Banking and finance in India

AZB & Partners

AZB & Partners advises lenders and borrowers in relation to structured finance, real estate finance, corporate finance and project finance in both domestic and cross-border transactions. The firm is also known for handling banking disputes. Bahram Vakil specialises in project finance, predominantly in the infrastructure sector.  Gautam Saha frequently advises clients on structuring and negotiating loans, including ECB agreements. Anand Shah focuses on acquisition finance, leveraged finance and complex structured finance deals. Hufriz Wadia is active in various areas, including structured financing and external commercial borrowings. Senior associates Karthik Mudaliar and Shivanand Nayak are also recommended.

Key clients

Goldman Sachs

International Finance Corporation

Overseas Private Investment Corporation

Export Development Canada

Barclays Bank

JM Financial

Tata Capital

ICICI Bank

HDFC Limited and HDFC Capital Affordable Real Estate Fund -2

Torrent Power

TVS Group

First Abu Dhabi Bank PJSC

ING Asia

Bank of America

Centrum Group

Gera Properties

Fitch Ratings

Credit Suisse AG

Daimler Financial Services

ICICI Housing Finance Company

Tata Motors Finance

Larsen & Toubro Limited

Hero Enterprises Group

HSBC

KKR

Kotak Mahindra Investments Limited

Standard Chartered Bank

United States International Development Finance Corporation

Asian Development Bank

Brookfield Asset Management Inc.

Work highlights

  • Advised Goldman Sachs on the contentious settlement of its debt under listed NCDs issued by Nitesh Pune Mall Private Limited.
  • Advised National Collateral Management Services on the issuance of privately placed debentures to Nederlandse Financierings – Maatschappij voor Ontwikkelingslanded N.V.
  • Advised ICICI Bank on availing a rupee term loan to Jubilant Life Sciences Limited.

Cyril Amarchand Mangaldas

With a particular focus on the energy and infrastructure sectors, Cyril Amarchand Mangaldas' team specialises in project finance, corporate finance, debt restructuring, ECB arrangements and various other debt transactions. L. Viswanathan focuses on project finance transactions, in which he often acts for syndicates of lenders involved in large-scale transport and energy projects. Leena Chacko advises banks and NBFCs on structured debt transactions, mezzanine debt structures and securitisation deals. Amey Pathak has notable experience in project financing in the infrastructure sector. Partner Richa Roy joined the practice in 2019, whereas former partners Nikunj Maheshwari and Jimmy Joseph left the practice to join AZB & Partners and Trilegal, respectively.

Practice head(s):

Cyril Shroff; L. Viswanathan

Other key lawyers:

Leena Chacko; Amey Pathak; Richa Roy

Testimonials

‘The team have considerable expertise in project finance – one of the best in the industry.’

 

Key clients

State Bank of India

Piramal Finance

Reliance Industries Limited

Blackstone

Standard Chartered Bank

Future Group

Adani Group/ Adani Power Limited

L&T Finance

KKR

Goldman Sachs

Varde Partners

Work highlights

  • Advised a consortium of lenders led by the State Bank of India in relation to the sale of a large distressed thermal power plant as a result of a resolution plan involving change of management and ownership, and settlement of the outstanding debts of Prayagraj Power Generation Company.
  • Advised Nagpur Mumbai Super Communication Expressway on obtaining finance from a consortium of banks for the development, maintenance and operation of a six-lane access controlled super communication expressway in Maharashtra.
  • Advised Aditya Birla Asset Reconstruction Company on the purchase of debt availed by Rattan India Power Limited from a consortium of lenders through a one-time settlement agreement.

J Sagar Associates

J Sagar Associates' practice handles a broad ambit of work, including domestic and cross-border financing, trade finance, restructuring and insolvency matters, real estate and infrastructure financing. The firm is also increasingly active in terms of advising clients providing capital to INVITs (infrastructure investment trusts). Aashit Shah often advises domestic and international banks, NBFCs and other clients on capital expenditure, project financing, trade financing and acquisition financing. Dina Wadia is highly experienced in all types of debt transactions, project finance and acquisition finance matters. Wadia is also known for advising clients setting up onshore and offshore funds and investment firms. Divyanshu Pandey has joined S&R Associates .

Practice head(s):

Aashit Shah

Other key lawyers:

Dina Wadia

Testimonials

‘A big team capable of conducting due diligence rapidly.’

 

Key clients

Standard Chartered Bank

Citibank / Citigroup

Brookfield Asset Management

Deutsche Bank

Credit Suisse AG

Edelweiss Group

State Bank of India

SSG Capital

ICICI Bank

HDFC Bank

Axis Bank

DBS Bank Limited

Sumitomo Mitsui Banking Corporation

Mizuho Bank

EXIM Bank of India

PROPARCO

Aircel Ltd

Altico Capital India Pvt Ltd

Piramal Finance

VTB Capital

BTMU

Kotak Bank

RBL Bank

CDC Group: Development Finance Institution

First Abu Dhabi Bank, UAE

REC Limited

IDFC Bank

Overseas Private Investment Corporation (OPIC)

Work highlights

  • Advised Standard Chartered Bank as the arranger in relation to a private placement of secured, rated, listed non-convertible debentures by West Coast Paper Mills.
  • Advised Deutsche Bank as the arranger and DB International (Asia) as the investor in relation to a private placement of redeemable, senior, secured, rated and listed non-convertible bonds by Indiabulls Infraestate.
  • Advised Tata Steel as the issuer in relation to a private placement of unsecured, listed, redeemable and rated non-convertible debentures.

