India



asialaw Analysis

Aviation
Advaya Legal

Advaya Legal is a full-service firm with strengths in the aviation sector, IP, employment and corporate advisory and M&A work. This year the firms ascends in the Highly Recommended tier for its aviation expertise. Managing partner Ramesh Vaidyanathan is the key contact and a former general counsel of the Mumbai International Airport. Partner Laxmi Joshi is the contact for corporate and M&A matters since the departure of Sharanya Ranga earlier this year


Work highlights 

Advised an Indian cargo handling and airport services company in a majority stake sale to a leading Indian player in the civil aviation segment 

Acted for Textron Financial on regulatory issues, the deregistration and export of aircraft from India and the settlement of insurance claims in relation to a flying incident.  

Assisted Cargo Air on conducting due diligence in respect of engines registered in India.  

Key clients 

Bombardier Aerospace, Texas Aviation Group, Vistara Airlines. 

Dentons Link Legal

The market holds Link Legal in high regard for its strengths in aviation, construction, energy and infrastructure work. The firm is a first port of call for infrastructure players due to its vast experience in large-scale, long-term infrastructure projects and regulator relationships, and the ability to go beyond transaction basics into extra layers of service like financing insurance. The corporate team welcomed four new partners in the last 12 months, such as Jinni Sinha from IndusLaw and Sayantani Dutta from Wadia Ghandy & Co. Infrastructure specialist Rajesh Sehgal joined from Trina Solar. Atul Sharma and Nusrat Hassan are key partners for energy and infrastructure, and corporate and M&A, respectively. Managing partner Anand Srivastava is also a projects and finance contact. The firm recently combined with Dentons to become part of the global law firm’s sprawling international network.  

Client feedback 

Timely and excellent delivery in all matters.”Aviation 

The firm plans the activities well and delivers the services within the agreed timelines.Capital markets 

Very good knowledge and experience of the subject. It provides research-based representations and approach towards a matter.Energy 

They handled things very well, and have a knowledgeable partner and team. Approachable 24/7. – Private equity

Namita Das 

Knowledgeable and approachable. Effective management. 

Milind Jha 

Quick turnaround for queries raised, timelines have been always met, and he is solution-oriented. 

Aditya Singh 

Rich knowledge, innovative, research based approach, and provides right and practical advice. 

Anand Srivastava 

Good approach and a problem-solver. 


Work highlights 

Advised Akasa Air on the purchase lease back of six Boeing aircrafts from BOC aviation. 

Acting for Air India on its divestment. 

Key clients 

Bangalore International Airport, Big Charter Private, Delhi International Airport. 

KKL Partners

Based in New Delhi, KKL Partners is a full-service law firm with strengths in real estate, corporate and M&A and aviation work. The team routinely advises offshore and onshore clients looking to create business synergies through international tie-ups via equity or debt investments or technology alliances. The firm is led by founding partner Aashish Vats.

Client feedback

“Very prompt service and quick turnaround time on the entire transaction. Also, the negotiations on term sheets were superb.” – Private equity

Aashish Vats

“He takes the best interest of the client and has the ability to meticulously negotiate with reason in transactions.”


Work highlights

Advised Quantum Investments in leasing two aircrafts to VSR Corporation.

Acted for Quantum Investments in leasing three aircrafts to Heritage Aviation Private.

Lumiere Law Partners

Formerly known as PDS Legal, Lumiere Law Partners is a full-service firm that specialises in helping international companies form joint ventures and make entries into India. Its aviation specialty is notable. Managing partner Probal Bhaduri helms the team alongside aviation partner Vihang Virkar. The firm has experienced an uptick in restructuring and insolvency, and labour and employment matters 

Client feedback 

They are very reactive with a good knowledge of India's public and private sector environment. They provide very practical advice and are good at handling crisis management.Dispute resolution 

Vihang Virkar 

Very responsive, business-minded, and he knows the legal environment well. 


Work highlights 

Advised Go First on its sale and leaseback deal relating to three Airbus aircraft to EOS Aviation 12 

Assisting Jazeera Airways in a transaction entailing the swap of aircraft delivery slots with CDB Aviation and on the sale and lease of an Airbus Neo plane from CDB Aviation.  

MV Kini Law Firm

MV Kini & Co is best known for its strong aviation offering. It works with carriers, MRO, ground handlers and assets owners on a range of operational matters, including financing and regulatory concerns related to aircraft and engine leases, sale and lease back of assets, specialised airline IT services, deregistration and export procedures of aircrafts and assets. It counts Air India and its subsidiaries, as well as AIX Connect, as regular clients. The firm also counts capital markets and securities law as among its core practice areas. Managing partner and aviation specialist Ravi Kini is the key contact. Senior adviser BD Bhandary covers the firm’s banking and finance work.  


Work highlights 

Acted for Air India for the re-purchase of 21 Boeing 787-8 Aircraft by the company through early termination of the relevant aircraft leases. 

Advised Air India on the sale and leaseback of 34 engines to Willis Lease Finance Corporation.  

Banking and finance
ALMT Legal

Full-service law firm ALMT Legal 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. The transactions team was boosted by the arrival of two senior associates, who joined from Vertices Partners and Wadia Ghandy & Co. The disputes group was also strengthened with the additions of two partners, Petrushka Dasgupta and Margaret D’Souza, who joined from IndusLaw and Acclivus Law Partners, respectively.  

Client feedback 

They have a practical approach. Before doing the work, they would usually speak with us and explain what they wish to do and confirm with us if the work that they are planning to do is in line with our approach or not.Banking and finance 

They give positive advice.Dispute resolution 

Strong domain knowledge and professionalism.Media and entertainment 

Very professional and the lawyers get into the depth of the matter.Private client 

Very professional, dedicated and organised. – Private equity

Sandhya Bhaskar 

Very thorough and very precise. 

Aliff Fazelbhoy 

He has a practical approach and is a solution provider. 

He has positive attitude and helps us well. 

Vaishakh Kapadia 

Very detailed in his work, covers all aspects in any matter. He always meets deadlines. 

Arun SR 

Excellent domain knowledge and professionalism. 


Work highlights 

Advised Canara Bank on its private placement of Tier 2 bonds. 

Argus Partners

Argus Partners continues to do well in the rankings on the back of its impressive client rosters and strong deal flows. This year the firm moves up in Banking and Finance and debuts in the private equity table. A notable development was the significant expansion of Argus’ corporate and M&A team with the joining of four new partners from Algo Legal and one from DSK Legal. The Algo arrivals – Abhinav Bhalaik, Ankit Guha, Armaan Patkar and Neha Madan deepen the firm’s bench strength and expertise in the startup and emerging companies space. 

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. The firm has a pan-India presence with offices in New Delhi, Mumbai, Delhi, Bengaluru and Kolkata. Its New Delhi office was launched in 2022 and caters specifically to the firm’s corporate clients. Krishnava Dutt, the firm’s managing partner, specialises in banking and finance, corporate and M&A and restructuring and insolvency.  


Work highlights 

Advised State Bank of India and Union Bank of India on the grant of a rupee term loan to Shrem IviT 

Acted for Canara Bank and other lenders in their financing of a greenfield technical ammonium nitrate plant. 

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. It debuts in the dispute resolution table on the back of a significant addition to the group, prominent disputes specialist and senior partner Ritu Bhalla. She joined from Shardul Amarchand Mangaldas & Co in late 2022. The firm won numerous mandates last year despite the pandemic impact, acting on no less than 20 debt-related and M&A transactions. In the private equity space, the team is particularly specialised in handling startup 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 Atria Group in relation to a refinancing transaction where it obtained a term loan facility from Power Finance Corporation. 

Acted for M3M Group in relation to a rupee term loan obtained from L&T Finance for part financing of a new real estate project. 

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 its insurance and pharmaceuticals and life sciences work. 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. The firm comprises more than 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. Corporate partners Anil Kasturi and Ashwath Rau are two of the most prominent M&A and private equity lawyers in the country. Banking and finance guru Gautam Saha left last summer for TT&A, and corporate partner Shameek Chaudhuri and insurance specialist Arvind Ramesh left later in the year to set up their own firm, Vritti Law Partners. 


Work highlights 

Advised the lenders on their mammoth syndicated $1.1 billion social loan facility to HDFC. This has been reported as the largest syndicated social loan facility globally and the largest financing availed of by a private sector non-banking financial institution under the ECB Guidelines. 

Acted for API Holdings Limited on its secured structured debt financing. 

Bharucha & Partners

With offices in Mumbai, New Delhi and Bengaluru, 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. In the wake of this consistent recognition, the firms climbs into the top tier for dispute resolution his year. Key partners of the transactions practice group are Alka Bharucha, Justin Bharucha, Vandana Pai, Vishnu Dutt, Swathi Girimaji and Rohit Sharma. The firm welcomed former JSA partner and transaction specialist Sindhu Nayak this year.  


Work highlights 

Assisted Ashv Finance in relation to the securitisation of loan receivables.  

Advised IDBI Bank on extending a financing facility of INR 250 crores to Aseem Infrastructure Finance. 

Bombay Law Chambers

Three-year-old Bombay Law Chambers has offices in Mumbai, Bangalore and New Delhi. The firm has steadily made inroads in banking and finance and private equity, offering clients high-calibre solutions from veteran lawyers. The private equity practice has a stellar roster of regional and international clients, with industry strengths in e-commerce, logistics, gaming, agritech and medical technology, among others. In the past year, the firm expanded from an 11-member team to 25 members, and expanded into the area of fund formation. An entire team comprising a partner, two counsel and three associates joined the Bangalore outpost. Key contacts and founding partners are Karan Kalra and Dipanshu Singhal. Last year, partner and corporate specialist Parag Srivastava joined from Rajaram Legal. 

Client feedback 

They are a perfect blend of competence, attitude towards work and cost-effectiveness.Corporate and M&A 

The lawyers are intelligent and creative. We like how they approach solving a problem. Also, they are very responsive and available. – Private equity 

They have a good understanding of requirements and objectives and give practical structuring advice. They have a depth of experience and knowledge on PE transactionsPrivate equity 

Parag, who is a partner at BLC, is well-versed with the current market positions for VC deals and hence takes a reasonable approach to close deals keeping in mind the interests of all parties. The BLC team also has in-depth sector expertise (such as banking and insurance) which helps in structuring transactions.Private equity 

The team has deep expertise, are responsive, have a commercial mindset and are solution-focussed.Corporate and M&A

Karan Kalra 

He is a great negotiator, very solution-focused and calm under pressure.” 

Dipanshu Singhal 

Intelligent, responsive and creative, and takes a client-centric and problem-solving approach. 

Parag Srivastava 

Parag has a deep understanding of the venture capital industry. He is excellent at navigating complex deal negotiations with multiple parties while ensuring that the clients needs are served in the best possible manner. He also has a broad network of contacts in the industry and understands the business landscape and pulse of the market, resulting in advice that goes beyond just legal matters. 

He is an extremely competent lawyer but what makes him unique is his ability to be fair to all parties involved and achieve commercial objectives of the transaction. 


Work highlights 

Acted for Trifecta Venture Debt Funds on their investment in Cashfree Payments India. 

Advised Tirupati Buildings and Offices on its loans in the form of debentures by Avenue 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 top tier of the market-hot pharmaceutical and life sciences table. The firm is deepening its expertise in distressed asset M&A and bid-side insolvency resolution, and has established a specialised corporate governance practice. 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 the Reserve Bank of India and the Securities and Exchange Board of India, to provide an extra layer of expertise 

The corporate team welcomed three partners from various leading law firms: head of media, education and gaming Aarushi Jain joined from Nishith Desai Associates, Rishiraj Bhatt joined from Kanga & Co and Siddharth Hariani joined from Phoenix Legal. Disputes veteran Gauri Rasgotra left last year to establish her own boutique firm.  


Work highlights 

Advised borrower PGP Glass, a Blackstone entity, on its $360 million loan from various lenders to finance the acquisition of business undertakings of Piramal Glass.  

Key clients 

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

Dentons Link Legal

The market holds Link Legal in high regard for its strengths in aviation, construction, energy and infrastructure work. The firm is a first port of call for infrastructure players due to its vast experience in large-scale, long-term infrastructure projects and regulator relationships, and the ability to go beyond transaction basics into extra layers of service like financing insurance. The corporate team welcomed four new partners in the last 12 months, such as Jinni Sinha from IndusLaw and Sayantani Dutta from Wadia Ghandy & Co. Infrastructure specialist Rajesh Sehgal joined from Trina Solar. Atul Sharma and Nusrat Hassan are key partners for energy and infrastructure, and corporate and M&A, respectively. Managing partner Anand Srivastava is also a projects and finance contact. The firm recently combined with Dentons to become part of the global law firm’s sprawling international network.  

Client feedback 

Timely and excellent delivery in all matters.”Aviation 

The firm plans the activities well and delivers the services within the agreed timelines.Capital markets 

Very good knowledge and experience of the subject. It provides research-based representations and approach towards a matter.Energy 

They handled things very well, and have a knowledgeable partner and team. Approachable 24/7. – Private equity

Namita Das 

Knowledgeable and approachable. Effective management. 

Milind Jha 

Quick turnaround for queries raised, timelines have been always met, and he is solution-oriented. 

Aditya Singh 

Rich knowledge, innovative, research based approach, and provides right and practical advice. 

Anand Srivastava 

Good approach and a problem-solver. 


Work highlights 

Acted for banks, investors and institutions providing term loan facilities and subscribing to the debentures issued by India Grid Trust, an infrastructure investment trust established under the Securities and Exchange Board of India Regulations.  

Advised the State Bank of India on loan facilities provided to Ramayapatnam Port Development 

Key clients 

HDFC Bank, HSBC, India Infradebt Fund, State Bank of India. 

