suits for which I approached them for advice. They gave me a lot of confidence that I could use them as our preferred Indian law firm of choice when it came to dispute resolution in India. Their network of offices in the major Indian cities also gave me the confidence that they could support us in cities that we are likely to need legal help. – Dispute resolution 

The team is responsive, understands the sector and our concerns. It is able to provide solutions when negotiations get stuck. It takes ownership to close the documents. – Energy 

Partners are always available, have high knowledge in the market and a qualified team.” – Energy 

Timeliness, efficiency and updated on the law. – Infrastructure 

They are very responsive, adhere to timelines and have clarity in communications. The team has field expertise and truly partner with us to come to the right decisions. – Intellectual property 

The advice is well-researched and succinct. – Labour and employment 

Partnership with us was excellent.  They advised us from the outset and made the complex very simple.  They are also really great to work with.  They provided a team to support us in every step. – Labour and employment 

All the lawyers especially, Mr. Lomesh Nidumuri were extremely helpful to me in the best possible way. I have worked with many lawyers and law firms before but the lawyers at this firm were the best. They understand law better than any of the others and were very good at every step of my case. – Media and entertainment 

The team which was working on our transaction was very thorough on the data privacy conceptlegal and practical, and helped us a lot in negotiating and closing the transaction with the counterparty. Positive attributes are their acumen, professionalism, and they are result- oriented. – Privacy and data protection 

The lawyers have a deep understanding of local laws and regulations but also practical norms in the industry to be practical enough. They are great at thinking like a deal principal and helping figure out a middle ground that moves the deal forward than endless pontificate academically. There is collaborative relationship management that emphasises problem solving and stakeholder management with varying interests. – Private equity 

Our partner Winnie and her team are highly dedicated and committed on the timelines. Very much focused on problem solving. – Private equity 

Very practical and humble team. They guide us well on implications and suggested solutions. – Private equity 

Sowmya Adama 

She managed the project really well, kept us all informed and came up with solutions. 

Sabrine Afroze 

Availability and knowledge was good. 

Avik Biswas 

Excellent support. 

Anindita Ganguly 

Responsive, affable, switched on, articulate and knowledgeable. 

Anindya Gosh 

Anindya thinks like a deal principal. In the past, I used to waste so much time and energy trying to decipher the law firm partner and their interests, and then problem solve it. Anindya is unique in the sense that he thinks through the problem, comes up with potential solutions, informs me, takes my advice, and goes to negotiate with the other parties, and then brings to a resolution or loops me in. This frees up a lot of my bandwidth and energy to focus on other deals or factors related to the investment.   He has also been great in giving me a heads-up on costs and propose solutions to keep cost overruns low. This is why he is my preferred lawyer in the country. 

Manish Gupta 

Manish is very observant and thinks two steps ahead of the situation. He works like our company's general counsel for all practical purposes. 

He is a good listener, understands commercial realities and gives practical solutions. 

Practical and solutions-oriented. He is very experienced in this space, and is humble and approachable. 

Manish is a standout partner of IndusLaw who is fast, efficient and thorough with good technical command. 

Mansi Jhaveri 

Very approachable with a problem-solving approach while ensuring risk management. Very client centric. 

Padmaja Kaul 

Solution provider, agile, responsive, and has good subject matter and legal knowledge. 

Arun Kumar 

He is approachable and responsive, has excellent client servicing, extensive industry knowledge and he has the ability to solve deadlocks. 

He is updated in the law and understands business. 

Saurav Kumar 

Very knowledgeable and thorough. Pragmatic in resolving stalemates with opposing counsel. Very accessible and responsive. 

Approachable and gives required time to the engagement. 

Responsive and attentive, and managing client's expectations well. 

He is always available and is commercial-minded. 

He is an extremely proactive, excellent lawyer with a focus on corporate and M&A. He is personally fun to work with! 

Communication and attentiveness are excellent. 

Sowmya Kumar 

Sowmya does a good job in the advice that she provides. 

Abhiroop Lahiri 

He is client-centric, solution-oriented with innovative solutions, and has a strong understanding of our business and industry. 

Mayank Mishra 

We appreciate his overall ability to understand the matter and understand the client’s requirement. 

Avirup Nag 

We appreciate his availability and knowledge. 

Lomesh Nidumuri 

Mr. Lomesh Nidumuri understands the law very well and is exceptional in his line of work. 

He is responsive, has litigation management expertise and is great at client management. 

Winnie Shekhar 

Winnie is a highly energetic and dedicated professional. She has many clients who are working with her for more than 10 years. She is a problem-solving person and helps clients to complete the deal fast with her knowledge of the domain. She is well-equipped with the necessary compliances and laws of the land. In the end, she is accommodating and shares excellent interpersonal skills with external and internal members. 

Winnie is extremely hard-working and is easy to reach. Her experience having worked with numerous start-ups helps provide practical solutions. She is also very solutions- driven which is quite helpful in transactions. 

Aditi Verma 

Always available and has a clear explanation for all things.” 

Anand Verma 

Anand is a solution-oriented lawyer and focusses on client needs by offering innovative legal solutions. He is very well-versed with market updates and know-how. For us, he is a go-to person at IndusLaw. 

Namita Viswanath 

We highly recommend Ms. Namita. She is truly professional and results oriented. Our company is at ease knowing she and her team have our back! 

Harman Walia 

He is very sharp, has in depth knowledge of subject matter, is very professional, soft-spoken, punctual, respectful, passionate towards his work and proactive. 


Work highlights 

Advised IndusInd Bank’s part financing of $77 million to JSW Cement FZE, UAE (fully owned subsidiary of JSW Cement) for the establishment of a clinker plant 

Represented Engie Solar and Electro Solaire Private as the borrower in the receipt of funds from the Asia Development Bank and Société Générale for the establishment of a grid-connected solar project in Gujarat.  

Key clients 

AgritradeECL Finance, India Equity Partners, Silver Point Capital 

J Sagar Associates

J Sagar Associates keeps steadfast in the ‘Outstanding’ ranking for energy, infrastructure, technology and telecommunications, banking and finance, and constructionIts regulatory practice is well-regarded due to the firm’s strong credentials with telecoms, energy and infrastructure authorities and also rises up into the Outstanding tier this year. It moves up also in aviation and banking and financial servicesFinance partners Divyanshu Pandey and Arpita Garg left for S&R Associates. Its capital markets team enjoyed a power surge with the joining of finance-related specialists form AZB & Partners, Madhurima Mukherjee and Niruphama Ramakrishnan. Corporate team welcomed partners Apurva Jayant and Rajeev Reddy, who join from L&L Partners and Tava Legal respectively. TMT expert Asim Abbas left for L&L Partners, while Mansoor Ali Shoket left to establish his own chambers, RegLaw Chambers. Banking partner Pratish Kumar joined from Juris Corp in July, 2021. 

Client feedback 

The partner and staff are very knowledgeable on the subject matters and helped craft a very good strategy for both my matters. The partners are very accessible. – Dispute resolution 

Ananya Kumar 

Strong domain knowledge and very accessible. 

Pratish Kumar

“He is accessible, responsive, has thorough professional knowledge and adheres to timelines.”


Work highlights 

Advised Kotak Mahindra Bank as the arranger in relation to the issuance of redeemable, senior, secured, rated and listed market-linked non-convertible debentures by Embassy Property Development 

Acted for Propartco in connection with an external commercial borrowing facility aggregating up to $70 million to Shriram Transport Finance Company, secured by specific loan book receivables of the borrower. 

Represented Citibank and Japan International Cooperation Agency as lenders to a foreign currency external commercial borrowing facility to PNB Housing Finance.  

Key clients 

DBS Bank, Dilip BuildconHDFC Bank, John Deere Financial India 

Jerome Merchant + Partners

Jerome Merchant + Partners offers a full range of corporate law services, including banking and finance, and corporate and M&A. Its private equity practice is notably robust, having been active last year in multiple matters for private equity investors and target companies at all stages of their investment cycles. It has grown its presence for these clients in the financial services, media, technology, healthcare and consumer goods spaces. In the M&A space, the firm has deep experience in the automotive and real estate sectors. Partners Sameer Sibal and Vishnu Jerome lead on key deals, while disputes partner Murtaza Somjee handles litigation and arbitration cases. The firm invested in the growth of its disputes team with the hiring of international arbitration specialist Palash Gupta and disputes partner Rhia Marshall from Collyer Law Singapore and Economic Laws Practice respectively. Of counsel Yashvardhan Roy was also recruited form his own independent practice.  

Client feedback 

Thorough and great partner attention. – Corporate and M&A 

Practical advice besides legal advice. The partner is always available and hands-on, always meets the deadlines. – Real estate 

Vishnu Jerome 

Depth of knowledge, has the ability to leverage his vast experience quickly. 

Kalpana Merchant 

Always available with the best legal and practical advice.  Always a dealmaker and works well with counterparties and opposite lawyers. 


Work highlights 

Advised Tata Motors on its working capital facilities from a consortium of over 20 banks. 

Acting for OPG Power Generation on its issuance of listed, structured and market-linked securities 

Engaged by Kotak Mahindra Bank for its subscription of listed bonds issued by Pune Solapur Expressways 

Key clients 

Crestline Direct Finance, JM Financial Yield Enhancer, ING Bank, MUFG Bank

Juris Corp

Full-service firm Juris Corp excels in banking and finance, and capital markets. It features a robust trade and commodity finance practice, a rarity in the market, and is well-regarded for its debt issuance offering. The firm ascends one tier for real estate and banking and financial services this year. Senior partner Jayesh H is known for his diverse expertise in banking and finance, capital markets, corporate and M&A, private equity, and restructuring and insolvency. The firm has offices located in Mumbai, Delhi and Bangalore.

Client feedback 

Appreciate their subject knowledgeability to turn around within agreed timelines and transparency in dealings. – Banking and finance 

They are very responsive and detail oriented. They keep their client's interests in mind all the time. We've used them in the past as well and have been very satisfied with their representation. – Banking and finance 

Speedyflexible, practical, and proactive advice. – Corporate and M&A 

The team is very professional, adheres to timelines, has excellent reach out and is proficient.  Energy 

They have a deep understanding of the RBI Regulatory environment. They are timely and user-friendly in their delivery of solutions. – Regulatory 

Arunabh Choudhary 

Arunabh has a deep understanding of the fintech, RBI and financial services markets and regulatory environment in India. As an equity partnerhe is of the youngest and the best lawyers in this domain. 

Jayesh H

He has a clear thought process and expertise in this chosen area of legal practice. He has well-articulated decisions and guidance. He goes beyond the legal tenets and provides a view from equity and good governance. 

Dhruv Malik 

Receptive, research-oriented and willing to call the shots. 

Saurabh Sharma 

He has cleardirect communications, good understanding of law, business friendly approach, quick turnaround times and provides quality service. 

have found Saurabh to be very focussed on details and is extremely client focussed. We've used him for banking and real estate-related work and found him to be knowledgeable in his segment. 


Work highlights 

Advised the lenders on their InvIT-backed funding to Jio Digital Fibre.  

Represented 15 banks led by State Bank of India on their funding to Larsen & ToubroA part of the facilities shall be secured by way of hypothecation on all the current assets of the borrower, both present and future. 

Acted for all the lenders on one of the biggest infrastructure financings involving a InvIT to Summit Digitel Infrastructure Private 

Key clients 

Axis Bank, Bank of IndiaRabobank, Standard Chartered Bank 

Khaitan & Co

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 JunjhunwalaBanking partner Siddharth Srivastava joined from Link Legal, Energy and infrastructure expert Akshay Malhotra joined from HSA Advocates, while Shruti Singh departed from the firm in March, 2021The disputes team welcomed partner Arva Merchant from his own independent practice and said goodbye to partners Nawneet Vibhav and Ratnesh Rai. Tax Group was bolstered by the hiring of partners Sudipta Bhattacharjee from Advaita Legal and Udayan Choksi from VoxLaw India. The TMT team scored with the recruitment of specialist Tanu Banerjee from IndusLaw

Client feedback 

Prompt response and well-allocated team to meet deal requirements. They also have great industry knowledge.  Banking and finance 

The lawyers have in-depth knowledgeThere are specialised lawyers with expertise on different areas of law. – Banking and finance 

Very professional and prompt. – Banking and finance 

Domain expertise, sound knowledge, experience and proactive communications. – Banking and finance 

Extremely professional and knowledgeable of various capital markets-related laws and regulations. – Capital markets 

The law firm helps in overall legal strategy for the dispute, which includes settlement, arbitration, court of law, etc. Its response time is quick and the team is business-friendly. – Dispute resolution 

 Kingshuk Banerjee 

Appreciate his overall legal strategy, his support on legal recourse and friendly behaviour. 

Sudhir Bassi 

Very knowledgeable and approachable. Has a solution-oriented approach. 

Cori Lable 

Our go-to person for compliance related matters in the region. She is a problem-solver and has a phenomenal understanding on the Indian legal landscape. 

Manisha Shroff 

Very client-oriented and has great domain knowledge. 