Khaitan & Co LLP

Khaitan & Co LLP's pan-India banking and finance practice advises large corporates, banks and NBFCs in all forms of transactions, including project finance, acquisition finance, mezzanine finance, securitisation and insolvency and restructuring mandates. Shishir Mehta advises clients on external commercial borrowing arrangement, NCD transactions, security creation and structured finance. Devidas Banerji's expertise includes acquisition finance, restructuring proceedings under the IBC process and ECB transactions. Kumar Saurabh Singh specialises in debt transactions. Manisha Shroff stands out for her highly regarded marquee financing practice. Shroff is also well versed in debt capital markets and cross-border financing. Principal associates Rolwine Alva and Smita Jha are also recommended.

Other key lawyers:

Rolwine Alva; Smita Jha

Key clients

State Bank of India

Bank of Baroda

Axis Bank Limited

Yes Bank Limited

IndusInd Bank Limited

Kotak Mahindra Bank

HDFC Bank

HDFC Limited

Bajaj Finance Limited

Piramal Finance Limited/Piramal Enterprises Limited

Edelweiss Financial Services Limited

AION Capital

Deutsche Bank AG, Mumbai

Reliance Industries Limited

Zentiva Private Limited

WorldBusiness Capital, Inc

Life Insurance Corporation of India

Aditya Birla Finance Limited

India Grid Trust

DBS Bank India Limited

Kairos Property Managers Private Limited

Bank of America, N.A., Hong Kong branch

Indiabulls Housing Finance Limited

AIGP Developers (Pune) Private Limited

Standard Chartered Bank

Mizuho Bank Ltd.

ING Bank N.V., Hong Kong Branch

ING Bank N.V., Singapore Branch

Mahindra and Mahindra Limited

Hongkong and Shanghai Banking Corporation

Sumito Mitsui Banking Corporation

Vedanta Limited

Vedanta Resources Plc

Baring Private Equity Asia

Work highlights

  • Advised Bank of Baroda in relation to financial assistance availed by JSW Steel Limited in the form of a term loan for the purpose of financing the upfront payment obligations of JSW under the tender documents and the auction rules and acquisition of mining lease pertaining to Ganua Block for Iron Ore, the Jajang Block for Iron Ore, the Narayanposhi Block for Iron and manganese and the Nuagaon Block for Iron Ore.
  • Served as transaction counsel in relation to a consortium finance availed by ECL Finance Limited, the flagship NBFC of the Edelweiss group, for funding its entire lending portfolio.
  • Advised Vedanta Limited (the issuer) in relation to the issue of listed, secured, rated, privately placed non-convertible debentures to Life Insurance Corporation of India (“LIC”) to be used for repayment of existing debt, capital expenditure requirements and for general corporate purposes.

L&L Partners Law Offices

L&L Partners Law Offices's 'solutions oriented' practice specialises in project financing, structured products, acquisition financing, restructuring mandates and cross-border transactions. The team is also well known for its expertise in securitisation and trade finance.  'Approachable and prompt' Karan Mitroo is active in various financing transactions on behalf of banks, financial institutions, lenders and borrowers, including structured finance, project finance and external commercial borrowing. Mohit Saraf advises major global and Indian banks and funds on bilateral and syndicated loan transactions, project financing and ECB arrangements. Bikash Jhawar is known for structuring and documenting financing deals for Indian borrowers in various sectors. Abir Lal Dey joined the practice from Cyril Amarchand Mangaldas in January 2020, whereas former partner Aditya Periwal left the firm to join AZB & Partners in 2019.

Practice head(s):

Mohit Saraf

Testimonials

‘Working with Karan Mitroo and his team is a pleasure. Karan is not only bright and knowledgeable about the law, but also someone capable of resolving difficult issues with a practical kind of wisdom.’

‘The team have a holistic understanding of our business, including transaction documents and all of the commercial aspects.’

‘Partner availability, diverse practice, good domain knowledge, excellent turn around time.’

‘This practice group has sound knowledge of the project financing in India.’ 

 

‘Karan Mitroo boasts an in-depth knowledge of the renewable energy.’

 

Key clients

State Bank of India

Yes Bank Limited

Axis Bank Limited

Export-Import Bank of the United States of America (US Ex-Im)

L&T Infrastructure Finance Company Limited

L&T Housing Finance Limited

L&T Finance Limited

HDFC Bank Ltd

Work highlights

  • Advised a consortium of lenders led by State Bank of India on the financing of Nagpur Mumbai Super Communication Expressway.
  • Advising Yes Bank on the financing structure and negotiation regarding facilities to be granted to Navi Mumbai International Airport.
  • Advised borrower IHB in relation to financial assistance obtained from a consortium of lenders led by State Bank of India in the form of a term loan.