Dhir & Dhir Associates

Dhir & Dhir Associates is best known for its restructuring and insolvency, and capital markets practices. The firm was one of the first entrants into the stressed assets advisory space back in the early 1980s. Thus, its long-standing experience of nearly four decades in the insolvency realm makes it a go-to firm with clients appreciating its substantial, well-rounded contentious and non-contentious practice. The firm is currently handling more than a quarter of the non-performing assets insolvencies in the country. The core practices of managing partners Alok Dhir and Maneesha Dhir are in restructuring and insolvency, and corporate and M&A. Alok Dhir is also known for his expertise in real estate and private equity, while Maneesha Dhir is active in telecommunications, media and technology as well as dispute resolution. Another key partner is disputes and restructuring and insolvency specialist Sachin Gupta.  

Client feedback 

We would recommend the firm for its timely responses and being reasonable with regards to the drafting of the documents from both lender and borrower perspective.Banking and finance

Shikha Singh 

Has timely responses and provides clarity in discussions. 


Work highlights 

Represented Tata Cleantech Capital as lender for a loan to AMPSolar Urja in relation to the construction of a power project. 

DSK Legal

Full-service firm DSK Legal has enjoyed the fruits of its expansion last summer, climbing up in the rankings across a number of areas such as capital markets, IP and pharmaceuticals and life sciences. After the seismic shift of adding more than 60 new lawyers, most from Luthra and Luthra Law Offices, the firm continued to build out its teams. It welcomed corporate and finance specialists Srinivas BR, Siddharth Suresh and Karan Ajitsaria from Dua Associates. M&A expert Kunal Mehra, and disputes partners Prashant Mishra, Prashant Pakhiddey and Saleem Hasan Ansari, followed former colleagues over from Luthra and Luthra Law Offices, while R&I consultant Sanjeev Pandey joined from the State Bank of India.  

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 recent additions, the firm posted a strong showing by closing over 50 sizeable 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.

Client feedback 

Prompt responses.Banking and finance 

Professional service, timely deliverables and focused approach.Corporate and M&A 

Lawyers are process driven, courteous and knowledgeable.Corporate and M&A 

The team had a pragmatic approach, short response times and was in general very supportive.Corporate and M&A 

They took a resolution approach.Dispute resolution 

Lawyers have a thorough understanding of the matter, diligence and responsiveness. They take off the client the worries of what needs to be done in the matter.Dispute resolution 

They provide speedy, to-the-point advice and a willingness to clarify all issues asked. They are very knowledgeable on Indian labour laws and give practical advice that works.Labour and employment 

They are aware of recent changes and help close issues without unnecessary technicalitiesMedia and entertainment

Rishi Anand 

He is approachable. 

Roochi Loona 

Prompt responses and good working knowledge of the law. 

Gaurav Mistry 

Knowledgeable, friendly and professional. 

Vikrant Singh Negi 

Always prepared and proactive with solutions. 

Dinesh Pardasani 

He is very diligent, accessible and hard-working for the task assigned. 

Ajay Shaw 

He takes a focused and balanced approach. 

Suyash Srivatava 

Sharpness in thought, and clarity and speed in advice.


Work highlights 

Advised National Investment Infrastructure Fund and Athaang Infrastructure in relation to its loan to Kashi Tollway. 

Key clients 

Arka Fincap, Canara Bank, Deutsche Bank, HSBC, Union Bank of India. 

Fox Mandal & Associates

Fox Mandal has a full-service offering and is best known for its real estate and IP practices. It has been busy building up its client portfolio in the healthcare, retail, IT and real estate sectors. Its corporate and M&A practice continues to gain traction on larger matters and it moves up a notch in the M&A table. On the IP side, the firm has been honing its focus on startup players, even offering pro bono advice as their clients work their way up. Key figures for real estate and IP are, respectively, partners Purnima Kamble and Santosh Vikram Singh. Managing partner Shuva Mandal, who is active on numerous transactions and disputes matters, is a respected figure in the market. Corporate specialist Rohan Singh joined the M&A team from Trilegal last autumn.  

Client feedback 

Very responsive.Construction 

They are time-sensitive and discharge their obligations as per schedule. They have a team of legal professionals who look for perfection in their work and protect their clients’ interests in litigation.”Dispute resolution 

They are commercially aware and technically skilled.Intellectual property

Apurupa Gundu 

Quick to understand the details shared and raises appropriate queries to fill the gaps.” 

Santosh Singh 

He's knowledgeable and commercially astute, a winning combination. 

Rajesh Vellakkat 

Very communicative. 


Work highlights 

Advised Tata Capital Housing Finance on its top-up facility to Koregaon Park High Street Properties to fund existing projects 

Key clients 

Axis Bank, DBS Bank, IFCI, Piramal Capital and Housing Finance. 

Gravitas Legal

Founded in 2015 with offices in Delhi and Mumbai, 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 crime spaces. The firm moves up a notch in the dispute resolution ranking this year. It has 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 special drawing rights. 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 a key contact at the firm. Other notable personnel include corporate partner Varij Sharma and disputes specialists Rajeev Aggarwal and Rahul Gaikwad. Aggarwal joined the firm in April from RA Law & Co.  


Work highlights 

Acted for Jindal Steel Odisha on its funding from the State Bank of India 

Advised Vena Energy Vidyuth on its funding from five banks for the development of a blended wind and solar project. 

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. 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 a key contact. The firm welcomed corporate and funds specialist Satish Kumar Anand and real estate partner Himani Singh Sood from SNG & Partners. Banking partner Sharmil Bhushan left for Kochhar & Co 

Client feedback 

Regarding their expertise, I can confirm they have deep knowledge and expertise in the practice area where we asked for their legal assistance. On their responsiveness, as a company and as I personally value the timely communication, they provide quick turnaround times on projects, and proactive outreach to clients on our external service providers. I can confirm that they were super-responsive both for meetings and via emails with their esteemed knowledge and positive attitude. Speaking of their client-focused approach, I had the impression that they prioritise clients' needs and goals that's why they provide tailored legal solutions that meet clients' specific needs.Regulatory

Jivesh Chandrayan 

Here are some examples that we appreciate about him: his adaptability, communication skills and time management, which at the end let us receive the kind of legal service we want. 


Work highlights 

Engaged by Rural Electrification Corporation and Power Finance Corporation to draft the amended and restated financing and security documents on account of change in shareholding of Teesta Urja post the refinancing of the other lenders’ debt. 

Key clients 

Axis Bank, Bank of Baroda, Indian Renewable Energy Development Agency, Renew Sun Energy. 

IC Universal Legal

IC Universal Legal is an eight-partner-strong firm that excels in private equity and investment funds work. This year it climbs into the top tier of the investment funds table on the back of strong market reviews of its dominance in the fund formation space. It has offices in Bangalore, Chennai, Delhi, Mumbai, Chandigarh and Ahmedabad, and extends its reach to the US and Brazil via its affiliation with US firm Chugh. Apart from its private equity, venture capitalist, credit fund and hedge fund clients, the firm is also active among startup companies. Industry-wise, the firm has expertise in banking, financial services, insurance, healthcare, industrial engineering, media, pharmaceuticals, IT, real estate and private clients. The firm boasts the highest market share among all the Indian law firms, of nearly 30% of the Indian investment funds establishment space. This includes private equity, venture capital, credit and hedge fund structuring as practice areas. Last year, the firm was involved in no less than 45 transactions across different verticals. Senior partners Kavitha Vijay and Tejesh Chitlangi are key contacts.  

Client feedback 

On top of the regulatory framework for venture capital funds, the team has good insights into the thinking and working of the regulator in India.Investment funds 

Strong subject-knowledge expertise with a reliable and professional approach.Technology and telecommunications

Dikshit Mehta 

Dikshit is always accessible, prompt in his deliveries and gives a firm view on all matters with sound legal and logical backing. 

Sambhav Ranka 

Depth of knowledge, practical in approach and a problem-solver. 


Work highlights 

Advised EvolutionX Debt Capital in their investment of $50 million in the non-convertible debentures issued by API Holdings 

Jerome Merchant + Partners

Jerome Merchant + Partners offers a full range of corporate law services, including banking and finance, and corporate and M&A. With a well-respected banking practice, the firm ascends a tier in the banking and finance table. 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.  


Work highlights 

Advised KKR India on the issuance of its privately placed listed bonds to South Indian Bank. 

Assisted Tata Motors Finance Solutions on the issuance of its privately placed perpetual unlisted bonds. 

JSA

JSA is a leading, pan-India full-service firm that excels in a number of areas including energy, infrastructure, technology and telecommunications, banking and finance, and construction. Its regulatory practice is well-regarded due to the firm’s strong credentials with telecoms, energy and infrastructure authorities. This year the firm rises into the top tier for its corporate and M&A work 


Work highlights 

Represented Sumitomo Mitsui Banking Corporation Singapore Branch, MUFG Bank and Mizuho Bank in relation to a JPY equivalent of $1.1 billion green loan facility to Indian Railway Finance Corporation 

Juris Arena

Juris Arena was founded in late 2020 by corporate and transactions partner Soumitra Banerjee. The firm specialises in corporate work, with niche focuses on corporate commercial and corporate finance. The team is particularly adept at working with clients in the banking and financial services sector, with offerings including advice on syndication and other loan arrangements, facility letters, security documentation, letter of credit and financial services regulations, project finance, guarantee arrangements, performance bonds and bonding facilities. This year the firm climbs up a tier in the banking table. Associate partner Anjali Haridas is the other key contact.  

Client feedback 

Juris Arena has a strong team of legal professionals. They assisted throughout the NCD issuance process and were always diligent with the deliverables. Juris Arena made sure that our documentation was airtight and protected our legal interests entirely.Capital markets 

We value the team's quick response to our queries, their knowledge on the relevant subject matter and business sectors.Corporate and M&A 

Their positive attributes are their approach, knowledge, judgement and analysis. Juris Arena understands the exact requirement of a client and advises on the best course of action to be followed.Dispute resolution 

Partners are available and helpful. It is cost-efficient.Private equity 

Partners are very knowledgeable and offer wise advice.Private equity

Soumitra Banerjee 

Very proactive, commanding knowledge of the business sector in which our company is operating. 

Very sharp and knowledgeable. 

Anjali Haridas 

Anjali has commendable expertise in her sector and also has a great knowledge of the real estate laws and nuances. She guided us really well with some of the issues we were facing in concluding our transaction. She also accompanied us to meetings with our banker to solve a legal hitch even though it was not part of her services scope. Anjali is very transparent and responsible. I would recommend her to all partner companies. 

Her listening skills, knowledge, timely response, approach and proper understanding of the client requirements. 

Proactive, insightful, well-versed with the industry, and keeps long-term risk in mind. 


Work highlights 

Advised a leading fund house in structuring transaction and documents to facilitate funds to a renowned builder. 

Acted for a leading financial institution in structuring transaction and documents to facilitate financial service to a conglomerate in educational sector. 

Key clients 

ASQI Advisors, Atul Auto, Axis Finance, Khushbu Auto Finance, Piramal Capital & Housing Finance, Scient Capital Private.

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 into the top tier of the banking table for its prowess in this space. The capital markets team was busy last year advising on cross-border business opportunities to offshore clients. 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. Partner Vedanarayanan Lakshmanan joined from IndusInd Bank last spring.  

Client feedback 

Very good turnaround time, receptive to client needs, and reliable because they are always a phone call away. We receive a lot of partner time and they deliver quality work.Banking and finance 

Approachable and prompt.Banking and finance

Apurva Kanvinde 

Shes very receptive, available, with good turnaround times. She works well under pressure and is good at problem-solving and providing solutions, along with coordinating well with clients. 

Saurabh Sharma 

Knowledgeable. 


Work highlights 

Advised the lenders in relation to a green loan financing availed by REC Solar and guaranteed by Reliance New Energy Solar 

Represented the lender banks on the Indian law-related aspects in relation to novation and amendment to K-sure covered term loan facility. 

Key clients 

Axis Bank, Abu Dhabi Commercial Bank, Bank of India, Rabobank, Reliance Industries, Scotiabank, Standard Chartered 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

Lex Favios

Lex Favios is a full-service firm with a proven track record helping offshore companies with their investments into India. Its core pillars include M&A, private equity and FEMA work. The firm remains consistent in our banking and finance, and corporate and M&A rankings. The firm, the exclusive India member of Legal Netlink Alliance, brandishes industry strengths in financial services, hospitality, real estate, power, renewable energy, oil and gas, and defence. Managing partner Sumes Dewan is a corporate and finance specialist. Senior associate Yashita Gulati joined from the Singhania & Partners in January. 


Work highlights 

Advised lender State Bank of India on its loan to Solar Energy Corporation of India 

Acted for the State Bank of India as the lender to TRS Auto Mobiles Private. 

Luthra and Luthra Law Offices India

Luthra and Luthra Law Offices is a well-rounded full-service firm that has been a market leader in multiple practice areas over the past two decades. Sadly, founding partner and legendary rainmaker Rajiv Luthra passed away earlier this year. The firm has been replenishing its ranks by welcoming no less than 10 partners into the fold, ranging from corporate specialist Abhilekh Verma from Kochhar & Co to disputes expert Shreya Sircar from Bharucha & Partners. The firm is proud of its market-leading clean energy practice, prioritising niche deals that have a positive environmental or social impact.  

Client feedback 

Partner attention and input have been key to the engagement. Commitment to acting as true advisers to the transaction and prioritising client interest even when it meant calling off the transaction and limiting the scope of the engagement.Corporate and M&A 

Very professional and timely updates.Dispute resolution 

Reactive and proactive.Intellectual property

Shireen Dhar 

Very responsive with practical solutions. 

Pranshu Paul 

Professional and helpful. 

Navin Syiem 

Navin has always been astute and accurate in his understanding of our issue, succinct in his advice, always mindful of time, prompt in his feedback and highly adaptive to the client's personality. 


Work highlights 

Advised Renew Power on the first-of-its-kind round-the-clock renewable project in India. 

