Banking and finance in India

AZB & Partners

Leading institutional lenders, both domestic and international, retain AZB & Partners for the full breadth and banking and finance matters. Gautam Saha heads Delhi operations and works closely with Pallavi Meena on mandates from foreign lenders and investors including the International Development Finance Corporation and IFC. The expansive Mumbai desk houses co-heads Bahram Vakil and Anand Shah, as well as Hufriz Wadia, distressed debt expert Nikunj Maheshwari and structured finance leader Nilang Desai. The practice secures impressive multibillion-dollar refinancing mandates from alternative investors operating in the real estate sector. In other highlights, the team advised a syndicate of ten investment banks acting as arrangers in high-value debt issuances in the transport sector.

Practice head(s):

Bahram Vakil; Anand ShahGautam Saha

Testimonials

‘Proactive and commercially oriented advice. Very good understanding of requirements of foreign lenders into the Indian market. Excellent understanding of the complex and ever-changing regulatory landscape.’

‘Ambarish Mohanty and Pallavi Meena are both excellent. Highly responsive and technically strong. Good drafting skills relative to Indian market.’

‘They provide you complete solutions in a time-bound manner. Each of their team members (based on my experience with some of their team members) have complete expertise. Client feels secure with their advice.’

‘Clear understanding of the issue with clear solution within time. they understand the urgency and accordingly provide service.’

Key clients

Goldman Sachs

International Finance Corporation

United States International Development Finance Corporation

Export Development Canada

Barclays Bank

JM Financial

Tata Capital

HDFC Bank

KKR

Citibank N.A.

Asian Development Bank

Brookfield Asset Management Inc.

Investec Bank PLC and Investec Capital Services (India) Private Limited

Tata Motors Finance Limited and its group companies

Larsen & Toubro Limited

Hero Enterprises group

Bahadur Chand Investments Private Limited (promoter of Hero Motocorp group)

Kotak Mahindra Bank Limited

SBFC Finance Private Limited

ICICI Prudential Mutual Fund

Oaktree Capital Management

Jana Small Finance Bank Limited

PAG Asia Capital

Reliance

Yes Bank

Carlyle

Work highlights

  • Acted for HDFC Limited in relation to issuance of non-convertible debentures of up to INR36,930,000,000 which were issued as part of a qualified institutional placement comprising issuance of equity shares, non–convertible debentures and warrants.
  • Advised United States International Development Finance Corporation in relation to its loan of up to $50m to Northern Arc by way of an external commercial borrowing for on-lending to support female entrepreneurship and employment, food security and water, sanitation and hygiene.
  • Advised a total of 10 multinational investment banks on the debt issuance of social bonds (being global medium term notes) by Shriram Transport Finance Company Limited aggregating to $500m listed on the Singapore Exchange Securities Trading Limited (SGX-ST).

Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas handles the entire suite of lender-side banking and finance transactions under the stewardship of co-heads Cyril Shroff , L Viswanathan  and Amey Pathak. Equally adept at advising banks, NBFCs and multilateral agencies (including the ADB and IFC), the team’s deal sheet includes high-value debt restructurings, mezzanine financing, project finance and complex securitisation. Though sector agnostic, the group impresses in the energy and infrastructure sectors. In a representative highlight,  a consortium of banks comprising the State Bank of India, Punjab National Bank, Bank of Baroda and others instructed on its multibillion-dollar lending to the State of Andhra Pradesh for social infrastructure development purposes.

Key clients

Jio Digital Fibre Private Limited

Reliance Jio Infratel Private Limited

State Bank of India

JPMorgan Chase

ICICI Bank Limited

Adani Capital Private Limited

Sumitomo Mitsui Banking Corporation

Power Finance Corporation

Kotak Mahindra Bank Limited

The Hongkong and Shanghai Banking Corporation (HSBC)

Work highlights

  • Advised State Bank of India, Punjab National Bank, Union Bank of India, Indian Bank and Bank of Baroda on its multibillion-dollar load to the State of Andhra Pradesh for the purposes of social infrastructure developments.
  • Advised Jio Digital Fibre as borrower and Digital Fibre Infrastructure Trust as lender on a multibillion-dollar term loan facility for the purpose of pre-payment of its existing senior lenders.
  • Advised a consortium of lenders led by SBI in relation to the rupee term loan facility aggregating to INR 3976 crores availed by Chhattisgarh East-West Railway Limited for the purpose of development, financing, construction, operation and maintenance of the Chhattisgarh East West Railway Corridor.

JSA Law

Areas of recent focus for JSA Law' banking and finance practice include the provision of advice to banks and NBFCs on structured trade finance, and assistance with financing rounds into infrastructure investment trusts; Anish Mashruwala handles the former. Aashit Shah heads the practice, advising on the full range of real estate finance including acquisition finance, project development loans and lease rental discounting. Dina Wadia and Utsav Johri are key partners, known for handling the full scope of debt transactions including structured deals. In an impressive mandate, the team advised a consortium of international lenders (comprising Barclays, BNP Paribas and SCB among others) on the ECB leveraged buyout arrangements delivered to a major manufacturing corporate.

Practice head(s):

Aashit Shah

Testimonials

‘JSA is one of our top-two go-to firms in India. They have represented us in several onshore debt (NCD) transactions. They get deals done efficiently and produce high-quality advice and documentation. JSA knows India deals.’

‘Aashit Shah is a stand-out Indian law firm partner who is invariably our first stop for advice on finance deals. He is sharp, energetic and personable. We recommend Aashit without reservation. His team is also great. Partner Utsav Johri is hardworking and capable – always a safe pair of hands on deals. ’

‘JSA is one of our preferred counsels for banking and finance transactions. They have a good team of lawyers and are thorough in research. ’

Key clients

Standard Chartered Bank

Ares SSG

Allianz GI

Deutsche Bank

Credit Suisse AG

Edelweiss Group

State Bank of India

Citibank / Citigroup

ICICI Bank

HDFC Bank

Axis Bank

DBS Bank Limited

Sumitomo Mitsui Banking Corporation

Mizuho Bank

MUFG Bank

Nomura

Goldman Sachs

CDC Group Plc

PROPARCO

Piramal Finance

Kotak Bank

IDFC Bank

RBL Bank

First Abu Dhabi Bank, UAE

John Deere

JP Morgan

EXIM Bank of India

Work highlights

  • Advised SJVN Thermal on its 8448 crore term loan facility availed to a consortium of lenders for the part financing of a 1320 MW coal-based thermal power project.
  • Acted as Indian counsel to the syndicate of lenders (Barclays Bank, BNP Paribas, The Hongkong and Shanghai Banking Corporation Limited, Investec Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation) and mandated lead arrangers and bookrunners in connection with a secured ECB of $360m to PGP Glass Private Limited, an Indian SPV owned by The Blackstone Group.
  • Advised DB Internationa and Standard Chartered Bank (Singapore) in connection with issuance of redeemable, rated, listed, secured, non-convertible bonds aggregating to 2,500 crores by West Waves Maritime & Allied Services.