Kumar Saurabh Singh 

Sound knowledge, judgement, attitude, experience and behaviour. 

Siddharth Srivastava 

He has in-depth knowledge of the IBC and project finance. He provides practical and innovative solutions to legal problems. He gets personally involved in the deals. 

Very knowledgeable, hands on and solution-oriented. His turnaround time is superb and he is an excellent lawyer in the banking and finance, and restructuring and insolvency space.”

 


Work highlights 

Advised for Reliance group in respect of its investment in the Fibre Trust by Abu Dhabi Investment Authority and Public Investment Fund of Saudi Arabia 

Represented Cisco System and its Indian subsidiary Cisco Commerce India in relation to establishing a master receivables financing program in India with Deutsche Bank backed by credit support from various Cisco entities 

Key clients 

Bank of America, Brookfield Asset Management, Citibank, Credit Suisse, First Abu Dhabi Bank, HSBC, ING Bank, JP Morgan Chase, South Indian Bank, State Bank of India, Yes Bank 

Kochhar & Co

Kochhar & Co has a pan-India presence and excels in a multitude of practice areas, from dispute resolution to real estate. Its technology and telecommunications practice is lauded as one of the best in the country. Stephen Matthias is a leading technology lawyer who heads the firm’s first-rate team. Managing partner and litigation specialist, Rohit Kochhar is the main contact.


Work highlights

Acted for IndusInd Bank in a deal involving a $50 million bilateral working capital facility to a gems and jewellery business.

Advised multiple domestic banks where one of the banks, ICICI Bank intends to take over the existing facilities from Aditya Birla Finance.

Represented the State Bank of India in relation to the recovery of funds from a large healthcare organisation, NMC Healthcare.

Key clients

Aditya Birla Finance, Canara Bank, ICICI Bank, Punjab National Bank, Sterlite Group

Krishnamurthy & Co

Mid-sized firm Krishnamurthy & Co offers full corporate and commercial transactional services. It is best known for its intellectual property practice. The firm boasts a roster of elite clients. Banking partners Pradeep Ratnam and Parul Verma left the firm recently. Senior partner Nikhil Krishnamurthy chairs the intellectual property department and he is a key contact.

Client feedback 

Prompt response, quality documentation and very responsive to client needs. – Banking and finance 

The firm is well-equipped with all the knowledge of merger and acquisitions and it is a good solution provider. They also assisted us in structuring the transaction as well as in pre-closing and post-closing activities. They have a good, resourceful team to handle any acquisitions-related project. – Corporate & M&A 

Very customer centric, really adapts to client needs, and always looking for practical solutions to our problems. Excellent fee management, able to give visibility on cost and to stick to a budget. -Corporate & M&A 

It provides deep Knowledge, energised involvement, quick responses and succinct responses. – Dispute resolution 

Recently, we had a situation in which a third party was demanding that we give a grant  consent to use a name that overlaps with our registered trademark.  This third party was very aggressive, and I did not know how to deal with them.  K-Law stepped in and saved the day for us. – Intellectual property 

Good value for money, efficient and professional. – Intellectual property 

Good communications, good in understanding the subject, and does lot of research for in-depth knowledge. – Private equity 

Naina Krishnamurthy 

Responsive to client requirements, prompt in response times, manages the firm well, and ensures quality output. 

She is highly professional and her interpersonal relationships with clients is excellent. There is a high quality of work delivered in a timely manner. It is value for money. 

Brilliant, accessible and a clear communicator. 

Nikhil Krishnamurthy 

Nikhil knows India well, and he has very creative solutions to problems. His attitude is: there are no problems, only solutions. Although Nikhil's colleague does our patent work, I consider Nikhil my primary interface. 

Rukmini Roychowdhury 

She has an In-depth knowledge of law, good experience in handling acquisition-related projects and advising on banking and finance related legal matters. She is also good at deal structuring. 

Kinat Sisodia 

Good Listener and problem solver. 


Work highlights 

Advised Piramal Structured Credit Opportunities Fund, a category II Alternatives Investment Fund, on its subscription to NCDs by Piramal Structured Credit Opportunities Fund from LEAP India. 

Acted for Gaya Solar as the borrower in relation to a project financing of an under-development solar project.  

Representing Axis Bank and a consortium of nine other lenders on the settlement of outstanding debt to Kesoram Industries. 

 

Adani Green Energy, Edelweiss Finance, Tata Cleantech Capital 

Lex Favios

Lex Favios debuts as a notable firm in the capital markets table and remains steady in the banking and finance, and corporate and M&A rankingsThe firm, the exclusive India member of Legal Netlink Alliance, brandishes industry strengths in financial services, power, renewable energy, oil and gas and defence. Managing partner Sumes Dewan is a corporate and finance specialist.


Work highlights 

Advised State Bank of India as the lender of a COVID facility extended to Gravita India.  

Acted for the Tourism Finance Corporation on its rupee term loan to Uflex with a guarantee provided by AR Airways Private.  

Assisted Ummeed Housing Finance on its series D equity raising by Morgan Stanley and existing investor, LGT Impact. 

Link Legal India Law Services

The market holds Link Legal India Law Services in high regard for its strengths in aviation, construction, energy and infrastructure work. It moves into the Outstanding tier for infrastructure and up one rank for real estate this year.  The firm is a first port-of-call for infrastructure players due to its vast experience in large scale, long-term infrastructure projects, regulator relationships, and ability to go beyond transaction basics into extra layers of service like financing insurance. In February 2020, the firm acquired capital markets boutique ‘JPS Legal’ to shore up its capital markets offering. Atul Sharma and Nusrat Hassan are key partners for energy and infrastructure, and corporate and M&A, respectively The firm experienced a rotation of numerous senior lawyers, notably the joining of 10 partners and associate partners, and the departure of four. For example, corporate specialist Namita Das joined from Shardul Amarchand Mangaldas & Co and disputes partner Bhalchandra Palav lateralled over from Cyril Amarchand MangaldasCorporate partners Gaurav Sahay and Ketan Mukhija joined from HSA Advocates and P&A Law Offices, respectively. Projects partner Dinesh Pardasani left for DSK Legal, while corporate partner Venkat Satyanarayana departed for Algo Legal.  

Client feedback 

It has a good team of lawyers and is good value for money.” – Banking and finance 

The team is very positive, professional and proactive. They are well-experienced in infrastructure contracts, taxation, compliance, finance management, contract management, disputes and litigation. – Construction 

They have deep insight about relevant laws. They do good groundwork for written pleadings and have an effective presentation of arguments. – Dispute resolution 

Dinesh Pardasani 

Good understanding of relevant laws. Always accessible. Has a good grasp of the larger picture in the dispute. 

Nidhi Pathania 

She has good experience in project finance especially road projects and personally gets involved in the deal. 

 Anand Srivastava 

Extremely positive, hardworking and on time service. He takes complete ownership till the deal or assignment reaches its conclusion. 


Work highlights 

Acting for a consortium of lenders led by State Bank of India on its financial assistance to L&T Metro Hyderabad to meet overrun costs.  

Assisted a lender consortium including the State Bank of India on providing a loan to DBL Nidagatta Mysore Highways on the expanding of a four-lane highway to six lanes.  

Representing HDFC Bank on its financing to Astra Solren for the development of a solar power project in Gujarat.  

Key clients 

Godrej Properties, HDFC Bank, NIIF Infrastructure Finance, State Bank of India, Punjab National Bank 

MDP & Partners

MDP & Partners is recognised for its work in the banking and finance, and real estate spheres. It is empanelled with the Securities and Exchange Board of India and has offices in Mumbai and Delhi. Managing partners Nishit Dhruva and Ashok Paranjpe, and senior partner Ashok Mishra are all banking and finance specialists, with the former two also focusing on real estate and disputes. Last year the firm managed to conclude over 20 loan-related transactions. 


Work highlights 

Acted for a consortium public sector undertaking bank in respect of a supplemental round of loan documentation for a domestic public electricity provider.  

Mulla & Mulla & Craigie Blunt & Caroe

Mulla & Mulla & Craigie Blunt & Caroe is a recognisable name in the market for its curated and specialised shipping practice. Its banking and insurance prowess is also well-regarded. The firm houses over 80 fee earners and has offices in Mumbai, Delhi and BangaloreKey partner Shardul Thacker is one of the country’s leading shipping experts.  


Work highlights 

Advised Standard Chartered Bank on re-financing of certain loans advanced to the Shipping Corporation of India 

Acted for Bank of America on its loan to a gas carrier to be acquired by the Great Eastern Shipping company.  

Advised Standard Chartered Bank in relation to the cross collateralisation of loans advanced to the Great Eastern Shipping Company 

Key clients 

IHC Beavers 

Phoenix Legal

Phoenix Legal is a full-service firm that is recognised for its banking and finance, infrastructure, insurance, dispute resolution, labour and employment and restructuring and insolvency practices. This year it moves up in the banking and finance and corporate and M&A tables. The four co-founding partners are the main contacts: Manjula Chawla, Saket Shukla, Abhishek Saxena and Sawat Singh. Its dispute resolution group welcomed a four-strong team from Legasis Partners, include partner Gautam Bhatikar and counsel Zoeb Cutlerywala

Client feedback 

Manjula Chawla 

Manjula Chawla is a gifted lawyer who is focused on delivering the best legal solutions to her clients 

Saket Shukla 

Saket Shukla is our go-to partner for India M&A and private equity transactions and is brilliant. He is highly respected for his formidable expertise, acuity and ability to help clients navigate complex cross-border transactions. 

Pranav Srivastava 

Partner Pranav Srivastava and principal associate Aditi Sharma are exceptional lawyers they can navigate complex transactions. They are sharp, dedicated and a pleasure to work with.” 


Work highlights 

Advised Northern Arc Capital as the lead arranger in a pooled bond issuance by six issuers and subscribed by a foreign portfolio investor.   

Assisted arranger Vivriti Capital in a listed invoice-backed securitisation undertaken by an entity engaged in providing agricultural supply chain solutions.  

Represented Dutch Development Bank, Triodos Sicav II-Triodos Microfinance Fund and  Triodos Funds on their subscription to the issuance of non-convertible debentures by the Reserve Bank of India.  

Key clients 

Ess Kay Fincorp, Masala Investments, United States International Development Finance Corporation 

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. 


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

Shardul Amarchand Mangaldas & Co

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.  

There were multiple notable movements in the course of the last 12 months. It welcomed capital markets partner Abhiroop Datta from S&R Associates. Competition specialist and special adviser Pranav Satyam also joined last year from the CCI.  


Work highlights 

Advised Asset Reconstruction Company in relation to securing the release of security as an “enforcement action” in terms of the Inter Creditor Agreement (ICA), and setting out the process for initiating such action under the ICA. 

Represented buyer Trafigura in a deal involving its offshore replacement of a former buyer in advance of a payment and sale agreement executed between the former buyer and Nayara Energy. 

Acted for the State Bank of India in relation to a rupee term loan facility availed by Indifravit Trust.  

Key clients 

Altico Capital, Bank of Nova Scotia, Hyundai, IndusInd Bank, Warburg Pincus  

Singhania & Partners

Singhania & Partners inches up into the Highly recommended” tier in construction this year. It is particularly noted by market insiders for its experience in infrastructure-related disputes. It recently expanded its office space in Bangalore and aims to recruit more for its corporate and disputes groups.  Managing partner Ravi Singhania is a respected name in the market. Corporate and M&A specialist Arjun Anand left the firm for Antares Legal.  

Client feedback 

Proactive and pragmatic. – Labour and employment 

They have expertise in different branches of law in one firm. – Labour and employment 

In-depth knowledge and timely delivery of the services. – Labour and employment 

Rudra Srivastava 

Simple and pragmatic outlook. 

Knowledgeable. 

He has a positive attitude and understands the client’s problem. His advice is based on the law coupled with enough research. 


Work highlights 

Advising lender Power Finance Corporation in relation to its financing for a waste to energy project in Pune.   

Acting for REC Transmission Projects Company, in a consortium with Mazars Advisory, in its bid process management for a transmission system project in Jharkhand state.  

Conducted legal audits for Rural Electrification Corporation.  

Key clients 

India Renewable Energy Development Agency, Rana Sugars, Sembcorp Green Infra 

SNG & Partners

SNG & Partners is known for its sophisticated and experienced handling of banking and finance matters. As a core area of the firm, banking and financial services clients are very comfortable turning to the firm for their legal needs. It counts a wide range of lenders and non-financial banking companies as loyal clients, and works on all types of finance-related transactions. The firm is active in acquisition finance, structured trade finance, leveraged transactions, real estate loans, debt securitisation, debt structuring, structured loans and project financing. The firm offers advisory services in capital markets and real estate as well. Managing partner Rajesh Gupta and corporate head Amit Aggarwal are the key contacts

Client feedback 

They are prompt. – Banking and finance 

Anju Gandhi 

Very knowledgeable and friendly. 


Work highlights 

Advised Standard Chartered Investments and Loans on its granting of a term loan facility to Vaishnavi Anushka Infrastructure for the purpose of repayment of promoters loans and for financing the construction and development expenses of its residential project in Bangalore.  

