AZB & Partners

Bahram Vakil leads AZB & Partners’s banking and finance practice. Known for adapting innovative global techniques in acquisition, corporate, project and structured finance, the team advises lenders and borrowers on standard as well as complex securitisation transactions. A client of more than 10 years says the firm “can interface legal expertise with [a] strategic approach”. Ashwin Ramanathan advised FIH Private Investments on a credit facility of up to $300 million, which included the drafting of a debenture trust deed, security documents and security sharing, and inter-creditor agreements. The group advised International Finance Corporation (IFC) on a $50 million loan facility exclusively for women owned businesses to YES Bank.

The record of the capital markets practice at AZB & Partners, led by Madhurima Mukherjee and Varoon Chandra, includes advising Housing Development Finance (HDFC) on its $1.6 billion qualified institutions placement (QIP), which had two innovative features: the equity component was priced at a premium to the then market price and it was placed only with domestic investors. A client commends the practice for its domain knowledge and adept negotiations. The team also advised HDFC on its ground-breaking issuance of rupee-denominated bonds overseas (masala bonds) in July 2016. HDFC’s bond, which had a Rs86.7 billion final order book, is listed on the London Stock Exchange.

AZB & Partners’s construction and real estate practice, led by Sai Krishna Bharathan, Nohid Nooreyezdan and Hardeep Sachdeva, advises on a range of activities – from plain vanilla licensing to designing on and offshore real estate funds for private equity funds. A long-standing client commends the firm’s “ability to understand the deliverables”. Bharathan and Ananya Sharma represented the Asian Development Bank, Standard Chartered and the International Finance Corporation in Shapoorji Pallonji Group’s plan to develop 15 million to 17 million square feet of urban affordable housing projects across India.

Zia Mody heads the heart and soul of AZB & Partners, its corporate and M&A practice. The team has advised on some of the largest and most complex inbound and outbound M&A transactions, such as Tata’s acquisition of Corus and Jaguar. Led by Gautam Saha, the group advised American Tower Corporation (ATC) on its Rs76 billion acquisition of a 51% controlling ownership interest in Viom Networks, owner and operator of more than 42,000 communication sites including dedicated dispatch centres and towers. Complicating the negotiations was ATC’s assumption of about Rs51 billion in rupee-denominated debt.

Vijayendra Singh joined AZB & Partners as dispute resolution and litigation head in July 2016. Given the firm’s strong reputation in corporate and M&A, the firm is known for its “proper risk identification [and] solution oriented approach”, says a client. The practice regularly advises on intricate disputes during the different phases of an M&A transaction – from due diligence before the deal to post-deal integration, as well as competition and antitrust matters.

Bahram Vakil of AZB & Partners was appointed to the Ministry of Finance’s Bankruptcy Law Reform Committee to recommend a comprehensive bankruptcy code for India. Vakil and other lawyers analysed and drafted critical provisions of the Insolvency and Bankruptcy Code, which passed both chambers of Parliament in 2016. The code is expected to have a significant impact on legal markets involved in corporate restructuring, debt capital markets and litigation.

AZB & Partners regularly advises on cross-border transactions in TMT. Gautam Saha and Amrita Patnaik advised Bharti Airtel on a French company’s acquisition of Bharti subsidiaries in Africa. Chetan Nagendra and Ravi Prakash also advised Voonik Technologies, an Indian online shopping store for women, on its acquisition of Zohraa Lifestyles, a maker of casual wear, in June 2016.

Headed by Zia Mody, the private equity practice at AZB & Partners has represented some of the world’s largest private equity firms in establishing a presence in India and negotiating transactions. Anil Kasturi advised Bain Capital on the Indian leg of its proposal to acquire a minority stake in Singaporean engineering consulting firm QuEST Global Services. In the $250 million transaction Kasturi conducted due diligence on Indian subsidiaries of the target, and reviewed and negotiated the share purchase agreement with existing shareholders including Warburg Pincus. A client notes the firm’s “eye for detail and drafting skills”.

Led by Bahram Vakil and Prashanth Sabeshan, the practice at AZB & Partners, though small, has advised on substantial and innovative deals. Alka Nalavadi and Anind Thomas advised Lafarge India on its Rs50 billion slump sale of its Sonadih and Jojobera cement divisions to Birla. A slump sale is a transfer of at least one business unit or division for a lump sum without valuing individual assets and liabilities. The team, along with colleagues in corporate and competition, conducted vendor due diligence and advised Lafarge on regulatory issues before the CCI about the divestment of its plants.

Ashwin Ramanathan leads the aviation practice at AZB & Partners. While fees are mostly from advice on air finance and leasing transactions, the firm also advises on regulations and civil aviation requirements for aircraft export, repossession and redelivery.  The team advised an Asian aircraft leasing company on the sale of 24 aircraft for one of the region’s first aircraft asset-backed securities. It also advised a global aerospace company on foreign exchange laws in India.

The tax practice at AZB & Partners, led by Ajay Bahl, works closely with other practices, including corporate and IP, to help clients design and implement efficient tax structures. The firm’s tax specialists appear before the Supreme Court and Income Tax Appellate Tribunal. The firm is advising Twenty-First Century Fox and parent News Corp on withholding tax, transfer pricing and international taxation issues, such as those involving royalties and fees for technical services.