Khaitan & Co LLP

Working collaboratively across multiple offices in Mumbai, Bangalore, Delhi and Kolkata, Khaitan & Co LLP provides an extensive network of banking and finance experts availed to leading domestic and international clients. Major financial institutions, NBFCs and corporate sponsors take advantage of the team's vast experience in structured finance, distressed debt and corporate banking for marquee, cross-border transactions. Additionally, close coordination with SEBI, the RBI and other regulators enables smooth approval and registration processes. The practice is retained by a list of foreign development banks. Key practice heads include Manisha Shroff, Kumar Saurabh Singh, Devidas Banerji, Shishir Mehta and Rajeev Vidhani.

Testimonials

‘The team at Khaitan & Co are on top of their game. Despite COVID, they have continued to do well in a challenging market.’

‘I highly recommend Rajeev Vidhani. Very responsive, intelligent, technically strong. He is also well connected among key industry players.’

‘The team is superb.’

‘Manisha Shroff and Saurabh Singh are both reliable lawyers.’

Key clients

State Bank of India

Life Insurance Corporation of India

Housing Development Finance Corporation Limited

Axis Bank Limited

Piramal Capital & Housing Finance Limited

ECL Limited

Edelweiss Alternative Asset Advisors Limited

L&T Finance Limited

SBI Capital Markets Limited/ SWAMIH Investment Fund I

COÖPERATIEVE RABOBANK U.A

Standard Chartered Bank

JPMorgan Chase Bank N.A

IndusInd Bank Limited

Power Finance Corporation Limited

Bank of India, New York Branch

BNP Paribas, London branch

Barclays Bank PLC

Bank of Baroda

HDFC Bank Limited

DBS Bank India Limited

Reliance Industries Limited

Brookfield Asset Management

Temasek Holdings (Private) Limited

Mahindra & Mahindra Limited

Work highlights

  • Assisted Reliance Industrial Investments and Holdings Limited and Digital Fibre Infrastructure Trust with multibillion-dollar term loans availed by Fibre Trust, Jio Digital Fibre and JDFPL.
  • Advised Cisco System and its Indian subsidiary Cisco Commerce India in relation to establishing a master receivables financing program in India with Deutsche Bank AG, Bangalore backed by credit support from various Cisco entities.
  • Acted as the Indian law legal counsel to Housing Development Finance Corporation Limited in relation to the multibillion-dollar term loan being availed by RMZ Infotech Private Limited.

Kochhar & Co.

A weighty recruitment drive at Kochhar & Co.‘s banking and finance practice saw the addition of co-head Pradeep Ratnam and Parul Verma from Krishnamurthy, resulting in enhanced infrastructure and project finance capabilities for major borrowers and lenders. Co-head Anjuli Sivaramakrishnan takes the lead on complex cross-border lendings, including syndicated, bilateral, hybrid debt-equity and structured deals for international banks targeting a breadth of sectors, from manufacturing to jewellery. Many clients are from the Middle East, particularly Dubai. Based in Bangalore, principle associate Anuj Kaila drives the fintech service line, incorporating complex financial regulatory issues for debtors and creditors alike.

Other key lawyers:

Anuj Kaila

Testimonials

‘The team is highly innovative and practical.’

‘Stephan Mathias is the lawyer we commonly reach out to, who is responsive and knows what he is doing.’

‘The firm has an ability to provide solutions and have provided comfort to the parties all the time. Our Institution has been dealing with the Law firm for a very long time and myself been affiliated with them for past 2 years and have been very accommodative in all aspects. There is no compromise in the quality of the due diligences carried out and have provided the reports in a timely manner to ensure both business and legal are not compromised.’

‘I have interacted with Mr. Anuj Kaila. Professionalism speak a lot about the legal personnel. Had past dealings with Mr. Anuj for one of the biggest lending relationship our team had with a reputed developer. He has catered the requirements in a very professional manner with both the parties and have provided instant solutions considering the time invested for vetting huge documentation sets and the complexity of the transaction. Note worthy is that Mr. Anuj has always kept the client on top of his priority and day in-day out has dedicated his time to ensure that the completion of a particular matter is addressed without any deviations, ensuring the clean title, structuring transactions helping multiple parties providing comfort to the utmost level and binding as per the applicable law in line with the sanction terms. I do recommend and wish to engage with Mr. Anuj and their firm for future services.’

Work highlights

    Shardul Amarchand Mangaldas & Co

    Shardul Amarchand Mangaldas & Co houses a number of prolific banking and finance lawyers including Shardul Shroff and Veena Sivaramakrishnan. The group advises banks and corporates on acquisition and leveraged finance, debt restructuring and corporate lending.

    Work highlights

      Talwar Thakore & Associates

      An impressive list of international lenders instructs Talwar Thakore & Associates' banking and finance practice on cross-border transactions, backed up by extensive in-house knowledge of foreign exchange rules. The highly praised bench (cited as 'undisputed leaders in the arena' by one client) includes Rituparno Bhattacharya, practice head Sonali Mahapatra and recently made-up partner Nidhi Rani, who all assist traditional lenders with real estate, project and fund financings, as well as complex mezzanine and structured arrangements. The team advises a growing book of alternative lenders, including a number of special situation funds operating in the asset reconstruction sector.

      Practice head(s):

      Sonali Mahapatra

      Testimonials

      ‘The team is extremely updated with the market practices and structures and understands the requirements of the clients and suggests various workable options.’

      Talwar Thakore & Associates is perhaps the best firm in India for clients looking for international standard documentation and service delivery for banking and finance work. We get most amount of partner time and considered advice and the team has very good depth.

      What sets them apart from their peers in other law firms is their attention to detail, their ability to communicate the issues both to the client and the counterparty, and their ability to provide solutions.

      One of the best banking and finance law firms in India. Their depth of knowledge and expertise in complex financing transactions make them the undisputed leaders in the arena. The firm is unique in the level of partner-involvement provided to transactions.

      Sonali Mahapatra is arguably the best banking and finance lawyer in India. Her attention to detail even while managing large and complex financing transactions and the quality of legal advice are what make her stand out.

      Rahul Gulati is a very good financing as well as derivatives lawyer. He is practical, commercially savvy and very easy to work with.

      Market-leading financing practice. High-quality legal advice backed by a strong team of lawyers. Their legal analysis is impressive and always spot-on. They don’t hesitate to take the right-stand even if it is not commercially viable for them. Their associate pool is strong and have the experience and competence to manage deals fairly independently. Partners are always available and provide very competitive fee proposals.

      Rituparno Bhattacharya – Fantastic lawyer and a great person to have on your side during a difficult deal. He always gives 110% on a deal and does not shy away from providing difficult advice. Elegant drafting and a very calm negotiator who knows what to give up and not be a roadblock for the deal.

      Key clients

      Bank of America

      ADB

      India RF

      Barclays

      Avendus

      Nayara

      KKR

      Max Life

      Macquarie

      Nomura

      Yes Bank

      Tata Sons

      Green Climate Fund

      Citi Bank

      Goldman Sachs

      Olympus Capital

      ADM Capital

      Work highlights

      • Advised DB International and Deutsche Bank AG, Mumbai Branch in respect of its investments in the non-convertible bonds issued by GMR Airports Limited.
      • Advised the original lenders (Barclays, Deutsche Bank AG, Nomura Singapore Limited and Nomura Special Investments Singapore) in connection with a $75m facility availed by CA Alchemy Investments
      • Advised SCB as arranger and lender in relation to KKR’s acquisition of certain solar power SPVs of the Shapoorji Pallonji group in Tamil Nadu and Maharashtra.