Acted for Kotak Mahindra Bank as the arranger and on schemes managed by HDFC Asset Management Company as subscribers 

Represented DBS Bank India on its term loan facility to DLF Cyber City Developers.  

Key clients 

Arka FincapAxis Bank, IndusInd Bank, Punjab National Bank, SBM Bank, State Bank of India  

Trilegal

Trilegal climbs up in several rankings this year, most notably into the ‘Outstanding’ band for private equity. It is quickly becoming a preferred choice for heavyweight clients, an alternative to the famous family firms that inhabit the top echelon of legal services providers. Its TMT practice continues to gain traction as a market leader, and its private equity and investment funds offering is growing from strength to strength. The firm’s two-year-old asset management and fund formation practice has borne fruit under the leadership of partners Ganesh Rao and Aditya Jha, who joined from CAM and AZB in 2018.  

The banking group hired partners Shruti Rajan and Garmia Joshi from Cyril Amarchand Mangaldas to boost its financial regulatory practiceand recruited banking counsel Okram Prithvibanta Singha also from CAM. Capital markets specialist Richa Choudhary and antitrust counsel Rahul Satyan joined from AZB & Partners. The corporate and M&A team continued to expand, hiring six new counsels from L&L Partners, Shardul Amarchand Mangaldas, AZB& Partners and from in-house roles at PharmEasy and InterGlobe Enterprises. Dispute resolution specialist Nitesh Jain joined from SAM, while the firm bid adieu to disputes partner Sitesh Mukherjee, who left to establish his own independent counsel practice.  

Client feedback 

Great knowledge within the field of corporate and M&A legislation. Focused on getting the deal through. Highly responsive and accountable for the work done. – Corporate and M&A 

The law firm is very professional in their approachThey keep the clients interest foremost and they have a good team of Senior Counsels who argue very well on behalf of the client. They are very prompt in keeping us posted about the proceedings in the hearings. – Dispute resolution 

Good ear to the ground, they understand the industry and market practice. – Labour and employment 

The firm has a very strong Head of Tax practice in the form of Himanshu. Advice coming from him is complete and well founded in all respects.  Additionally, the firm's employment practice is top class and perhaps the best in the country. – Tax 

The firm is always approachable and responsive. The firm always manages to stick within the committed deadlines. Their advice is not just mere interpretation of law, but also practical to implement. – Technology and telecommunications 

Clarence Anthony 

Clarence is very professional, supportive and diligent. 

Atul Gupta 

Atul is a very sharp lawyer and provides an incisive analysis to the issues at hand. While employment is his specialisation, his prowess in other areas of law gives client the comfort of reviving a wholesome advice. 

Nikhil Narendran 

Nikhil is extremely accommodating to our ever-changing demands, and the vast knowledge and experience he brings to the table is any client's delight. He is always approachable for even the silliest of queries. The fact that he has simplest of solutions to the complex legal issues makes him a force to reckon with. 

Great overview of tech laws and how they can impact clients. 

Shankh Sengupta 

Mr Shank is a thorough professional. He quickly understands the problem the client is facing and comes up with the appropriate solutions. He is very transparent in his dealings and his communication is very good. He is very helpful to the client, is highly knowledgeable and very practical in his approach to dealing with the cases. 

Himanshu Sinha 

Himanshu is an excellent lawyer with rich experience in tax administration which enables him to provide sound, practical and thorough legal advice. 

Swarnima 

She has a great sense of market and industry practiceand can provide an overview of trends and not just a view on the law.” 


Work highlights 

Acted for lendger ICICI Bank in providing a rupee term loan facility to a port construction and development company.  

Assisted ING Capital in relation to an external commercial borrowing availed by SREI Equipment Finance from the client. 

Represented the State Bank of India in providing rupee term financing to a telecommunications infrastructure provider entity held by an Infrastructure Investment Trust 

Key clients 

Deutsche Bank, HDFC Bank, JPMorgan Chase Bank, L&T Infrastructure Finance Company, United States International Development Finance Corporation 

TT&A

Known in the market for its collaboration with Linklaters, TT&A proves its leading firm status by remaining an ‘Outstanding’ firm for banking and finance, and ‘Highly recommended’ tiering for its capital markets, competition and corporate and M&A work. Its capital markets highly regarded for its quality, focused specialism in debt issuances, including masala bonds, and structured high yield transactions. Partners Sonali Mahapatra, Rahul Gulati and Kunal Thakore are well-regarded leading lawyers for banking and finance, capital markets and M&A, respectively.  

Client feedback 

It provided advice on all aspects of the transactions. The advice was clear, practical and given in a timely manner. – Corporate and M&A 

Pratika Shankar 

Pratika Shankar successfully led us through our transaction. He provided commercially-focused solutions and went the extra mile to ensure the transaction timetable was met. 


Work highlights 

Advised investors DB International and Deutsche Bank on their investments in the non-convertible bonds issued by GMR Airports 

Acted for a handful of original lenders including Barclays, Deutsche Bank and Nomura, in connection with their $75 million facility to borrower CA Alchemy Investments.  

Represented Standard Chartered Bank as arranger in relation to an SPV incorporated by KKR in Singapore that acquired solar power SPVs of the Shapoorji Pallonji Group.  

Key clients 

ADB, Bank of America, Barclays, Goldman Sachs, KKR, Macquarie, Nomura, Orion Capital, Tata Sons 

ZBA

ZBA is a boutique firm best known for its shipping, dispute resolution and debt capital markets capabilities. The firm specialises in complex commercial disputes, with a focus on maritime law. It works with owners, offshore contractors, banks, mortgagees, charterers, cargo underwriters, insurers and re-insurers, protection and indemnity clubs, shipyards, commodity traders and financial investors. Managing partner Zarir Bharucha is the respected figure for shipping disputes. He is often nominated as an arbitrator for shipping-related arbitrations in the London Court of International Arbitration (LCIA) and he is a member of the maritime sub-committee of the IBA. Partner Niloufer Lam leads the transactional practices.  

Client feedback 

The law firm responded to each and every query in a timely manner. They advised us properly on every aspect of Indian Law pertaining to Reg S bond issuances. – Capital markets 

They have detailed knowledge of the law, detailed knowledge of precedents and have a quick turnaround time. They worked on complex assignments in the past with premier corporates. Niloufer is a partner with clear leadership and execution capabilities. – Capital markets 

Niloufer Lam 

She has excellent knowledge, communication skills and is totally reliableShhas the ability to deliver in tight schedules. Above all, the experience of working on large and difficult transactions gives authority and reliability in her work. 

Mihir Shoukla 

Extensive knowledge of the subject matter. 


Work highlights 

Advised JBIC and other lenders on its $1 billion loan to State Bank of India to foster the development of the auto manufacturing and dealing industry in India.  

Acted for borrower India Railway Finance Corporation on its $300 million loan from State Bank of India.  

Represented lender MUFG Bank Singapore on its $75 million loan to Bajaj Finance.  

Capital markets
ALMT Legal

Full-service law firm ALMT Legal moves up the rankings for its dispute resolution work this year. The firm has a wide range of practices including banking and finance, capital markets, corporate and M&A, dispute resolution, labour and employment and private equity. Its disputes offering  covers all commercial litigation and arbitration, and handles criminal matters. Senior partners Sameer Tapia, Aliff Fazelbhoy, SR Arun and Prashant Popat preside over two offices in Mumbai and Bangalore. 

Client feedback

It provides proper guidance, availability and handholding until the job at hand is completed to the clients satisfaction. – Banking and finance 

It has an effective, efficient and multidisciplinary team to handle corporate legal issues across the business world. – Corporate and M&A 

We like the hard-working partners who have domain expertise and handle local corporate, tax and antitrust issues well. – Corporate and M&A 

I would highly recommend ALMT Legal for its outstanding service in corporate M&A. The team has extensive knowledge and has an in-depth understanding of the issues. The lawyers are also very responsive and highly ethical. Not only do they offer practical and commercial advice that supports our organisational goals but they also handhold us through the entire process and regularly update us with government regulation and law changes. – Corporate and M&A 

The positive attributes are that they are happy to provide prompt and timely support, practical advice to the client, and they understand the client's contexts and requirements. – Labour and employment

Rajat Bopiah 

He is extremely knowledgeable, hard-working, accessible, and efficient. 

Kruti Desai 

She is prompt and helpful, always giving practical advice. 

Kruti is very professional, extremely knowledgeable, focused and approachable. She is always available and provides client-focused and practical solutions. It is a pleasure to work with her and I would highly recommend her. 

Aliff Fazelbhoy 

He has in-depth knowledge, clarity in explanation and is always available. 


Work highlights

Advised Kranti Ecostate Private on structuring its transaction based on laws governing long term lease of units developed around a golf course and resort. 

AZB & Partners

AZB & Partners is renowned as one of the top full-service law firms in India with leading practices across every category, including banking, capital markets, corporate and M&A, and private equity. This year, the firm ascends in the rankings for competition, dispute resolution, investment funds, and technology and telecommunications. The firm’s sterling reputation for M&A and private equity makes it a first port of call for heavyweight international and domestic clients hoping to secure its services for big-ticket deals. For example, this year the firm has represented Reliance Jio on its string of investments from a myriad of offshore private equity players, totalling a whopping $15.7 billion at the time of publishing. The firm comprises over 90 partners across six pan-India locations. Founding partners Zia Mody, Ajay Bahl and Bahram Vakil are legends in the market for their corporate and finance specialties.  

Last year the firm welcomed finance partner Gautam Ganjawala from Wadia Gandhy. It bid farewell to several partners, including senior partner Madhuria Mukherjee and Richa Choudhary, who left for J Sagar Associates and Trilegal, respectively. M&A specialist Anu Tiwari and investment funds expert Vivaik Sharma lateralled over to Cyril Amarchand Mangaldas, while dispute resolution specialist Anoj Menon departed for Desai DiwanjiTax partner Akansha Aggarwal left for Vedanata Resources.  

Client feedback 

They are very good at insolvency, equally good at corporate advice, tax, and insurance advisory. They are extremely effective at litigation. – Banking and finance 

Good knowledge and timely response. – Corporate and M&A 

There is easy access to senior-most members and the Firm doesn't relent just to please the client. It provides a practical outlook with an appropriate focus on the risks. – Corporate and M&A 

The team is extremely collaborative and thoughtful. They've taken the time to really get to know our business model and to walk us through the complexities of setting up a subsidiary in India. They have gone above and beyond to help us problem solve and have consistently demonstrated the highest standards of integrity and professionalism. – Corporate and M&A 

The team has good skills sets as they handle multiple sector clients including multinational clients. – Corporate and M&A 

Very precise and pragmatic advice. Easily accessible partners and team members. Very friendly yet professional approach. – Labour and employment  

They are able to respond quickly. I find them reliable in that sense. They are accessible, come back fast. I appreciate their speedreliability and accessibility. – Technology and telecommunications 

Rachit Bahl 

Rachit has been the lead partner on our engagement. He's been an enormously thoughtful and effective advisor, who always takes the time to understand our specific needs and make sure they are addressed. His associate Shagun Badhwar provides much of our day-to-day counsel and has also been exceptionally helpful. They are always available, and always providing first-rate advice and service. 

Veena Gopalakrishnan 

Great knowledge and a pragmatic lawyer. 

Gautam Saha 

Brilliant lawyer with a positive attitude and solution-seeking approach.  Good knowledge and experience. 

Priyamvada Shenoy 

Practical and candid. Mindful of our appetite for risk and advises accordingly. Not unnecessarily aggressive and knows how to get the deal done. 

Abhyudai Singh 

Very prompt in response. 

Suharsh Sinha 

Competent, effective, soft spoken but clear. A great negotiator. 


Work highlights 

Acted for Reliance Industries on its $7 billion rights issue.  

Advised Yes Bank on its $2 billion qualified institutional placement.  

Represented Tata Consultancy Services on its buyback of equity shares valued at $2.2 billion. This was one of the largest buybacks undertaken by an Indian company.  

Key clients 

Axis Bank, Capital Land First, CSB Bank, Easy Trip Planners, GMR Infrastructure, Infosys, LT Foods, Novartis India, Polycab India, Tata Steel, Thomas Cook India, VTB Capital  

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.  


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 

IndusLaw

IndusLaw debuts in the capital markets table as an Outstanding firm this year on its growing prominence in the ECM sphere under the leadership of star partner Manan LahotyThe firm also moves up for restructuring and insolvency. The firm is rapidly earning a place among the top echelons of the country’s most prestigious law firms thanks to its relatively speedy growth and sizeIn particular, the firm takes pride in its growing prominence among sophisticated clients for its private equity and TMT work. It specialises in working with investors across the full funding lifecycle and on a variety of funds including sector-specific ones such as technology, life sciences, e-commerce, retail and infrastructure.  