Represented India Renewable Energy Development Agency on its loan for part financing the cost of acquiring electric cars. 

Majmudar & Partners

Majmudar & Partners is a medium-sized, high-quality corporate and financial law firm that excels in corporate and M&A, private equity, and labour and employment areas. On the deal side, the firm is not a volume player as its clients engage the team for sophisticated and complex transactions. Peers acknowledge its labour and employment practice, which is led by Neerav Merchant and Raja Sujith Niruthambath. The firm and its managing partner Akil Hirani are well regarded in the Mumbai market. In the past 12 months, the firm has seen good growth in the non-banking financial corporation sector on regulatory advice, fintech, finance deals and M&A transactions. In addition, banking litigation is growing. 

Client feedback 

Professional.Corporate and M&A 

Very responsive, timely and detail-oriented. They can bring in SMEs quickly for specific areas when executing a project.Corporate and M&A 

They were knowledgeable with India corporate law and advice on corporate structures for M&A activities.Corporate and M&A 

They are very efficient and always provide prompt feedback.Labour and employment  

Very responsive, very thorough.Technology and telecommunications

Rukshad Davar 

Responsive and knowledgeable. 

Akil Hirani 

Very factual, to the point. He’s practical and provides trusted advice. 

Very responsive, thoughtful, delegates appropriately, and does thorough work. 

Sinjini Majumdar 

He provides very thorough and timely feedback. 

Neerav Merchant 

He is professional. 


Work highlights 

Advised CPP Assistance Services in providing card protection assistance products to retail credit and debit card users in India. 

Acted for Dhanlaxmi Bank in a banking claim made against the defaulting borrower and its guarantors. 

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, which houses more than 80 fee earners and has offices in Mumbai, Delhi and Bangalore, has expanded into the areas of subsea, oil and gas exploration and pipeline replacement projects. Key partner Shardul Thacker is one of the country’s leading shipping experts.  

Client feedback 

Shardul Thacker 

He is a knowledgeable, well-known and respected lawyer in the market. 


Work highlights 

Acted for HDFC Bank in relation to a loan facility advanced by the bank to Hindustan Oil Exploration Company 

Key clients 

Standard Chartered Bank, State Bank of India. 

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 capital markets table. The four co-founding partners are the main contacts: Manjula Chawla, Saket Shukla, Abhishek Saxena and Sawant Singh. Three partners joined last year, including disputes specialists Gaurav Dudeja and Aman Avinav, and projects partner Pallavi Bedi. The latter joined from Luthra and Luthra Law Offices.  


Work highlights 

Advising the US International Development Finance Corporation on its foreign currency-denominated external commercial borrowing loan to a non-banking financial company.  

Assisted arranger Northern Arc Capital on a pooled bond issuance by six issuers, subscribed by a foreign portfolio investor under the voluntary retention route of the Reserve Bank of India.  

Key clients 

AK Capital Services, Bank of India, BlueOrchard Finance, Calvert Impact Capital, Creation Investments, HDFC Bank, MicroVest Short Duration Fund, Northern Arc Capital, State Bank of India, Union Bank 

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 moves up a tier in the banking and finance table. 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.  

Client feedback 

They are responsive to queries, provide valuable input and negotiate our position well.Banking and finance 

Quality of work is stellar.Corporate and M&A 

They are the most hard-working legal advisers I have ever worked with. They are very responsive, smart and hands-on.Corporate and M&A

Arpita Garg 

She is very approachable, knowledgeable with legal matters, provides valuable guidance and strongly negotiates our position on certain matters. 

Mohit Gogia 

Responsive and helpful. 

Rajat Sethi 

He is very responsive, knowledgeable, always attentive and available. 


Work highlights 

Represented Bharat Hotels on its issuance of secured unlisted non-convertible debentures to Kotak Real Estate Fund X. 

Sagus Legal

Sagus Legal was founded in early 2020 by ex-Shardul Amarchand Mangaldas & Co corporate partner, Shruti Kanodia. The firm’s core strengths are corporate and M&A, dispute resolution, and energy and infrastructure work. It has offices in New Delhi, Odisha and Gurugram. The key partners are Kanodia and disputes expert Anand Kumar Shrivastava.  

Client feedback 

Hard-working, clear on the law and provides practical advice.Energy 

They do extensive study and have a good command of the subject. They focus on cost-cutting for us, have a good office setup and a great team.”Regulatory 

They are a diligent team and have good knowledge, acumen and the practical aspects of the legal craft. They provide business-oriented solutions. They have a good hold on regulatory and corporate aspects.Regulatory

Anand Srivastava 

Very clear on the business needs of the company and is able to stitch the requirements and regulations prevailing together to get the desired outcome. 

He is doing well. 

He’s got an in-depth knowledge of the business and good legal acumen. He has excellent client management skills, experience and thought processes. 


Work highlights 

Advised Petronet LNG on its existing and new trust and retention accounts agreements pursuant to changes in the Indian regulatory framework.  

Acted for a leading public listed steel company on its financing requirements from Union Bank of India. 

Saraf and Partners

Established in the summer of 2021 by a group of partners from Luthra and Luthra Law Offices, Saraf and Partners has established itself well as a highly regarded full-service firm with core strengths in projects, corporate and M&A, private equity and restructuring and insolvency. The team consists of no less than 34 partners and over 180 personnel. By the end of 2022, the teams had executed more than $43 billion worth of transactions and in the spring of 2023, it acquired boutique real estate law firm, SRGR Law Offices and its 20-strong team. Key contacts include founder Mohit Saraf, and senior partners Bikash Jhawar, Vaibhav Kakkar, Manmeet Singh, Vikrant Kumar, Sanjeev Sharma and Saroj Jha. The firm welcomed a trio of R&I specialists: Ankur Khandelwal from Kochhar & Co, Anugrah Robin Frey from Luthra and Luthra Law Offices and Sairam Subramanian from Shardul Amarchand Mangaldas & Co.  

Client feedback 

We appreciate they understand our business vis-à-vis legal attributes.Dispute resolution 

Responsive, expert and practical.Regulatory 

Satadru Goswami 

We value his depth of knowledge and understanding. 

Vaibhav Kakkar 

Practical, responsive, understands risk mitigation and a great communicator. 

Manmeet Singh 

Good understanding of business and a man of details. 


Work highlights 

Acted for the State Bank of India on its $2.3 billion financing for Navi Mumbai International Airport.  

Key clients 

Adani Enterprises, LIC Housing Finance, Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking 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 is routinely considered one of the best firms in a highly competitive market for transactions and a first port of call for selective international clients. This year it is boosted into the uppermost category for its pharmaceuticals and life sciences expertise. The firm offers the best of all worlds: large capacity, pan-India presence, depth of expertise and experience, and market-leading professionals. It regularly advises the largest multinationals, Indian conglomerates, and private equity players and funds. The capital markets team continues to represent issuers in many of the country’s largest IPOs and the M&A group remains unmatched for its high-stakes, high-value transactions. 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.  

Client feedback 

Excellent technical knowledge. Sound understanding of market practices and associated risks.Banking and finance 

Thorough research, excellent drafting of affidavits and responsive teams. They take ownership of the engagement task and a professional approach.Banking and finance 

They have practical positions on legal interpretation and always deliver in a timely fashion.Capital markets 

Timeliness, efficiency and expert in the field of competition law.Competition/antitrust 

The team understands business, and provides clear advice shorn of unnecessary legalese. They are always looking to solve problems for the business, and they have become trusted advisers over the course of our engagement with them.Competition/antitrust 

Excellent, well-rounded team which provides specific and pointed advice.Corporate and M&A 

High-quality legal advice, and knowledge of market and regulatory developments.Corporate and M&A 

Very responsive and provide clear advice.Dispute resolution 

Strong understanding of the market, subject matter and time management.Media and entertainment 

Great team that is always available, has high competence and is able to close points.Private equity 

SAM has one of the strongest restructuring and insolvency teams which is supplemented by a wide spectrum of expertise that is required to resolve complex restructuring situations. Their experience and network in the region spanning insolvency, corporate law, debt and equity capital markets, regulations and litigation was instrumental in the successful outcome in a number of situations.Restructuring and insolvency

Manika Brar 

She has a positive attitude, good communication skills and great domain knowledge. 

Sayantan Dutta 

He has a hands-on approach and takes tough stands when needed. 

Jay Gandhi 

Excellent PE knowledge and personalisation. 

Radhika Indapurkar 

Dedicated, hard-working, good communications, good drafting skills, and excellent domain knowledge. 

Ila Kapoor 

Good team leader. Very responsive and great communications. 

Abhishek Parekh 

Great, well-rounded lawyer. He handled the negotiations and documentation very well. 

Veena Sivaramakrishnan 

We valued her depth of technical knowledge, coupled with a sound understanding of market practice. 

She’s a top lawyer in restructuring and insolvency in the region with innovative solutions to solve complex, multi-stakeholder restructuring situations. She has an extremely strong ability to solve difficult problems and provide timely recommendations that have proven to be correct on a number of occasions. 

Puja Sondhi 

Great leader who manages situations very well. 

Yaman Verma 

We were very impressed by the ownership taken by Yaman. He provides excellent advice to businesses in a manner that is easy to understand for people with non-legal backgrounds. He is our go-to adviser for new ventures, as he helps us identify and remove potential roadblocks. He has a deep technical understanding of competition law, as well as the commercials of the e-commerce space, which he combines to provide cutting-edge advice. 


Work highlights 

Advised Fractal Analytics in relation to the offshore financing availed of by its subsidiary in the US against the credit support provided by the Fractal Analytics group in India.   

Carlyle Funds, DBS Bank India, JP Morgan Chase, Mindspace Business Parks. 

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, with the market acknowledging its strength in debt capital markets issuances, particularly for rupee-denominated deals. Last year, the firm entered into an exclusive alliance with another full-service law firm, R&P Partners. Together, the two firms have broadened their professional bandwidth, as well as expanded their geographical foothold with offices in New Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Coimbatore, Cochin, Madurai and Singapore. Managing partners Sanjay Gupta and Rajesh Narain Gupta, and senior partner Amit Aggarwal are the key contacts.   

Client feedback 

The lawyers that we deal with are knowledgeable and demonstrate rigour in their work. Their approach is practical wherein they balance out business interests with the requirements of the law.Banking and finance 

We value their in-depth knowledge on banking practices, and crisp and prompt legal advice on various matters. They are available to support us at any given point and take a professional approach to all tasks assigned.Banking and finance

Anju Gandhi 

She has an excellent knowledge of banking law. She’s a good listener, excellent communicator and accepts feedback positively. She is solution-oriented while keeping the interests of the bank paramount. Also, she is extremely responsive. In the case she does not have an immediate answer to a query, she accepts that she needs to check and then reverts after having studied the matter. 

Ashok Sathyanathan 

Professional approach, available and good problem-resolving capacity. An excellent adviser. 


Work highlights 

Advised ICICI Bank and Axis Trustee Services on the issuance of non-convertible debentures by DLF Cyber City Developers. 

Acted for CSB Bank as lender on its term loan facility to Valiant Amrut India.  

Key clients 

DBS Bank, HDFC Asset Management, InCred Financial Services, IndusInd Bank. 

Tatva Legal Hyderabad

Tatva Legal Hyderabad is a sizable, full-service firm with offices in Telangana and Andhra Pradesh. Its core pillars are banking and finance, dispute resolution, labour and employment, investment funds, private equity, R&I and real estate. Managing partner Shailendra Komatreddy is the key contact. The firm welcomed corporate specialist Kaushalya Guduru from Avendus Capital and disputes manager Palash Taing from S&A Law Offices in the past year.  


Work highlights 

Advised HDFC in providing financing to the Phoenix Group.

Trilegal

Trilegal climbs up in several rankings this year, including infrastructure, insurance, pharmaceuticals and life sciences and real estate. 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 going from strength to strength. The firm’s five-year-old asset management and fund formation practice has rapidly risen to be a power player. The dispute resolution team, led by Shankh Sengupta, has proven its worth with an elite group of litigators acting in high-stakes matters for premier clients. 


Work highlights 

Advised a consortium of 23 banks and financial institutions in the debt restructuring of Hindustan Construction Company. 

TT&A

Known in the market for its past collaborations with Linklaters, TT&A proves its leading firm status by remaining an ‘Outstanding’ firm for banking and finance and moves up a notch in the private equity table. Its capital markets practice is highly regarded for its quality, focused specialism in debt issuances, including masala bonds, and structured high-yield transactions. Partners Sonali Mahapatra, Rituparno Bhattacharya, Nidhi Rani and Rahul Gulati form one of the country’s most well-regarded teams for banking and finance. Last year, the firm was bolstered by the arrival of banking and corporate powerhouse Gautam Saha and a team of five partners from AZB & Partners.


Work highlights 

Advised HSBC, MUFG and Standard Chartered Bank in connection with a term loan facility of up to $1.2 billion availed by an offshore subsidiary of Biocon Biologics.  

Acted for Asian Development Bank on its term loan facility to Nhava Sheva Freeport Terminal 

Key clients 

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

Wadia Ghandy & Co

Wadia Ghandy & Co is one of the oldest full-service law firms in India, established in 1883. The firm has offices in five cities and houses more than 150 fee earners. The firm’s banking and finance offering is widely respected and this year it ascends into the Highly Recommended tier for this work. The firm also boasts strengths in aviation, disputes and real estate. The key contacts include senior partners Shabnum Kajiji and Hamid Moochhala, and joint managing partners Ashish Ahuja and Dhawal Mehta 


Work highlights 

Advised Shriram Transport Finance Company on its external commercial borrowing of $250 million from the US International Development Finance Corporation.  

Acted for SK Finance in relation to the securitisation of receivables arising from loans provided by the client to its customers.  