      Trilegal

      Trilegal‘s banking and finance practice is retained by a highly diverse roster of domestic and international banks (from the private and public sectors), NBFCs, and multilateral agencies. The team saw considerable growth throughout 2020/21, with practice head Ameya Khandge and Kannan Rahul being joined by a raft of partners from Cyril Amarchand Mangaldas, including financial regulatory experts Shruti Rajan and Garima Joshi. Fellow new joins Pranav Sharma and Mallika Chopra further enhanced the team’s capacity for acquisition and sponsor finance, real estate finance, share or receivables-backed financings, structured finance and trade finance.

      Practice head(s):

      Ameya Khandge

      Testimonials

      ‘Great financing team that works well with sponsors and banks.’

      Kannan Rahul is very hands on in matters and his vast banking experience makes him possess great amount of commercial knowledge and understanding of legal aspects, which assist in effective closure of transactions. He is also always approachable and available and very responsive to all requirements of the clients.

      ‘The team is thorough, patient and very practical.’

      Ameya Khandge is actively involved in matters and leads negotiations. His opinions are well researched and he is effective in providing solutions.

      We work primarily with Kannan Rahul and Aniruddha Sen. They are always ready to provide time to work through structures and identify issues upfront. They take a pragmatic view of things and are not pedantic.

      Kannan Rahul – His stint in ICICI stands him in good stead as he is able to calibrate risks in a manner that is palatable and comprehensible to financial institutions and their risk teams. He is practical and offers both sides of the debate before letting us know which side he chooses and credible reasons for choosing a side in a debate. We are very happy to instruct him in our deals knowing us or our counterparty will get solid advice.

      Key clients

      ING Capital LLC

      Davidson Kempner Asia

      PAG/ Asia Pragati Strategic Investment Fund

      KKR India Financial Services Limited

      National Stock Exchange of India Limited

      Future Group

      Piramal Capital Housing Finance Limited

      State Bank of India

      ICICI Bank Limited

      Yes Bank Limited

      Axis Bank

      United States International Development Finance Corporation

      Kotak Mahindra Bank Limited

      Brookfield Asset Management

      Varde Partners

      Goldman Sachs

      HSBC Bank

      Assets Care & Reconstruction Enterprise

      Edelweiss Alternative Asset Advisors Limited

      Oaktree Capital Management Pte. Ltd.

      Work highlights

      • Advised the lenders (Deutsche Bank, AG and JPMorgan Chase Bank) on the margin finance facility of $100m provided to BREP Asia SG Pearl Holding (a Blackstone entity).
      • Acted for HSBC Bank in relation to Vodafone Group’s availed facility of €1.3bn by way of a term loan facility and a TRS, to facilitate the infusion of funds into Vodafone Idea Limited through a rights issue.
      • Advised Asia Pragati Strategic Investment Fund on its structured credit investment to Phoenix Financial District Private Limited in an amount equal $4bn for the construction of a brownfield commercial project in Hyderabad.

      DSK Legal

      DSK Legal covers all facets of banking and finance work, including corporate finance and highly complex structured funding, the latter advised on by Ajay Shaw and Ashish Pahariya. Leading the practice, Anjan Dasgupta advises an extensive roster of international banks, multilateral institutions and NBFCs on all manner of cross-border banking matters including ECBs and overseas direct investment. The firm houses a leading real estate finance expert with Sajit Suvarna whose expertise covers debt funding, mezzanine funding and  construction finance. Roochi Loona is a well-praised principal associate with an impressive deal sheet.

      Testimonials

      ‘The team is quick to grasp the expectations of the client which gives a strong sense of comfort. The team does not just stick to the specific scope of work but also provides advisory overall including any risk/issue they perceive and accordingly suggests mitigation.’

      ‘Avinash Kumar Khard takes complete control of the work assigned and is immensely responsible with the work. He ensures there are no gaps and everything is done to perfection. He is very proactive and leads all situations and is available at all times for any query/discussion whatsoever.’

      ‘Roochi Loona is exceptionally service oriented and makes sure that even the tiniest detail is not missed out. Very good at co-ordinating with multiple stakeholders for closure of the work assigned. Always available and ready to go out of the way to solve an issue.’

      Key clients

      Arka Fincap Limited

      Aditya Birla Finance Limited

      LIC Housing Finance Limited

      Samena Capital

      SBI Life Insurance Company Limited

      OmniActive Health Technologies Limited

      The Chatterjee Group

      NIIF Infrastructure Finance Limited

      Deutsche Bank A.G.

      IndusInd Bank Limited

      Sterlite Power Grid Ventures Limited

      Axis Finance Limited

      Edelweiss Alternative Asset Advisors Limited

      Aseem Infrastructure Finance Limited

      HSBC Bank Canada

      Eternis Fine Chemicals Limited

      ICICI Bank Limited

      JW Group

      City & Industrial Development Corporation of Maharashtra Limited (Navi Mumbai International Airport)

      Yes Bank Limited

      Indian Renewable Energy Development Agency Limited

      Godrej Properties Limited

      Omkar Realtors & Developers Private Limited

      Axis RERA Opportunities Fund – I

      Flipkart Internet Private Limited

      Walmart USA

      PhonePe India Private Limited

      ICICI Limited

      SBI Funds Management Private Limited

      HDFC Bank Limited

      Piramal Capital & Housing Finance Limited

      State Bank of Mauritius

      Jai Beverages Private Limited

      Work highlights

      • Advising and assisting LIC Housing Finance Limited with respect to issuance and listing of non-convertible debentures for an amount aggregating to $6.8bn.
      • Legal counsel to NIIF Infrastructure Finance Limited, which extended rupee term loan aggregating up to 125 crores, to Avaada Sustainable Energy Private Limited.
      • DSK Legal advised the IndusInd Bank Limited and Axis Finance Limited in relation to rupee term loans to the extent of $40m extended to companies of the JW Group.

      Economic Laws Practice

      With instructions coming from an impressive client roster of traditional banking lenders and NBFCs, Economic Laws Practice's team handles a steady workflow of fund financing in the real estate sector combined with a strong hand in structured products. Practice head Babu Sivaprakasam and Dhrupad Vaghani are key partners for financial restructuring mandates, whereas Yogesh Pirthani is a foreign exchange management expert, thus a main contact for offshore lenders. Borrower-side work is includes high-value project finance negotiations on behalf of prestigious industrial conglomerates.

      Practice head(s):

      Babu Sivaprakasam

      Other key lawyers:

      Dhrupad Vaghani ; Yogesh Pirthani

      Testimonials

      ‘Babu Sivaprakasam, gave our case/matters all the time and attention that was needed to be successful in court. He was/is a calming and confident in the matters. We are treated as a valuable client by ELP. I very much appreciate the knowledge and support I received through ELP.’

      ‘The individual lawyers at Economic Laws Practice are brilliant, hard working and dedicated true professionals. Truly the best I have worked with.’