There were several noteworthy inflows and outflows of talent this year.Labour specialist Manishi Pathak left to start up his own firm, as did the heads of its competition practice, Rahul Goel and Anu Monga. The corporate team was bolstered with the recruitment of partners Dissharth Manchanda from Algo Legal and Pratyush Khurana form Link Legal India Law Services. Tax specialist Shashi Methews joined from PDS Legal, while tax director Ritesh Kumar joined from Ernst & Young. The disputes team welcomed partners Mayank Mishra and Shabbeer Ahmed from JSA and Kochhar & Co, respectively. Media and entertainment specialist Tanu Banerjee left for Khaitan & Co. Real estate partner Praveen Kumar Thodupunuri lateralled over from Tatva Legal, while the firm bid adieu to real estate specialist Karthik BM who left for J Sagar Associates 

Client feedback 

They are professional and have the systems and demeanour of a well-developed and experienced law firm.  They are quick to respond and affable. – Banking and finance 

IndusLaw provides timely, commercially viable and cost-effective advice for all our matters. – Banking and finance 

I appreciate their attentiveness, quality of advice, commerciality and availability. – Banking and finance 

Their client-centric, solution-oriented approach and thoroughness are some of the positive attributes. And what is really impressive is how these attributes are found consistently right from the Senior Partner to the Associate working on the transaction. This is a true example of a strong client- focused culture. – Capital markets 

Overall, their preparation and presentation were good and excellent. Their in-depth knowledge on arbitration matters and evidence was comforting. – Construction 

Very business savvy, client-centric, and detail-oriented. – Corporate and M&A 

Detail-oriented and has a good understanding of M&A in the tech start-up space. Partners are very approachable and spend the required amount of time on transactions. – Corporate and M&A 

The team was very well-prepared and diligent. Despite the pandemic situation, they made sure speed and the quality of work was not impacted. They proactively guided us to substantially improve the company and founders' position. – Corporate and M&A 

There is extensive partner involvement ensuring quality service. – Corporate and M&A 

Responsive, commercial-minded and flexible on fee arrangements. – Corporate and M&A 

Proactive, excellent quality of services and very capable team members. – Corporate and M&A 

IndusLaw has advised on multiple investments in start-ups and have a deeper understanding of the start-up ecosystem, which gives them an edge in handling venture capital investments, including issues and challenges that we face. – Corporate and M&A 

It provides great opportunities to its colleagues with no age bars of any sort. I have seen very young professionals become partners in this firm. – Corporate and M&A 

Approachable, quick turnaround and practical approach to issues. – Corporate and M&A 

Effective response time and relevant expertise. It is a one-stop shop having a huge access to relevant and critical legal expertise. Best of all, the firm is cost-effective. – Dispute resolution 

“The team is very agile, has a good talent pool and very competent dispute resolution partners. They have a reasonable rate card. – Dispute resolution 

I met Suneeth Katarkithe founding and senior partner of Induslaw, a few years ago and Induslaw has never aggressively pushed their services to my company. But they have kept in touch through emails from time to time and through visits to our offices. I like their friendly and approachable ways and their long-term approach to building a relationship with us. What impressed me a lot was their knowledge in the area of "anti-arbitration" suits for which I approached them for advice. They gave me a lot of confidence that I could use them as our preferred Indian law firm of choice when it came to dispute resolution in India. Their network of offices in the major Indian cities also gave me the confidence that they could support us in cities that we are likely to need legal help. – Dispute resolution 

The team is responsive, understands the sector and our concerns. It is able to provide solutions when negotiations get stuck. It takes ownership to close the documents. – Energy 

Partners are always available, have high knowledge in the market and a qualified team.” – Energy 

Timeliness, efficiency and updated on the law. – Infrastructure 

They are very responsive, adhere to timelines and have clarity in communications. The team has field expertise and truly partner with us to come to the right decisions. – Intellectual property 

The advice is well-researched and succinct. – Labour and employment 

Partnership with us was excellent.  They advised us from the outset and made the complex very simple.  They are also really great to work with.  They provided a team to support us in every step. – Labour and employment 

All the lawyers especially, Mr. Lomesh Nidumuri were extremely helpful to me in the best possible way. I have worked with many lawyers and law firms before but the lawyers at this firm were the best. They understand law better than any of the others and were very good at every step of my case. – Media and entertainment 

The team which was working on our transaction was very thorough on the data privacy conceptlegal and practical, and helped us a lot in negotiating and closing the transaction with the counterparty. Positive attributes are their acumen, professionalism, and they are result- oriented. – Privacy and data protection 

The lawyers have a deep understanding of local laws and regulations but also practical norms in the industry to be practical enough. They are great at thinking like a deal principal and helping figure out a middle ground that moves the deal forward than endless pontificate academically. There is collaborative relationship management that emphasises problem solving and stakeholder management with varying interests. – Private equity 

Our partner Winnie and her team are highly dedicated and committed on the timelines. Very much focused on problem solving. – Private equity 

Very practical and humble team. They guide us well on implications and suggested solutions. – Private equity 

Sowmya Adama 

She managed the project really well, kept us all informed and came up with solutions. 

Sabrine Afroze 

Availability and knowledge was good. 

Avik Biswas 

Excellent support. 

Anindita Ganguly 

Responsive, affable, switched on, articulate and knowledgeable. 

Anindya Gosh 

Anindya thinks like a deal principal. In the past, I used to waste so much time and energy trying to decipher the law firm partner and their interests, and then problem solve it. Anindya is unique in the sense that he thinks through the problem, comes up with potential solutions, informs me, takes my advice, and goes to negotiate with the other parties, and then brings to a resolution or loops me in. This frees up a lot of my bandwidth and energy to focus on other deals or factors related to the investment.   He has also been great in giving me a heads-up on costs and propose solutions to keep cost overruns low. This is why he is my preferred lawyer in the country. 

Manish Gupta 

Manish is very observant and thinks two steps ahead of the situation. He works like our company's general counsel for all practical purposes. 

He is a good listener, understands commercial realities and gives practical solutions. 

Practical and solutions-oriented. He is very experienced in this space, and is humble and approachable. 

Manish is a standout partner of IndusLaw who is fast, efficient and thorough with good technical command. 

Mansi Jhaveri 

Very approachable with a problem-solving approach while ensuring risk management. Very client centric. 

Padmaja Kaul 

Solution provider, agile, responsive, and has good subject matter and legal knowledge. 

Arun Kumar 

He is approachable and responsive, has excellent client servicing, extensive industry knowledge and he has the ability to solve deadlocks. 

He is updated in the law and understands business. 

Saurav Kumar 

Very knowledgeable and thorough. Pragmatic in resolving stalemates with opposing counsel. Very accessible and responsive. 

Approachable and gives required time to the engagement. 

Responsive and attentive, and managing client's expectations well. 

He is always available and is commercial-minded. 

He is an extremely proactive, excellent lawyer with a focus on corporate and M&A. He is personally fun to work with! 

Communication and attentiveness are excellent. 

Sowmya Kumar 

Sowmya does a good job in the advice that she provides. 

Abhiroop Lahiri 

He is client-centric, solution-oriented with innovative solutions, and has a strong understanding of our business and industry. 

Mayank Mishra 

We appreciate his overall ability to understand the matter and understand the client’s requirement. 

Avirup Nag 

We appreciate his availability and knowledge. 

Lomesh Nidumuri 

Mr. Lomesh Nidumuri understands the law very well and is exceptional in his line of work. 

He is responsive, has litigation management expertise and is great at client management. 

Winnie Shekhar 

Winnie is a highly energetic and dedicated professional. She has many clients who are working with her for more than 10 years. She is a problem-solving person and helps clients to complete the deal fast with her knowledge of the domain. She is well-equipped with the necessary compliances and laws of the land. In the end, she is accommodating and shares excellent interpersonal skills with external and internal members. 

Winnie is extremely hard-working and is easy to reach. Her experience having worked with numerous start-ups helps provide practical solutions. She is also very solutions- driven which is quite helpful in transactions. 

Aditi Verma 

Always available and has a clear explanation for all things.” 

Anand Verma 

Anand is a solution-oriented lawyer and focusses on client needs by offering innovative legal solutions. He is very well-versed with market updates and know-how. For us, he is a go-to person at IndusLaw. 

Namita Viswanath 

We highly recommend Ms. Namita. She is truly professional and results oriented. Our company is at ease knowing she and her team have our back! 

Harman Walia 

He is very sharp, has in depth knowledge of subject matter, is very professional, soft-spoken, punctual, respectful, passionate towards his work and proactive. 


Work highlights 

Acted for the lead managers including Kotak Mahindra Capital, SBI Capital Markets and Axis Capital, in Yes Bank’s $1.92 billion further public offer. This marquee transaction is the fourth largest equity capital raise across all sectors, and the largest equity capital raise in the banking sector. It is also the largest further public offer in the market in 10 years. 

Advised Goldman Sachs in a block deal by Bandhan Financial Holdings in Bandhan Bank shares valued at $1.4 billion. This was one of the largest screen-based block trades in recent years.  

Represented the lead managers such as Edelweiss Financial Services and CLSA India in Burger King’s IPO. 

Key clients 

Axis Capital, Bank of America Securities, Citigroup Global Markets, DSP Merrill Lynch, HSBC Securities, ICICI Securities, JM Financial 

J Sagar Associates

J Sagar Associates keeps steadfast in the ‘Outstanding’ ranking for energy, infrastructure, technology and telecommunications, banking and finance, and constructionIts regulatory practice is well-regarded due to the firm’s strong credentials with telecoms, energy and infrastructure authorities and also rises up into the Outstanding tier this year. It moves up also in aviation and banking and financial servicesFinance partners Divyanshu Pandey and Arpita Garg left for S&R Associates. Its capital markets team enjoyed a power surge with the joining of finance-related specialists form AZB & Partners, Madhurima Mukherjee and Niruphama Ramakrishnan. Corporate team welcomed partners Apurva Jayant and Rajeev Reddy, who join from L&L Partners and Tava Legal respectively. TMT expert Asim Abbas left for L&L Partners, while Mansoor Ali Shoket left to establish his own chambers, RegLaw Chambers. Banking partner Pratish Kumar joined from Juris Corp in July, 2021. 

Client feedback 

The partner and staff are very knowledgeable on the subject matters and helped craft a very good strategy for both my matters. The partners are very accessible. – Dispute resolution 

Ananya Kumar 

Strong domain knowledge and very accessible. 

Pratish Kumar

“He is accessible, responsive, has thorough professional knowledge and adheres to timelines.”


Work highlights 

Advised Axis Capital and ICICI Securities in relation to the IPO of Rossari Biotech 

Acted for the lead managers of STFC rights issue that was one of a handful that occurred during the pandemic. The issue saw 159.83% oversubscription.  

Assisted The Phoenix Mills on its QIP of equity shares with the lead managers including CLSA India, HSBC Securities and Capital Markets, and UBS Securities, among others.  

Key clients 

Craftsman Automation, Laxmi Organic Industries, RailTel Corporatin of India, Route Mobile 

Juris Corp

Full-service firm Juris Corp excels in banking and finance, and capital markets. It features a robust trade and commodity finance practice, a rarity in the market, and is well-regarded for its debt issuance offering. The firm ascends one tier for real estate and banking and financial services this year. Senior partner Jayesh H is known for his diverse expertise in banking and finance, capital markets, corporate and M&A, private equity, and restructuring and insolvency. The firm has offices located in Mumbai, Delhi and Bangalore.

Client feedback 

Appreciate their subject knowledgeability to turn around within agreed timelines and transparency in dealings. – Banking and finance 

They are very responsive and detail oriented. They keep their client's interests in mind all the time. We've used them in the past as well and have been very satisfied with their representation. – Banking and finance 

Speedyflexible, practical, and proactive advice. – Corporate and M&A 

The team is very professional, adheres to timelines, has excellent reach out and is proficient.  Energy 

They have a deep understanding of the RBI Regulatory environment. They are timely and user-friendly in their delivery of solutions. – Regulatory 

Arunabh Choudhary 

Arunabh has a deep understanding of the fintech, RBI and financial services markets and regulatory environment in India. As an equity partnerhe is of the youngest and the best lawyers in this domain. 

Jayesh H

He has a clear thought process and expertise in this chosen area of legal practice. He has well-articulated decisions and guidance. He goes beyond the legal tenets and provides a view from equity and good governance. 

Dhruv Malik 

Receptive, research-oriented and willing to call the shots. 

Saurabh Sharma 

He has cleardirect communications, good understanding of law, business friendly approach, quick turnaround times and provides quality service. 

have found Saurabh to be very focussed on details and is extremely client focussed. We've used him for banking and real estate-related work and found him to be knowledgeable in his segment. 


Work highlights 

Acted for Aurigene Pharmaceuticals on its debt issuance of unlisted, rated, unsecured non-convertible debentures 

Adivsed Omkara Assets Reconstruction on the issuance of securities for implementation of a resolution plans of distressed steel and metallics companies

Kanga & Co

Kanga & Co maintains its perch atop the real estate ranking, a respected firm with an enviable client list in this sector. It also excels in the construction space. This year, the firm debuts in the banking and finance and capital markets tablesThe firm has a strong practice of helping SMEs list on domestic SME stock exchanges and in the last nine years, advised over 70 such companies. On the offshore front, the team acted for ESR Cayman as local counsel on its debut on the Hong Kong Stock Exchange in 2019. Senior partner Mansingh Bhakta and partners Preeti Mehta and Chetan Thakkar are key contacts.

