IndusLaw

IndusLaw continued its expansion last year with the headline-grabbing hiring of capital markets star Manan Lahoty and his team of four partners and 13 associates from L&L Partners. The addition of this top-notch capital markets practice group helped launch the firm into the ‘Highly recommended’ tier this year. Other areas the firm moved up in were dispute resolution, investment funds, labour and employment, and technology and telecommunications. The firm is rapidly earning a place among the top echelons of the country’s most prestigious law firms. In particular, the firm takes pride in its growing prominence among sophisticated clients for its private equity and TMT work. It specialises in working with investors across the full funding lifecycle and on a variety of funds including sector-specific ones such as technology, life sciences, e-commerce, retail and infrastructure.  

Apart from the L&L team, the dispute resolution group also fortified its offering with the recruitment of partners Petrushka Dasgupta, Padmaja Kaul, and Mayank Mishra from Haresh Jagtiani and Associates, Trilegal and J Sagar Associates, respectively. Corporate and labour specialist Revathy Muralidharan joined from J Sagar Associates, while M&A partner Rashi Sarif was hired from Cyril Amarchand Mangaldas.

Banking and finance

Work highlights

Advised Agritrade Resources on acquisition financing and transaction structuring for the one-time settlement that was used to acquire SKS Power Generation.

Represented IndusInd Bank with respect to a rupee term loan financing to KC Maritime, a part of Hong Kong-based Kishinchand Chellaram Group, for the purchase of a shipping vessel registered in Cyprus and to be chartered in India to Ambuja Cement as a cement carrier.

Key clients

Cleantech Solar Energy, India Equity Partners, NCF, Silver Point Capital

Capital markets

Work highlights

Acted for the placement agents, including Kotak Mahindra Capital, Axis Capital, DSP Merrill Lynch, and JP Morgan India, in the $971 million QIP of Avenue Supermarts followed by an offer for sale by the promoters of the company through the stock exchange mechanism.

Advising the lead managers Kotak Mahindra Capital, CLSA India, Edelweiss Financial Services and JM Financial in the proposed IPO by Burger King India.

Represented IIFL Securities, ICICI Securities and IDFC Securities as the placement agents on the $382 million QIP by RBL Bank.

Key clients

Axis Capital, Edelweiss Financial Services, Goldman Sachs India, Nomura Financial Advisory and Securities, Prince Pipes and Fittings 

Corporate and M&A

Work highlights

Represented Agritrade Resources, a listed company on the Hong Kong Stock Exchange, on the acquisition of SKS Power Generation through a one-time settlement for all outstanding debt owed to State Bank of India, L&T Infrastructure Finance and PTC India Financial Services. The target is currently developing a domestic coal-based thermal power plant in two phases.

Advised Pine Labs India on its strategic collaboration with Mastercard, which made a primary and secondary investment in the client, pushing Pine Labs’ valuation to over $1 billion.

Key clients

Accel India, CNPL, FirstCry, Helion Venture Partners, Wipro

Dispute resolution

Work highlights

Represented Lakshmi Vilas Bank in a suit filed against it by Religare Finvest for the recovery of $103 million along with other ancillary reliefs.

Advised Cadila Healthcare, a major domestic pharmaceuticals player, before the Supreme Court on charges of an alleged anti-competitive agreement with the Chemists & Druggists Association of India.

Key clients

Builders Association of India, CTR Manufacturing, Electronic City Industrial Township Authority, Schott Glass

Energy

Work highlights

Advised ReNew Power on the licensing of the supervisory control and data acquisition (SCADA) date for digitalising operation and maintenance for its utility-scale wind and solar energy portfolio.

Assisted AMPSolar India in relation to an investment it received by LGT Lightstone Aspada.

Representing UPC Renewables in drafting, negotiating and finalising the split EPC contracts for the development of a solar power plant located in the Jodhpur district of the state of Rajasthan with Sterling and Wilson Solar as the EPC contractor.

Key clients

Berkeley Energy, Canadian Solar, NextEnergy Capital, Sterlite Power Transmission, Suez

Infrastructure 

Work highlights

Acted for Aegion subsidiary Insituform Technologies in relation to the sale of its entire shareholding in its Indian wholly-owned subsidiary to Polycrete Restorations.