      Key clients

      DBS BANK INDIA LIMITED

      Whispering Heights Real Estate Private Limited

      ARKA Fincap Limited; SBM Bank (India) Limited

      SIGNATUREGLOBAL (INDIA) PRIVATE LIMITED and STERNAL BUILDCON PRIVATE LIMITED

      ARKA Fincap Limited

      Gera Developments Private Limited

      Bank of Baroda

      Polycab India Limited

      IndusInd Bank Limited

      Puravankara Limited

      Provident Housing Limited

      Puravanka Investment

      IDBI Trusteeship Services Limited

      IndusInd Bank Limited

      Shreyas Shipping and Logistics Limited

      IndusInd Bank Limited

      Himatsingka Infrastructure Private Limited

      IDBI Trusteeship Services Limited

      Avendus Finance Private Limited

      Space Matrix Design Consultants

      Vistra (ITCL) India Limited

      IndusInd Bank Limited

      ESR Pune Industrial Park Private Limited

      IDBI Trusteeship Services Limited

      Work highlights

      • Advised DBS Bank India as lender of INR 6.5bn construction finance to Whispering Heights Real Estate for a large commercial office project.
      • Advised lenders ARKA Fincap and SBM Bank on numerous construction finance transactions with Signature Global and Sternal Buildcon.
      • Advised Bank of Baroda on a working capital loan of INR 5.05bn to Polycab India.

      IndusLaw

      IndusLaw takes on impressive work in the energy and renewables sector, most recently with regard to sponsor-side debt restructuring mandates and high-value project financing arrangements. Lender-side transactions in the energy and industrial sectors are also present on the deal list, with the team advising domestic and international banks and NBFCs. Also handled are structured finance transactions involving substantial regulatory considerations.

      Testimonials

      ‘They are a youthful and energetic practice with systems comparable to those of western firms. They are quick to respond and react to instructions and situations and are thorough and competent with the work and advice produced.’

      Key clients

      IndusInd Bank Limited

      Future Group

      Engie Solar SAS, Electro Solaire Private Limited

      Silver Point Capital, L.P.

      Yes Bank Limited

      ECL Finance Limited (Edelweiss)

      IDBI Bank Limited

      Axis Bank Limited

      BlackSoil Capital Private Limited

      RBL Bank Limited

      State Bank of India

      Indian Bank

      Bank of Baroda

      Bank of India

      Mahindra Finance Limited

      Tata Capital Financial Services Limited

      PHL Fininvest Private Limited

      Visage Holdings and Finance Private Limited

      ICICI Bank UK PLC, London

      India Equity Partners

      Work highlights

      • Advised Engie on project financing for an amount of $100m availed from the Asian Development Bank and Société Générale for setting up a 2x 100MW AC grid-connected solar PV project in Raghanesda Solar Park, Gujarat.
      • Acted for Future Group on the $3bn debt restructuring of Future Retail Limited, Future Enterprises Limited, Future Lifestyle Fashions Limited, Future Consumer Limited, Future Supply Chain Solutions Limited, and other unlisted companies for all outstanding debt owed to 28 Indian banks-consortium under the resolution framework for Covid-19-related stress announced by the Reserve Bank of India.
      • Advised on IndusInd Bank Limited’s foreign currency term loan of $35m (through its International Business Unit, GIFT city, Gujarat, India) to Solar Overseas Mauritius Limited, a company incorporated under the laws of Mauritius towards onward lending for its identified group companies.

      Juris Corp

      International financial institutions and syndicates retain Juris Corp‘s banking and finance team for high-value transactions including structured deals as handled by co-head Jayesh H. Co-heads Saurabh Sharma and Ankit Sinha have a thriving financing practice incorporating multibillion-dollar mandates for lenders and borrowers alike. The team saw an uptick in matters relating to distressed fundraising, restructuring and debt portfolio transferrals, while also advising on an increasing number of environment-related deals. The team is advising the State Bank of India on its $1bn loan co-financed by various Japanese lenders into the Covid-19-impacted automotive sector.

      Testimonials

      ‘Juris Corp has been an extremely approachable law firm for any of our banking and capital market related issues and this is the biggest strength. Each lawyer that we reach out to is always available for a call to discuss issues and provide ad-hoc advice. ’

      ‘Known in the market for handling external commercial borrowings which are cross-border in nature.’

      ‘Ankit Sinha and Saurabh Sharma are both knowledgeable.’

      Key clients

      JSW Steel Limited

      DBS Bank Ltd.

      Reliance Industries Limited

      Birla Corporation Limited

      Deutsche Bank AG

      Mashreqbank psc

      Barclays Bank PLC

      State Bank of India

      J.C. Flowers Asset Reconstruction Private Limited

      InCred Financial Services Limited

      Work highlights

      • Advised the State Bank of India in relation to an untied loan of $1bn availed by SBI under a loan agreement entered into by it with Japan Bank for International Cooperation.
      • Advised 15 participating banks, led by State Bank of India, and including, amongst others, Bank of Baroda, Punjab National Bank, Bank of India, Standard Chartered Bank, Citibank N.A., BNP Paribas, Axis Bank Limited and HDFC Bank Limited in relation to certain working capital facilities (both fund and non-fund based), extended by way of multiple banking arrangement by the participating banks to Larsen & Toubro Limited. The deal was valued at $4.1bn.
      • Advised banks including, Axis Bank Limited, Bank of Baroda and Punjab National Bank on one of the biggest infrastructure financing (multiple banking arrangement) mandates involving an infrastructure investment trust (InvIT). The Lenders granted credit facilities aggregating up to $5.9bn to Jio Digital Fibre Private Limited.

      L&L Partners Law Offices

      L&L Partners Law Offices’ banking and finance practice impresses in the projects, energy and infrastructure sectors, advising lenders and borrowers alike. Team head Karan Mitroo has an extensive list of deal highlights as instructed by international banks, infrastructure finance companies and issuers in the renewables and oil and gas industries. The team assists with debt refinancing arrangements. Nishant Singh, who is dual qualified (New York) joined the team in late 2021, as did managing associate Anindita Ganguly. However, a number of partners, including former practice head Mohit Saraf and Abir Lal Dey left to found Saraf and Partners.

      Other key lawyers:

      Nishant Singh; Anindita Ganguly; Purvi Dabbiru

      Testimonials

      ‘Timely delivery – Simple yet effective – balanced approach – focused on finding solutions.’

      ‘L&L Partners is one of our preferred counsels for banking and finance transactions. They have a good team of lawyers.’

      ‘Mr. Karan Mitroo is the partner we usually work with. It is impressive how involved he is in all the deals and he always brings something new to the table. He is great with negotiations.’

      ‘Deep industry knowledge of renewable projects and their financing. They have collaborated with us to include emerging promoter contribution structures applicable to the infrastructure industry, and the manner to structure the same so as to reduce lender’s risk in the project financing undertaken.’

      ‘The team at L&L Partners is arguably the most experienced and qualified team in project finance, especially in the infrastructure and renewable energy space.’

      They are extremely organised and clear in the context and are able to provide the solutions to various scenarios that arise in the infra cycle.’

      ‘Karan Mitroo – By far the best legal counsel in the infrastructure an renewable space. Holds an exceptional team and has the best in class delivery – be it loans, M&A, investments or debentures.’

      Purvi Dabbiru – Incredibly talented and one of the brightest young lawyers in the space. Very reliable.