Client feedback 

Customer Friendly with eye for detail is their positive attribute.  Documentation quality is very good – Construction 

I have been interacting with Kanga & Co. for close to 20 years, during which period I was employed with organisations across business segments and was also freelancing for a few years. We approached them for opinions / advice as well for transaction advisory and for matters covering various laws and involving various degrees of complexities. I have always got the comfort that Kanga & Co. has a 'client first' approach. As a client, there can be nothing better than that. Also, I am assured that I will always get the right advice. The collective expertise and experience which the firm possesses is phenomenal and second to none. As a client, I have always derived satisfaction about the quality of delivery and results, which is made possible only with the quality of their team and their hard work. – Corporate and M&A 

The M&A team is one of the best I have worked with throughout my career, very diligent, knowledgeable, transparent, and dedicated. This is a complicated cross border deal and the Kanga teams advice has been instrumental to me as the CEO, having them at my side has been one of the best business decisions I have made. Each member of the team from the Managing Partner and M&A Partner onwards is available at a moments notice for consultation and they listen to the issue at hand, analyze the options, provide insight and recommendations, and participate in the decision. This is not the typical firm which throws warm bodies at their client for billing purposes, they are honest to the core! – Corporate and M&A 

They are easily accessible. Detailing is very good. – Real estate 

We appreciate their knowledge and research Skills, responsiveness and analytical skills. They have tremendous knowledge and work experience in real estate. They go down to the nitty gritty of the issues and find solutions thereon. – Real estate 

The lawyers are meticulous, do detailed diligence, and have the ability to mitigate legal risks through appropriate and practical steps. – Real estate 

 Puneet Damodar 

 

He is extremely diligent, has a clear understanding of the provisions of law and can find a solution to the problems that emerge during the due diligence process. 

Preeti Mehta 

She is accessible, quick and very efficient. 

She is easily accessible and has a good eye for details. 

Preeti has been a true partner for me on this transaction. She is extremely experienced and well versed in all things M&A both with respect to India and cross border. She has also developed an excellent team around her, and we are  pleased to discuss any issue with any member of her team. I could not have hoped for better support from Preeti or her group. 

Sirisha Sampat 

Has excellent in-depth knowledge, analytical skills and communications. 

Chetan Thakkar 

Chetan has a great legal brain, an excellent work ethic and is result oriented, which reflects in his work and the results. His passion about his work has had a rub-off effect on all his associates all these years. He has an eye for detail which allows him to always quickly grasp the nuances of any matter. True to the tradition of Kanga & Co., Chetan and his team have a 'client first' approach. I have always got tremendous comfort from it and as a client, there can be nothing better than that. What started as a purely professional relationship has over the years, transformed into a professional cum personal one.  That is mainly because I have kept approaching Chetan for the legal matters even though I shifted from one organisation to another. And that is only because of the high level of comfort and confidence which I have in his abilities and also the satisfaction about the quality of delivery and results. I would trust his abilities regardless of the matter on hand. He is clearly a cut above the rest. 


Work highlights 

Advising Veltech Forging and QMS Medical Allied Services on their pending listings in India.  

Khaitan & Co

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 JunjhunwalaBanking partner Siddharth Srivastava joined from Link Legal, Energy and infrastructure expert Akshay Malhotra joined from HSA Advocates, while Shruti Singh departed from the firm in March, 2021The disputes team welcomed partner Arva Merchant from his own independent practice and said goodbye to partners Nawneet Vibhav and Ratnesh Rai. Tax Group was bolstered by the hiring of partners Sudipta Bhattacharjee from Advaita Legal and Udayan Choksi from VoxLaw India. The TMT team scored with the recruitment of specialist Tanu Banerjee from IndusLaw

Client feedback 

Prompt response and well-allocated team to meet deal requirements. They also have great industry knowledge.  Banking and finance 

The lawyers have in-depth knowledgeThere are specialised lawyers with expertise on different areas of law. – Banking and finance 

Very professional and prompt. – Banking and finance 

Domain expertise, sound knowledge, experience and proactive communications. – Banking and finance 

Extremely professional and knowledgeable of various capital markets-related laws and regulations. – Capital markets 

The law firm helps in overall legal strategy for the dispute, which includes settlement, arbitration, court of law, etc. Its response time is quick and the team is business-friendly. – Dispute resolution 

 Kingshuk Banerjee 

Appreciate his overall legal strategy, his support on legal recourse and friendly behaviour. 

Sudhir Bassi 

Very knowledgeable and approachable. Has a solution-oriented approach. 

Cori Lable 

Our go-to person for compliance related matters in the region. She is a problem-solver and has a phenomenal understanding on the Indian legal landscape. 

Manisha Shroff 

Very client-oriented and has great domain knowledge. 

Kumar Saurabh Singh 

Sound knowledge, judgement, attitude, experience and behaviour. 

Siddharth Srivastava 

He has in-depth knowledge of the IBC and project finance. He provides practical and innovative solutions to legal problems. He gets personally involved in the deals. 

Very knowledgeable, hands on and solution-oriented. His turnaround time is superb and he is an excellent lawyer in the banking and finance, and restructuring and insolvency space.”

 


Work highlights 

Advised Axis Bank as the subscriber of Jubilant Life Sciences’ issuance of secured listed non-convertible debentures.  

Engaged by Oaktree Capital Management as a lender for Vedanta Holdings’ offering of $1 billion guaranteed and secured privately placed notes.   

Key clients 

Bharat Forge, HDFC BankMuthoot Finance, Reliance Industries, State Bank of India

Lex Favios

Lex Favios debuts as a notable firm in the capital markets table and remains steady in the banking and finance, and corporate and M&A rankingsThe firm, the exclusive India member of Legal Netlink Alliance, brandishes industry strengths in financial services, power, renewable energy, oil and gas and defence. Managing partner Sumes Dewan is a corporate and finance specialist.


Work highlights 

Advised Reliance Chemotex on its rights issue where ICICI was the lead arranger.  

Acted for Geophysical Sub-Strata on its listing on the Singapore Stock Exchange. It established a $400 million guaranteed multicurrency MTN programme and issued $151.5 million guaranteed MTNs.  

Represented Cybermate Infotek on its issueance of $10.5 million 1% foreign currency convertible bonds due 2022, convertible into shares int eh company and listing on the Luxembourg Stock Exchange. 

Link Legal India Law Services

The market holds Link Legal India Law Services in high regard for its strengths in aviation, construction, energy and infrastructure work. It moves into the Outstanding tier for infrastructure and up one rank for real estate this year.  The firm is a first port-of-call for infrastructure players due to its vast experience in large scale, long-term infrastructure projects, regulator relationships, and ability to go beyond transaction basics into extra layers of service like financing insurance. In February 2020, the firm acquired capital markets boutique ‘JPS Legal’ to shore up its capital markets offering. Atul Sharma and Nusrat Hassan are key partners for energy and infrastructure, and corporate and M&A, respectively The firm experienced a rotation of numerous senior lawyers, notably the joining of 10 partners and associate partners, and the departure of four. For example, corporate specialist Namita Das joined from Shardul Amarchand Mangaldas & Co and disputes partner Bhalchandra Palav lateralled over from Cyril Amarchand MangaldasCorporate partners Gaurav Sahay and Ketan Mukhija joined from HSA Advocates and P&A Law Offices, respectively. Projects partner Dinesh Pardasani left for DSK Legal, while corporate partner Venkat Satyanarayana departed for Algo Legal.  

Client feedback 

It has a good team of lawyers and is good value for money.” – Banking and finance 

The team is very positive, professional and proactive. They are well-experienced in infrastructure contracts, taxation, compliance, finance management, contract management, disputes and litigation. – Construction 

They have deep insight about relevant laws. They do good groundwork for written pleadings and have an effective presentation of arguments. – Dispute resolution 

Dinesh Pardasani 

Good understanding of relevant laws. Always accessible. Has a good grasp of the larger picture in the dispute. 

Nidhi Pathania 

She has good experience in project finance especially road projects and personally gets involved in the deal. 

 Anand Srivastava 

Extremely positive, hardworking and on time service. He takes complete ownership till the deal or assignment reaches its conclusion. 


Work highlights 

Advised Mangalore Refinery and Petrochemicals on its maiden issue of listed, unsecured, rated, taxable, redeemable, non-convertible debentures on a private placement basis.  

Acted for Brooks Laboratories on its rights issues of equity shares to its existing shareholders.

MV Kini Law Firm

MV Kini Law Firm is recognised as a notable firm for capital markets. The firm has a strong track record of working with domestic SMEs on their listings, with most of its clients based out of Delhi, Mumbai, Gujarat and HyderabadPartner Raj Rani Bhalla is the main contact, and he is a corporate specialist with expertise in the power and energy sector.


Work highlights 

Advised Bhaziabad Nagar Nigam on its successful debt issue on the BSE-Bond EBP platform. The issue was oversubscribed four times.  

Assisted WEP Solutions and Arihant Capital Markets on their rights issue in February, 2021.  

Engaged by Satin Creditcare Network and Corporate Professionals Capital on its rights issue last summer.  

Acted for GM Polyplast on the launch of its IPO.  

Key clients 

Bilwin Waterproof, PlatinumOne Business Services PrivateSanmati Precision Engineering, Veer Global Infraconstruction 

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. 


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 

Shardul Amarchand Mangaldas & Co

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.  

There were multiple notable movements in the course of the last 12 months. It welcomed capital markets partner Abhiroop Datta from S&R Associates. Competition specialist and special adviser Pranav Satyam also joined last year from the CCI.  


Work highlights 

Acted for Farallon Capital Asia as an investor in Piramal Enterprise’s issuance of unlisted, rated, senior, secured, redeemable non-convertible bonds 

Advised Bharti Airtel in relation to its qualified institutional placement and foreign currency convertible bond (FCCB) As the FCCB issue size exceeded $750 million, an approval had to be obtained from the Reserve Bank of India. 

Assisted issuer, specialty chemicals manufacturer, Rossari Biotech on its IPO. 

Key clients 

Embassy Office Parks REIT, Computer Age Management Services, Morgan Stanley India, UTI Asset Management 

SNG & Partners

SNG & Partners is known for its sophisticated and experienced handling of banking and finance matters. As a core area of the firm, banking and financial services clients are very comfortable turning to the firm for their legal needs. It counts a wide range of lenders and non-financial banking companies as loyal clients, and works on all types of finance-related transactions. The firm is active in acquisition finance, structured trade finance, leveraged transactions, real estate loans, debt securitisation, debt structuring, structured loans and project financing. The firm offers advisory services in capital markets and real estate as well. Managing partner Rajesh Gupta and corporate head Amit Aggarwal are the key contacts

Client feedback 

They are prompt. – Banking and finance 

Anju Gandhi 

Very knowledgeable and friendly. 


Work highlights 

Advised Standard Chartered Bank in relation to the issuance of non-convertible debentures by Shriram Transport Finance.  

Trilegal

Trilegal climbs up in several rankings this year, most notably into the ‘Outstanding’ band for private equity. It is quickly becoming a preferred choice for heavyweight clients, an alternative to the famous family firms that inhabit the top echelon of legal services providers. Its TMT practice continues to gain traction as a market leader, and its private equity and investment funds offering is growing from strength to strength. The firm’s two-year-old asset management and fund formation practice has borne fruit under the leadership of partners Ganesh Rao and Aditya Jha, who joined from CAM and AZB in 2018.  

The banking group hired partners Shruti Rajan and Garmia Joshi from Cyril Amarchand Mangaldas to boost its financial regulatory practiceand recruited banking counsel Okram Prithvibanta Singha also from CAM. Capital markets specialist Richa Choudhary and antitrust counsel Rahul Satyan joined from AZB & Partners. The corporate and M&A team continued to expand, hiring six new counsels from L&L Partners, Shardul Amarchand Mangaldas, AZB& Partners and from in-house roles at PharmEasy and InterGlobe Enterprises. Dispute resolution specialist Nitesh Jain joined from SAM, while the firm bid adieu to disputes partner Sitesh Mukherjee, who left to establish his own independent counsel practice.  

Client feedback 

Great knowledge within the field of corporate and M&A legislation. Focused on getting the deal through. Highly responsive and accountable for the work done. – Corporate and M&A 

The law firm is very professional in their approachThey keep the clients interest foremost and they have a good team of Senior Counsels who argue very well on behalf of the client. They are very prompt in keeping us posted about the proceedings in the hearings. – Dispute resolution 

Good ear to the ground, they understand the industry and market practice. – Labour and employment 

The firm has a very strong Head of Tax practice in the form of Himanshu. Advice coming from him is complete and well founded in all respects.  Additionally, the firm's employment practice is top class and perhaps the best in the country. – Tax 

The firm is always approachable and responsive. The firm always manages to stick within the committed deadlines. Their advice is not just mere interpretation of law, but also practical to implement. – Technology and telecommunications 

Clarence Anthony 

Clarence is very professional, supportive and diligent. 

