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Shardul Amarchand Mangaldas & Co

Work +91 11 4159 0700
Fax +91 11 2692 4900
Ahmedabad, Bangalore, Chennai, Gurugram, Kolkata, Mumbai and 1 more

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Gunjan Shah

Work + 91 11 4159 0700
Shardul Amarchand Mangaldas & Co

Work Department

Mergers, Acquisitions, Private Equity & General Corporate


Gunjan Shah, has extensive experience in mergers & acquisition, tender offers, private equity, corporate restructuring, debt restructuring and debt capital markets in India.

Gunjan has been associated with the Firm since 1998 and is part of the Firm’s Management Committee. She holds a bachelor’s degree in law from the National Law School of University, Bangalore, and a master’s degree in law from the University of Oxford for which she received the Felix Scholarship.

Gunjan has been recognised as one of India’s top 40 business leaders under the age of 40 by the Economic Times – Spencer Stuart Survey, 2014. Gunjan has also been recognized by Asia One among 50 most influential Indians under 50 – 2016-17. In February 2018, Gunjan has been profiled in the Economic Times Women Ahead Listing. In March 2015, Gunjan was acknowledged in the list of India's Hottest Young Executives – 2015 in Business Today's ninth listing of the best and the brightest corporate performers under 40. Gunjan is a fellow of the Aspen Global Network– Kamalnayan Bajaj fellowship.

All rounder Gunjan has played a prominent role in several loan and bond refinancing matters” and “receives high praise for her legal understanding” (Chambers Asia Pacific Guide 2014). “She is very sharp, prompt and pragmatic and she can advise in the right direction” (Chambers Asia Pacific Guide 2018). “She is very quick & knowledgeable” (Chambers Asia Pacific Guide 2018). She is well regarded among peers, who appreciate "her ability to ask the right questions" (Chambers Asia Pacific Guide 2013), and is highly rated for her ‘practical and commercially viable advice’ by clients who value her ability to ‘provide good advice’ and her ‘really strong grasp of law, skills in negotiating and top notch commercial sense’ (Chambers and Partners, Asia Pacific, 2012).

Gunjan is a “highly recommended” lawyer (Legal 500, 2013), described as ‘responsive and knowledgeable’ and ‘thoughtful and very knowledgeable’, and “a person who is a mainstay of the banking, finance and capital markets practice” at Amarchand Mangaldas (Legal 500, 2012).

Select Deal Statement

Mergers & Acquisitions / Private Equity

  • Acted for AION and JSW group in the acquisition of Monnet Ispat & Energy Limited pursuant a National Company Law Tribunal approved insolvency resolution process.
  • Acted for JSW Steel Limited in the strategic investment by JFE Corporation of approximately USD 1.5 billion.
  • Acted for Aircel Limited in the sale of its passive infrastructure business (comprising 17,500 towers across India) to a wholly owned subsidiary of GTL Infrastructure Limited for Rs. 84,000 million (approximately USD 1.4 billion).
  • Acted for the Avantha group in the sale of its shareholding of approximately Rs. 2,000 crores in Crompton Greaves Consumer Products Ltd. to Advent and Temasek in an extremely complex transaction.
  • Acted for AION in the acquisition of InterGlobe Technologies Private Limited, the global travel business process management arm of the InterGlobe group for approximately USD 235 million.
  • Acted for Videocon d2h in connection with the merger of Videocon d2h with Dish TV Limited.
  • Acted for Apollo Global Management, in connection with its investment of approximately USD 350 Million in Indian steel pipes major, Welspun Corp Limited, and its group company Welspun Maxsteel Limited.
  • Acted for ChrysCapital in connection with its acquisition of a 10% stake in Mankind Pharma Limited for approximately USD 350 million
  • Acted for ChrysCapital in connection with its acquisition of 75 per cent. of the equity share capital of GeBBS Healthcare Solutions Private Limited for approximately USD 109 million.
  • Acted for ChrysCapital in connection with its investment in Livguard Batteries and Livguard Energy Technologies.
  • Acted for Colfax Corporation in relation to its open offer to public shareholders of ESAB India Limited.
  • Acted for Apollo Global Management, in connection with its investment in and exit from GDRs issued by Dish TV, a major direct to home operator.
  • Acted for ChrysCapital in relation to its equity investments in Hero Fincorp Limited, AU Financiers (India) Limited, Eris Lifesciences Private Limited, KPIT Cummins Infosystems Limited, Mankind Pharma Limited.
  • Acted the Jubilant group in the sale of its retail business to Aditya Birla Retail Limited, in the restructuring of its corporate group and of the Dosage Forms business and the Active Pharmaceutical Ingredients business.
  • Acted for Bhushan Energy Limited in relation to its hostile bid for the acquisition of substantial shares of Orissa Sponge Iron & Steel Limited.
  • Acted for Unitech Corporate Parks PLC in its exit from Candor Investments Limited, by way of sale of its shareholding to the Brookfield group.
  • Acted for Unitech Limited in relation to the USD 175 million equity investment by Lehman Brothers Real Estate Fund in their slum development project in Mumbai.
  • Acted for Jindal Saw Limited in its group restructuring.
  • Acted for Jindal Stainless Limited in its group restructuring and asset monetisation plan which involved demerger and slump sales of certain undertakings of Jindal Stainless Limited to Jindal Stainless (Hisar) Limited, Jindal United Steel Limited and Jindal Coke Limited,  and resulting listing of the equity shares of Jindal Stainless (Hisar) Limited on the Indian stock exchanges. The transaction also involved equity infusions in certain transferee companies and execution of certain service agreements between Jindal Stainless Limited and the transferee companies.