Shardul Amarchand Mangaldas & Co

Shardul Amarchand Mangaldas & Co's pan-India practice focuses on advising large banks and corporates on acquisition and leveraged finance, debt restructuring, consumer lending and corporate lending. Veena Sivaramakrishnan has a wealth of experience in financing, bank M&A and restructuring and insolvency mandates. In one of her career highlights, she advised the Committee of Creditors led by the State Bank of India on the corporate insolvency process of Essar Steel India and its subsequent acquisition by Arcelor Mittal for approx. $7bn. Shilpa Mankar Ahluwalia specialises in fintech, debt capital markets and structured finance. Shubhangi Garg brings additional expertise to the team in acquisition finance, syndicated loans, FCCBs and debt issuances by InVITs and REITs. Sapan Gupta left the firm to take an in-house position in March 2020 and Dr Rajeev Uberoi has joined the team as a senior advisor.

Practice head(s):

Shardul Shroff

Key clients

State Bank of India

Axis Bank

Bank of India

Indian Overseas Bank

JP Morgan Chase Bank

Citibank

BNP Paribas

Brookfield

Azure Power Solar Energy Private Limited

KKR India Financial Services Private Limited

International Finance Corporation (“IFC”)

Aditya Birla Finance Limited (“ABL”)

Farallon Capital Asia Private Limited (“Farallon”)

Trafigura Pte Limited (“Trafigura”)

TPG Fund and its portfolio companies both offshore and in India.

The National Bank of Ras Al-Khaimah (P.S.C)

GIC Pte Ltd

Goldman Sachs

Brookfield

IIFL Asset Management.

West Coast Paper Mills Limited

Tata Steel BSL Limited (Formerly known as Bhushan Steel Limited)

Panacea Biotec Limited

JP Morgan

Morgan Stanley

Work highlights

  • Advised and represented the Committee of Creditors in relation to the corporate insolvency process of Essar Steel and its subsequent acquisition of Arcelor Mittal.
  • Advised Bank of America Merrill Lynch on its debt restructuring of Jayasawal Neco Industries.
  • Advised Brookfield on its financing for the acquisition of East West Pipelines.

Talwar Thakore & Associates

Talwar Thakore & Associates specialises in leveraged finance, acquisition finance, structured finance and trade finance transactions, in which they advise a broad range of foreign and domestic marquee clients. Sonali Mahapatra has strong work relationships with major banks and investment banks, such as Deutsche Bank and Credit Suisse, demonstrating her formidable expertise in all types of financing projects, in addition to debt and equity capital markets. Rahul Gulati often advises banks and issuers on structured finance deals. Rituparno Bhattacharya is well known for his expertise in asset finance, trade finance and structured finance.

Practice head(s):

Sonali Mahapatra

Testimonials

‘TT&A is one of the most professional firms in the Indian legal sector, with a strong team in the banking and finance department.’

‘Rituparno Bhattacharya stands out for his deep knowledge of complex Indian regulations and drafting skills.’

‘Sonali Mahapatra is one of the very best financing lawyers in the Indian market and is ably supported by Rituparno Bhattacharya.’

‘We work with Sonali Mahapatra who is one of the best financing lawyers in India. We always find her to be hands-on during deals and continuously adding value.’

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 Deutsche Bank on its investment in non-convertible bonds issued by GMR Airports.
  • Advised Goldman Sachs on its subscription to a NCD issuance by GVK Airport Developers.
  • Advised HSBC on availing a facility to Nature’s Essence for acquisition of the business of Nature’s Organics.

Trilegal

Trilegal's practice has notable expertise advising clients on project finance, securitisation, external commercial borrowings, syndicated loans and restructuring processes. In addition, the team has a strong reputation in emerging markets and product development, including fintech developments. Ameya Khandge advises clients in relation to restructuring and insolvency, project finance and leveraged finance. Khandge's track record in debt restructuring is particularly strong and includes assisting clients with restructuring under the IBC process. Kannan Rahul, described as 'extremely detailed oriented', specialises in financing transactions involving Indian and multinational banks, financial institutions and corporates. Partner Jimmy Joseph  joined the practice from Cyril Amarchand Mangaldas in 2019.

Practice head(s):

Ameya Khandge

Other key lawyers:

Kannan Rahul; Jimmy Joseph

Testimonials

‘A small practice compared to its other peers but surely it punches above its weight. Excellent deal management and attention to detail. Excellent for structured transactions.’