ZBA

ZBA is a boutique firm best known for its banking, 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 reinsurers, protection and indemnity clubs, shipyards, commodity traders and financial investors. Managing partner Zarir Bharucha is a respected figure for shipping disputes. He is often nominated as an arbitrator for shipping-related arbitrations in the London Court of International Arbitration and he is a member of the maritime sub-committee of the International Bar Association. Partner Niloufer Lam leads the transactional practices.  


Work highlights 

Advised India Railway Finance Corporation on its $1.1 billion external commercial borrowing from Sumitomo Mitsui Bank, MUFG Bank and Mizuho Bank 

Acted for a syndicate of lenders on its $750 million loan to NTPC. 

Represented lenders in granting a $600 million syndicated term loan facility to ONGC Videsh 

Capital markets
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 its insurance and pharmaceuticals and life sciences work. 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. The firm comprises more than 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. Corporate partners Anil Kasturi and Ashwath Rau are two of the most prominent M&A and private equity lawyers in the country. Banking and finance guru Gautam Saha left last summer for TT&A, and corporate partner Shameek Chaudhuri and insurance specialist Arvind Ramesh left later in the year to set up their own firm, Vritti Law Partners. 


Work highlights 

Acted for Infosys on its $1.24 billion buyback, one of the largest buybacks that is being undertaken by an Indian company 

Assisted the book running lead managers on the public offering of Patanjali Foods. 

Bharucha & Partners

With offices in Mumbai, New Delhi and Bengaluru, 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. In the wake of this consistent recognition, the firms climbs into the top tier for dispute resolution his year. Key partners of the transactions practice group are Alka Bharucha, Justin Bharucha, Vandana Pai, Vishnu Dutt, Swathi Girimaji and Rohit Sharma. The firm welcomed former JSA partner and transaction specialist Sindhu Nayak this year.  


Work highlights 

Advised Dreamfolks Services on its IPO 

Acted for Inga Ventures Private and Equirus Capital Private as the book running lead managers for the IPO of Divgi TorqTransfers System. 

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 top tier of the market-hot pharmaceutical and life sciences table. The firm is deepening its expertise in distressed asset M&A and bid-side insolvency resolution, and has established a specialised corporate governance practice. 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 the Reserve Bank of India and the Securities and Exchange Board of India, to provide an extra layer of expertise 

The corporate team welcomed three partners from various leading law firms: head of media, education and gaming Aarushi Jain joined from Nishith Desai Associates, Rishiraj Bhatt joined from Kanga & Co and Siddharth Hariani joined from Phoenix Legal. Disputes veteran Gauri Rasgotra left last year to establish her own boutique firm.  


Work highlights 

Advised the Life Insurance Corporation of India and the President of India, acting through the Ministry of Finance, on its IPO. This was the largest IPO of equity shares in the history of capital markets in India. 

Acted for Macrotech Developers and its selling shareholders on its QIP. The QIP structure was the first ever qualified institutions placement by way of an offer for sale of equity shares. 

Key clients 

Cartrade Tech, India Grid Trust, L&T Finance Holdings, Macrotech Developers. 

IndusLaw

IndusLaw is a modern full-service firm that is rapidly coming up the ranks as a challenger to the established order of top legacy firms. This year, it moves up a notch in the real estate rankings and expanded by opening a new office in Gurugram. In total, the pan-India coverage includes offices in Bangalore, Chennai, Delhi, Hyderabad, Mumbai and the aforementioned Gurugram. 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. The capital markets team remains active, securing some of this year’s largest mandates for both issuers and bookrunners on more than 24 transactions. While maintaining a secure foothold at the forefront of ECM work, it is busy diversifying its suite of experience into newer products such as SPACs and business trusts, block deals and debt capital markets work.  

There were several noteworthy inflows and outflows of talent this year. Banking partner Ashutosh Narang joined from Luthra and Luthra Law Offices last October. Corporate specialists Amrit Mehta and Shantanu Jindel joined from Majmudar & Partners and JSA, respectively, while partners Anubha Sital and Divya Varghese departed for in-house roles. On the disputes side, partners Maneesha Kongovi and Sourasubha Ghosh arrived from Argus Partners and Hariani & Co, respectively.  

Client feedback 

The team are go-getters, always there to work on challenging assignments, and provide clarity on strategy in litigations. It helps us achieve the desired resultsBanking and finance 

Prompt client service, and accuracy in legal representation and advisory.Banking and finance 

Their legal expertise is top-notch and add to that the constant availability of folks to resolve any sudden issues that might arise makes them a perfect partner for any startup.Corporate and M&A 

The team is excellent. Litigation is the core area and very efficient. We are satisfied with their performance. Cost-wise, they also are very reasonable.Dispute resolution 

Solution-oriented, understands the clients needs very quickly, and provides well-thought resolutions.Dispute resolution 

Proactive, knowledgeable, good negotiators, and has good command on the subject. Investment funds 

We recommend them for their ability to understand business and define the solution from multiple angles; the availability of the team; their turnaround time; the involvement of senior partners in brainstorming and solutioning; and the ease of working with other ecosystem partners.Media and entertainment 

They are highly responsive and in touch with the local market. It is very hard to stay on top of the latest trends in legal terms from afar. They have an eye toward ensuring that appropriate and proper legal protections are in place, with a commercial sensibility to finding compromise.Private equity  

Great advice, super-responsive, creative problem-solvers, and a collaborative team.Private equity 

Interesting, practical and give timely insights.Private equity 

Proactive and knowledgeable teams across both practices.Private equity 

Very client-centric, highly available, responsive and caring. They have a long-term focus, not transaction focus.Private equity 

Sensitive to client needs, approachable and provide holistic advice.Private equity 

The team understands client objectives and priorities, and as a result gives us the specific advice we need.Private equity 

We appreciate their attention to detail, sector-specific knowledge in the areas we invest, deep knowledge about our positions in investments, and very personable and committed team.Private equity 

Ranjana Adhikari 

She is very positive and has good domain knowledge. She shows a good balance of risk management and business solutioning, and has a great ability to bring in specialists as and when needed. 

Unnati Agrawal 

Goes out of her way to devise a solution. She has very good domain knowledge and communication skills. 

Aakash Dasgupta 

Excellent communication and expertise. 

Mayukh Dutta 

Very collaborative, founder-first attitude. Also he is approachable, personable, down-to-earth and solution-oriented. 

Sushmita Gandhi 

She is always there for any assignment and helps us in complex assignments. She has a positive approach to any issue at hand and has clarity of thought for devising suitable strategies to deal with such issues. The insights and advice provided by Ms. Sushmita has been quite helpful in overcoming the challenges faced in transactions and litigations. 

Friendly, prompt, intelligent and articulate. 

Very effective and quick. 

Anindya Ghosh 

Anindya has great legal expertise and is always available to guide us on any issues where his expertise is needed. 

His industry knowledge is excellent. Anindya is very solution-oriented while being able to keep our interests in mind as well as the general regulatory landscape. He is very easy to interact with and personable, and he is always available when we need him. 

Very focused on solutions to move things along. Diligent, knowledgeable, affable and pleasant to work with. He takes time out to explain things and always kept our best interests in mind. He is a fair negotiator. 

Amit Jajoo 

Extremely meticulous and solution-oriented. 

Pallavi Kanakagiri 

She is very knowledgeable about legal implications and is very good at applying this to our specific concerns. 

Winnie Shekhar 

Always available. Incredibly responsive. Works to advocate on behalf of clients, while finding a middle-ground and reasonable approach to meeting points of dispute. Creative in thinking. 

Combines a sharp eye on legal issues with a commercial sensibility to getting a deal across the line. Provides useful and practical advice. Not overly aggressive but a good advocate for our positions. 

Knowledgeable and responsive.


Work highlights 

Acted for the book running lead managers in the proposed QIP by Macrotech Developers, the first QIP by way of offer for sale in India. 

Key clients 

Adani Group, Axis Capital, Bank of America Securities, Citigroup Global Markets, CLSA, DSP Merrill Lynch, HSBC Securities, ICICI Securities, JM Financial, Sapphire Foods. 

JSA

JSA is a leading, pan-India full-service firm that excels in a number of areas including energy, infrastructure, technology and telecommunications, banking and finance, and construction. Its regulatory practice is well-regarded due to the firm’s strong credentials with telecoms, energy and infrastructure authorities. This year the firm rises into the top tier for its corporate and M&A work 


Work highlights 

Advised Export-Import Bank of India (Exim) in connection with the issue of notes under Exim’s $10 billion global medium term note programme. 

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 into the top tier of the banking table for its prowess in this space. The capital markets team was busy last year advising on cross-border business opportunities to offshore clients. 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. Partner Vedanarayanan Lakshmanan joined from IndusInd Bank last spring.  

Client feedback 

Very good turnaround time, receptive to client needs, and reliable because they are always a phone call away. We receive a lot of partner time and they deliver quality work.Banking and finance 

Approachable and prompt.Banking and finance

Apurva Kanvinde 

Shes very receptive, available, with good turnaround times. She works well under pressure and is good at problem-solving and providing solutions, along with coordinating well with clients. 

Saurabh Sharma 

Knowledgeable. 


Work highlights 

Acted for a materials manufacturer in raising debt by way of issuance of non-convertible debentures. The deal was complex as it was one of the biggest leverage buy-outs in the cement industry and there were many bidders. 

Advised Shriram Transport Finance Company on its financing programme including raising of monies for its trade financing in the form of floating rate bonds.  

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, while remaining steady in the banking and finance and capital markets tables. The firm has a strong practice of helping SMEs list on domestic SME stock exchanges, and in the last nine years has advised more than 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 Preeti Mehta and Chetan Thakkar are key contacts.  

Client feedback 

Correct and timely advice always keeping client’s interests in mind.Real estate 

Offers all services under one roof, quick turnaround and experienced partners.Real estate 

Punit Damodar 

Always keeping clients’ interests in mind and goes out of his way to help clients. 

Preeti Mehta 

Responsive, quick turnaround and considered views. 


Work highlights 

Advised Abans Holdings on its IPO on the main board of the Indian Stock Exchange (ISE) 

Acted for Plaza Wires on its IPO on the ISE. 

Luthra and Luthra Law Offices India

Luthra and Luthra Law Offices is a well-rounded full-service firm that has been a market leader in multiple practice areas over the past two decades. Sadly, founding partner and legendary rainmaker Rajiv Luthra passed away earlier this year. The firm has been replenishing its ranks by welcoming no less than 10 partners into the fold, ranging from corporate specialist Abhilekh Verma from Kochhar & Co to disputes expert Shreya Sircar from Bharucha & Partners. The firm is proud of its market-leading clean energy practice, prioritising niche deals that have a positive environmental or social impact.  

Client feedback 

Partner attention and input have been key to the engagement. Commitment to acting as true advisers to the transaction and prioritising client interest even when it meant calling off the transaction and limiting the scope of the engagement.Corporate and M&A 

Very professional and timely updates.Dispute resolution 

Reactive and proactive.Intellectual property

Shireen Dhar 

Very responsive with practical solutions. 

Pranshu Paul 

Professional and helpful. 

Navin Syiem 

Navin has always been astute and accurate in his understanding of our issue, succinct in his advice, always mindful of time, prompt in his feedback and highly adaptive to the client's personality. 


Work highlights 

Advised Venus Pipes and Tubes (VPT) and SMC Capital on VPT’s IPO. 

Represented HSBC and Roth Capital Partners for the rights issue of Azure Power Global. 

MV Kini Law Firm

MV Kini & Co is best known for its strong aviation offering. It works with carriers, MRO, ground handlers and assets owners on a range of operational matters, including financing and regulatory concerns related to aircraft and engine leases, sale and lease back of assets, specialised airline IT services, deregistration and export procedures of aircrafts and assets. It counts Air India and its subsidiaries, as well as AIX Connect, as regular clients. The firm also counts capital markets and securities law as among its core practice areas. Managing partner and aviation specialist Ravi Kini is the key contact. Senior adviser BD Bhandary covers the firm’s banking and finance work.  


Work highlights 

Advised Indore Municipal Corporation for its first public issue of municipal bonds. This is the country’s first public issue of municipal bonds under Securities and Exchange Board of India regulations.  

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 moves up a tier in the banking and finance table. 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.  

Client feedback 

They are responsive to queries, provide valuable input and negotiate our position well.Banking and finance 

Quality of work is stellar.Corporate and M&A 

They are the most hard-working legal advisers I have ever worked with. They are very responsive, smart and hands-on.Corporate and M&A

Arpita Garg 

She is very approachable, knowledgeable with legal matters, provides valuable guidance and strongly negotiates our position on certain matters. 

Mohit Gogia 

Responsive and helpful. 

Rajat Sethi 

He is very responsive, knowledgeable, always attentive and available. 


Work highlights 

Advised Global Health, the operator of the Medanta hospitals, on its IPO. This is the largest IPO in the hospital sector in the country.  

Saraf and Partners

Established in the summer of 2021 by a group of partners from Luthra and Luthra Law Offices, Saraf and Partners has established itself well as a highly regarded full-service firm with core strengths in projects, corporate and M&A, private equity and restructuring and insolvency. The team consists of no less than 34 partners and over 180 personnel. By the end of 2022, the teams had executed more than $43 billion worth of transactions and in the spring of 2023, it acquired boutique real estate law firm, SRGR Law Offices and its 20-strong team. Key contacts include founder Mohit Saraf, and senior partners Bikash Jhawar, Vaibhav Kakkar, Manmeet Singh, Vikrant Kumar, Sanjeev Sharma and Saroj Jha. The firm welcomed a trio of R&I specialists: Ankur Khandelwal from Kochhar & Co, Anugrah Robin Frey from Luthra and Luthra Law Offices and Sairam Subramanian from Shardul Amarchand Mangaldas & Co.  

Client feedback 

We appreciate they understand our business vis-à-vis legal attributes.Dispute resolution 

Responsive, expert and practical.Regulatory 

Satadru Goswami 

We value his depth of knowledge and understanding. 

Vaibhav Kakkar 

Practical, responsive, understands risk mitigation and a great communicator. 