      Key clients

      Axis Bank Limited

      NIIF Infrastructure Finance Limited

      SB Energy Six Private Limited

      L&T Infra Debt Fund Limited

      IHB Private Limited

      L&T Infrastructure Finance Company Limited and L&T Finance Limited

      Tata Cleantech Capital Limited

      LIC Housing Finance Limited

      State Bank of India

      Work highlights

      • Acted as counsel for lenders led by Axis Bank and NIIF Infrastructure Finance Limited in relation to the financial assistances aggregating up to INR 1015,40,00,000. The transaction involved refinancing of eight separate solar power projects set up in the states of Maharashtra, Uttar Pradesh, Karnataka and Rajasthan and housed in five separate project companies acquired by Global Infrastructure Partners.
      • Acted as counsel to the Borrower, SB Energy Six Private Limited (sponsored by SB Energy Holdings Limited) in an ECB financing of $330m involving lenders from various jurisdictions including, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, BNP Paribas, Société Générale, Standard Chartered Bank, Bank Sinopac and Taipei Fubon Bank for the purpose of setting up and developing solar farms.
      • Advising Total, Oil India Limited, Bharat Petroleum Corporation Limited, Oil & Natural Gas Corporation Limited, and their affiliate entities on the  financing of the development of the LNG gas project in Rovuma, Mozambique.

      Link Legal

      Considered a go-to practice for all manner of project financing arrangements, Link Legal attracts headline mandates from leading public and private financial lenders. In an example highlight, Vishakha Bhagvat acted for a consortium led by the State Bank of india on its funding of the development and operation of the Hyderabad metro rail. Practice head Anand Srivastava advises traditional and alternative lenders on the financing of major infrastructure projects of national importance, including roads and solar developments. The team also has a robust real estate finance offering.

      Practice head(s):

      Anand Srivastava

      Other key lawyers:

      Vishakha Bhagvat

      Testimonials

      ‘Link Legal is a mid-size firm and has a good team of lawyers. The partner involvement is great in all the deals.’

      ‘People are very friendly and professional with thorough legal knowledge and in-depth understanding of the subject.’

      ‘Partners are extremely approachable and knowledgeable. I had a wonderful experience working with the partner Samantha Fernandes.’

      Key clients

      State Bank of India

      L&T Infrastructure Finance Company Limited

      India Infradebt Limited

      HDFC Bank Limited

      Bank of India

      Bank of Baroda

      Punjab National Bank

      Central Bank of India

      Union Bank of India

      Indian Bank

      IndusInd Bank Limited

      Axis Bank Limited

      NIIF Infrastructure Finance Limited

      Aseem Infrastructure Finance Limited

      EXIM Bank

      Kotak Bank Limited

      The Hongkong and Shanghai Banking Corporation Limited

      Work highlights

      • Acted as lenders’ legal counsel for SBI-led consortium in respect of term loan of 11,478 crore to L&T Metro to meet cost overrun for development, operation and maintenance of the Hyderabad metro rail.
      • Acted as the counsel to Axis Bank Limited (750 crore term loan facility), ICICI Bank Limited (600 crore term loan facility) HDFC Bank Limited (2000 crore term loan facility), Union Bank of India (1000 crore term loan facility) and Bank of Maharashtra (500 crore term loan facility) in connection with the bilateral loan facilities granted by them to India Grid Trust, an Infrastructure Investment Trust registered with the Securities and Exchange Board of India.
      • Advised on the investment by Bank of India, Bank of Baroda, Punjab National Bank, Central Bank of India, Union Bank of India and Indian Bank in non-convertible debentures issued by IRB Infrastructure Developers Limited, aggregating to 1250 crore. The said investment has been made by the aforesaid bank under Targeted Long Term Repo Operations (TLTRO) scheme of Reserve Bank of India.

      Phoenix Legal

      Phoenix Legal provides a syndicated lending practice regularly sought out by domestic and foreign financial institutions for a breadth of transactions, including syndicated loans, secured financing and inter-bank financings. Co-heads Sawant Singh and Abhishek Saxena take the lead on corporate and project financing deals for lenders and borrowers alike. With co-head Aditya Bhargava, the team houses an experienced structured finance expert active across the gamut of sectors and instructed by multinational lenders, sponsors and arrangers. The addition of Harsh Arora who joined from HSA Advocates enhanced the firm's banking, structured finance and project finance capacity.

      Other key lawyers:

      Harsh Arora

      Key clients

      Northern Arc Capital Limited

      Vivriti Capital Private Limited

      Dutch Development Bank (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO)

      AAV Sarl and Masala Investments Sarl

      United States International Development Finance Corporation

      Ess Kay Fincorp Limited

      Kanakadurga Finance Limited

      Kogta Financial (India) Limited

      Calvert Impact Capital, Inc.

      UGRO Capital Limited

      Avendus Finance Private Limited

      India Shelter Finance Corporation Limited

      CredAvenue Private Limited

      Dhanvarsha Finvest Limited

      Fourdegreewater Private Limited (d/b/a Wint Wealth)

      Work highlights

      • Advised Northern Arc Capital Limited on a pooled bond issuance by six issuers of upto INR 3,200,000,000, subscribed by a foreign portfolio investor under the “voluntary retention route” of the Reserve Bank of India.
      • Advised Vivriti Capital Private Limited on a listed invoice-backed securitisation undertaken by an entity engaged in providing agricultural supply chain solutions pursuant to the guidelines of the Securities and Exchange Board of India in respect of securitized debt instruments.
      • Advised Ess Kay Fincorp Limited on its issuance of covered market linked non-convertible debentures up to INR 1,250,000,000.

      Samvad Partners

      Samvad Partners is retained by the majority of private sector banks for advice on financial lending, and recently made headway in the public sector through an empanelment with the State Bank of India. Team head Vineetha MG leads on the breadth of corporate and project finance transactions, including financial restructuring. The team is experienced in the microfinancing space, leveraged by substantial regulatory knowledge. Harish Narasappa leads the Bangalore desk, which also houses venture debt expert Natasha Mahajan.

      Practice head(s):

      Vineetha MGHarish Narasappa

      Other key lawyers:

      Natasha Mahajan

      Testimonials

      ‘The team is well trained and even associates are very knowledgeable and skilled.’

      ‘Samvad is a mid-size firm which has created a big impact. Their quality of work is great and partner involvement better than most firms. If you need a firm which is not outrageously expensive and can deliver a quality product in less time then Samvad is the answer.’

      ‘Ms. Vineetha MG is the partner I usually work with. She is motivated and driven and deeply involved in all the deals. She is good with structuring and negotiation and has expertise in project finance and banking and finance transactions.’

      ‘They are proactive, business oriented and thorough and yet very competitive in pricing. Team is young and led by industry veterans which makes them easy to approach and work with.’

      ‘Vineetha MG is very learned, and industry veteran yet very down to earth and approachable.’