 

Key clients

REC Limited

Power Finance Corporation Limited

India Resurgence Fund (promoted by Piramal Enterprises Limited and Bain Capital Credit)

Future Group

International Finance Corporation (IFC)

Blackstone Group

Oaktree Capital Management

Varde Partners

Goldman Sachs

ICICI Bank Limited

Axis Bank Limited

SBI Funds Management Private Limited

Work highlights

  • Advised REC Limited and Power Finance Corporation on granting a rupee term loan to Adani Power for the purposes of developing a thermal power project in Jharkhand.
  • Assisted Varde Partners and Goldman Sachs (including a consortium of investors) with the debt resolution of distressed power producer Rattanindia Power through a one-time settlement scheme.
  • Advised Axis Bank Limited and ICICI Bank Limited on subscription of non-convertible debentures issued by Pipeline Infrastructure Limited.

Dhir & Dhir Associates

Dhir & Dhir Associates has been very active in project finance mandates recently. Alongside this source of work, the firm is experienced in advising lenders and borrowers on all aspects of transactions, including debt restructuring, securitisation and refinancing. Alok Dhir, who is a qualified insolvency professional, frequently assists distressed corporates with refinancing and restructuring arrangements. Girish Rawat has a wealth of expertise in project financing, securitisation and takeout financing.

Practice head(s):

Alok Dhir; Girish Rawat

Key clients

L&T Infrastructure Finance Company Limited

PTC India Financial Services Limited

IndusInd Bank Limited

HDFC Bank Limited

Tata Cleantech Services Limited

Saraswat Co-Operative Bank Limited

Fortum Solar India Private Limited

India Infradebt Limited

Indian Renewable Energy Development Agency Limited

Power Finance Corporation Limited

Work highlights

  • Advised India Renewable Energy Development Agency on its grant of a loan to Goodwatts WTE Rajkot Private Limited for the development, construction and operation of its waste to energy project in Gujarat.
  • Advised consortium  of lenders, including Power Finance Corporation Limited (Lead Lender) and Indian Renewable Energy Development Agency Limited,  on granting financial assistance to Goodwatts WTE Ahmedabad Private Limited for the purposes of development, construction and operation of its 14.9 MW waste to energy project based on municipal solid waste in Ahmedabad, Gujarat.
  • Advised a consortium of lenders led by L&T Infrastructure Finance Company on the granting of financial assistance in the form of a term loan to ACME Solar Holdings’ group companies.

DSK Legal

DSK Legal's 'outstanding' team advises lenders and borrowers engaged in various transactions, including corporate finance, structured finance and external commercial borrowings. The group is also well equipped to advise clients on restructuring under the IBC framework, having committed considerable time and resources to this area of work in recent years. Ajay Shaw frequently advises clients on restructuring processes, corporate funding and project financing. Anjan Dasgupta guides clients through all the financial and commercial stages of major projects across Asia, Africa and the Middle East. Ashish Pahariya's expertise includes forex borrowings, debenture issues and private equity investments.

Other key lawyers:

Ashish Pahariya

Testimonials

‘The team is very quick and prompt in their replies and actions. You can always find complete solution to your issues. They have very good talent with requisite hands-on experience in the banking and finance field.’

‘The firm’s practice is based on a deep understanding of banking and finance laws, coupled with the ability to comprehend business requirements and offer sound advice.’

‘Anjan Dasgupta is a very good lawyer with nearly two decades of experience in infrastructure and energy project development and finance, public private partnerships, government contracts and public procurement. He represents participants in every aspect of development, financing, construction, operation and acquisition of capital-intensive projects and facilities around Asia, the Middle East and Africa.’ 

‘Anjan Dasgupta is easily accessible and offers sound advice after taking into consideration legal and business requirements.’

 

Key clients

ICICI Bank Limited

Axis Finance Limited

HDFC Bank Limited

NIIF Infrastructure Finance Limited

Edelweiss Alternative Assets Advisors Limited

Maersk Trade Finance

PhonePe Private Limited

CMA Terminals Societe par Actions Simplifiee

IndusInd Bank

Minions Ventures Private Limited (Kredx)

IDBI Bank

Life Insurance Corporation of India (LIC)

Piramal Finance Limited

KKR

Bank of Baroda

Afrasia Bank

HDFC Capital

Cofides

CIDCO

Aditya Birla ARC

State Bank of India

UPL Limited

Yes Bank Limited

Work highlights

  • Advised ICICI Bank in relation to loans granted to Catasynth Speciality Chemicals for the purposes of setting up certain facilities to manufacture specialty chemicals.
  • Advising Abengoa and the Indian subsidiaries on the Indian law aspects of the global restructuring of the Abengoa group of companies.
  • Advised HDFC Capital Advisors Ltd on setting up a platform with real estate developer Arvind SmartSpaces Limited, which will focus on the development of affordable and mid-income housing projects in the cities of Hyderabad, Bengaluru and Ahmedabad.

Economic Laws Practice

Economic Laws Practice advises lenders, borrowers and investors in relation to all kinds of transactions, including asset financing, external commercial borrowings and overseas direct investment. The firm is also well-known for its knowledge of complex financial regulation, such as the Foreign Exchange Management Act. Babu Sivaprakasam has notable expertise in structured and syndicated finance, collateralized debt obligations and commercial real estate transactions. Aditya Khadria is known for advising banks and financial institutions on product structuring and due diligence. Senior associate Dhrupad Vaghani has experience in real estate financing, ECB and more.