Manmeet Singh 

Good understanding of business and a man of details. 


Work highlights 

Advised Anant Investments on the IPO of Global Health.  

Assisted LIC Housing Finance on its private placement of non-convertible debentures.

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 is routinely considered one of the best firms in a highly competitive market for transactions and a first port of call for selective international clients. This year it is boosted into the uppermost category for its pharmaceuticals and life sciences expertise. The firm offers the best of all worlds: large capacity, pan-India presence, depth of expertise and experience, and market-leading professionals. It regularly advises the largest multinationals, Indian conglomerates, and private equity players and funds. The capital markets team continues to represent issuers in many of the country’s largest IPOs and the M&A group remains unmatched for its high-stakes, high-value transactions. 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.  

Client feedback 

Excellent technical knowledge. Sound understanding of market practices and associated risks.Banking and finance 

Thorough research, excellent drafting of affidavits and responsive teams. They take ownership of the engagement task and a professional approach.Banking and finance 

They have practical positions on legal interpretation and always deliver in a timely fashion.Capital markets 

Timeliness, efficiency and expert in the field of competition law.Competition/antitrust 

The team understands business, and provides clear advice shorn of unnecessary legalese. They are always looking to solve problems for the business, and they have become trusted advisers over the course of our engagement with them.Competition/antitrust 

Excellent, well-rounded team which provides specific and pointed advice.Corporate and M&A 

High-quality legal advice, and knowledge of market and regulatory developments.Corporate and M&A 

Very responsive and provide clear advice.Dispute resolution 

Strong understanding of the market, subject matter and time management.Media and entertainment 

Great team that is always available, has high competence and is able to close points.Private equity 

SAM has one of the strongest restructuring and insolvency teams which is supplemented by a wide spectrum of expertise that is required to resolve complex restructuring situations. Their experience and network in the region spanning insolvency, corporate law, debt and equity capital markets, regulations and litigation was instrumental in the successful outcome in a number of situations.Restructuring and insolvency

Manika Brar 

She has a positive attitude, good communication skills and great domain knowledge. 

Sayantan Dutta 

He has a hands-on approach and takes tough stands when needed. 

Jay Gandhi 

Excellent PE knowledge and personalisation. 

Radhika Indapurkar 

Dedicated, hard-working, good communications, good drafting skills, and excellent domain knowledge. 

Ila Kapoor 

Good team leader. Very responsive and great communications. 

Abhishek Parekh 

Great, well-rounded lawyer. He handled the negotiations and documentation very well. 

Veena Sivaramakrishnan 

We valued her depth of technical knowledge, coupled with a sound understanding of market practice. 

She’s a top lawyer in restructuring and insolvency in the region with innovative solutions to solve complex, multi-stakeholder restructuring situations. She has an extremely strong ability to solve difficult problems and provide timely recommendations that have proven to be correct on a number of occasions. 

Puja Sondhi 

Great leader who manages situations very well. 

Yaman Verma 

We were very impressed by the ownership taken by Yaman. He provides excellent advice to businesses in a manner that is easy to understand for people with non-legal backgrounds. He is our go-to adviser for new ventures, as he helps us identify and remove potential roadblocks. He has a deep technical understanding of competition law, as well as the commercials of the e-commerce space, which he combines to provide cutting-edge advice. 


Work highlights 

Acted for the bookrunning lead managers in the IPO of Life Insurance Corporation of India. This is the largest IPO in India so far.  

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, with the market acknowledging its strength in debt capital markets issuances, particularly for rupee-denominated deals. Last year, the firm entered into an exclusive alliance with another full-service law firm, R&P Partners. Together, the two firms have broadened their professional bandwidth, as well as expanded their geographical foothold with offices in New Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Coimbatore, Cochin, Madurai and Singapore. Managing partners Sanjay Gupta and Rajesh Narain Gupta, and senior partner Amit Aggarwal are the key contacts.   

Client feedback 

The lawyers that we deal with are knowledgeable and demonstrate rigour in their work. Their approach is practical wherein they balance out business interests with the requirements of the law.Banking and finance 

We value their in-depth knowledge on banking practices, and crisp and prompt legal advice on various matters. They are available to support us at any given point and take a professional approach to all tasks assigned.Banking and finance

Anju Gandhi 

She has an excellent knowledge of banking law. She’s a good listener, excellent communicator and accepts feedback positively. She is solution-oriented while keeping the interests of the bank paramount. Also, she is extremely responsive. In the case she does not have an immediate answer to a query, she accepts that she needs to check and then reverts after having studied the matter. 

Ashok Sathyanathan 

Professional approach, available and good problem-resolving capacity. An excellent adviser. 


Work highlights 

Acted for Gulshan Polyols in relation to its QIP by way of fresh equity shares of the company.  

TT&A

Known in the market for its past collaborations with Linklaters, TT&A proves its leading firm status by remaining an ‘Outstanding’ firm for banking and finance and moves up a notch in the private equity table. Its capital markets practice is highly regarded for its quality, focused specialism in debt issuances, including masala bonds, and structured high-yield transactions. Partners Sonali Mahapatra, Rituparno Bhattacharya, Nidhi Rani and Rahul Gulati form one of the country’s most well-regarded teams for banking and finance. Last year, the firm was bolstered by the arrival of banking and corporate powerhouse Gautam Saha and a team of five partners from AZB & Partners.


Work highlights 

Advised Apollo Global Management on the issuance of senior secured USD notes by Mumbai International Airport.  

ZBA

ZBA is a boutique firm best known for its banking, 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 reinsurers, protection and indemnity clubs, shipyards, commodity traders and financial investors. Managing partner Zarir Bharucha is a respected figure for shipping disputes. He is often nominated as an arbitrator for shipping-related arbitrations in the London Court of International Arbitration and he is a member of the maritime sub-committee of the International Bar Association. Partner Niloufer Lam leads the transactional practices.  


Work highlights 

Represented Indian Oil Corporation on its issuance of unsecured, listed, redeemable, non-convertible, non-cumulative taxable debentures 

Advised Issuer REC in an update of its $7 billion global medium term note programme listed on the Singapore Stock Exchange, London Stock Exchange, NSE-IFSC and India INX for the issuance of multi-currency and multi-tenor overseas-listed bonds. 

Competition/antitrust
Anant Law

Founded in 2020 by competition specialists Anu Monga and Rahul Goel, the firm is quickly ascending into the upper echelons as one of the top antirust legal offerings in the country. The team is at the forefront of competition jurisprudence-shaping cases, acting in numerous constitutional challenges to the Competition Act. The firm welcomed senior associates from Economic Laws Practice and the Competition Commission of India, as well as counsel Shobhit Sharma from Lex Indis Law Offices. 

Client feedback 

It advises its client well.Competition/antitrust 

Attentive, responsive, experienced, calm and methodical.Labour and employment 

Rahul Goel and Anu Monga provide sensational guidance on the complexities of India's regulatory framework for telecom providers.Regulatory

Rahul Goel 

Great lawyer and easy to work with. He understands complex situations. 

Anu Monga 

Very hard-working. 


Work highlights 

Represented Zydus before the Supreme Court of India on an alleged anti-competitive agreement with the Chemists & Druggists Association of India. 

Acted for Schott Glass before the Supreme Court of India in a matter relating to abuse of dominance. This is the only matter pending before the Supreme Court on abuse of dominance. It raises several legal questions before the Supreme Court especially on volume discounts, loyalty discounts, functional discounts and dissimilar transactions. 

Engaged by Sumitomo Chemical India to challenge the constitutionality of a regulation of the Competition Commission of India before the High Court of Delhi.

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 its insurance and pharmaceuticals and life sciences work. 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. The firm comprises more than 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. Corporate partners Anil Kasturi and Ashwath Rau are two of the most prominent M&A and private equity lawyers in the country. Banking and finance guru Gautam Saha left last summer for TT&A, and corporate partner Shameek Chaudhuri and insurance specialist Arvind Ramesh left later in the year to set up their own firm, Vritti Law Partners. 


Work highlights 

Advised Google on its abuse of dominance investigations in Android smartphones 

Represented Tata Sons on preparing and filing the notification with the Competition Commission of India (CCI) and subsequently securing an unconditional approval from the CCI for the acquisition by Air India of 100% shareholding in Air Asia India. 

Chandhiok & Mahajan

Chandhiok & Mahajan is recognised by the market for its competition and antitrust expertise and is growing in prominence in the restructuring and insolvency sphere. This year the firm ascends a notch in the competition, and corporate and M&A rankings. 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 

Client feedback 

The firm's positive attributes include their depth of knowledge and experience, their relationships across various stratas in the M&A space, and of course their professional manner in dealing with unforeseen hurdles.Corporate and M&A 

Detailed, commercial and reasoned.Corporate and M&A 

Practical solutions and quick responses.Restructuring and insolvency 

Sujoy Bhatia 

Intelligent, personable, commercial, and always available. 

Pooja Mahajan 

Knowledgeable and practical. 


Work highlights 

Acting for Google in an anonymous information filed against the GPay app and Google’s Play Store as well as two additional complaints filed regarding the client’s play store.  

Successfully acted for Genus Papers and Shah Paper Mills before the Competition Commission of India in an investigation for alleged cartelisation by paper mills brought by corrugated box manufacturers. 

Successfully represented Intel in a crucial Competition Commission of India investigation alleging its abuse of dominance. 

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 top tier of the market-hot pharmaceutical and life sciences table. The firm is deepening its expertise in distressed asset M&A and bid-side insolvency resolution, and has established a specialised corporate governance practice. 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 the Reserve Bank of India and the Securities and Exchange Board of India, to provide an extra layer of expertise 

The corporate team welcomed three partners from various leading law firms: head of media, education and gaming Aarushi Jain joined from Nishith Desai Associates, Rishiraj Bhatt joined from Kanga & Co and Siddharth Hariani joined from Phoenix Legal. Disputes veteran Gauri Rasgotra left last year to establish her own boutique firm.  


Work highlights 

Advised Viacom 18 and Reliance Projects on the transaction structure and documentation from a competition law standpoint. The team drafted the merger notification, engaged in extensive consultations with the Competition Commission of India (CCI) and responded to the CCI’s requests for information, in order to obtain the CCI’s approval for the transaction. 

Key clients 

Adani Group, Axis Bank, CDPQ, NTPC, Siemens, 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, and domestic and international corporations engaged in sectors such as chemicals, agricultural products, automobiles, aviation, transportation, telecom, infrastructure, hospitality, technology, digital media, fashion, and luxury goods, among others. Dispute resolution specialist and senior partner Shiraz Patodia is a main contact, as is firm chairman and corporate expert Ranji Dua. Antitrust and corporate specialist Rahul Narayanan departed for a role at Amazon India 


Work highlights 

Successfully represented various entities within the Atos Group before the Competition Commission of India in a case involving allegations of abuse of dominance and anti-competitive agreement.  

Economic Laws Practice

As one of the top law firms in India, Economic Laws Practice is highly ranked across the banking and finance, competition/antitrust, dispute resolution, regulatory and tax practices. It has seven offices across India, in Mumbai, New Delhi, Pune, Chennai, Bangalore, Ahmedabad and Gift City. The firm’s renowned tax group is acknowledged by peers as a market leader. It is led by tax specialists Rohit Jain, Nishant Shah, Harsh Shah, Kumar Visalaksh and Gopal Mundhra. Firm 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. The dispute resolution group welcomed associate partner Abhay Chattopadhyay from Amit Sibal’s Law Chambers 

Client feedback 

Their work and conduct in all matters entrusted to them were to the best of our satisfaction.Corporate and M&A 

Very strong subject-matter expertise, timely delivery and cost-efficient.Dispute resolution 

The lawyers give extremely prompt and practical advice and they understand the importance of long-term relationships as compared to other law firms that focus on short-term gains by always thinking about their legal fees. It has a very diverse and experienced group of partners that cover every department and sector which enables them to act as a one-stop shop for everything legal.Dispute resolution 

Local knowledge, good advice.Dispute resolution 

Very responsive, wide range of expertise and great team.Labour and employment 

The team is very professional in delivering assignments in a timely fashion and can be relied on for their astute and strategic advice. The team has the relevant talent and capability in each practice area which is mentored by a seasoned senior partner and the firm has been able to position itself very well for catering to the specific needs of each sector. The practice areas of tax, commercial advice and litigation has been well tested over time and gives them an edge over similarly placed competitors in delivering value to the corporate client.Oil and gas 

The firm and the team that works with us knows what we focus upon on deals and works with us effectively to ensure the documents close quickly and also ensure that we are adequately protected in the transaction. – Private equity 

Sincere, diligent, particular, quick to revert, and they understand my needs and requirements.Real estate 

Easily accessible and they take a pragmatic approach.Regulatory 

Effective coordination between the parties and timely follow-up on outstanding action items to reach a timely resolution.Regulatory 

It has a team of great lawyers. We appreciate their understanding of laws, preparedness with cases, representation skills, approach and availability.Tax 

The lawyers are prompt, detailed, give practical insights and have sharp technical acumen.Tax 

They are highly skilled, technical, commercially astute and understand the business in which we operate. Their work product is excellent and timely.Tax 

Vinay Bhutani 

He is very responsive, quick to find solutions and maintains very good relationships with the other side. That is very important for us in private equity to not ruffle feathers with the promoter during negotiations. 

Heena Chheda 

Extremely wise, particular, diligent, trustworthy and an overall excellent lawyer. 

Alok Jain 

Availability, local knowledge and advice. 

Rohit Jain 

I have known Rohit for more than 15 years. He is an excellent trusted adviser, pragmatic, very technical and understands our business well. 

Aakanksha Joshi 

Responsible behaviour and timely completion of tasks entrusted to her. 

Ritesh Kanodia 

Humble, prompt, technical and has solid business acumen. 

Yashojit Mitra 

Accessible, takes a pragmatic approach, and has good knowledge of our business needs. 