Atul Gupta 

Atul is a very sharp lawyer and provides an incisive analysis to the issues at hand. While employment is his specialisation, his prowess in other areas of law gives client the comfort of reviving a wholesome advice. 

Nikhil Narendran 

Nikhil is extremely accommodating to our ever-changing demands, and the vast knowledge and experience he brings to the table is any client's delight. He is always approachable for even the silliest of queries. The fact that he has simplest of solutions to the complex legal issues makes him a force to reckon with. 

Great overview of tech laws and how they can impact clients. 

Shankh Sengupta 

Mr Shank is a thorough professional. He quickly understands the problem the client is facing and comes up with the appropriate solutions. He is very transparent in his dealings and his communication is very good. He is very helpful to the client, is highly knowledgeable and very practical in his approach to dealing with the cases. 

Himanshu Sinha 

Himanshu is an excellent lawyer with rich experience in tax administration which enables him to provide sound, practical and thorough legal advice. 

Swarnima 

She has a great sense of market and industry practiceand can provide an overview of trends and not just a view on the law.” 


Work highlights 

Acted for lead managers, Kotak Mahindra Capital Company, Axis Capital, BoA Securities India and Jeffries India in a qualified institutional placement of Godrej Properties 

Represented the lead managers in the QIP of equity shares by Bank of Baroda.  

Advised Mold-Tek Packaging on its rights issue of partly paid-up equity shares and warrants to eligible equity shareholders of the issuer. This is the first composite rights issue of equity shares and warrants by a listed Indian company. 

Key clients 

Citigroup Global Markets, Edelweiss Financial Services, HCL Technologies, IFC, Nomura Financial Advisory, Pfaudler 

TT&A

Known in the market for its collaboration with Linklaters, TT&A proves its leading firm status by remaining an ‘Outstanding’ firm for banking and finance, and ‘Highly recommended’ tiering for its capital markets, competition and corporate and M&A work. Its capital markets highly regarded for its quality, focused specialism in debt issuances, including masala bonds, and structured high yield transactions. Partners Sonali Mahapatra, Rahul Gulati and Kunal Thakore are well-regarded leading lawyers for banking and finance, capital markets and M&A, respectively.  

Client feedback 

It provided advice on all aspects of the transactions. The advice was clear, practical and given in a timely manner. – Corporate and M&A 

Pratika Shankar 

Pratika Shankar successfully led us through our transaction. He provided commercially-focused solutions and went the extra mile to ensure the transaction timetable was met. 


Work highlights 

Advised Citigroup Global Markets Merrill Lynch, Standard Chartered Bank and Credit Suisse in relation to the issue of the $500 million 1.375% senior notes due 2026 by HCL America This transaction was the first overseas bond issuances in recent times from the technology sector in India. It was also the first overseas bond issuance by the company. 

Acted for the joint bookrunners and joint lead managers in relation to the issue of $561 million 4.50% senior notes due 2027 by Continuum Energy Levanter. This is the first green bond issuance by the Continuum group, the largest seller of green energy to commercial and industrial customers in India. It was a debt neutral refinancing issuance. 

Represented Delhi International Airport as the issuer in connection with its issuance of secured offshore bonds due 2025 by Cliffton and the tender offer by the client to purchase the USD notes previously issued by the issuer to eligible offshore investors.  

Key clients 

Avendus Group, Altico, Australia and New Zealand Banking Group, Barclays, Credit Suisse, Deutsche Bank, JP Morgan, Macquarie  

ZBA

ZBA is a boutique firm best known for its shipping, dispute resolution and debt capital markets capabilities. The firm specialises in complex commercial disputes, with a focus on maritime law. It works with owners, offshore contractors, banks, mortgagees, charterers, cargo underwriters, insurers and re-insurers, protection and indemnity clubs, shipyards, commodity traders and financial investors. Managing partner Zarir Bharucha is the respected figure for shipping disputes. He is often nominated as an arbitrator for shipping-related arbitrations in the London Court of International Arbitration (LCIA) and he is a member of the maritime sub-committee of the IBA. Partner Niloufer Lam leads the transactional practices.  

Client feedback 

The law firm responded to each and every query in a timely manner. They advised us properly on every aspect of Indian Law pertaining to Reg S bond issuances. – Capital markets 

They have detailed knowledge of the law, detailed knowledge of precedents and have a quick turnaround time. They worked on complex assignments in the past with premier corporates. Niloufer is a partner with clear leadership and execution capabilities. – Capital markets 

Niloufer Lam 

She has excellent knowledge, communication skills and is totally reliableShhas the ability to deliver in tight schedules. Above all, the experience of working on large and difficult transactions gives authority and reliability in her work. 

Mihir Shoukla 

Extensive knowledge of the subject matter. 


Work highlights 

Represented India Railways Finance Corporation on an updating its $2 billion Euro Medium Term Note Programme (MTNP) to a Global MTNP.  

Acted for the arrangers and dealers, including Axis Bank and Barclays Bank, in relation to the IFRC issuance and drawdown of notes in the US securities market.  

Advised Bharat Petroleum Corporation on its shelf disclosure document and non-convertible debenture issue.  

Key clients 

Bharat Oman Refineries, ICICI Prudential Life Insurance, Power Finance Corporation 

Competition/antitrust
Anant Law

Anant Law was founded in November 2020 by two partners from IndusLaw that headed the firm’s competition practiceRahul Goel and Anu Monga. Antitrust counsels Neha Mishra and Nitish Sharma joined from Gaggar & Partners shortly after to round out the leadership. The firm’s core strengths are in competition and corporate. Demonstrating this strength, the young firm is involved in the highest number of constitutional challenges to the Competition Act.  


Work highlights 

Assisting domestic pharmaceuticals company Zydus Cadila in one of the most high-profile competition litigations before the Supreme Court of India relating to an alleged anti-competitive agreement with the Chemists & Druggists Association of India.  

Engaged by Schott Glass for its Supreme Court challenge against the CCI in an abuse of dominance matter related to volume based discounts.  

Represented Sumitomo Chemical India on challenging the constitutionality of a regulation of the CCI that empowers the regulator to demand interest on late payments.  

Key clients 

Builders Association of India, Forech India, Tranter India  

AZB & Partners

AZB & Partners is renowned as one of the top full-service law firms in India with leading practices across every category, including banking, capital markets, corporate and M&A, and private equity. This year, the firm ascends in the rankings for competition, dispute resolution, investment funds, and technology and telecommunications. The firm’s sterling reputation for M&A and private equity makes it a first port of call for heavyweight international and domestic clients hoping to secure its services for big-ticket deals. For example, this year the firm has represented Reliance Jio on its string of investments from a myriad of offshore private equity players, totalling a whopping $15.7 billion at the time of publishing. The firm comprises over 90 partners across six pan-India locations. Founding partners Zia Mody, Ajay Bahl and Bahram Vakil are legends in the market for their corporate and finance specialties.  

Last year the firm welcomed finance partner Gautam Ganjawala from Wadia Gandhy. It bid farewell to several partners, including senior partner Madhuria Mukherjee and Richa Choudhary, who left for J Sagar Associates and Trilegal, respectively. M&A specialist Anu Tiwari and investment funds expert Vivaik Sharma lateralled over to Cyril Amarchand Mangaldas, while dispute resolution specialist Anoj Menon departed for Desai DiwanjiTax partner Akansha Aggarwal left for Vedanata Resources.  

Client feedback 

They are very good at insolvency, equally good at corporate advice, tax, and insurance advisory. They are extremely effective at litigation. – Banking and finance 

Good knowledge and timely response. – Corporate and M&A 

There is easy access to senior-most members and the Firm doesn't relent just to please the client. It provides a practical outlook with an appropriate focus on the risks. – Corporate and M&A 

The team is extremely collaborative and thoughtful. They've taken the time to really get to know our business model and to walk us through the complexities of setting up a subsidiary in India. They have gone above and beyond to help us problem solve and have consistently demonstrated the highest standards of integrity and professionalism. – Corporate and M&A 

The team has good skills sets as they handle multiple sector clients including multinational clients. – Corporate and M&A 

Very precise and pragmatic advice. Easily accessible partners and team members. Very friendly yet professional approach. – Labour and employment  

They are able to respond quickly. I find them reliable in that sense. They are accessible, come back fast. I appreciate their speedreliability and accessibility. – Technology and telecommunications 

Rachit Bahl 

Rachit has been the lead partner on our engagement. He's been an enormously thoughtful and effective advisor, who always takes the time to understand our specific needs and make sure they are addressed. His associate Shagun Badhwar provides much of our day-to-day counsel and has also been exceptionally helpful. They are always available, and always providing first-rate advice and service. 

Veena Gopalakrishnan 

Great knowledge and a pragmatic lawyer. 

Gautam Saha 

Brilliant lawyer with a positive attitude and solution-seeking approach.  Good knowledge and experience. 

Priyamvada Shenoy 

Practical and candid. Mindful of our appetite for risk and advises accordingly. Not unnecessarily aggressive and knows how to get the deal done. 

Abhyudai Singh 

Very prompt in response. 

Suharsh Sinha 

Competent, effective, soft spoken but clear. A great negotiator. 


Work highlights 

Advising Google on its abuse of dominance investigations and in ongoing appeals against the competition authority’s landmark order for Google Search.  

Assisted Jio Platforms to secure the CCI’s approval in relation to Facebook’s 9.9% investment in the client.  

Represented the Board of Control for Cricket in India on alleged abuse of dominance claims.   

Key clients 

Bombardier Transportation, Tata Motors, Total, Uber India Systems 

Chandhiok & Mahajan

Chandhiok & Mahajan is recognised by the market for its competition and antitrust expertise. The firm is active for its big tech and e-commerce clients, for example representing Google before the competition regulator. Another highlight is the firm’s extensive experience in leniency mandates, powered by its win for a client in the first-ever decision by the Competition Commission of India in relation to leniency where 100% immunity was granted. The firm has numerous seminal antitrust law achievements under its belt. It is at the forefront of competition policy development, with name partner Karan Chandhiok as the co-chair of the Assocham-National Council on Competition Law. Chandhiok and co-founder Pooja Mahajan are key figures. The firm hired antitrust specialist Avinash Amarnath last year as counsel from Pathak & Associates. He is an advocate-on-record with the Supreme Court and most recently had his own practiceIt also welcomed partner Deeksha Manchanda from Economic Laws Practice.  


Work highlights 

Represented client Masu before the CCI in a case involving the cartelisation among sellers in a monopsony as Indian Railways was the only buyer. 

Acting for Timken in a cartel investigation by the competition authority. Based on the evidence provided by the firm, the regulator held that the client was not part of the cartel. 

Representing the CCI before the appellate court of the NCLAT in a case against Adani Gas. The client had found that Adani abused its dominant position by imposing unfair conditions upon buyers under the Gas Sales Agreement.  

Key clients 

Google, Honda Motorcycle and Scooter, ICRA, Indorama, Intel Corporation, Tech Data Corporation  

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.  


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 

Dua Associates

Full service firm Dua Associates is best known for its litigation and arbitration strength. The dispute resolution team has over 150 lawyers spread out across its offices in New Delhi, Gurgaon, Bangalore, Chandigarh, Chennai, Hyderabad, Mumbai and Pune. Notably, the firm has a robust Supreme Court presence through its sister firm Dua Associates AoR, which is a firm registered with the top court and stacked with advocates-on-record that work in tandem with the Dua Associates partners. Clients of the firm include high net worth individuals, domestic and international corporations engaged in sectors such as chemicals, agricultural products, automobiles, aviation, transportation, telecom, infrastructure, hospitality, technology, digital media, fashion, luxury goods among others. Dispute resolution specialist and senior partner Shiraz Patodia is main contact, as is firm Chairman and corporate expert Ranji Dua.  Partner Ganesh Chandru joined the dispute resolution group from Lakshmikumaran & Sridharan. He has been appointed a member of the SIAC Users Council and a member of the ICC India Arbitration Group.  

Client feedback 

Ease of access to the partners, transparent billing, lawyers have an eye for details and great responsiveness. – Corporate and M&A 

We could easily reach the Managing Partner and quality lawyers were assigned to our work. – Corporate and M&A 

Prompt response on all queries and a professional handling of disputes. – Dispute resolution 

The partners have sound knowledge, prompt responses, and a go-getter attitude. – Restructuring and insolvency 

Srinivas BR 

Excellent client relationship management, technical expertise and responsiveness. 

Anish Goshal 

I have known Anish for many years.  We have a very good and open relationship that invites frank and honest discussions.  His legal knowledge is top notch.  The quality of work from his office is also top notch. 

Ruchika Sidhwani 

Prompt, professional, good communication skills and good legal knowledge. 

Chitranshul Sinha 

Provides innovative solutions suitable to the requirements of the client. Further domain knowledge is immense. 


Work highlights 

Representing East India Petroleum Private Limited (EIPL) before the National Company Law Appellate Tribunal (NCLAT) for defending an appeal filed by South Asia LPG Company (SALPG) against the decision of Competition Commission of India that penalised SALPG for abusing its dominant position in upstream terminalling services for LPG import at Vizag port. 