Practice head(s):

Babu Sivaprakasam

Key clients

IndusInd Bank Limited

RattanIndia Finance Private Limited

Tata Capital Housing Finance Limited

Allahabad Bank

Arka Fincap Limited

Bank of Baroda

Standard Chartered Bank

Eagle Copters Limited

TATA Cleantech Capital Limited

HDFC Bank

SBM Bank (India) Limited

BoB Financial Solutions Limited

Work highlights

  • Advised IndusInd Bank on the structuring and drafting of a facility granted to Farukhnagar Logistics Parks.
  • Advised IndusInd Bank as lender’s legal counsel on the structuring and drafting of a facility and security documents granted to Ashish Land & Property Developers, Kanakia Gruhnirman and Periwinkle Constructions.
  • Advised lender RattanIndia Finance on availing a loan to Revolt Intellicorp for the purposes of financing the e-bikes manufactured by the borrower.

IndusLaw

IndusLaw advises lenders and borrowers in relation to domestic and international financing, showing particular expertise in the energy, infrastructure, natural resources and fintech sectors. Nishant Singh, who is dual qualified in New York and India, assists large national banks and corporates with various banking and finance transactions. Sudipta Routh often advises clients on leveraged finance, syndicated, bilateral and restructuring transactions. Routh is also very active in large-scale insolvency proceedings. Jinni Sinha frequently advises issuers in financing transactions.

Key clients

Agritrade Resources Ltd.

IndusInd Bank Limited

National Bank of Fujairah, UAE

Cleantech Solar Energy (India) Private Limited

Silver Point Capital, L.P.

India Equity Partners

BlackSoil Capital Private Limited

Oravel Stays Private Limited (“Oyo”)

Essar Steel Industries Limited

VRS Foods Limited (Paras Dairy)

Work highlights

  • Advised Agritrade Resources Ltd on its working capital debt transaction following its acquisition of SKS Power Generation, involving a consortium of lenders including the State Bank of India.
  • Advised IndusInd Bank on a foreign currency term loan financing availed to JSW Cement FZE.
  • Advised IndusInd Bank on its term loan financing granted to Senvion Wind Technology.

Juris Corp

Juris Corp's team handles various types of transactions on behalf of borrowers and lenders, including syndicated, bilateral and cross-border finance. In addition, the practice has seen a recent uptick in trade and commodity finance mandates. Jayesh H specialises in derivatives and structured finance transactions and boasts considerable knowledge of the regulatory issues facing companies seeking to enter the Indian market. Nand Gopal Anand often advises banks, financial institutions and corporates on structuring and negotiating various financing transactions, including ECB and overseas direct investments. Principal associate Saurabh Sharma is also recommended.

Other key lawyers:

Saurabh Sharma

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 Standard Chartered Investments and Loans (India) Limited in relation to term loan facility extended to a Kolkata based publishing house.
  • Acted as the Indian legal counsel to the finance parties in respect of facilities by way of external commercial borrowing for the purpose of refinancing existing facilities under the approval route, availed by Reliance Industries Limited.
  • Advised the Trustee (IDBI Trusteeship Services) and prepared the documentation in relation to issuance of two tranches of commercial papers by Centrum Financial Services Limited.

Kochhar & Co.

Kochhar & Co.'s 'very talented and cooperative' practice advises clients on project finance, cross-border transactions and regulatory matters, including structured finance and syndicated loan transactions. Also of note is the firm's debt recovery work, which has grown since the IBC came into force in 2016. Anjuli Sivaramakrishnan has a wealth of expertise handling all aspects of project finance, external commercial borrowings, syndicated loans and corporate finance. Associate Anuj Kaila's broad practice includes advising banks and NBFCs on compliance with foreign exchange control laws, banking products and outsourcing regulations.

Practice head(s):

Anjuli Sivaramakrishnan

Other key lawyers:

Anuj Kaila

Testimonials

‘Kochhar & Co is a very professional firm that understands the needs and demands of foreign companies and facilitates business opportunities in India.’

‘The qualities that we most value possessed by the individuals at Kochhar & Co are trust, professionalism and availability.’

‘The consultants as well as associates are efficient, knowledgeable and posses vast experience with the law in this area.’ 

 

Key clients

Axis Bank

ICICI Bank

IndusInd Bank

Aditya Birla Finance Limited

Union Bank of India

Syndicate Bank

State Bank of India

Canara Bank

IDBI Bank

Bank of Baroda

RBL Bank

Water Health

Oren Hydrocarbons

DBS Bank

Sodexo

Work highlights

  • Advised 5 major banks (Axis Bank, ICICI Bank, IndusInd Bank, RBL Bank and Yes Bank) on syndicated credit facilities provided to a large mining company in India.
  • Advising one of the leading Indian NBFCs in relation to raising external commercial borrowings from a US Govt. Developmental Fund.
  • Advising a leading Indian bank in relation to working capital facility provided to a prominent jewelry brand.

