The Legal 500

A heavyweight of the Indian legal market, Amarchand & Mangaldas & Suresh A. Shroff & Co is able to devote significant resources to advising lenders or borrowers on big ticket financings. The ‘responsive and knowledgeable’ Gunjan Shah is a mainstay of the practice and recently acted for a consortium of banks on the $1.86bn debt restructuring of steel producer JSL Stainless. Recently promoted partner Prashant Gupta is the first full-time capital markets partner based outside 
Mumbai or Bangalore, and recently acted as local 
counsel to the underwriters on Coal India’s 
$3.5bn IPO - India’s largest IPO to date.

Luthra & Luthra provides ‘very good’ advice to many banks and corporates including Petronas International, Canara Bank, State Bank of India and Cairn India. It is particularly strong in the energy industry, and recently advised Power Finance Corporation as lead lender on the $3.6bn syndicated project financing of a coal-based thermal power project in Janjgir. On the capital markets side, the team advised Coal India on its $3.5bn equity raising. Sameen Vyas and Madhurima Mukherjee are recommended for project finance and capital markets respectively.

AZB & Partners’ ‘responsive and very commercial’ service represents corporates and banks on a range of financings. The team has 
also acted on various Mumbai-led capital 
markets transactions, including IPOs and bond issuances, for both issuers and underwriters.

J Sagar Associates provides ‘very professional and solutions-oriented advice’ to a strong roster of corporates and banks on asset, acquisition and project finance. Amit Kapur and Vishnu Sudarsan recently acted for an SBI-led consortium of lenders on a $181m term loan to JPVL. In addition to bank lending work, the team also has a significant reputation for capital markets instructions, although this is primarily handled from Mumbai.

While the bulk of the firm’s finance work is driven out of Mumbai, DSK Legal’s New Delhi office regularly provides assistance. The firm has a particularly strong reputation for capital markets mandates, and has advised a number of issuers on significant IPOs.

FoxMandal Little has a strong reputation for project finance work and recently advised the lender on financing for Rural Electrification Corporation’s 1,320MW thermal power project in Andhra Pradesh.

HSA Advocates provides ‘very pragmatic and solutions-oriented advice’ to an impressive portfolio of banks including Standard Chartered. Able to leverage its ‘pre-eminent projects’ expertise, the firm recently advised Deutsche Bank on the proposed financing for the holding company of a large power company in India, which has power projects all across India. Navim Syiem is recommended.

IndusLaw’s ‘young, enthusiastic and talented’ team is active for a broad range of clients at all levels of the capital structure. On the capital markets side, the ‘very professional’ Gaurav Dani represented Micromax on its $100m IPO. Avimukt Dar is also recommended.

Khaitan & Co. advises corporates and banks across the full suite of financing, and has a ‘strong capital markets’ offering led from 
Mumbai. New Delhi-based Sharad Vaid has an excellent reputation for advising on financial regulations.

While it is better known for its corporate strength, Kochhar & Co also handles financings for its corporate client base and a number of banks. Clients include HSBC, Asian Development Bank and Mastercard. Anjuli Sivaramakrishnan is praised for her ‘responsiveness, individual attention and depth of knowledge’.

Delhi-based S&R Associates opened an office in Mumbai in 2010 and is fast becoming one of the preeminent outfits for capital 
markets work. Active across the debt and equity spaces for underwriters and issuers, recent highlights include advising MakeMyTrip on its $80.5m Nasdaq Global Market IPO. Also active on bank debt facility transactions, Uday Walia represented Standard Chartered on a $900m revolving credit facility provided to Cairn Energy. Other clients include ICICI Securities, BNP 
Paribas, Credit Suisse and Deutsche Bank.

At the ‘first-class’ Seth Dua & Associates, the ‘highly knowledgeable and precise’ Sunil Seth heads a small team that handles financing work for corporates from various industry sectors. It advised Fitness First on potential structures to finance its Indian operations, and also continues to represent the government-sponsored PPP National Skill Development Corporation on financing certain investment projects.

Trilegal is a ‘truly outstanding outfit’, which handles most of its financing work out of Mumbai, but where the New Delhi office regularly assists on transactions.

In addition to regularly representing banks in corporate finance transactions, APJ- SLG Law Offices also has a significant practice acting on debt and equity capital markets mandates.

Dhir & Dhir Associates is best known for its insolvency work and as such regularly advises corporate clients on restructuring. In new-money deals, it has a niche specialism for project financing and recently represented PTC India on several mandates including the INR1bn facility for Konassema Gas Power and the INR3.8bn 
financing for Madhya Bharat Power Corporation to establish a major hydroelectric project in Sikkin. Madhav Rastogi and Girish Rawat are recommended.

Dua Associates has developed a significant reputation advising clients on financing in the infrastructure and energy sectors. For example, Munish Sharma recently advised IOT Infrastructure & Energy Services on its IPO and Caparo Energy on its £50m AIM listing. Other clients include Deutsche Bank, IFC and Rural Electrification Corporation. Jyoti Pande provides excellent advice to lenders in project financings.

Jafa & Javali represented Shalimar Wires Industries on procuring a $151m facility to refinance and develop the company. Other clients include Deutsche Bank, Handelsbanken and ABN AMRO.

K. R. Chawla & Co advises banks across a raft of plain vanilla and more complex financings. It also regularly advises foreign banks on establishing themselves in India.

KSB Partners has been particularly busy advising on restructuring, while new-money deals have included acting on a $50m facility for a 600MW coal-fired plant on a greenfield site in the State of Maharashtra.

Link Legal has been involved in a number of project finance transactions including advising a consortium of banks on the financing of a 1,400MW coal-fired thermal power plant at Rajpura. In December 2010, the firm merged with Zenith Law Partners, a boutique capital markets firm, and is already picking up a significant flow issuer and underwriter mandates. Raj Rani Bhalla is recommended.

O.P. Khaitan & Co. Solicitors and Advocates handles transactions and restructurings in the real estate sector. Recent highlights include advising a leading real estate company on a $150m offshore loan. Clients include Axis Bank, Mashreq Bank and DNB Nor Bank.

In addition to handling some financings for corporate clients, P & A Law Offices continues to represent financial institutions such as State Street Bank.

Bhasin & Co advises on project finance mandates, in addition to acting for clients on equity capital markets transactions.

In addition to advising a number of banks such as Arctic Holdings, Australia on day-to-day commercial work, LexCounsel also handles financing work for banks and private equity sponsors.

Rajinder Narain & Co’s ‘very strong’ aviation finance practice is its signature area. Clients include airlines and banks.

Singhania & Partners has a good reputation for project financing and regularly handles work for banks and borrowers across a range of infrastructure projects particularly those involving power, ports, roads and railways. The team has handled a raft of work for Power Finance Corporation, recently advising it on a INR50bn loan to Andhra Pradesh Power Development Corporation for the purposes of establishing a coal-based thermal power station in Andhra Pradesh. Dipak Rao led on the aforementioned deal and is recommended.

Titus & Co advises banks and corporates on financings and restructurings. Recent highlights include advising Himalaya Steel Mill Services on its loan agreements.

Vaish Associates’ Satwinder Singh advised Amber Enterprises on receiving an investment of $6.75m from IFCI Venture Capital Fund.