Advised sports apparel manufacturer Under Armour on competition law aspects in relation to exclusivity provisions in its agreement with the franchises in India. 

Successfully represented the CCI before the NCLAT against Verifone India Sales and Verifone’s abuse of its dominant position in the point of sale terminal market. 

Economic Laws Practice

As one of the top law firms in India, Economic Laws Practice is highly ranked across the banking and finance, capital markets, competition/antitrust, dispute resolution, regulatory and tax practices. This year it moves up in the real estate ranking. The firm’s renowned tax group is acknowledged by peers as a market leaderFirm managing partner and main contact Suhail Nathani is often a lead partner in competition cases, as well as on private equity and M&A deals. Four corporate and private equity focused partners left the firm to establish their own start upDarshan Upadhyay, Bhavin Gada, Shyam Pandya and Amit Manubarwala. Another corporate partner, Tushar Ajinkya, left to start his own firm, while M&A expert Amruta Kelkar lateralled over to Shardul Amarchand Mangaldas & Co. The tax team expanded with the hiring of Saumil Shah as a new tax director and Mitesh Chauhan as an associate tax director. 

Client feedback 

Great team, very approachable and practical in advising. Good at closing the deal quickly. – Corporate and M&A 

I appreciate the team’s commercial awareness, practical guidance and great grasp of our business. – Tax 

Rohit Jain 

Excellent delivery of service, technically very good and has great knowledge of our industry. 

Aakansha Joshi 

He is open in communications and clear in feedback. He understands issues very quickly. He has maturity in negotiating and resolving with the counterparty. 

 


Work highlights 

Representing Google, Google India Private and Google Ireland before the CCI and is representing them before the appellate tribunal National Company Law Appellate Tribunal against allegations nfiled by Bharatmatrimony.com and Consumer Unity Trust Society for abuse of dominance.  

Acting for GEEP Industries India in an appeal before the NCLAT subsequent to the decision of the CCI penalizing GEEP for anti-competitive conduct. 

Representing Worldline India Privatebefore the CCI and the NCLAT in a matter against VeriFone India Sales, where the latter is alleging abuse of dominance by the client imposing unfair and discriminatory terms in its contracts with its customers.  

Key clients 

Ericsson, SKF India, United Breweries

Khaitan & Co

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 JunjhunwalaBanking partner Siddharth Srivastava joined from Link Legal, Energy and infrastructure expert Akshay Malhotra joined from HSA Advocates, while Shruti Singh departed from the firm in March, 2021The disputes team welcomed partner Arva Merchant from his own independent practice and said goodbye to partners Nawneet Vibhav and Ratnesh Rai. Tax Group was bolstered by the hiring of partners Sudipta Bhattacharjee from Advaita Legal and Udayan Choksi from VoxLaw India. The TMT team scored with the recruitment of specialist Tanu Banerjee from IndusLaw

Client feedback 

Prompt response and well-allocated team to meet deal requirements. They also have great industry knowledge.  Banking and finance 

The lawyers have in-depth knowledgeThere are specialised lawyers with expertise on different areas of law. – Banking and finance 

Very professional and prompt. – Banking and finance 

Domain expertise, sound knowledge, experience and proactive communications. – Banking and finance 

Extremely professional and knowledgeable of various capital markets-related laws and regulations. – Capital markets 

The law firm helps in overall legal strategy for the dispute, which includes settlement, arbitration, court of law, etc. Its response time is quick and the team is business-friendly. – Dispute resolution 

 Kingshuk Banerjee 

Appreciate his overall legal strategy, his support on legal recourse and friendly behaviour. 

Sudhir Bassi 

Very knowledgeable and approachable. Has a solution-oriented approach. 

Cori Lable 

Our go-to person for compliance related matters in the region. She is a problem-solver and has a phenomenal understanding on the Indian legal landscape. 

Manisha Shroff 

Very client-oriented and has great domain knowledge. 

Kumar Saurabh Singh 

Sound knowledge, judgement, attitude, experience and behaviour. 

Siddharth Srivastava 

He has in-depth knowledge of the IBC and project finance. He provides practical and innovative solutions to legal problems. He gets personally involved in the deals. 

Very knowledgeable, hands on and solution-oriented. His turnaround time is superb and he is an excellent lawyer in the banking and finance, and restructuring and insolvency space.”

 


Work highlights 

Secured unconditional regulatory approval for the combination of Reliance Retail Ventures, and Reliance Retail and Fashion Lifestyle without the need of a detailed investigation.  

Represented Schaeffler India Ltd and assisted them in filing a leniency application before the CCI to disclose the existence of a cartel.  

Successfully attained an unconditional clearance in phase I in relation to the Indian portion of a global joint venture between Honda Motor and Hitachi.  

Key clients 

Eli Lilly and Company, Essity India, Nuvoca Vistas, The Brookfield Group 

Lakshmikumaran & Sridharan

Best known in the market for its leading tax and IP practices, Lakshmikumaran & Sridharan also provides in-depth advisory and representation in competition, corporate, real estate, and restructuring and insolvency matters. It has 13 offices across 11 cities and opened a new office in Kochi two years agoFor IP, the firm is famed for its contentious patent know-how, where the subject matter requires deep and detailed knowledge. The firm is a market leader in plant genomics and plant variety protection. The firm’s robust and historical tax practice specialises in GST, income tax, customs and litigation. The firm’s key contacts are IP practice head Malathi Lakshmikumaran, who is a specialist in the biotechnology, chemistry and pharmaceuticals sectors. Managing partner V Lakshmikumaran is a go-to name for tax matters. Notable clients in the arbitration arena occupy the steel, power, consumer goods, hospitality and tourism, and infrastructure sectors. Its competition team was boosted with the addition of joint partner Neelambera Sandeepan from Cyril Amarchand MangaldasThe corporate and private equity team welcomed partners Amritha Salian from Themis Associates and Gaurav Dayal, who was the associate general counsel at Oyo Hotels Group.  

Client feedback 

Gaurav Gupta 

Professional and they know what is required by the client with regard to IP.” 


Work highlights 

Helped Plasser India receive an appeal admitted before the National Company Law Appellate Tribunal contesting the order passed by the Competition Commission of India (CCI) dismissing the information filed by the client against bid-rigging practices in tenders of the Indian railways. 

Successfully defended the Indian Corrugated Case Manufacturers' Association before the CCI and received a favourable order dismissing an information filed by the Gujarat Paper Mills Association with respect to allegations of anti-competitive agreements amongst the corrugated box manufacturers and their associations. 

Engaged by the Federation of Corrugated Box Manufacturers in seeking a direction to investigate the anti-competitive conduct of kraft paper manufacturers and their associations in an information filed 

Key clients 

Glencore Agriculture India, Honda Siel Cars 

P&A Law Offices

P&A Law Offices is a legacy corporate, commercial, financial and litigation law firm with an admirable list of ‘market firsts’. Founded in 1996, the firm has a stellar reputation among top Indian conglomerates, Fortune 500 companies, household-name multinationals, and government and multilateral organisations. The team is helmed by eight partners  who advise on all types of transactions and disputes across the entire spectrum of industry sectors. Untethered to a particular niche, the lawyers are focused on assisting its renowned clients on all types of high-level, complex, and high stakes matters. Its competition practice is well-regarded in the market with the firm’s practitioners helping draft the current competition rules. An interesting statistic pegs its deals as having a combined value of over $75 billion. Managing partner Anand Pathak has been the chairman of the task force on competition law of the Federation of Indian Chambers of Commerce and Industry, was a member of India’s government-appointed committee on national competition policy and investment, and he is currently the vice chair of the IPBA on Indian competition law. Other key partners include antitrust experts Shashank Gautam and Sreemoyee Debdispute resolution experts Amit Mishra and Akshat Hansariaand corporate partners Kumarjit Ray and Nabik Syam.


Work highlights 

Represented Tata Steel in a suo motu investigation initiated by the CCI against four automotive and industrial bearings manufacturers. 

Acting for Amazon Seller Services Private in a writ petition filed before the Karnataka High Court challenging the prima facie order passed by the CCI directing an investigation against Amazon and Flipkart in relation to the online sales of smartphones.  

Representing MakeMyTrip India in an ongoing investigation directed by the CCI in relation to information filed by the Federation of Hotels and Restaurants Association of India, Fab Hotels and Treebo Hotels. 

Key clients 

Competition Commission of India, Ericsson, General Motors India, Metropolitan Stock Exchange of India, Sony Pictures Network  

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. 


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 

Shardul Amarchand Mangaldas & Co

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.  

There were multiple notable movements in the course of the last 12 months. It welcomed capital markets partner Abhiroop Datta from S&R Associates. Competition specialist and special adviser Pranav Satyam also joined last year from the CCI.  


Work highlights 

Advised Facebook and Jaadhu on receiving the competition regulator’s approval for its investment in Reliance Jio 

Represented Bayer India and Mahyco Monsanto Biotech (MMB) in relation to the CCI’s investigation into MMB for alleged abuse of dominant position five years earlier.  

Assisting WhatsApp and Facebook in a case before the CCI relating to the launch of WhatsApp’s payment feature in India.  

Key clients 

Alstom, Flipkart, Reliance Retail Ventures, Uber 

Touchstone Partners

Touchstone Partners was formed as a splinter from Platinum Partners in late 2020. Corporate specialist Karam Daulet-Singh is the managing partner, and he helms a team of 35 lawyers including six partners. The firm and its senior leaders have always been highly-regarded in the market for high end, complex M&A and private equity work.


Work highlights 

Advised the Canada Pension Plan Investment Board on its acquisition of 100% of shares, alongside Baring Private Equity Asia and GIC, of Virtusa Corporation for $2 billion. 

Represented Porsche to obtain merger control clearance under the green channel route within an internal restructuring exercise.  

Acted for BP on obtaining merger control clearance in the $1 billion joint venture between the client and Reliance Industries for fuel retail marketing and related activities.  

Key clients 

CDPQ, DP World, Escorts, GHCL, Huntsman Group, Reliance Group, Valvoline Cummins 

Trilegal

Trilegal climbs up in several rankings this year, most notably into the ‘Outstanding’ band for private equity. It is quickly becoming a preferred choice for heavyweight clients, an alternative to the famous family firms that inhabit the top echelon of legal services providers. Its TMT practice continues to gain traction as a market leader, and its private equity and investment funds offering is growing from strength to strength. The firm’s two-year-old asset management and fund formation practice has borne fruit under the leadership of partners Ganesh Rao and Aditya Jha, who joined from CAM and AZB in 2018.  

The banking group hired partners Shruti Rajan and Garmia Joshi from Cyril Amarchand Mangaldas to boost its financial regulatory practiceand recruited banking counsel Okram Prithvibanta Singha also from CAM. Capital markets specialist Richa Choudhary and antitrust counsel Rahul Satyan joined from AZB & Partners. The corporate and M&A team continued to expand, hiring six new counsels from L&L Partners, Shardul Amarchand Mangaldas, AZB& Partners and from in-house roles at PharmEasy and InterGlobe Enterprises. Dispute resolution specialist Nitesh Jain joined from SAM, while the firm bid adieu to disputes partner Sitesh Mukherjee, who left to establish his own independent counsel practice.  

Client feedback 

Great knowledge within the field of corporate and M&A legislation. Focused on getting the deal through. Highly responsive and accountable for the work done. – Corporate and M&A 

The law firm is very professional in their approachThey keep the clients interest foremost and they have a good team of Senior Counsels who argue very well on behalf of the client. They are very prompt in keeping us posted about the proceedings in the hearings. – Dispute resolution 

Good ear to the ground, they understand the industry and market practice. – Labour and employment 

The firm has a very strong Head of Tax practice in the form of Himanshu. Advice coming from him is complete and well founded in all respects.  Additionally, the firm's employment practice is top class and perhaps the best in the country. – Tax 

The firm is always approachable and responsive. The firm always manages to stick within the committed deadlines. Their advice is not just mere interpretation of law, but also practical to implement. – Technology and telecommunications 

Clarence Anthony 

Clarence is very professional, supportive and diligent. 

Atul Gupta 

Atul is a very sharp lawyer and provides an incisive analysis to the issues at hand. While employment is his specialisation, his prowess in other areas of law gives client the comfort of reviving a wholesome advice. 

Nikhil Narendran 

Nikhil is extremely accommodating to our ever-changing demands, and the vast knowledge and experience he brings to the table is any client's delight. He is always approachable for even the silliest of queries. The fact that he has simplest of solutions to the complex legal issues makes him a force to reckon with. 

Great overview of tech laws and how they can impact clients. 

Shankh Sengupta 

Mr Shank is a thorough professional. He quickly understands the problem the client is facing and comes up with the appropriate solutions. He is very transparent in his dealings and his communication is very good. He is very helpful to the client, is highly knowledgeable and very practical in his approach to dealing with the cases. 

Himanshu Sinha 

Himanshu is an excellent lawyer with rich experience in tax administration which enables him to provide sound, practical and thorough legal advice. 

