AZB & Partners

Ranked ‘Outstanding’ in Banking and finance, Capital markets, Corporate and M&A and Private equity, AZB & Partners remains as a distinguished full-service law firm in India. Partner Bahram Vakil is recognised for his expertise in banking and finance, bankruptcy and insolvency, and energy and infrastructure projects. Partner Zia Mody is renowned in corporate and M&A, private equity, litigation and arbitration, while partner Ajay Bahl is known for his practice in tax and bankruptcy and insolvency. Banking and finance partner Piyush Mishra and corporate and M&A and private equity partner Kunal Kumbhat joined the firm from Cyril Amarchand Mangaldas and Trilegal respectively, while a senior partner Ashwin Ramanathan left the firm during the research period.

Banking and finance

Work highlights

Advised VTB Bank and VTB Capital in structuring financial transactions with cross-linked security over assets in India and onshore and offshore domino escrows, and several other transactions related to acquisition and assignment of financial assets and settlement of dues owed to Indian and international lenders.

Advised International Finance Corporation (IFC) on a term loan of up to $20 million and a working capital loan of $30 million to ONE bank in Bangladesh. The term loan will be used for financing projects that meet the eligibility criteria for green loans, while the working capital loan will be used to facilitate lending services to small and medium enterprises in Bangladesh.

Key clients

Asian Development Bank, ECL Finance, ILC Group, Overseas Private Investment Corporation

Capital markets

Work highlights

Advised Tata Capital Financial Services on the public issue of $282 million secured and unsecured non-convertible debentures.

Advised the book running lead managers to the qualified institutions placement (QIP) and the underwriters to the American depositary receipts (ADR) offering by HDFC Bank, simultaneously. Some of the book running lead managers include Credit Suisse Securities (India), DSP Merrill Lynch, and Edelweiss Financial Services, while some of the underwriters include BNP Paribas Securities Services, Credit Suisse Securities (USA) and Goldman Sachs.

Key clients

Bharti Airtel, Centrum Financial Services, Centrum Retail Services, JM Financial Credit Solutions, Netherlands Development Finance Company, Yatra Online

Competition/antitrust

Work highlights

Advised The Walt Disney Company on the competition law issues in its acquisition of the entities of 21st Century Fox in India, which is part of its acquisition of the multinational mass media corporation.

Represented Indus Towers, the Indian mobile tower installation joint venture formed among the Bharti Group, Vodafone Group and Vodafone Idea, in responding to the telecommunications services provider Bharat Sanchar Nigam’s complaint to the Competition Commission of India over the client’s alleged abuse of dominant position.

Key clients

F Hoffmann-La Roche, Genentech, Google, Honda Motorcycle and Scooter India, Roche Products (India), Syngenta

Construction

Work highlights

Assisted Ascendas Singbridge and Sembcorp Development in drafting the concession and development agreement and the shareholders agreement, along with other documents in relation to the development of the new capital city for the state of Andhra Pradesh located in Vijayawada district, Andhra Pradesh.

Key clients

Bharti Realty

Corporate and M&A

Work highlights

Advising Bharti Group on the merger of Indus Towers into Bharti Infratel, Bharti Group’s subsidiary, which will give the client and Vodafone Group a joint control over the merged corporation.

Represented the state-owned oil and gas company Hindustan Petroleum Corporation in the sale of its 51.1% shares to Oil and Natural Gas Corporation India’s largest oil and gas producer.

Key clients

American Tower Corporation, GlaxoSmithKline, IDFC Bank, Larsen and Toubro, Mitsui & Co, RHT Health Trust Manager, Wipro

Dispute resolution

Work highlights

Representing Reserve Bank of India against Internet and Mobile Association of India in defending its issue of a circular that prohibits banks from either dealing in virtual currencies or providing other services facilitating entities in dealing with the currencies.

Representing Nissan Motor in an arbitration against the Indian government under the India-Japan comprehensive economic partnership agreement to claim the damages and the unpaid value-added tax refunds, which were promised by the Tamil Nadu government when Nissan set up a manufacturing plant with Renault in Oragadam near Chennai in 2010.

Key clients

ASF-Keystone, Actis, BSES Rajdhani Power, BSES Yamuna Power, ETA Star Holdings, KKR India Asset, IHH Healthcare, Tokheim India

Intellectual property

Work highlights

Represented Skechers USA in filing a civil lawsuit against Pure Play Sports and other retailers over their trade dress infringement and passing off as they sold lookalikes and replicas of some Skechers’ products before the High Court of Delhi. The defendants failed to file pleadings, and the court ordered these products to be disposed and imposed the cost of $118 thousand on them.

Key clients

Aegon Life Insurance Company, Christian Broadcasting Network, Dell, Philip Morris Brands Sàrl, Quess Corp, Reliance Industries, Super-Max IPR Holdings, Wrangler Apparel

Investment fund

Work highlights

Advising Aditya Birla Group on a joint venture with Värde Partners to establish a Re98 million alternative investment fund that invests in stressed and distressed assets in India.

