J Sagar Associates

J Sagar Associates keeps steadfast in the ‘Outstanding’ ranking for 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. The firm debuts in the restructuring and insolvency table for its clear uptick in insolvency and resolution process mandates. The corporate practice recently lateralled in partners Shafaq Uraizee Sapre, Rishabh Gupta and Rajeev Reddy from Lakshmikumaran & Sridharan, Sidley Austin and Tatva Legal, respectively. TMT specialist Asim Abbas also joined from Cyril Amarchand Mangaldas.

Banking and finance

Work highlights

Acted for Axis Bank, HDFC Bank, Kotak Mahindra Bank, The Federal Bank and The South Indian Bank in relation to long term loan facilities aggregating to $16 billion to Tata Steel BSL.

Advised Standard Chartered Bank as the arranger on a private placement of secured, rated, listed non-convertible debentures by West Coast Paper Mills. The proceeds of the debentures were utilised to partially finance the acquisition of a majority stake in International Paper APPM, the Indian arm of an NYSE-listed global paper company.

Key clients

Axis Bank, BNP Paribas, Export-Import Bank of India, Indian Railway Finance Corporation, State Bank of India, Tata Steel

Capital markets

Work highlights

Advised Tata Sponge and Iron on its rights issue. The client had filed a letter of offer for an issue of up to 33 million equity shares on rights basis.

Acted for IDBI Capital Markets & Securities, SBI Capital Markets and YES Securities in relation to the IPO of Indian Railway Catering and Tourism Corporation.

Key clients

Axis Capital, Citigroup Global Capital Markets, Credit Suisse Capital Markets, Edelweiss Financial Services Limited, ICICI Securities, IDFC First Bank, IIFL Holdings, IRB Group, JM Financial, L&T IDPL, SBI Capital Markets, UBS Securities

Corporate and M&A

Work highlights

Assisted PepsiCo India Holdings in relation to the sale of its entire company-owned bottling operations for its carbonated drinks business to Varun Beverages. The buyer is PepsiCo's largest bottler in India and the flagship company of the RK Jaipuria Group.

Represented the Indian government, acting through the Department of Investment and Public Asset Management and the Ministry of Power, in the sale of its entire shareholding in REC to Power Finance Corporation for $2 billion.

Key clients

Baring Private Equity Asia, Ford Motor Company, Hain Celestial Group, Indiabulls Real Estate, Mastercard International

Energy

Work highlights

Represented the Association of Power Producers, Rattan India, GVK, GMR and Coastal Energen in the landmark judgment where the Supreme Court quashed a Reserve Bank of India (RBI) circular on stressed assets. The circular had been challenged by power companies as being arbitrary and beyond the scope of the Banking Regulation Act.

Acting for BSES Discoms before the Central Electricity Regulatory Commission for the recovery of incorrectly calculated electricity tariffs by NTPC.

Key clients

Apollo Global Management, Coastal Gujarat Power, Prism Johnson, Tata Power Renewable Energy

Infrastructure 

Work highlights

Advised Airport Authority of India in respect of a concession agreement with special purpose vehicles formed by Adani Enterprises for operations, management and brownfield development of the airports at Ahmedabad, Lucknow and Mangaluru on a PPP basis.

Represented the Pune Metropolitan Region Development Authority in the private delivery of the first metro rail project in India being developed on a PPP basis under the new metro policy 2017.

Key clients

Dubai Ports India, Prism Cement

Private equity

Work highlights

Advised Baring Private Equity Asia on its $700 million acquisition of IT provider NIIT Technologies from NIIT and its founders.

Acted for Sanaka Capital in its investment in Edelweiss Securities and Edelweiss Global Investment Advisory Business.

Key clients

ANI Technologies, Mirae Asset-Naver Asia Fund, Oman India Joint Investment Fund, Suryoday Small Finance Bank

Real estate

Work highlights

Advised Virtuous Retail South Asia, through its Indian subsidiaries Elpis Ventures and KLEIO Developers, on the acquisition of approximately 20 acres of land in Maharashtra from JK Investo Trade India. The land has been acquired for the development of a mixed-use project anchored by the acquirer’s retail development.

Represented Divyasree Developers on setting up the India Office Assets Fund I, a category II alternative investment fund registered with SEBI to develop new projects as well as acquire under-construction and completed assets across key commercial office markets in India. This is reportedly the first time in India where a financial institution and a developer have come together on a fund platform.

Key clients

Krishak Bharati Cooperative, IndInfravit, Ireo Group, Prestige Estates Projects

Restructuring and insolvency

Work highlights

Advised the committee of creditors (CoC), comprising 40 Indian and foreign banks and financial institutions, in the Reliance Communications insolvency.

Assisted the committee of creditors in the resolution process of Korba West Power. The team drafted and negotiated the documents required for the implementation of the resolution plan, including the restructured financing documents.

Key clients

Bank of Baroda, Central Bank of India, ICICI Bank, UCO Bank

Client feedback

“Provided very profound, well-reasoned advice with good results. High competence in the application of the facts to the law.” – Aviation

“It is a thoroughly professional law firm with clear concepts of law and it has vast and deep knowledge on the subject with market knowledge as well. The firm is very supportive of the client's needs.” – Banking and finance

“Gives well-thought-out, sound and not so aggressive views on ambiguous issues. We like its availability of senior resources and their involvement in the transaction.” – Banking and finance

“The team has great depth. Its partners, principal associates and the junior associates are very good. The turnaround times are very good and the entire team is very responsive.” – Banking and finance

“Good experience in ECA finance.” – Banking and finance

“Very meticulous with industry experience and timely in their response.” – Banking and finance

“Its lawyers are professional, have subject matter expertise, and are time-bound and courteous.” – Corporate and M&A

“Very pragmatic and straight-to-the-point attitude, whilst remaining target-oriented. The partner is always accessible.” – Corporate and M&A

“It understands the sector, as well as the company's viewpoint. It provides precise opinions and pleadings within strict timelines and liaises with senior advocates for achieving the desired results in difficult scenarios.” – Energy

Sandeep Mehta

“Pragmatic, upfront and well prepared. He has good moderation skills.”

Divyanshu Pandey

“He has a well-balanced and commercial mindset, which helps in getting things done. Divyanshu's personal involvement in matters always ensures that the quality of the work product is superlative and consistent.”

“He takes a constructive approach with clients and counterparties. He is very responsive and timely.”

Aashit Shah

“Knowledgeable and very approachable.”

“Knowledgeable and cool personality.”

“He provides legally sound and commercially practicable advice. He is always accessible and has a great team.”

“He is legally very sound and commercially savvy.”

Upendra Sharma

“He is competent, takes a professional approach and is courteous.”

Anupam Varma

“He has knowledge, sincerity and the ability to strategise and give precise results within strict timelines.”

Poonam Verma

“Extremely fast response time even with time zone differences. I have never seen such reliability so far.”