Link Legal

Link Legal's team has notable expertise in syndicated finance, project finance. refinancing and restructuring, among other areas. The firm has also been involved in important insolvency and infrastructure matters, including the first-time financing of an INVIT established to own inter-state transmission assets in india. Anand Srivastava is particularly active in loan transactions in the aviation, projects, infrastructure and energy sectors. Vishakha Bhagvat is a go-to partner for lenders and borrowers engaged in project financing.

Practice head(s):

Anand Srivastava, Partner

Other key lawyers:

Vishakha Bhagvat

Key clients

L&T Infra Debt Fund Limited

L&T Infrastructure Finance Company Limited

India Infradebt Limited

HDFC Bank Limited

NIIF Infrastructure Finance Limited

L&T Finance Limited

State Bank of India

Power Finance Corporation Limited

Bank of Baroda

Work highlights

  • Advised L&T Infra Debt Fund and L&T infrastructure Finance Company on granting loans to RDA Energy for the refinancing of its solar power project.
  • Advised India Infradebt on availing loans to NVR Renew for the purposes of refinancing its solar power project.
  • Advised HDFC Bank on its refinancing of Cleansolar Renewable Energy’s solar power project.

Phoenix Legal

Phoenix Legal's practice undertakes syndicated lending, structured finance, acquisition finance and project finance matters for a wide range of clients, including banks and financial institutions. Sawant Singh focuses primarily on private equity, project finance, securitisation and asset reconstruction mandates. Abhishek Saxena advises clients on cross-border transactions, particularly investments in the energy sector. Aditya Bhargava specialises in structured finance, rupee term loans and ECB deals.

Practice head(s):

Sawant Singh; Abhishek Saxena

Other key lawyers:

Aditya Bhargava

Key clients

CredAble

Deutsche Bank AG (DB)

Northern Arc Capital Limited

Work highlights

  • Advised Northern Arc Capital on its securitisation of Ess Kay Fincorp’s receivables, involving complex structuring to enable long-term investment in a short term asset class.
  • Advised Northern Arc Capital on the securitsation of Aye Finance’s receivables.
  • Advising CredAble as lender in relation to several ongoing transactions.

Samvad Partners

Samvad Partners advises public and private sector clients on balance sheet funding, mezzanine financing, project finance, structured finance and various other transactions. 'Very approachable' Vineetha MG is particularly well known for her expertise in project finance and corporate finance transactions. Natasha Mahajan is sought out by clients to assist with venture debt transactions. Khyati Sanghvi primarily advises banks and NBFCs on ECB transactions and product structuring.

Testimonials

‘Good sector knowledge, partner availability, solution oriented approach and great research. ‘

‘Vineetha MG has good domain and sector knowledge, coupled with an excellent communication style and strong negotiation skills.’ 

‘Khyati Sanghai is very approachable and provides quick resolutions.’

 

Key clients

Axis Bank Limited

Bothe Windfarm Development Private Limited

Continuum Wind Energy (India) Private Limited

Deepak Fertilisers and Petrochemicals Corporation Limited

ICICI Bank Limited

India Infradebt Limited

India Resurgence Fund

L&T Infrastructure Finance Company Limited

L&T Finance Limited

Trifecta Capital

Trinethra Wind and Power Private Limited

Samena Capital (SC India Manager Private Limited)

Shiksha Financial Services India Private Limited

Watsun Infrabuild Private Limited

Yes Bank Limited

Work highlights

  • Advised Yes Bank Limited, the lead member of a consortium of seven lenders, on availing of faciltiies to Srm Institute of Science and Technology.
  • Advised Continuum Power Trading Private Limited in relation to reviewing and negotiating the documents with respect to a rupee term loan granted by Power Finance Corporation Limited for setting up and implementing a  wind power project in Gujarat.
  • Advised JP Morgan Chase in lending by way of a lease rental discounting facility to Ascendas IT Park.

ALMT Legal

ALMT Legal's banking and finance practice advises lenders and borrowers on foreign exchange laws, debt issuances, restructuring and refinancing matters. Ryna Karani is known for drafting and negotiating loan agreements, including non-convertible debentures and external commercial borrowings. Aliff Fazelbhoy  often advises international banks providing loans to Indian companies, and shows additional expertise in acquisition finance.

Practice head(s):

Ryna Karani

Other key lawyers:

Aliff Fazelbhoy

Key clients

State Bank of India

MUFG Bank Ltd Singapore

Mashreq Bank PSC

Work highlights

  • Advised State Bank of India’s Bahrain branch in connection with its funding to a private sector bank in India under the External Commercial Borrowing (ECB) Regulations.
  • Advised State Bank of India’s London branch on its lending to REC Limited, negotiating of loan agreement and other ancillary documents.
  • Advised MUFG Bank Ltd – Singapore on drafting and negotiating of a loan agreement, security agent agreement, hypothecation deed, mortgage deed and other ancillary documents.