      Key clients

      Axis Bank Limited

      Avendus Finance Private Limited

      Continuum Wind Energy (India) Private Limited

      Continuum Power Trading (TN) Private Limited

      Deepak Fertilisers and Petrochemicals Corporation Limited

      HDFC Bank Limited

      HSBC

      ICICI Bank Limited

      India Infradebt Limited

      India Resurgence Fund

      JP Morgan

      KKR

      L&T Infrastructure Finance Company Limited

      L&T Finance Limited

      Trifecta Capital

      Trinethra Wind and Power Private Limited

      Shiksha Financial Services India Private Limited

      Samena Capital (SC India Manager Private Limited)

      SRM Institute of Science and Technology

      Watsun Infrabuild Private Limited

      Yes Bank Limited

      Work highlights

      • Advised Yes Bank Limited in relation to the restructuring of INR 27,900,000,000 loan granted to Warora – Kurnool Transmission Limited.
      • Advised Yes Bank Limited in relation to the sale of the 100 % stake of Farakka Raiganj Highways Limited to Cube Highways and Infrastructure II and the resultant restructuring of the loans of $201m.
      • Assisted and advised Avendus Finance Private Limited in relation to granting a secured rupee term loan facility to Dvara Holdings Private Limited and drafting of the finance documents (including the share pledge agreement, deed of hypothecation and the other security documents) along with all other documents required to be executed for the transaction.

      ZBA

      The client list at ZBA's 'very responsive and proactive' banking group consists of a considerable portfolio of international lenders alongside sizeable Indian financial institutions. Practice head Niloufer Lam receives a range of noteworthy mandates, including recent high-value unsecured facility agreements on behalf of banking syndicates operating in the automotives sector. On the borrower side, the team recently advised on $1bn+ ECBs for the India Railway Finance Corporation.

      Practice head(s):

      Niloufer Lam

      Testimonials

      ‘The lawyers in the banking and finance team are very responsive and proactive. An email will always have a response within a day and the partners are very hands on.’

      ‘Niloufer Lam really stands out as an excellent partner to work with. She takes time to understand our business and propose pragmatic solutions in response to complex problems against the challenging backdrop that is the Indian regulatory regime.’

      Key clients

      Japan Bank for International Cooperation

      State Bank of India

      Citibank

      Indian Railway Finance Corporation Limited

      National Thermal Power Corporation

      Larsen & Toubro

      Work highlights

      • Acted on Indian Railway Finance Corporation Limited’s $1bn foreign currency loan borrowing from State Bank of India.
      • Advised Japan Bank for International Cooperation and other participating lenders Sumitomo Mitsui Banking Corporation, MUFG Bank, Mizuho Bank, The Shizuoka Bank and The Bank of Yokohama on a $1bn borrowing to State Bank of India to foster development of Japanese auto component manufacturers and auto dealers in India.
      • Advised MUFG Bank and State Bank of India on over $175m of loans to Bajaj Finance.

      ALMT Legal

      ALMT Legal's banking and finance practice predominantly acts for traditional financial lenders, both domestic and foreign. Practice head Ryna Karani and Aliff Fazelbhoy assist clients with the suite of documentation filings, from vanilla loans and standardisation to loan refinancing arrangements. The team advises public sector financial institutions on their funding agreements into the private banking sector. The Bangalore office handles debt securitisation matters.

      Practice head(s):

      Ryna Karani

      Other key lawyers:

      Aliff Fazelbhoy; Prem Jumani

      Testimonials

      ‘Ryna Karani and Prem Jumani seem to know the whole market well, have good local expertise and are willing to be flexible with fee arrangements.’

      Key clients

      Canara Bank

      State Bank of India

      Mashreq Bank PSC

      Work highlights

      • Advised State Bank of India’s Bahrain Branch in connection with its funding to IDFC First Bank Limited, a private sector bank in India.
      • Legal advisor to Canara Bank on its private placement of Tier 1 bonds for a value of INR 1818 crores.
      • Represented Mashreq Bank PSC in finalising the sanction letter, loan agreement and ancillary documents from an Indian law perspective of its term loan facility to a UAE-based construction company.

      Bharucha & Partners

      Bharucha & Partners‘ banking and finance experts are instructed by high-end promoters on acquisition and project finance ventures. Co-heads Alka Bharucha and Justin Bharucha are experienced in traditional debt financing matters, and are handling transactions in the alternative lending space to an increasing degree. Rohit Sharma  advises on lender-side transactions, including on behalf on infrastructure funds and NBFCs. Another team strength pertains to reorganising and onward sale of non-performing assets.

      Practice head(s):

      Alka Bharucha; Justin Bharucha

      Key clients

      Kotak Mahindra Bank Limited

      Edelweiss Group

      State Bank of India

      Federal Bank

      DCB Bank Limited

      Apollo Global Management

      Canara Bank

      Natixis

      Standard Chartered Bank

      HSBC

      White Oak Capital Management Consultants LLP

      RBL Bank

      InVenture Capital Corporation (Tala)

      Profectus Capital Private Limited

      Axis Finance Limited

      Growth Source Financial Technologies

      ASF Group

      Vodafone Idea Limited

      Safeway Concessions

      JM Baxi Group

      NIIF Infrastructure Finance Limited

      Work highlights

      • Advised the Visakha Container Terminal Private Limited (JM Baxi Group) in availing rupee loans (INR 3.91bn), guarantee facility (INR 350m), hedge facility (INR 790m), and issue unlisted, collateralised, redeemable, non-convertible debentures on private placement basis (INR 3.22bn).
      • Advised the State Bank of India, Bank of Maharashtra, and Maharashtra State Electricity Distribution Company Limited on a loan facility amounting to approximately INR 59bn.
      • Advised the Edelweiss Group Companies in subscribing to the debentures issued by Kohinoor CTNL Infrastructure Company Private Limited and amending the terms of the debentures aggregating up to INR 6.5bn on a private-placement basis under the resolution plan approved by the NCLT.

      Dhaval Vussonji & Partners

      In notable banking and finance highlights for Dhaval Vussonji & Partners, the team acted for both borrower and lender in construction finance negotiations, adhering to strict ethical barriers. Manisha Paranjape is the firm’s go-to real estate finance expert, whereas practice head Prachi Dave leads on a diverse set of corporate finance mandates for traditional lenders and NBFCs. The team regularly assists with debt restructuring projects.

      Practice head(s):

      Prachi Dave

      Other key lawyers:

      Manisha Paranjape

      Key clients

      IIFL

      Shapoorji Pallonji Group

      ICICI

      SBICAP Ventures Limited

      Work highlights

      • Advised financial conglomerate IIFL as lender on a 350 crore stressed loan restructuring.
      • Advised ICICI Home Finance on a 100 crore lending to a group entity of Shapoorji Pallonji Group for the construction and development of a project based in Pune.
      • Advised IIFL Asset Management on the $10.4m funding of a residential project in Bangalore.

      HSA Advocates

      HSA Advocates‘s practice covers project, corporate and structured finance for a diverse client base; Hemant Sahai and Sharmil Bhushan are equally adept as advising institutional lenders, NBFCs and corporate borrowers. Particularly impressive is the team’s high-value work conducted in the renewable energy sector, including the project financing elements of major solar farms across India. The team lost Harsh Arora to Phoenix Legal in October 2021.