  • Acted for AION Investments Singapore Private Limited and Apollo Asia Private Credit Master Fund Pte. Limited, in connection with its investment of up to approximately USD 150 Million in listed principal protected market linked debentures issued by Avantha Holdings Limited, an investment holding company with investments in Crompton Greaves Limited.
  • Acted for AION Capital Partners in relation to its structured investment of INR 650 crore in the future retail group.
  • Acted for AION Capital Partners Limited in relation to its debt and equity investment aggregating to INR 600 crore in Varun Beverages Limited, one of the largest bottlers of Pepsi in India.
  • Acted for Dragados Servicios Portuarios Y Logisticos S.L in a project finance transaction of approximately USD 160 million for their joint venture with Gammon India Limited in relation to their participation in the development, construction, operation and management of the offshore container terminal in the Port of Mumbai.
  • Acted as the Indian legal counsel to the Jubilant group in relation to a USD 147.50 million loan by International Finance Corporation to Jubilant Pharma Limited (a wholly owned subsidiary of Jubilant Life Sciences Limited).
  • Acted for the domestic lenders (34 in number) of JSL Limited (formerly Jindal Stainless Limited) in the corporate debt restructuring JSL Limited for an amount of approximately Rs. 88,021 million under the CDR mechanism of the Reserve Bank of India.
  • Acted as Indian legal counsel for Standard Chartered Bank for a term loan facility for upto USD 330 million for subsidiaries of JSW Steel Limited, guaranteed by JSW Steel Limited. 
  • Acted for Barclays Bank PLC in a syndicated financing transaction of USD 250 million with JSL Limited (formerly Jindal Stainless Limited) and subsequent restructurings of the ECB facilities.
  • Acted for Suncity Projects Private Limited, a real estate company in India in a structured finance / pre IPO private placement transaction of USD 200 million with Deutsche Bank.

Capital Markets

  • Acted for Jubilant Pharma in relation to a bond issuance for USD 200 million (2019).
  • Acted for Jubilant Pharma in relation to a high yield bond issuance for USD 300 million (2016).
  • Acted as Indian legal counsel in several Reg S and Rule 144A offerings of FCCBs and GDRs by Jubilant Organosys Limited, JSL Limited, Ballarpur Industries Ltd. and Gitanjali Gems Limited.
  • Acted for bondholders in relation to multiple restructurings of foreign currency convertible bonds issued by Subex Limited and GTL Infrastructure Limited, pursuant to cashless exchange offers.
  • Acted for Jaiprakash Associates Limited and Jaiprakash Power Ventures Limited in the restructuring of foreign currency convertible bonds issued by them.
  • Acted as Indian legal counsel to the issue for a qualified institutions placement by Unitech Limited for an approximate amount of Rs. 27,893 million (approximately USD 628 million), with the joint global co-ordinators and joint bookrunners being IDFC-SSKI Limited, UBS Securities India Private Limited, Morgan Stanley India Company Private Limited and Credit Suisse Securities (India) Private Limited.
  • Acted as Indian legal counsel to the issue for a qualified institutions placement by Unitech Limited for an approximate amount of Rs. 16,211 million (approximately USD 365 million), with the joint global co-ordinators and joint bookrunners being IDFC-SSKI Limited, UBS Securities India Private Limited and Morgan Stanley India Company Private Limited.


Gunjan has been associated with Shardul Amarchand Mangaldas since 1998 and is part of the firm’s Management Committee.


English, Hindi


Delhi Bar Association


B.A., LL.B. (Hons), National Law School of India University, Bangalore (1993-98) B.C.L., University of Oxford (2000-2001)”


Corporate and M&A

Within: Leading individuals

Gunjan Shah - Shardul Amarchand Mangaldas & Co

Within: Corporate and M&A

Shardul Amarchand Mangaldas & Co has established expertise across the range of domestic and cross-border transactions, and draws upon the firm’s strength in tax, competition, employment, and policy practices when handling high-value M&A deals. The client base includes corporations from the real estate, media, oil and gas, manufacturing, financial services, and power sectors, to name a few. Chairman Shardul Shroff is highly regarded for his experience in joint ventures, strategic alliances, and takeovers.  Akshay Chudasama and Gunjan Shah are also key names in the team.

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