Labour and employment 

Work highlights

Advised Amneal Pharmaceuticals on a reduction in force exercise that had to be undertaken due to business reasons.

Represented Armstrong Fluid India in providing time-sensitive strategic and legal advice on how to mitigate risks against the formation of a union and preparing a formal legal dispute against certain influential employees that were making specific compensation demands.

Key clients

Clarivate Analytics, Moneygram International, Shell India Markets

Media and entertainment

Work highlights

Assisting MX Media & Entertainment in setting up a separate MX player platform in the US, and drafting and negotiating contracts for acquiring content for streaming in the US.

Advised Times Internet on its corporate structuring and transfer of the business undertaking ‘Times Videos’ of Times Internet India to MX Media & Entertainment.

Key clients

Mudskipper Labs, PVR, TVF, Wild Karnataka

Private equity

Work highlights

Represented OYO on its $3 billion funding from Softbank Vision Fund and RA Hospitality Holdings.

Advised Ribbit on its investment into Dreamplug Technologies, along with multiple investors including SCI Investments V, Gemini Investments, RTP Global Investments and others.

Acted for Wickedride Adventure Services, Accel India V (Mauritius), ON Mauritius, and Qualcomm Asia Pacific in relation to their investment into Bounce, a domestic online motorbike and scooter rental platform.

Key clients

Elevar Equity, LGT Capital, Rapido, Saturn Shine

Real estate

Work highlights

Advised SB Energy on the land laws of the state of Rajasthan with respect to buying or taking on a long term lease on large tracts of land for setting up solar power projects.

Assisting Mahindra Susten in performing legal title due diligence for land in Rajasthan for future solar projects.

Advised Vatika Group companies on restructuring their assets between the business group. The exercise involved restructuring existing loans and real estate assets to comply with the regulatory requirements and Reserve Bank of India prudential norms.

Key clients

Alstom Transport India, Decathlon Sports India, Hamstede Living, Orris

Restructuring and insolvency

Work highlights

Represented US-based hedge fund Silver Point concerning the debt it owned in the distressed assets of Essar Steel India.

Advised JM Financial Asset Reconstruction in the insolvency proceedings of Alok Infrastructure. The client framed the resolution plan along with Reliance Industries after the committee of creditors was formed.

Key clients

India Equity Partners, Lexington and Falafal, Mauritius Commercial Bank, Rolta India

Technology and telecommunications 

Work highlights

Advised Google India on data privacy compliance in relation to research studies involving vulnerable communities and minors, and assisted the client in the creation of customised products to make them more accessible and inclusive. The firm has advised on the existing regulatory framework in India, as well as the proposed legislative changes, and it has been closely working with the client on fundamental policy initiatives.

Acted for Microsoft India on the structuring of legal and regulatory issues surrounding the launch of Skype for Business in India, including assessing customer and vendor agreements.

Key clients

Honeywell, Kingsoft Corporation, Skylotech Technologies, TVF

Client feedback

“It understands client requirements, has a shorter turnaround time from other firms, and offers expert opinions on various matters.” – Banking and finance

“Good quality of service and turnaround time.” – Banking and finance

“Dedicated, sincere and high-quality professionalism.” – Banking and finance

“Appreciate its light pricing and commercial advice.” – Energy

“Responsive, high-quality work product and practical advice.” – Labour and employment

“I like their responsiveness and attention to detail.” – Real estate

Avik Biswas

“He is responsive and understands the clients’ perspective well. He is good at dealing with Western clients.”

Karthik BM

“He is responsive, pays attention to detail and has a good grasp of the real estate sector.”

Sushmita Gandhi

“She very good with understanding our requirements, and gives innovative solutions and opinions on the same. Also, she always let us know upfront on what the possibilities are so that we can plan our strategy accordingly.”

“She provides excellent professional advice, has a strong legal knowledge and is accessible.”

Manishi Pathak

“He is a good listener, thoughtful speaker and friendly.”