Bharucha & Partners

Bharucha & Partners advises international and domestic lenders and borrowers on various forms of finance, including asset finance, syndicated loans and project finance. Justin Bharucha specialises in rupee and foreign exchange denominated facilities, having advised numerous India and international borrowers on debt raising, including the Macquarie Group. Rohit Sharma, who joined the practice from ASA Legal in February 2020, has particular expertise in asset-backed finance, external commercial borrowings, corporate finance, project finance and securitisation.

Practice head(s):

Alka Bharucha; Justin Bharucha

Other key lawyers:

Rohit Sharma

Key clients

Kotak Mahindra Bank Limited

Edelweiss ARC

State Bank of India

Federal Bank

DCB Bank Limited

Canara Bank

Natixis

Standard Chartered Bank

HSBC

RBL Bank

InVenture Capital Corporation (Tala)

Profectus Capital Private Limited

Dewan Housing Finance Corporation

Axis Finance Limited

Shriram Housing Finance Limited

Growth Source Financial Technologies

ASF Group

Vodafone Idea Limited

Safeway Concessions

JM Baxi Group

JMC Projects (India) Limited

Maxima

NIIF Infrastructure Finance Limited

Work highlights

  • Advised State Bank of India on its rupee term loan facility granted to Maharashtra State Electricity Distribution Company Limited.
  • Advised Safeway Concessions on the sell down of the project finance facilities provided by Yes Bank Limited to ICICI Bank Limited.
  • Advising Profectus Capital on its supply chain finance product.

Dhaval Vussonji & Partners

Dhaval Vussonji & Partners advises banks, NBFCs and borrowers in relation to consortium projects, debt restructuring and cross-border financing in various sectors. The team is also known for its strength in the structuring of real estate loans. Prachi Dave has notable expertise in assisting offshore lenders and institutions provide finance to corporations in India; in addition, she is also well known for her work in retail banking and trade finance.

Practice head(s):

Prachi Dave

Key clients

Shapoorji Pallonji

IIFL

Aditya Birla

Piramal Capital & Housing Finance

Work highlights

  • Advised Aditya Birla Sun Life AMC in relation to liquidating its pool of securities and providing an exit to its unitholders, whereby the acquirer would purchase the underlying securities at market value.
  • Advised IIFL in the capacity of transaction counsel in a cross-border finance project between India and China.
  • Advised JM Financial Credit Solutions on the grant of a facility to an individual borrower.

HSA Advocates

With particular expertise in the energy sector, HSA Advocates' team focuses primarily on project finance, corporate finance and structured finance transactions. The team has further expertise in financial disputes, debt restructuring, insolvency and asset recovery mandates. Amit Charan specialises in project finance, cross-border finance and the restructuring, sale and acquisition of loan portfolios. Harsh Arora, noted by one client for being 'very thorough and possessing in-depth sector knowledge', often advises major lenders and borrowers on project finance transactions, with an emphasis on the infrastructure sector. Associate Aishwarya Samanta is another key member of the practice.

Testimonials

‘The practice has a good domain and sector knowledge.’

 

Key clients

Deutsche Bank

Asian Development Bank

State Bank of India

Power Finance Corporation Limited

Piramal Capital & Housing Finance Limited

IndusInd Bank

REC Limited

PTC India Financial Services Limited

Tata Cleantech Capital Limited

Standard Chartered Bank

Axis Bank

Yes Bank

HDFC Bank Limited

UBS

Work highlights

  • Advised Renew Saur Shakti in relation to obtaining financial assistance from Asian Development Bank.
  • Advised REC Limited in relation to availing financial assistance to Teesta Urja Limited
  • Advised Renew Saur Shakti on obtaining a loan from Asian Development Bank for the purposes of funding a 65MW solar photovoltaic power project.

Singhania & Partners LLP

Singhania & Partners LLP specialises in project finance and consortium lending in the private and public sector, with an emphasis on the infrastructure and energy sectors. Dipak Rao is very active in project finance transactions, particularly in the renewable energy sector. Abhimeet Sinha has over 20 years of experience in various types of financing transactions.

Key clients

Neyveli Uttar Pradesh Power Limited

Acme Chittorgarh Solar Energy Private Limited

Adani Green Energy Limited

Power Finance Corporation Limited and Rural Electrification Corporation Limited

Indian Renewable Energy Development Agency Limited (IREDA)

National Highways & Infrastructure Development Corporation Ltd.

Salasar Techno Engineering Limited

Power Finance Corporation Ltd

Bitchem Asphalt Technologies Ltd.

Sriramcharan Energy and Infra Pvt. Ltd

M/s Talettutayi Solar Projects Five Pvt. Ltd.

Ramesh Hydro Power Private Limited

Antony Lara Renewable Energy Pvt Ltd.

M/s Asian Fab Tec Limited

Isgec Heavy Engineering Ltd.