Swarnima 

She has a great sense of market and industry practiceand can provide an overview of trends and not just a view on the law.” 


Work highlights 

Advising Peugeot on the Indian competition law and merger control aspects for its $50 billion merger with Fiat. 

Represented International Flavors & Fragrance for its merger filing and competition assessment in its $45 billion acquisition of the nutrition and biosciences business of DuPont de Nemours using a complex reverse morris trust structure. 

Acted for WABCO on the Indian competition law aspects, including merger control filing, in relation to its $7 billion acquisition by ZG Friedrichshafen.   

Key clients 

Future Group, Grasim, Intel, MedlifeOla, Piramal Group, Qualcomm 

TT&A

Known in the market for its collaboration with Linklaters, TT&A proves its leading firm status by remaining an ‘Outstanding’ firm for banking and finance, and ‘Highly recommended’ tiering for its capital markets, competition and corporate and M&A work. Its capital markets highly regarded for its quality, focused specialism in debt issuances, including masala bonds, and structured high yield transactions. Partners Sonali Mahapatra, Rahul Gulati and Kunal Thakore are well-regarded leading lawyers for banking and finance, capital markets and M&A, respectively.  

Client feedback 

It provided advice on all aspects of the transactions. The advice was clear, practical and given in a timely manner. – Corporate and M&A 

Pratika Shankar 

Pratika Shankar successfully led us through our transaction. He provided commercially-focused solutions and went the extra mile to ensure the transaction timetable was met. 


Work highlights 

Representing Flipkart before the Karnataka High Court, challenging the Competition Commission of India’s (CCI) order which directs an investigation into alleged anti-competitive agreements and conduct of Flipkart and Amazon. 

Advising Linde in relation to the divestments ordered by the CCI pursuant to its approval of the global merger between Linde AG and Praxair Inc. This is the first instance where a listed company in India has been directed to divest its businesses.  

Representing Star India in proceedings before the Supreme Court filed by the CCI challenging an order passed by the Bombay High Court quashing of CCI’s investigation against Star India. 

Key clients 

Ares SSG Capital Management, Bundl Technologies, Facebook, Flipkart Group, GlaxoSmithKline, Linde, NIIT, Sanofi 

Veritas Legal

Founded in 2015, Veritas Legal’s bread and butter are its corporate and M&A, and private equity practices, with its dispute resolution offering rapidly rising in prominence. For its size, the firm punches above its weight, amassing an impressed deal flow and volume last year. It consistently placed in respected M&A and PE league tables within the top 10 of all Indian law firms. Sector-wise, it is deepening its footprint in pharmaceuticals and life sciences, real estate, and technology and telecommunications. Founder and managing partner Abhijit Joshi is a highly respected M&A and private equity lawyer, and partner Rahul Dwarkadas specialises in dispute resolution.  Other key partners include Nandish Vyas, Junal Doshi and Tushar Raut. The team was boosted in the past year by the recruitment of partners Srabonee Roy and Manav Raheja from Samvad Partners and J Sagar Associates, respectively.  

Client feedback 

Great firm with competencedepth and great client relationships. – Private client 

Veritas' diligence in studying the situation builds my confidence in the engagement. In addition, the firm displayed ownership even in the face of resistance from me. I appreciated that immensely. – Private equity 

Abhijit Joshi 

Highly competent with technical depth. 

Nandish Vyas 

Nandish is sharp and has impeccable work ethic. He not only suggests the right direction for his client, but also stands by it when it's challenging to pursue it. 


Work highlights 

Acted for HoteLeelaventure, now known as HLV, and its promoters in connection with the sale of various hotels to BSREP III India Ballet, part of Brookfield Asset Management’s private real estate fund. 

Advised TPG Growth Fund and CTSI India in relation to the acquisition of Cancer Treatment Services International by Varian Medical Systems. The deal marked one of the most significant exits by a healthcare platform owned by a private equity fund.  

Represented Siemens in relation to its sale of manufacturing unit and its land, located in Gujarat, to LM Wind Power Blades India. 

Key clients 

International Paper Company, SPi Global Content Holding, Partners Group, Ugam Solutions  

Construction
HSA Advocates

HSA Advocates has a commanding reputation in the market as a preferred firm for energy, construction and infrastructure work. This year the firm vaunts into the top tier infrastructure, complementing its outstanding status in energy and construction. Sophisticated clients know this is the firm for complex, multi-party, long-term infrastructure projects, as it has decades of experience working with all stakeholders from the beginning to the end of a project life cycle. The firm provides a complete suite of solutions for development, financing, transactions, restructuring and dispute resolution support. The firm is routinely found advising on power, road, port, airport, oil, gas, clean energy and special economic zone projects. Founding partner and projects legend Hemant Sahai is key contact.  


Work highlights 

Assisting the National Industrial Corridor Development & Implementation and related entities on the establishment of the Chennai Bangalore Industrial Corridor.  

Advising the Ministry of Defence on creating a contractual framework for defence procurements under the Strategic Partnership model 

Engaged by NITI Aayog and the government of India on structuring a bid document for the national mission on transformative mobility and battery storage.  

Acting for Cambodia’s Ministry of Economy and Finance and the Cambodian government in creating a contractual framework for the establishment of rice warehouse facilities.  

Key clients 

Adani Properties, AssytemWorld Bank 

Link Legal India Law Services

The market holds Link Legal India Law Services in high regard for its strengths in aviation, construction, energy and infrastructure work. It moves into the Outstanding tier for infrastructure and up one rank for real estate this year.  The firm is a first port-of-call for infrastructure players due to its vast experience in large scale, long-term infrastructure projects, regulator relationships, and ability to go beyond transaction basics into extra layers of service like financing insurance. In February 2020, the firm acquired capital markets boutique ‘JPS Legal’ to shore up its capital markets offering. Atul Sharma and Nusrat Hassan are key partners for energy and infrastructure, and corporate and M&A, respectively The firm experienced a rotation of numerous senior lawyers, notably the joining of 10 partners and associate partners, and the departure of four. For example, corporate specialist Namita Das joined from Shardul Amarchand Mangaldas & Co and disputes partner Bhalchandra Palav lateralled over from Cyril Amarchand MangaldasCorporate partners Gaurav Sahay and Ketan Mukhija joined from HSA Advocates and P&A Law Offices, respectively. Projects partner Dinesh Pardasani left for DSK Legal, while corporate partner Venkat Satyanarayana departed for Algo Legal.  

Client feedback 

It has a good team of lawyers and is good value for money.” – Banking and finance 

The team is very positive, professional and proactive. They are well-experienced in infrastructure contracts, taxation, compliance, finance management, contract management, disputes and litigation. – Construction 

They have deep insight about relevant laws. They do good groundwork for written pleadings and have an effective presentation of arguments. – Dispute resolution 

Dinesh Pardasani 

Good understanding of relevant laws. Always accessible. Has a good grasp of the larger picture in the dispute. 

Nidhi Pathania 

She has good experience in project finance especially road projects and personally gets involved in the deal. 

 Anand Srivastava 

Extremely positive, hardworking and on time service. He takes complete ownership till the deal or assignment reaches its conclusion. 


Work highlights 

Represented Alstom Systems India in mediation and an ICC arbitration against a sub-contractor over the termination of the sub-contract for building and maintenance works on a dedicated freight corridor.  

Advising Madhepura Electric Locomotive on its establishment of a locomotive depot in Saharanpur.  

Acting for Hitachi Rail STS India on its onshore signalling work subcontract.  

Assisting Uttar Pradesh Cricket Association on its development of a mixed-use sports venue.  

Advising Marquardt Group on the development of an R&D centre in Pune.  

Key clients 

Azure Power Forty-Three, Hitachi Rail STS India, SB Energy, Sterlite Group 

Corporate and M&A
AKS Partners

New Delhi-based AKS Partners covers a range of corporate and commercial matters, such as dispute resolution, intellectual property, labour and employment and project finance. Managing partner Sonal Kumar Singh is an arbitration and dispute resolution specialist. M&A partner Anish Jaipuriar joined in early 2020 from Shardul Amarchand Mangaldas & Co to start the corporate and M&A practice at the firm.   

Client feedback 

I appreciate the quality of work, eye for details and cost-effectiveness. – Dispute resolution 

Sonal Singh 

Sonal is well-read and well-prepared. He has an eye for details and he is very responsive to client's expectations. He can strategize to ensure the clients interests are met. 


Work highlights 

Advising a UK-based manufacturer on the establishment of a facility in India, including the acquisition of shares and transfer of IP.  

Assisted an offshore company in relation to establishment of greenfield renewable energy plants by way of debt funding from outside India. 

ALMT Legal

Full-service law firm ALMT Legal moves up the rankings for its dispute resolution work this year. The firm has a wide range of practices including banking and finance, capital markets, corporate and M&A, dispute resolution, labour and employment and private equity. Its disputes offering  covers all commercial litigation and arbitration, and handles criminal matters. Senior partners Sameer Tapia, Aliff Fazelbhoy, SR Arun and Prashant Popat preside over two offices in Mumbai and Bangalore. 

Client feedback

It provides proper guidance, availability and handholding until the job at hand is completed to the clients satisfaction. – Banking and finance 

It has an effective, efficient and multidisciplinary team to handle corporate legal issues across the business world. – Corporate and M&A 

We like the hard-working partners who have domain expertise and handle local corporate, tax and antitrust issues well. – Corporate and M&A 

I would highly recommend ALMT Legal for its outstanding service in corporate M&A. The team has extensive knowledge and has an in-depth understanding of the issues. The lawyers are also very responsive and highly ethical. Not only do they offer practical and commercial advice that supports our organisational goals but they also handhold us through the entire process and regularly update us with government regulation and law changes. – Corporate and M&A 

The positive attributes are that they are happy to provide prompt and timely support, practical advice to the client, and they understand the client's contexts and requirements. – Labour and employment

Rajat Bopiah 

He is extremely knowledgeable, hard-working, accessible, and efficient. 

Kruti Desai 

She is prompt and helpful, always giving practical advice. 

Kruti is very professional, extremely knowledgeable, focused and approachable. She is always available and provides client-focused and practical solutions. It is a pleasure to work with her and I would highly recommend her. 

Aliff Fazelbhoy 

He has in-depth knowledge, clarity in explanation and is always available. 


Work highlights 

Advised beauty brand MyGlamm on its acquisition of women centric digital platform Popxo Luxeva India 

Acting for a 50-50 infrastructure joint venture company on the restructuring of their existing joint venture arrangement and steps to be taken under the applicable laws in India including advising on the process for termination of the joint venture agreement and entering into a fresh and detailed shareholders’ agreement.  

Assisting an agricultural commodities company on setting up a business in India.  

Amicus

Established in 2011, Amicus started as a boutique transfer pricing firm headed by its founder, Ashutosh Mohan Rastogi. Since then, it has expanded to offer a full range of corporate and commercial legal services with five partners and 20 other fee earners. The firm’s tax practice, though still best recognised for its transfer pricing expertise, has become an end-to-end purveyor of all taxation areas ranging from direct tax and international tax to GST. Clients come from the financial services and real estate sectors, and the firm has seen an uptick in its early-stage private equity work. 

Client feedback 

The team is thoughtful, genuine and cooperative. – Banking and finance 

They are good at understanding the requirements and coming up with a practical, efficient, non-complex structuring. – Private equity 

It has a team of really competent partners who get into the details of the matter and have a very acute business sense. – Private equity 

Arun Agarawal 

He provides fast updates to clients, and there is no need of follow up with him. 

Shivi Agarwal 

Very quick to understand the heart of the issue and find a solution to mitigate risk. 

Shivi Rastogi 

Understands the problem and gives efficient service. 


Work highlights 

Acted for DMI Finance on entering into an agreement with an Israeli entity that provides facial photo analysis. 

Advised Kautilya Real Estate Fund on its subscription of non-convertible debentures issued by Bankey Bihari Infrahomes 

Anant Law

Anant Law was founded in November 2020 by two partners from IndusLaw that headed the firm’s competition practiceRahul Goel and Anu Monga. Antitrust counsels Neha Mishra and Nitish Sharma joined from Gaggar & Partners shortly after to round out the leadership. The firm’s core strengths are in competition and corporate. Demonstrating this strength, the young firm is involved in the highest number of constitutional challenges to the Competition Act.  


Work highlights 

Advised Sudeep Pharma Private in connection with the setting up of its new nutrition business joint venture company.  

Acted for Gala Group Germany on its acquisition of a 30% stake in Ramesh Flowers Private. 

Represented Kuwait-based Asiya Capital Investment Company on its purchase of Duet India Hotels for an undisclosed sum.  

Key clients 

Claridges Hotel, Grocurv Private

AP & Partners

Established in late 2019 by a founding partner of Trilegal, Anand Prasad, AP & Partners aims to service clients in sophisticated, high stakes and high value matters. Its corporate expertise rests in M&A, particularly those that are complex, distressed or contentious. The New Delhi-based firm currently has four partners and 16 fee earners.  


Work highlights 

Advised Cars24 Services Private on a variety of investments, including a $200 million series E funding from multiple investors