Effective communicator that builds relationships between the parties. 

Jitendra Motwani 

Understands the clients situation and aims to give practical solutions rather just legal remedies by the book. He is very knowledgeable in every field and treats every matter with equal importance. 

He is a subject-matter expert. He is confident and provides timely delivery. 

Suhail Nathani 

Positive, frequent communications, and solution-oriented. 

Abhishek Sanyal 

He is very responsive, provides excellent advice and solutions, and is backed by a great team. 

Naresh Thacker 

We appreciate his experience, knowledge, representation skill, approach, understanding and availability. 

Naresh is well placed for handling big stakes corporate litigations and leading such litigations from legal and strategic fronts. He is solution-centric and puts a lot of emphasis on offering innovative solutions and strategic advice on litigation matters.


Work highlights 

Acted for the National Egg Coordination Committee in India in an investigation related to allegations of the price fixing of eggs. 

Key clients 

Google, SKF India, Telefonaktiebolaget LM Ericsson. 

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 ago. For IP, the firm ascends into the top tier. It 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 practice area occupy the steel, power, consumer goods, hospitality and tourism, and infrastructure sectors. 


Work highlights 

Advised Central Warehousing Corporation on competition law compliance and clearances. 

Successfully represented and obtained a favourable order for the Federation of Corrugated Box Manufacturers of India in a case relating to an all-India cartel in the craft paper industry. 

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. This year, the firm scales up in the competition table for its market-leading work. 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 their renowned clients in 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 more than $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 Deb, and dispute resolution experts Amit Mishra, Gaurav Mahajan, Akshat Hansaria and Vijay Purohit.


Work highlights 

Represented the managing director of Carlsberg India, one of the individuals on whom a penalty was levied in the investigation conducted by the Competition Commission of India (CCI) against beer manufacturers. 

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. 

Represented Amazon.com NV Investment before the CCI in relation to a show cause notice issued by the CCI pursuant to a complaint filed by Future Coupons Private. 

Key clients 

Airbnb, Britannia Industries, Carlsberg India, Cars24.  

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 is routinely considered one of the best firms in a highly competitive market for transactions and a first port of call for selective international clients. This year it is boosted into the uppermost category for its pharmaceuticals and life sciences expertise. The firm offers the best of all worlds: large capacity, pan-India presence, depth of expertise and experience, and market-leading professionals. It regularly advises the largest multinationals, Indian conglomerates, and private equity players and funds. The capital markets team continues to represent issuers in many of the country’s largest IPOs and the M&A group remains unmatched for its high-stakes, high-value transactions. 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.  

Client feedback 

Excellent technical knowledge. Sound understanding of market practices and associated risks.Banking and finance 

Thorough research, excellent drafting of affidavits and responsive teams. They take ownership of the engagement task and a professional approach.Banking and finance 

They have practical positions on legal interpretation and always deliver in a timely fashion.Capital markets 

Timeliness, efficiency and expert in the field of competition law.Competition/antitrust 

The team understands business, and provides clear advice shorn of unnecessary legalese. They are always looking to solve problems for the business, and they have become trusted advisers over the course of our engagement with them.Competition/antitrust 

Excellent, well-rounded team which provides specific and pointed advice.Corporate and M&A 

High-quality legal advice, and knowledge of market and regulatory developments.Corporate and M&A 

Very responsive and provide clear advice.Dispute resolution 

Strong understanding of the market, subject matter and time management.Media and entertainment 

Great team that is always available, has high competence and is able to close points.Private equity 

SAM has one of the strongest restructuring and insolvency teams which is supplemented by a wide spectrum of expertise that is required to resolve complex restructuring situations. Their experience and network in the region spanning insolvency, corporate law, debt and equity capital markets, regulations and litigation was instrumental in the successful outcome in a number of situations.Restructuring and insolvency

Manika Brar 

She has a positive attitude, good communication skills and great domain knowledge. 

Sayantan Dutta 

He has a hands-on approach and takes tough stands when needed. 

Jay Gandhi 

Excellent PE knowledge and personalisation. 

Radhika Indapurkar 

Dedicated, hard-working, good communications, good drafting skills, and excellent domain knowledge. 

Ila Kapoor 

Good team leader. Very responsive and great communications. 

Abhishek Parekh 

Great, well-rounded lawyer. He handled the negotiations and documentation very well. 

Veena Sivaramakrishnan 

We valued her depth of technical knowledge, coupled with a sound understanding of market practice. 

She’s a top lawyer in restructuring and insolvency in the region with innovative solutions to solve complex, multi-stakeholder restructuring situations. She has an extremely strong ability to solve difficult problems and provide timely recommendations that have proven to be correct on a number of occasions. 

Puja Sondhi 

Great leader who manages situations very well. 

Yaman Verma 

We were very impressed by the ownership taken by Yaman. He provides excellent advice to businesses in a manner that is easy to understand for people with non-legal backgrounds. He is our go-to adviser for new ventures, as he helps us identify and remove potential roadblocks. He has a deep technical understanding of competition law, as well as the commercials of the e-commerce space, which he combines to provide cutting-edge advice. 


Work highlights 

Advised WhatsApp and Meta Platforms before the Competition Commission of India in allegations of abuse of dominance in relation to WhatsApp’s privacy policy and update to its terms of service raised by a complainant.  

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, including infrastructure, insurance, pharmaceuticals and life sciences and real estate. 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 going from strength to strength. The firm’s five-year-old asset management and fund formation practice has rapidly risen to be a power player. The dispute resolution team, led by Shankh Sengupta, has proven its worth with an elite group of litigators acting in high-stakes matters for premier clients. 


Work highlights 

Represented Prosus and PayU Payments in securing unconditional approval from the Competition Commission of India in relation to the proposed $4.7 billion acquisition of BillDesk.  

Construction
Archeus Law

Energy and infrastructure boutique Archeus Law was established in 2016 by projects specialist Ranjit Prakash. The core focus of the team has been advising and representing clients in disputes arising in the infrastructure, energy and commodities sectors. It has a steady international client base, including a number of Chinese project developers, and it is retained by a major EPC contractor that is executing one of the largest ongoing metro projects in India. Prakash and partners Arun Mani and Rajdeep Choudhury are the key contacts and energy, infrastructure and oil and gas specialists.  


Work highlights 

Advised Bihar State Road Development Corporation in an arbitration with respect to a DBFOT road development project. 

Acted for Shanghai Tunnel Engineering Corporation on multiple metro rail and rapid rail system projects in India.  

Representing SEPCO1 Electric Power Construction Corporation in relation to construction of thermal power plants in India. 

Hammurabi & Solomon Partners

Hammurabi & Solomon Partners is a respected, established firm that offers a range of corporate law advice from M&As and foreign investments to restructuring and insolvency matters. The firm remains steady in the M&A and disputes tables this year and debuts in the real estate, banking and finance and construction tables. Its 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 welcomed corporate and restructuring specialist Jyoti Kumar Chaudhary from S&A Law Offices, as well as partner designate Rohit Jolly, whose practice spans insolvency, finance, data privacy and labour laws. The firm is in the process of launching new offices in Kolkata, Hyderabad and Chennai. 


Work highlights 

Acted for a real estate developer to contest multiple proceedings filed by a consortium of banks. 

Advised the largest housing development company in India on various real estate projects including residential schemes in Haryana, an integrated complex in Orissa, land development in Kolkata, and joint development in Himachal Pradesh.  

Legacy Law Offices

Boutique firm Legacy Law Offices is a top choice for disputes in connection with infrastructure projects. Its leadership team of four are experienced counsels in construction arbitrations that have worked on numerous landmark mandates in the past. The firm has an enviable track record of arbitration success, winning 98% of cases on behalf of claimant clients. The firm moves up a notch in the infrastructure and construction tables this year. Managing partner Gagan Anand and senior partner Sadiqua Fatma are the key contacts. Other names to note are co-managing partner Shalini Munjal and partner Madhav Sharma. The firm welcomed construction transaction-focused partners Amarendra Gogoi and Rahul Sharma, while disputes experts Ramanjit Singh, Paromita Majumdar and Ashwini Kumar Singh joined last year.  

Client feedback 

During our dealings with Legacy, we have found their lawyers to possess an extensive knowledge and experience of working on national and international projects, client handling and other aspects of their practice. Their manner of rendering legal services by adopting a client-specific method is unique and palpable. From project management to dispute resolution, we have found the lawyers to be dexterous, skilled and professional. Given our ongoing project arrangement, a special mention to their distinguished contract management services is essential, as the team is extremely happy with the way in which the lawyers are handling the assignment.Construction 

The lawyers of the firm are highly professional and extraordinary, in terms of providing legal services in a variety of sectors. Presently, we are availing almost all services from this firm, owing to their distinctive attitude and time-efficient work. The management has always appreciated the manner in which their lawyers deal with the clients and have been in awe of the quality of the deliverables for each of our projects. There have even been times when we have approached Mr. Gagan to work on some project, where another lawyer was previously engaged, merely due to the excellence of his team and his knowledge.Construction 

The team is very accessible, diligent and dependable when it comes to the organisation’s legal needs. We have used multiple advocates in the past but this relationship has proven to exceed my expectations.Dispute resolution 

In my interactions with the lawyers of the firm, I have found them to be highly experienced and knowledgeable. They make the best possible endeavours to attain favourable orders for their clients, which is an appreciated quality. Another positive attribute of the firm is the way in which they keep the client updated about the different cases, even before being prompted.Dispute resolution

Gagan Anand 

Gagan Anand is an ardent legal professional with years of experience, which is well exhibited in his way of providing legal opinions and directing his junior lawyers. He is always approachable and provides ample time for every client in relation to their legal queries. I have found Mr. Anand to be an exceptionally well-established and knowledgeable legal professional. 

We found Mr. Gagan Anand to be an extremely ardent lawyer with a profound knowledge of laws. His contributions and legal insight on the various projects of the company has been widely accepted by us as being practical and unique. His enriching experience is reflected through his work and the technique with which the clients are handled at the firm. 

Mr. Anand is a highly reputed legal profession with a vast experience and expertise in the sector. We appreciate his responsiveness to the client queries and the manner of his management of the deliverables. The distinctiveness in his guidance to the team is extremely apparent in all the deliverables. It was an absolute pleasure to understand his unique perspective towards legal issues and professional angle of dealing with posed challenges. His expertise and excellence gathered over years of practice is evidently displayed through his result-driven approach and professional proficiency. 

We have found Mr. Gagan Anand to have the ability and professionalism to handle different types of legal issues. He is a great lawyer and portrays professionalism at its best. 

Parveen Moudgil  

His vast experience handling various law enforcement agencies helped to provide quick, workable solutions to legal issues at hand. His depth of knowledge for civil and criminal laws, along with arbitration law, is immaculate. 


Work highlights 

Represented the Directorate of Industries, Government of Himachal Pradesh, in relation to setting up one of only three sanctioned Bulk Drug Parks in India 

Advised project consultancy firm Meinhardt for the implementation of the Statue of Oneness project at Omkareshwar. 

Key clients 

India International Horticulture Market, Ministry of Road Transport in Mongolia, Tamil Nadu Infrastructure Development Board. 

RPV Legal

Founded in 2015 through the restructuring of an 85-year-old commercial law chambers, RPV Legal is a boutique firm with a broad commercial and white-collar defence and investigations practice. The lawyers have long track records acting on commercial disputes across a number of sectors, such as aviation, banking, construction, infrastructure, real estate, energy, life sciences and technology. They have acted as counsel in multiple landmark litigations and complex domestic and international arbitrations. In particular, the team specialises in high-value international and multi-jurisdictional arbitrations under ad hoc and institutional rules. The firm’s roster of clients comprises sovereign states and state corporations, business conglomerates, non-governmental organisations, trusts, banking and financial institutions and several high-net-worth individuals in India. The firm is headquartered in New Delhi and has a strong presence in the appellate courts and the Supreme Court. The key contacts for disputes are co-managing partners Shashank Verma and Kunal Verma, senior partner Yugandhara Jha, and partners Sooraj Sharma, Jatin Kochhar and Vipul Agrawal. 

