The Legal 500

With ‘strong consistency’ and ‘wide practice ability’, Amarchand & Mangaldas & Suresh A. Shroff & Co acted for Unitech in a joint venture slum rehabilitation scheme between Lehman Brothers and the company. The practice also obtained a syndicate loan facility worth $120m for India Infrastructure Finance from Sumitomo Mitsui Banking and other lenders. Unitech and Satyam Computer Services are other key clients.

Luthra & Luthra boasts key financial clients such as Merrill Lynch, Deutsche Bank and State Bank of India. The firm worked on some high value deals, for example acting for GMR in the $1.4bn acquisition of Intergen, which completed in September 2008.

Trilegal’s four-partner banking and finance practice underwent dramatic expansion in 2008, with the addition of 6 new partners. The practice acted for Bank of America and Merrill Lynch in the merger of the two groups in 2008. The practice also acted for Nomura concerning the Indian law aspects of its acquisition of Lehman Brothers. The firm also advised China Light and Power in relation to foreign currency debt financing for a consortium of lenders aggregating $1.2bn.

AZB & Partners acted for International Finance Corporation in an external commercial borrowing of $20m and an equity financing transaction of $300m. Another highlight was acting for Barclays in a structured finance transaction.

A key transaction for DSK Legal’s banking and finance practice was advising Credit Renaissance Partners in relation to an external commercial borrowing loan of $1.125m to Mahaan Proteins. The practice also advised and assisted Merrill Lynch Capital in several loan arrangements. Also significant was the practice’s due diligence work for Deutsche Bank and Pegasus Assets Reconstruction.

BN Banerjee is recommended at FoxMandal Little where past clients include Cholamandalam DBS Finance. AK Ghose is also singled out for praise.

A highlight for Hemant Sahai Associates - Advocates’ New Delhi banking and finance team was acting for an infrastructure developer in the $1bn financing of a power project in West India. Jagdrish Prasad Agarwal and Aparajit Bhattacharya handle banking and finance transactions from the New Delhi office.

Indus G&D Law acted for a Middle Eastern investment group setting up a non-banking finance company in India worth $500m in 2009. The practice also conceptualised a $600m Islamic fund for several real estate investments in India, based on sharia law principles for Chatsworth. Gaurav Dani heads the 17-strong practice.

Strongly recommended by clients, J Sagar Associates acted for lenders in a $550m loan facility for a gas field development in India, which was later restructured to $193m. The practice also acted for Standard Chartered in a loan syndicated facility of $54m to SV Oil & Natural Gas. Divyanshu Pandey recently joined the banking and finance practice from Freshfields Bruckhaus Deringer LLP.

Khaitan & Co. advised an Indian company on a term loan worth $275m. The practice also advised a Hong Kong-based consortium of banks regarding a loan facility of $77.5m. Bharat Anand was hired to the New Delhi office from Freshfields Bruckhaus Deringer LLP to work on corporate and commercial transactions.

P & A Law Offices acted for Wachovia bank, when the bank underwrote $120m debt towards setting up a thermal power plant. It also hired five associates to bolster the practice.

Rated ‘highly’ by clients, S&R Associates acted for Sterlite Industries India in the issuance of $1.5bn American depository shares, which completed in 2009. The practice also acted for sugar producers Bajaj Hindusthan in a $150m qualified institutional placement. Other key clients represented by the practice include Vodafone and Sony Pictures. Clients say Sandip Bhagat is ‘one of the best transactional lawyers in India’.

With six offices throughout India, APJ- SLG Law Offices is renowned for its capital markets expertise, advising clients such as Rajesh Exports, Shiva Cement and Orient Green Power. Joseph Pookkatt is recommended.

Bhasin & Co acts on international offerings and private placements in relation to a range of sectors. It is also recommended for its expertise in project finance and is experienced in hospitality financing and Special Economic Zone (SEZ) projects.

Nilesh Sharma leads Dhir & Dhir Associates’ restructuring and finance group in New Delhi. A financial highlight for the year was acting for PFS India Financial Services on the financing of power projects in India. Another significant role was acting for Government of India entity, Power Finance, on project financing and due diligence.

Dua Associates’ banking and finance clients include the International Finance Corporation, Deutsche Bank and JPMorgan Chase. The practice acted for JPMorgan Chase in the acquisition of non-performing assets under the new securitization laws. Partners in the practice include Shishir Sharma, Jyoti Pande and Neeraj Kumar.

Jafa & Javali advised Bank of Baroda on a $20m external commercial borrowing facility to Sumeet Industries.

With offices in Delhi, Bangalore, Chennai, Sanfrancisco and a representative office in Singapore, K. R. Chawla & Co’s recent clients include K Sera Productions, Aksh Optifibre Flex Industries and Maars Software. It also advises corporate clients, private and foreign banks and foreign institutional investors in relation to foreign exchange regulations pertaining to investments and transactions.

Sami Bedi heads a banking and finance practice of six associates at KSB Partners. Restructuring a $400m cross border facility was a highlight of 2008. The practice was also involved in restructuring a $20m project finance transaction for hydropower projects.

Kochhar & Co represented ICICI in three term loan transactions ranging between $25m and $150m. Icon Capital and First Title Insurance are other key clients of the firm.

Link Legal advised Sujana Group in obtaining a credit facility from Deutsche Bank for $90m. The practice also advised Axis bank on several transactions and acted for GMR Infrastructure in the financing of €336m for the development of a new international terminal building. Munish Sharma heads the two-partner strong practice.

O.P. Khaitan & Co. Solicitors and Advocates acted for DnB NOR Bank in a $160m loan facility to Virtue Drilling. Other clients include ING Asia and Apollo Tyres.

Major clients of Rajinder Narain & Co’s banking and finance practice include Deutsche Bank, World Bank, IMF and UBS.

Sunil Seth heads the banking and finance practice at Seth Dua & Associates. The practice advised on the financing structure for Fitness First to set up outlets in India.

‘Responsive and practical’, Singhania & Partners drafted a $416m loan facility for Unitech. The firm also acted as legal counsel to the State Bank of India for two loan facilities of INR1bn and INR1.5bn respectively. Clients recommend Dipak Rao, and ‘excellent’ Ravi Singhania and Sunil Kumar.

Baljit Singh Kalha heads the banking and finance department at Titus & Co. The practice represented Tata Consultancy services in connection with overseas investments. The practice also structured finances for Advanta Bank’s Indian operations.

Vaish Associates acted as financial advisors to Ranbaxy Laboratories in a INR2.5bn sale of shares. Cello Group is another key client of the firm.