      Other key lawyers:

      Hemant SahaiSharmil Bhushan

      Key clients

      NKGSB

      Mytrah Vayu (Sabarmati) Pvt Ltd

      Bank of Maharashtra

      L&T Infrastructure Finance Co Ltd

      Kotak Mahindra Bank Ltd

      Mytrah Energy (India) Pvt Ltd

      State Bank of India

      Power Finance Corporation Ltd

      Bank of Baroda

      IndusInd Bank

      REC Ltd

      PTC India Financial Services Ltd

      Tepsol Photovoltaic Power Ventures Pvt Ltd

      Standard Chartered Bank

      Axis Bank

      NIIF Infrastructure Finance Ltd

      HDFC Bank Ltd

      Renew Solar Power Pvt Ltd

      Work highlights

      • Advised Power Finance Corp (PFC) & REC Ltd on the refinancing of the $1.3bn debt of the other lenders by REC and PFC and on account of change in shareholding of Teesta Urja.
      • Advised and acted as borrower’s counsel in review financing and security documents, project documents and issuance of closing opinion for a cumulative loan of $410m from Development Finance Corp, USA.
      • Acted as lender’s counsel in drafting of financing and security documents, negotiating with Adani Enterprises/other security providers on the proposed financing and security documents related to the transaction.

      Singhania & Partners LLP

      Singhania & Partners LLP is a key player in the infrastructure and project financing spaces, particularly with regard to solar power, wind power and other renewable energy sectors. NBFCs make up the majority of retained clients, though high-end borrowers also instruct practice heads Dipak Rao  and Abhimeet Sinha . Housing finance is another practice strength; the National Housing Bank is a representative client.

      Practice head(s):

      Dipak Rao; Abhimeet Sinha

      Key clients

      Antony Lara Renewable Energy Pvt. Ltd.

      Talettutayi Solar Projects Five Pvt. Ltd.

      Sriramcharan Energy and Infra Pvt. Ltd.

      REC TRANSMISSION PROJECTS COMPANY LTD

      ACME Jodhpur and ACME Rewa

      Mazars Advisory Private Limited

      Wind Five Renergy Pvt. Ltd.

      ISGEC Heavy Engineering Ltd.

      S&P Global Inc.

      Rural Electrification Corporation Limited

      Sinnar Power Transmission Company Limited

      KPI Global Infrastructure Limited

      Indian Renewable Energy Development Agency (IREDA)

      Rana Sugars Limited

      Sembcorp Green Infra Limited

      National Housing Bank

      Adani Green Energy (Tamil Nadu) Limited

      Kamuthi Renewable Energy Limited

      Ramnad Solar Power Limited

      Work highlights

      • Assisted Sembcorp Green Infra Limited wih a legal opinion related to applicability of Foreign Exchange Management Act, 1999 (“FEMA”) and allied legislations to foreign owned and controlled Indian companies.
      • Conducted a legal audit of refinancing documentation for National Housing Bank entered by various housing banks and societies for availing rupee term loans from National Housing Bank.
      • Advised Power Finance Corporation Limited on its lending of $27.3m to M/s Talettutayi Solar Projects Five for setting up a 50 MWAC (75 MWDC) Solar PV Power Project in Uttar Pradesh.

      SNG & PARTNERS

      Stand-out individuals at SNG & PARTNERS‘ banking and finance practice include team head Amit Aggarwal, who leads on lender-side structured deals, trade finance and term lendings, and Anju Gandhi and Ashok Sathyanathan, advisors on strategic lendings and acquisition financing arrangements, with notable deals in the fintech sector. Alongside listed Indian banks, the practice acts for an impressive set of international financial institutions, NBFCs and funds.

      Practice head(s):

      Amit Aggarwal

      Other key lawyers:

      Anju GandhiAshok Sathyanathan

      Testimonials

      ‘SNG & Partners has the requisite knowledge, team and experience to handle all legal matters in the banking industry. Team is prompt and extremely flexible when dealing with our requirements.’

      Key clients

      Standard Chartered Investments and Loans (India) Limited

      Standard Chartered Bank

      Kotak Mahindra Bank Limited

      DBS Bank India Limited

      SBM Bank (India) Limited

      Arka Fincap Limited

      State Bank of India

      Axis Bank Limited

      Work highlights

      • Advising Standard Chartered Bank on a $117m term loan facility to Sustain Properties Private Limited for the purpose of repayment of promoter unsecured loans and for financing construction and development expenses of its commercial project
      • Advised State Bank of India on its $329m a term loan facility to DLF Cyber City Developers for the purpose of refinancing of the existing facility and other operational requirements.
      • Advised Axis Bank on a term loan facility to DLF Cyber City Developers under lease discounting for the purpose of refinancing of the existing debt capital expenditure (including reimbursement), other permitted purposes (including general corporate purpose), and transaction related expenses.

      Tatva Legal

      Highly active in real estate finance, Tatva Legal‘s banking and finance group maintains a strong and growing footprint in Bangalore and Hyderabad. NBFCs and alternative investment funds feature prominently on the team’s client list. Co-head Raghu Nandana is a go-to partner for financial restructuring matters on behalf of both lenders and borrowers. Co-heads N.K. Dilip and Shailendra Komartreddy are also experienced in commercial lending transactions.

      Key clients

      Walton Street India Finance Private Limited

      Ascendas India

      ESR Advisers India Pvt Ltd.

      HCARE

      Prestige Group

      Swamih Fund

      Work highlights

      • Advised Walton Street India Finance Private Limited on the drafting of transaction documents for issuance of non-convertible Debentures; and assisting the client in execution and closing of the transaction.
      • Advised Swamih Investment Funds-I on the refinancing of stressed assets for numerous development projects.
      • Conducted title due diligence on behalf of Piramel Group for numerous projects across Hyderabad and Bangalore.

      Wadia Ghandy & Co

      Particularly busy in the project finance space, Wadia Ghandy & Co‘s banking and finance practice is predominantly instructed by private lenders and mutual funds operating in the mid-market, in addition to domestic real estate and pharmaceuticals borrowers. Leading the practice are all-rounders Ashish Ahuja and Shabnum Kajiji, who work alongside securitisation experts Nihas Basheer and Piyush Kumar. The team is highly active in the microfinancing space.

      Practice head(s):

      Ashish AhujaShabnum Kajiji

      Other key lawyers:

      Nihas Basheer;  Piyush Kumar

      Testimonials

      ‘Nihas Basheer continues to be our favored counsel for all our transactions, including structured transactions, for the last four years or more. Inbetween, we have dealt with many other highly rated law firms who acted for the counterparts, but, despite their name and standing in the market, they were not able to perform or in fact were struggling before the subject knowledge and expertise of Nihas.’

       

      Key clients

      HDFC Bank Limited

      Kotak Mahindra Bank Limited

      Citibank N.A.

      Hongkong and Shanghai Banking Corporation Limited

      IIFL Wealth Prime Limited

      responsAbility Investments A.G.

      BlueOrchard Finance Limited

      Northern Arc Capital Limited

      Shriram Transport Finance Company Limited

      India Infoline Finance Limited

      IDFC Bank Limited

      KKR India Asset Finance Limited

      Work highlights

      • Advised IIV Mikrofinanzfonds, HANSAINVEST Finance I and their sub-funds in relation to the external commercial borrowing loans of €8m to Dvara Kshetriya Gramin Financial Services Private Limited.
      • Advised IIV Mikrofinanzfonds, HANSAINVEST Finance I and their sub-funds in relation to the external commercial borrowing loans of €15m to Aye Finance Private Limited.
      • Advised KKR India Asset Finance Limited in connection with a term loan facility extended to Paranjape Premises Private Limited, against security of residential units acquired by the borrower on a deferred payment basis.