Client feedback 

RPV Legal has highly skilled and knowledgeable lawyers with expertise in various fields of law especially construction, real estate and arbitration. They are thorough professionals with a strong work ethic.Construction

They excel in drafting, pleading, appearance and research. I highly recommend them.Construction

They are very professional and knowledgeable.Dispute resolution

RPV Legal is a disputes powerhouse. They are excellent in strategy and implementation in complex multi-jurisdictional matters. Their team is very professional, responsive, and astoundingly capable.Dispute resolution

RPV Legal is the firm of choice for complex, high-profile cases. The quality of advocacy and preparation provided by the lawyers is exceptional. The team is easy to get on with, reliable, extremely well organised and quick to respond to calls and emails. They work to a very high and professional standard.Dispute resolution

The team is very competent, enthusiastic and well equipped to handle arbitration and litigation in complex matters. They are thorough in their research and always offer sound and practical legal advice considering all aspects. Dispute resolution

RPV Legal has the capability of expertly navigating through complex legal disputes. Their attention to detail and strategic thinking is praiseworthy. The team at RPV Legal is dedicated and highly skilled.Dispute resolution

Lawyers at RPV Legal possess remarkable legal knowledge, strategic thinking, and meticulous attention to detail. Their team's in-depth knowledge of various laws and regulations, combined with their strategic thinking, ensured a solid approach to my case. Their ability to anticipate challenges and adapt their strategy accordingly was truly remarkable."Dispute resolution

The lawyers at RPV Legal exhibit great versatility in their approach and possess exceptional expertise in the realm of commercial law. Whether it's court litigation, arbitration proceedings, or advisory services, they consistently deliver commendable arguments and defences. They effectively communicate their ideas, actively consider our feedback on their work, and provide honest and rational opinions, thereby establishing their legal advice as highly credible and reliable.Dispute resolution 

Professional and user-friendly team. Dispute resolution

The lawyers are competent, knowledgeable and dedicated. Dispute resolution

Hard-working, professional and responsive.Dispute resolution

Highly professional and easy to work with.Dispute resolution

Insightful, professional and good with strategy and delivery.Dispute resolution

Good team size and domain expertise.Dispute resolution

Some of their positive attributes are their great work ethics, professionalism, research skills, drafting, case strategy and legal knowledge.Dispute resolution

Professional and hard-working.Dispute resolution

Efficient services, up to date, and easily accessible.Dispute resolution

RPV Legal places a strong emphasis on client satisfaction and tailors its services to meet their client's needs. This includes providing personalised attention, actively listening to our concerns, and keeping us informed about the progress of our cases. Their expertise allows them to provide effective legal advice, navigate complex legal issues, and offer innovative solutions to their clients.Infrastructure

The lawyers at RPV Legal bring a wealth of expertise, showcasing a profound understanding of the legal landscape. They exhibit remarkable proficiency, unwavering determination, and a strong focus on achieving desired outcomes.Mining

Trustworthy and reliable advice, experienced and highly skilled at their work. Mining

Efficient and professional. Real estate

Exceptional legal expertise, coupled with personalised attention and strategic guidance, made our experience with RPV Legal truly remarkable. Their team's commitment to thorough research, clear communication and unwavering advocacy ensured our success. We highly recommend RPV Legal for their professionalism, integrity and outstanding results.Regulatory

RPV Legal has a blend of both young and experienced lawyers. With such a blend, you get the best of both worlds. They have exceptional knowledge and expertise in the field of regulatory matters. Their strategic approach and meticulous strategy helped me secure a favourable order in my case.Regulatory

Very experienced, having sound knowledge of the law, capable, determined and result-oriented.Regulatory

The RPV Legal team does a great job of communicating with its clients, and the structure they provide regarding the plan of action and timelines.Tax

Vipul Agrawal  

Very responsible and makes it easy for us to understand legal jargon easily. 

“Advocate Vipul Agrawal is extremely knowledgeable and has a positive outlook towards matters referred to him.” 

Knowledgeable, efficient, easily accessible and dependable. 

Vipul is very solution-oriented, provides exceptional guidance and strives hard to achieve favourable results. His deep understanding and knowledge of contracts and arbitration law is impressive. 

Vipul has strong advocacy skills. He takes time to thoroughly understand the intricacies of any dispute or issue and then offers creative strategies and innovative solutions. He has great professionalism and integrity. 

Vipul is a skilled lawyer who thinks on his feet. He is very efficient, reliable and dedicated, and that makes all the difference to any case. He always exceeds expectations with his work and personalised approach to every matter. 

Vipul is a reliable disputes lawyer with sound technical knowledge. He pays great attention to detail, offers practical advice and argues well. 

Waheb Hussaini 

Thorough, knowledgeable, and good, timely communications. 

Jatin Kochhar 

Working with Jatin was an absolute blessing. His legal expertise and attention to detail surpassed our expectations. He listened attentively, communicated clearly, and tirelessly fought for our case. I couldn't be happier with the outcome and highly recommend his services. 

He is remarkable in research, understanding the nuances of the case and accordingly makes strategies to achieve the desired results in his client's favour. He possesses great knowledge and skills. 

Jatin is a smart young lawyer with expertise in diverse laws. He is a highly skilled lawyer which allows him to provide effective legal advice, navigate complex legal issues, and offer innovative solutions to his clients. he believes in achieving the best outcomes for his clients and often works long hours, conducts extensive research, and meticulously prepares legal documents to deliver high-quality legal services. 

Working with Jatin was an absolute pleasure. His professionalism, expertise and attention to detail were exceptional. He communicated effectively, provided timely updates, and fought tirelessly for our case. I highly recommend Jatin for anyone seeking reliable and results-driven legal representation. He demonstrates exceptional knowledge, dedication and attention to detail. His strategic approach and excellent communication skills instilled confidence throughout our case. We are incredibly grateful for his professionalism and the favourable outcome he achieved. 

Jatin is a young partner. However, he may be young in age but he has exceptional knowledge and know-how of the legal industry. He was instrumental in drafting, research, strategising and in getting a favourable outcome for me. 

He is a knowledgeable and experienced lawyer in the field of construction and real estate work. He excels in drafting, research and appearance before the courts and tribunals. 

Jatin possesses a deep understanding of legal concepts and issues. His strategic thinking and meticulous approach to case preparation ensured that no stone was left unturned. His streamlined approach, unwavering commitment, and ability to explain legal complexities in a simple manner gave me immense confidence throughout the process. 

Sooraj Sharma 

Knows how to get to the core of the case and delivers exceptional results. 

Exceptionally sharp and very pleasant to work with. 

Absolutely first class. A phenomenal tactician and a brilliant legal mind. 

Sooraj is extremely strategic and insightful. He is a patient listener and a deep thinker. He is brilliant and highly skilled in complex international disputes and an absolute pleasure to work with. 

Sooraj is a fantastic advocate, gives robust and clear advice and is great with clients. 

The communication and problem-solving capabilities that Sooraj possess is top-tier. 

Kunal Verma 

Kunal is an experienced and competent lawyer. He has a very practical approach to legal issues and easily breaks down complex problems to come up with the best solutions. 

Highly experienced, effective and reliable. Has deep understanding and extensive knowledge of law. 

He is super-knowledgeable, massively experienced, pragmatic, and good with clients. 

Extremely smart, commercially minded and very good at explaining complex situations in a simple way. 

Thorough, meticulous and impressively committed to the case. 

Kunal is easy to work with, down to earth and an impressive advocate. 

Shashank Verma 

A very experienced lawyer, he has in-depth knowledge of law and public policy, and is professional and result-oriented. 

A very decisive and effective commercial lawyer. 

He is a calm and measured advocate, and a genuine expert in commercial disputes.


Work highlights 

Advised a major religious charitable foundation in a dispute concerning the construction of the world’s tallest religious skyscraper in India. 

Successfully acted for India’s biggest construction company concerning petitions for interim measures of protection before the commencement of arbitration proceedings before the Commercial Court and High Court.  

S&A Law Offices

Formerly known as Singh & Associates, S&A Law Offices was established in 2002 by Manoj Singh. The full-service law firm is recognised for its corporate and M&A and dispute resolution offerings. The firm now houses more than 300 legal professionals across its four offices in Delhi, Gurgaon, Mumbai and Bangalore. Sector experience includes infrastructure, real estate, green energy, power, oil and gas, shipping, mining, manufacturing and transportation. This year, the firm moves up a tier in the construction table. Key contacts are disputes specialist Singh, joint managing partner Daizy Chawla, joint managing partner Gunita Pahwa, and senior partners Vijay Singh and Nilava Bandyopadhyay.

Client feedback 

Quick turnaround and sharp commercial acumen.Corporate and M&A 

Daizy Chawla 

She’s a good relationship manager, always accessible and quick to respond. 


Work highlights 

Advised Adani Vizag Coal Terminal Private in an arbitration matter against Visakhapatnam Port Trust 

Represented Jindal ITF in an arbitration against NTPC in relation to a unique project for transportation of coal through inland waterways for the first time in India through transhipment in mid sea.  

Key clients 

Mera Baba Reality Associates, PNC Raebareli Highways, Wainganga Expressway. 

Corporate and M&A
Aarambh Legal

Former JSA partner Vishnu Nair set up Aarambh Legal in May 2021. The corporate and commercial boutique is based in Bangalore, and has a focus on fintech, data privacy and technology matters. Core practice areas of the firm include M&A, private equity, venture capital and employment. Since the firm’s inception, the team has been busy assisting companies across various stages of growth and industry sectors, as well as servicing social impact funds and private investors. It has been involved in more than 12 corporate transactions, ranging in value between $1 million and $24 million. Apart from Nair, partner Aishwarya H is a key contact. A new Bangalore office was set up in January 2023.  

Client feedback 

Technical competence and availability at the right cost point.Corporate and M&A 

Marrying legal requirements with business requirements of our fund and the investee company – Private equity

Aishwarya H 

Quick, adaptive and explains legal jargon to finance professionals in easy-to-understand language. 

Strong technical competence and right attitude towards work. 


Work highlights 

Acted for Oikocredit in their investment in Avanti Finance. 

Advised Tanglin Venture Partners on its investment into Trusource Technology Private.  

Ahlawat & Associates

Ahlawat & Associates is a well-rounded firm that has core strengths in its corporate and M&A, private equity and technology and telco offerings. The firm advises middle-market clients as well as MNCs on their cross-border investment and acquisition transactions. Its TMT practice has steadily gained footing with a loyal client base seeking the team’s counsel on various regulatory matters over the years. The team additionally deals with nuanced issues pertaining to blockchain, the Internet of Things, the Cloud and artificial intelligence, among others. Its dispute resolution practice expanded with the addition of partner Apoorva Misra, who joined this year from HSA Advocates. Key contacts include corporate specialists Uday Singh Ahlawat and Sheena Ogra, alongside IP and TMT expert Gaurav Bhalla.  

Client feedback 

Professional response and fast feedback.Intellectual property 

They have a cooperative team, timely responses, in-depth research and study on corporate topics. We appreciate their drafting skills and negotiations.Intellectual property 

Everything so far has been a delight. The associates are responsive, fast and hard-working. They are patient and get back with solutions/ideas very quickly.Intellectual property

Gaurav Bhalla 

He has been good in every aspect so far. He is humble and listens to the problem thoroughly. 

He is a problem solver, goal-oriented, responsive and has advanced legal knowledge.” 


Work highlights 

Acted for Rooter Sports Technologies on raising multiple rounds of investment since its incorporation from various international and national PE investors and VC funds.  

Represented Motovold in raising its seed round of funding.  

Advised Lotus Holdings on its first round investment in Yogicsecret Healthcare.  

Key clients 

Gingerpan Swapcart, Intellibusiness, Redcliffe Lifetech, Service Stack Technologies.

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. Clients occupy a vast swathe of sectors such as telecoms, travel, insurance, healthcare, technology, retail and government. Managing partner Sonal Kumar Singh is a corporate advisory and dispute resolution specialist. M&A partner Anish Jaipuriar and disputes specialist Gunjan Gupta are other individuals to note. In the past year, the firm has expanded to meet the demand of its clients by adding seven new associates.  


Work highlights 

Advised Swaratan Universal Private on the acquisition of the underlying patents and other intellectual properties in relation to a hydrogen-based water purifier.  

Assisted Indian operating company Barco on identifying ways to reduce the capital of the company including by way of buyback. 

Alaya Legal

Alaya Legal celebrates its 20th anniversary this year, being founded in 2003 by Divjyot Singh and Suniti Kaur. The firm’s core areas are corporate transactions and advisory, and dispute resolution. Sectoral focuses include energy, infrastructure and oil and gas. Its boutique energy practice covers areas such as upstream, midstream and downstream, gas infrastructure, refineries, petrochemical operations and marketing, crude oil, gas, LNG and petroleum products sales and aviation fuel farms. The litigators have a deep bench of experience in multiple Indian jurisdictions and at all levels of court, fora and tribunals.  


Work highlights 

Advised a digital platform facilitating patients and care-givers, in preparing a protocol for identification and assessment of the legal risk involved. 

Reviewed contracts and prepared risk matrix and contract management tool for one of the largest full-service animation studios in the country. 

Representing Indian Oil Corporation in arbitration proceedings that resulted from multiple contract disputes. 

ALMT Legal

Full-service law firm ALMT Legal 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. The transactions team was boosted by the arrival of two senior associates, who joined from Vertices Partners and Wadia Ghandy & Co. The disputes group was also strengthened with the additions of two partners, Petrushka Dasgupta and Margaret D’Souza, who joined from IndusLaw and Acclivus Law Partners, respectively.  

Client feedback 

They have a practical approach. Before doing the work, they would usually speak with us and explain what they wish to do and confirm with us if the work that they are planning to do is in line with our approach or not.Banking and finance 

They give positive advice.Dispute resolution 

Strong domain knowledge and professionalism.Media and entertainment 

Very professional and the lawyers get into the depth of the matter.Private client 

Very professional, dedicated and organised. – Private equity

Sandhya Bhaskar 

Very thorough and very precise. 

Aliff Fazelbhoy 

He has a practical approach and is a solution provider. 

He has positive attitude and helps us well. 

Vaishakh Kapadia 

Very detailed in his work, covers all aspects in any matter. He always meets deadlines. 

Arun SR 

Excellent domain knowledge and professionalism. 


Work highlights 

Advised Luxeva India on its acquisition of Vidooly Media Tech Private. 

Acted for Sanghvi Beauty and Technologies on its endorsement arrangement with a Bollywood film actress. 

Key clients 

ETA Technology Private, FactDr Healthcare Technology, Instellars Global Consulting, Media Moments Insight Private, Orion India Systems. 

Alpha Rajan & Partners

Founded in 2012, Alpha Rajan & Partners is a full-service law firm with offices in New Delhi and Bengaluru. It has a corporate and commercial focus, with much work centred on M&A, restructuring and insolvency, dispute resolution, real estate and private equity. The key contacts are managing partners and co-founders Rajan Gupta and Akshat Vikram Pande. The firm has friendly firm collaborations with European law firm Bajer and Bajerova Advokati and Vietnamese firm ALB & Partners.


Work highlights

Advised HT Media on a plethora of issues related to its acquisition of VCCircle shares.

Acted for the promoter of POPxo and its investors with respect to their exit from POPxo and acqsuition of a stake in MyGlamm.

Represented Oagri Farm on its acquisition of Dhara Foods.

Key clients

Geniemode Global, New Delhi Centre for Sight, Scholar Alley

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. Other key partners include corporate and PE specialist Shivi Rastogi, corporate partner Madhav Rastogi, litigation specialist Kinshuk Chatterjee and new real estate due diligence partner Yogesh Chaudhry.  