Key clients

DP World, HDFC Capital Advisors, Kotak Investment Advisors

Labour and employment

Work highlights

Advising a leading e-commerce company in India on issues related to the employment law, including the restructuring of compensation of employees, with a focus on salary, tax implications and company policies, compliance to maternity benefit regulations, representation in defence proceedings before labour authorities and the stock-based incentive schemes for employees.

Advised an international bank’s branch on the suspension and termination of employees’ services, the proposed closure of one of its units and the provident fund.

Key clients

Thomson Reuters Foundation

Private equity

Work highlights

Advised CIIE Advisors on securing $50 million funding from investors for the Bharat Innovation Fund, its early-stage venture fund that invests in IP-driven Indian start-ups creating breakthrough healthcare, agriculture, renewables and advanced technology innovations.

Advised a consortium formed by WestBridge AIF I, Rakesh Jhunjhunwala and his affiliates, Mio Star, Mio IV Star and Madison India Opportunities Trust Fund on their acquisition of almost 99% of Star Health and Allied Insurance Company at about $939 million through conducting a secondary acquisition from the existing shareholders.

Key clients

Bain Capital, Indiabulls Dual Advantage Commercial Asset Fund, KKR & Co, Radiant Life Care, Resurgent Power Ventures, SC GG India Mobility Holdings, SoftBank Group, Xander Investments

Regulatory

Work highlights

Representing National Stock Exchange of India in the hearings and other regulatory proceedings before the Securities and Exchange Board of India. The regulator issued show-cause notices to the stock exchange, questioning the choices of dissemination of market data through its Tick-by-Tick Transmission Control Protocol/Internet Protocol (TCP/IP) technology to trading members in its co-location facilities as well as the point-to-point (P2P) connectivity used by trading members.

Key clients

Eastern India Powertech

Restructuring and insolvency

Work highlights

Advising Dubai Aerospace Enterprise on the insolvency laws, and the repossession, deregistration and grounding of aircraft leased by the client to an Indian airline operator that has defaulted on payment of lease rentals.

Representing the resolution professional supported by Grant Thorton in the restructuring of the Indian mining, steel and energy conglomerate Adhunik Group’s companies, including Adhunik Metaliks, Zion Steel, Orissa Manganese and Minerals and Adhunik Alloys and Power.

Key clients

Axis Bank, Cube Highways and Infrastructure, Ernst & Young, ICICI Bank, ORIX Corporation, Reserve Bank of India, Standard Chartered Bank, Tata Steel

Tax

Work highlights

Represented PepsiCo before the Income Tax Appellate Tribunal on the transfer pricing adjustment issues. As no international transaction occurred in the client’s manufacturing business in India, in favour of the client, the Tribunal has decided to delete transfer pricing adjustment computed on account of advertising, marketing and promotional expenses incurred, which is valued at Re29 billion.

Key clients

Giesecke & Devrient, Hindustan Zinc, Nokia Networks, Seagram Distilleries, 21st Century Fox

Client feedback

“Very professional and thorough. Meticulous in all preparations. The firm has sound knowledge of the law, practices and precedents but the service is very expensive. ” – Competition/antitrust

“Partners and their teams are very knowledgeable and updated and are able to provide sound and expert advice.” – Competition/antitrust

“AZB & Partners is a stellar firm and the quality of the advice and service is on par with any of the big international firms. They recruit top talents and they retain them, which ensures consistency of service and long-standing relationships. They are active in many of the corporate finance transactions within my industry and are able to draw on that experience to provide practical advice.” – Corporate and M&A

“Very responsive and diligent. Rather creative. Very reliable and experienced.” – Intellectual property

“The firm is strong in delivering commercial and pragmatic advice in a timely manner. However, as with all top-tier Indian law firms, the lawyers’ drafting skills could be improved.” – Private equity

“The firm’s knowledge of various aspects related  to real estate, investment and allied laws is outstanding.” – Real estate

“They have provided very pragmatic advice, notwithstanding the technical issues involved in the transactions. Overall the firm’s service has been superior and the response time has been good.” – Tax

Sai Krishna Bharathan

“He’s just amazing. He provides out-of-the-box solutions to complex issues.”

Samir Gandhi

“He is an expert in the field of competition law and anti-trust regulations.”

“A very knowledgeable expert in his field.”

Akhilesh Kumar Rai

“Very experienced and reliable. He cares for his clients and really listens to what the client wants.”

Arvind Ramesh

“Arvind is one of the best corporate lawyers I've ever come across. He’s just an outstanding guy who is super knowledgeable in his field. His work ethic is in the top 1% of people I've ever come across. And on top of that, it’s just a pleasure to work with him and to know him.”

Shreya Rao

“Being technically very strong, she provides both creative and pragmatic solutions to unique problems.”

Gautam Saha

“He possesses deep private equity experience and market knowledge, but I would like him to be involved in more hands-on deal engagement instead of delegation.”