      Argus Partners

      Argus Partners attracts commendable banking and finance instructions from a roster of AIFs, national and international banks and NBFCs. Notable transactions include high-value credit facilities for solar power projects, including on behalf of the State Bank of India. Corporate sponsors also instruct on financial borrowing mandates. Krishnava Dutt, Prakash Panjabi and Aastha sit in Mumbai, and the sizeable Kolkata desk includes Arka Majumdar and Nidhi Arya.

      Key clients

      KKR India Financial Services Limited

      IL&FS Financial Services Limited

      HDFC Limited

      Aditya Birla Finance Limited

      Standard Chartered Bank

      Citibank N.A.

      ICICI Bank Limited

      Bank of Baroda

      State Bank of India

      IDBI Bank Limited

      Union Bank of India

      Central Bank of India

      Work highlights

      • Advised Union Bank of India in relation to the credit facilities aggregating to $186.7m to a renewable energy company in India for solar park power project in Maharashtra.
      • Advised Home First Finance Company India Limited on its first and second issuance of non-convertible debentures aggregating to INR 240m.
      • Advised State Bank of India in relation to the credit facilities aggregating to INR 150m to a renewable energy company in India for funding 78 solar rooftop power projects under the US-India Clean Energy Finance Initiative.

      King, Stubb & Kasiva

      King, Stubb & Kasiva specialises in advising large consortium lenders of public and private banks from India and abroad on sizeable transactions. Under the leadership of Rajesh Sivaswamy and Siddartha Karnani, the practice handles project finance, acquisition finance, mezzanine finance and securitisation.

      Key clients

      Axis Finance Limited and Axis Bank Limited

      Bank of Baroda

      Canara Bank

      Citibank N.A

      Daimler Financial Services India Private Limited

      Flipkart and Instamart

      Industrial Development Bank of India (IDBI)

      ICICI Bank Ltd.

      IndusInd Bank Limited

      Religare Finvest Limited

      State Bank of India

      Standard Chartered Bank

      Shriram City Union Finance Limited

      Shriram Housing Finance Limited

      Tata Motors Finance Limited

      Work highlights

      • Advised and Acted for consortium of lenders comprising of State Bank of India, HDFC Bank Limited, the Hong Kong and Shanghai banking Corporation Limited and others on the joint loan documentation for working capital facilities availed by APL Apollo Tubes Limited, for meeting its working capital requirements of 1227 crores.
      • Advised and acted for multiple banking lenders including the State Bank of India, the Hongkong and Shanghai Banking Corporation Limited and the Bank of Bahrain on the joint loan documentation for working capital facilities availed by Alembic Pharmaceuticals Limited, for meeting its working capital requirements of 600 crores.
      • Advised and acted for multiple banking lenders including Citicorp Finance, HDFC, the Hong Kong and Shanghai Banking Corporation Limited andCitibank on the joint loan documentation for working capital facilities availed by Sansera Engineering for meeting its working capital requirements of 1300 crores.

      Krishnamurthy and Co

      Impressing on complex mandates including structured lending, Krishnamurthy and Co’s banking and finance practice acts for banking consortiums as well as private creditors. Practice head Rukmini Roychowdhury closes high-risk private capital transactions in the mining industry alongside an increasing volume of distressed debt restructurings. In one highlight, the team advised a consortium led by Axis Bank on a 2000 crore lending to listed cement manufacturer Kesoram. Corporates also instruct on borrowing mandates.

      Practice head(s):

      Rukmini Roychowdhury

      Testimonials

      ‘Availability of the team for meetings and turn around time is fantastic. Team is competent to deep dive into issues, conduct online interviews and present reports.’

      ‘Rukmini Roychoudhary (partner) has shown commitment to client interests. She takes balanced views which are valuable in closing transactions.’

      Key clients

      Axis Bank Limited

      Edelweiss Finance Limited and its affiliates

      Tata Cleantech Capital Limited

      Piramal Structured Credit Opportunities Fund

      Piramal Capital & Housing Finance Limited

      Gaya Solar (Bihar) Private Limited

      Adani Green Energy One Limited

      Adani Green Energy Limited

      Bank of Baroda

      Sundaram Alternate Assets Limited and Sundaram Housing Finance Limited

      DMI Finance Private Limited

      UTI Structured Debt Opportunities Fund-I

      Work highlights

      • Advised Edelweiss and its affiliated on their subscription to listed debentures issued by Mantri Metallics.
      • Acted as lender’s legal counsel on Tata Cleantech Capital’s construction and financing of solar projects in Uttar Pradesh.
      • Acted as lender’s legal counsel on Piramel Structured Credit Opportunities Fund’s private credit financing operations across India.

      Majmudar & Partners

      Majmudar & Partners' Mumbai-based practice is headed by Neerav Merchant and 'standout' practitioner A.K. Hirani, while Fraser Alexander is notable for his handling of banking and finance disputes. The team counts Indian banks and other financial institutions among its client roster and is increasingly assisting the NBFC sector with regulatory advice.

      Practice head(s):

      Neerav Merchant; Akil Hirani

      Other key lawyers:

      Fraser Alexander

      Testimonials

      ‘Majmudar & Partners have an outstanding banking and finance practice. Their international focus gives them the ability to add significant value to international financial institutions with a focus on India.’

      ‘Akil Hirani is a stand out practitioner in the banking and finance sector. His depth of knowledge of the Indian market, combined with his international experience and expertise, enable him to add significant value to clients.’

       

      Key clients

      Elementis Holdings Limited

      Axis Bank Limited

      Dhanlaxmi Bank Limited

      Public Sector Bank

      Punjab National Bank

      Work highlights

      • Assisted Elementis Holdings Limited in preparing and filing the Annual Return on Foreign Liabilities and Assets.
      • Advising and representing Axis Bank Ltd. in execution proceedings filed before the Hon’ble Bombay High Court against the Owner of premises, seeking enforcement of the decree for refund of security deposit.
      • Acting for Dhanlaxmi Bank Limited in a banking claim made against the defaulting borrower and its guarantors (including third party mortgagor).

      Vaish Associates

      Vaish Associates acts for corporate borrowers in financing transactions spanning acquisition, project and term loan deals. The team fields expertise in ECBs for the purposes of affordable housing segment loans. Co-heads Satwinder Singh and Sandhya Iyer are also instructed by a number of financial institutions on mid-tier borrowings.

      Practice head(s):

      Satwinder Singh; Sandhya Iyer

      Key clients

      PROPARCO Groupe Agence Française de Développement

      PUNJAB NATIONAL BANK

      Ruchi Soya Industries Limited

      VISHVARAJ ENVIRONMENT PRIVATE LIMITED

      CREDIT AGRICOLE CIB

      SUGUNA FOODS PRIVATE LIMITED

      ELECTRONIC PAYMENT & SERVICES (P) LTD.

      STATE BANK OF INDIA

      Work highlights

      • Advised Suguna Foods Private Limited on its fundraising from Asian Development Bank and International Finance Corporation.
      • Advised Credit Agricole CIB, India Branch on banking transactions, and insolvency and bankruptcy. The assignments handled for the bank included advice and documentation on legal structure and FEMA compliance for a corporate guarantee provided by GAIL (India) limited to Credit Agricole for an SBLC facility to GAIL Global.
      • Advised Citibank N.A. and drafted documents for banking and securitisation transactions.