Client feedback 

Very thorough.Real estate 

They describe very well and they respond to queries very quickly.Tax 

Amicus provides workable tax advice taking the business imperatives into account. A smart team of well-trained professionals who understand commercial as well as tax dynamics is their major strength. They are our one-stop shop for tax advice especially when it comes to international tax and transfer pricing.Tax

Garvit Gosain 

He provides timely and practical advice. He has quick turnaround times. 

Madhav Rastogi  

Very thorough. 


Work highlights 

Acted for DMI Finance’s equity fund raise of $400 million from investors led by MUFG Bank 

Represented JK Cement and JK Paints and Coatings on its acquisition of a 60% controlling stake in Acro Paints. 

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, and it has a growing expertise in technology matters. The New Delhi-based firm currently has seven partners and 35 fee earners. Apart from Prasad, the key contacts at the firm are corporate, private equity and dispute partners Arjun Sinha, Harshit Anand, Sandeep Das, Kamaljeet Singh, Dushyant Kumar and Moksha Bhat. Singh joined in April from JSA and Kumar arrived in August from IFC.


Work highlights 

Advised Koninklijke DSM on its proposed merger with Firmenich for $21 billion 

Represented IPL Tech Electric on its acquisition by T1 Clean Mobility Private. 

Assisted Narang Eye Institute on its 100% sale to ASG Eye Hospitals for nearly $3 million 

Advised Honda Power Pack Energy India on setting up a battery-swapping business in India. 

Acted for Etsy on multiple matters including the impact of consumer protection e-commerce regulations on the India buyer launch, impact of its proposed India business arising from RBI regulations mandating localisation of financial data and card data storage rules, and the company’s insurance obligations.  

Assisted Coding Ninjas on the sale of 100% share capital to Info Edge. 

Advised ColdBrewTech Private on its $6.5 million investment from Krafton. 

Archer & Angel

Full-service law firm Archer & Angel is headquartered in New Delhi with offices in Bangalore, Mumbai, Hyderabad and Pune. It counts both domestic and international companies as clients and offers the full spectrum of commercial and corporate advice, including IP and real estate. Senior partner Sanjay Chhabra leads the team that includes partner Bharti Ahuja.  


Work highlights 

Advised semiconductor conglomerate client on the local implementation of a sale of business between its local entities. The deal involved a number of complex issues including consolidation of businesses, taxation and considering the volume of the business being transferred, issues of stamp duty and related aspects had to be dealt with regularly. 

Acted for an oil and gas automation company on its joint venture agreement with a peer in the same industry sector. The deal resulted in a formation of a new entity in India 

Represented a leading private equity firm on leasing of commercial space in Hyderabad. 

Aretha Legal

Aretha Legal brings M&A, private equity and venture capital expertise to clients across Delhi, Mumbai, Bangalore, Hyderabad and Cochin. The firm was launched in late 2022 by the founding partner of Grey Matter Legal and a former Luthra and Luthra partner. Corporate and private equity specialists Nitin Gera and Ray Vikram Nath helm the firm’s corporate teams. Its energy and infrastructure group was bolstered by the arrival of partner Rahul Bhattacharjee from an in-house role. The young firm is also growing its dispute resolution, employment and IPR practices. Key clients include Ark Impact Asset Management, Stellaris Venture Partners India, Metro Cash & Carry India, Roto Pumps, Sequoia Capital and Dealshare 


Work highlights 

Advised Everest Blowers and Everest Blower Systems on its sale of 100% shares to Ingersoll Rand.  

Acted for Sequoia in a share transfer between its client and Sorting Hat Technologies in relation to K12 Techno Services.  

Represented Northern Tools and Gauges on its 100% acquisition by Gulati Steel Fab. 

Argus Partners

Argus Partners continues to do well in the rankings on the back of its impressive client rosters and strong deal flows. This year the firm moves up in Banking and Finance and debuts in the private equity table. A notable development was the significant expansion of Argus’ corporate and M&A team with the joining of four new partners from Algo Legal and one from DSK Legal. The Algo arrivals – Abhinav Bhalaik, Ankit Guha, Armaan Patkar and Neha Madan deepen the firm’s bench strength and expertise in the startup and emerging companies space. 

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. The firm has a pan-India presence with offices in New Delhi, Mumbai, Delhi, Bengaluru and Kolkata. Its New Delhi office was launched in 2022 and caters specifically to the firm’s corporate clients. Krishnava Dutt, the firm’s managing partner, specialises in banking and finance, corporate and M&A and restructuring and insolvency.  


Work highlights 

Advised HDFC on its $60 billion merger with HDFC Bank, India’s largest ever M&A transaction.  

Assisted Assets Care and Reconstruction Enterprise on the purchase of distressed loans from HDFC.  

Acted for the Board of Control for Cricket in India on the Indian Premier League Media Rights auction for the 2023-2027 cycle. 

Represented Tata Steel in the formulation of schemes and other related aspects in the proposed mega merger involving seven of its subsidiary and associate companies into Tata Steel.  

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. It debuts in the dispute resolution table on the back of a significant addition to the group, prominent disputes specialist and senior partner Ritu Bhalla. She joined from Shardul Amarchand Mangaldas & Co in late 2022. The firm won numerous mandates last year despite the pandemic impact, acting on no less than 20 debt-related and M&A transactions. In the private equity space, the team is particularly specialised in handling startup 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 Apollo Hospital North on the acquisition of a hospital asset valued at $53 million. 

Acted for PP Rolling Mills on its acquisition of a German company 

Bharucha & Partners

With offices in Mumbai, New Delhi and Bengaluru, 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. In the wake of this consistent recognition, the firms climbs into the top tier for dispute resolution his year. Key partners of the transactions practice group are Alka Bharucha, Justin Bharucha, Vandana Pai, Vishnu Dutt, Swathi Girimaji and Rohit Sharma. The firm welcomed former JSA partner and transaction specialist Sindhu Nayak this year.  


Work highlights 

Advised IMCD India on its acquisition of 100% of the share capital of Parkash Dyechem India. 

Represented ANS Digital on its acquisition by FlipKart. 

Calibre Legal

Based in Chennai, Calibre Legal is a full-service law firm founded by corporate specialist Mohammed Shadaan Saipillai. The firm covers a broad range of practice areas like M&A, real estate, general corporate advisory, dispute resolution and both direct and indirect tax. In addition to Saipillai, another key contact is partner Arun Kurian Joseph.

Client feedback

“Calibre Legal's professionalism and the ability to provide timely responses to client requirements stand out.” – Corporate and M&A

“Well-organised and efficient in providing service.” – Corporate and M&A

“Quick response time and quality work.” – Dispute resolution

“We appreciate their advisory, calmness, patience and ability to direct questions to scout for answers.” – Labour and employment

“They were able to advise us and bring to our notice clauses which were detrimental to us. They also provided us insights on what the various points in the contract. Most importantly they were able to provide us with additional points to safeguard our interests which we also didn’t think of. They helped us create a fair and watertight contract.” – Private client

Shadaan Saipillai

“He is intelligent, proactive and provides value for money.”

“All was good from him and he did well in all aspects of our requirements.”

“Accommodating to our ad-hoc schedule calls and patience in explaining the pros and cons.”

“Shadaan is highly professional and ensures timelines are met.”

“He thinks ahead and has the best in mind for the clients.”


Work highlights

Represented Intersea Maritime on its investment from Elan Maritime, by producing and finalising the share subscription and shareholders agreement, as well as providing regulatory advice.

Advised The Chennai Angels, Native Angel Network and Keiretsu on their investment in start-up Shriven Agritechs Private.

Chadha & Co

Chadha & Co is a mid-sized full-service corporate and commercial law firm based in New Delhi. Its client base spans SMEs to international Fortune 500 companies from all business sectors, such as automotive, food and beverage, and hardware and electronics. A unique offering is that the firm has several foreign desks with Japanese and European staff. Managing partners Rahul Chadha and Namita Chadha, and labour specialist Savita Sarna are key contacts. The firm hired senior-level associates from AZB & Partners and Singhania & Partners last year.  

Client feedback 

Great management team who are very professional and highly skilled in their respective fields. They provided our company with suitable and impressive solutions after conducting extensive research.Corporate and M&A

Ashish Gupta 

We recommend Ashish for his extensive insight into foreign exchange rules and its applicability, his quick understanding of the scope of work and accordingly providing his knowledge. He has expertise to suit our needs and requirements. Also, he is very easy to talk to. 


Work highlights 

Advised Agardsdotter & Co regarding a joint venture deal for setting up a resort in India.  

Acted for Ymer Technology AB and Kanak AB on the restructuring of its Indian subsidiary.  

Represented GHESA Ingeniería y Tecnología on the contract awarded by a Government of India enterprise for architectural planning and engineering services for the redevelopment of two railway stations. 

Chandhiok & Mahajan

Chandhiok & Mahajan is recognised by the market for its competition and antitrust expertise and is growing in prominence in the restructuring and insolvency sphere. This year the firm ascends a notch in the competition, and corporate and M&A rankings. 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 

Client feedback 

The firm's positive attributes include their depth of knowledge and experience, their relationships across various stratas in the M&A space, and of course their professional manner in dealing with unforeseen hurdles.Corporate and M&A 

Detailed, commercial and reasoned.Corporate and M&A 

Practical solutions and quick responses.Restructuring and insolvency 

Sujoy Bhatia 

Intelligent, personable, commercial, and always available. 

Pooja Mahajan 

Knowledgeable and practical. 


Work highlights 

Advised Phasorz Technologies on its 100% acquisition of the Indian Health Organization from the existing shareholders 

Acted for GR Infraprojects on its acquisition of Apex Buildsys for $12 million

Clasis Law

Clasis Law, with offices in Delhi and Mumbai, is a full-service Indian law firm that works with domestic and international clients on various aspects of law across industry sectors and practice areas. The firm has recently been active in corporate, labour, disputes and restructuring and insolvency matters. It moves up a tier in the corporate and M&A table. Managing partner Vineet Aneja and litigation partner Mustafa Motiwala are key contacts.  


Work highlights 

Advised a technology client on amalgamating two of their Indian subsidiary companies located in two different states of India. 

Acted for a Chinese state-owned food processing and trading company on the share transfers of an Indian subsidiary 

Represented a French group engaged in animations sector on acquisition of the intellectual property rights from an Indian listed company undergoing corporate insolvency resolution process. 

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 top tier of the market-hot pharmaceutical and life sciences table. The firm is deepening its expertise in distressed asset M&A and bid-side insolvency resolution, and has established a specialised corporate governance practice. 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 the Reserve Bank of India and the Securities and Exchange Board of India, to provide an extra layer of expertise 

The corporate team welcomed three partners from various leading law firms: head of media, education and gaming Aarushi Jain joined from Nishith Desai Associates, Rishiraj Bhatt joined from Kanga & Co and Siddharth Hariani joined from Phoenix Legal. Disputes veteran Gauri Rasgotra left last year to establish her own boutique firm.  


Work highlights 

Represented Adani Group on its acquisition of a controlling interest held by Holcim Group in Ambuja Cements and ACC. This is the largest transaction in India’s infrastructure and materials space, valued at $10.5 billion, and has triggered two open offers, each in respect of Ambuja Cements and ACC. 

Key clients 

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

Dentons Link Legal

The market holds Link Legal in high regard for its strengths in aviation, construction, energy and infrastructure work. The firm is a first port of call for infrastructure players due to its vast experience in large-scale, long-term infrastructure projects and regulator relationships, and the ability to go beyond transaction basics into extra layers of service like financing insurance. The corporate team welcomed four new partners in the last 12 months, such as Jinni Sinha from IndusLaw and Sayantani Dutta from Wadia Ghandy & Co. Infrastructure specialist Rajesh Sehgal joined from Trina Solar. Atul Sharma and Nusrat Hassan are key partners for energy and infrastructure, and corporate and M&A, respectively. Managing partner Anand Srivastava is also a projects and finance contact. The firm recently combined with Dentons to become part of the global law firm’s sprawling international network.  

Client feedback 

Timely and excellent delivery in all matters.”Aviation 

The firm plans the activities well and delivers the services within the agreed timelines.Capital markets 

Very good knowledge and experience of the subject. It provides research-based representations and approach towards a matter.Energy 

They handled things very well, and have a knowledgeable partner and team. Approachable 24/7. – Private equity

Namita Das 

Knowledgeable and approachable. Effective management. 

Milind Jha 

Quick turnaround for queries raised, timelines have been always met, and he is solution-oriented. 

Aditya Singh 

Rich knowledge, innovative, research based approach, and provides right and practical advice. 

Anand Srivastava 

Good approach and a problem-solver. 


Work highlights 

Advised Aurobindo Realty and Infrastructure on its acquisition of Kakinada SEZ from GMR Group 

Acted for SarvaGram Group of companies and its promoters in a Series B investment led by Elevation Capital along with pro-rata participation from existing investor Elevar Equity 

Represented Inyantra Technologies on being acquired by Volex 

Key clients 

Almas Global Opportunity Fund SPC, JSW Foundation, Mission1 Investments, Probus Insurance Broker, Slintel. 

DSK Legal

Full-service firm DSK Legal has enjoyed the fruits of its expansion last summer, climbing up in the rankings across a number of areas such as capital markets, IP and pharmaceuticals and life sciences. After the seismic shift of adding more than 60 new lawyers, most from Luthra and Luthra Law Offices, the firm continued to build out its teams. It welcomed corporate and finance specialists Srinivas BR, Siddharth Suresh and Karan Ajitsaria from Dua Associates. M&A expert Kunal Mehra, and disputes partners Prashant Mishra, Prashant Pakhiddey and Saleem Hasan Ansari, followed former colleagues over from Luthra and Luthra Law Offices, while R&I consultant Sanjeev Pandey joined from the State Bank of India.  

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 recent additions, the firm posted a strong showing by closing over 50 sizeable 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