State Bank of India

Work highlights

  • Served as lenders legal counsel to a consortium of lenders comprising of Power Finance Corporation Limited and REC LIMITED for the purpose of drafting the Inter Creditor Agreement and mortgage documents, title verification of the project land and providing legal opinion on the executed documents regarding financial assistance availed by Neyveli Uttar Pradesh Power Limited.
  • Represented the client National Higheways Infrastructure Development Company against Infrastructure Leasing and Financial Services  before the NCLAT in relation to a bank guarantees dispute.
  • Advised a consortium of lenders comprising of Power Finance Corporation Limited and Rural Electrification Corporation Limited on the restructuring of the existing financing and security agreements including release and re-pledge of the pledged shares owing to the acquisition by one of the promoters.

Tatva Legal

Tatva Legal's primary expertise resides in commercial lending, acquisition finance, real estate finance, project finance and securitisation. Dilip N.K.  has particular strength in corporate restructuring, private equity and project finance transactions. Manav Nagaraj specialises in investment structuring, cross-border transactions and PE deals. Raghu Nandana handles a high volume of commercial transactions in the real estate sector.

Key clients

Shriram Properties Ltd.

Sattva Group

India Infoline Finance Ltd.

Manipal University Jaipur

Manipal Academic Services International

Satguru Cement Pvt. Ltd.

Cloud4C Services Pte. Ltd.

Work highlights

  • Advised Sattva Group on the granting of a term loan to Eden Buildcon Ltd. for construction finance purposes.
  • Advised India Infoline Finance on the issuance of debentures.
  • Advised Satguru Cement Private Limited on obtaining a loan from IndusInd Bank Limited and State Bank of India.

Vaish Associates

Vaish Associates primarily advises corporate clients on supply financing, acquisition financing, external commercial borrowings and securitisation. Satwinder Singh's ambit of work includes syndicated lending, project finance, ECB deals and bilateral finance. Sandhya Iyer often assists global banks in debt and equity transactions with Indian companies. Manish Tully has a strong track record of advising clients on securitisation transactions, ECBs and FFCBs.

Practice head(s):

Satwinder Singh; Sandhya Iyer

Other key lawyers:

Manish Tully

Key clients

PNB Housing Finance

Pubjab National Bank

Patanjali Ayurved

Vishvaraj Environment

 

Work highlights

  • Advised PNB  Housing Finance on all aspects relating to transaction documentation its external commercial borrowings from Japan International Cooperation Agency with co-financing by Citibank.
  • Advised Encore Asset Reconstruction Company (EARC) on the proposed investment by International Finance Corporation and Encore Capital Group, Inc. in the security receipts issued by one or more trusts set up by EARC for acquiring and turning around distressed assets in the retail and micro, small, and medium enterprises segment in India.
  • Assisted PNB Housing Finance Limited with respect to availing a project finance loan to Beauty Etoile Private Limited.

ZBA

ZBA leverages the international experience of its team to advise clients on a diverse range of domestic and cross-border transactions, including bilateral and syndicated finance. Niloufer Lam has a strong reputation in the field of banking and finance, and previously worked for a magic circle firm in London and, earlier on in her career, as an in-house lawyer at Morgan Stanley. Senior associate Rishi Thakur joined the firm from ICICI Bank in 2019.

Practice head(s):

Niloufer Lam

Other key lawyers:

Rishi Thakur

Key clients

REC Limited

Indian Railways Finance Corporation

DMI Limited

Ambit Capital

Axis Bank

Liberty House Group

State Bank of India

Aditya Birla Sun Life

Work highlights

  • Advised Ambit Capital on its availing of a structured loan to a company in India.
  • Advised Indian Railway Finance Corporation as the borrower in relation to a bilateral term loan granted by the Bahrain branch office of SBI.
  • Advised Air Force Group Insurance Society in relation to its application to have an injunction prohibiting payments to creditors and depositors lifted/modified.

Hariani & Co., Advocates and Solicitors

Led by Ameet Hariani, Hariani & Co., Advocates and Solicitors specialises in advising banks in lending transactions and disputes before the NCLT relating to loans in default, with particular strength in the real estate sector. In addition, the team also advises clients on the issuance of prepaid cards to various customer groups.

Practice head(s):

Ameet Hariani

Work highlights

  • Assisted Accentiv (India) Private Limited regarding an opinion on the issuance of Value Added Coupons by the client.
  • Represented Asim Industries in a summary suit filed before the Bombay High Court in a dispute relating to a financial facility granted by its client in favour of a developer.
  • Assisted HDFC Ltd. with respect to availing a loan to a company in India.

Majmudar & Partners

With notable investment in the energy, fintech and microfinance sectors, Majmudar & Partners is well equipped to advise clients on a wide range of transactions and shows particular strength in assisting Indian clients providing loans to overseas borrowers. Akil Hirani, who is a qualified practitioner in India, England and California, brings a wealth of experience to clients in all areas of banking and finance. Fraser Alexander is a go-to partner for clients banks embroiled in financial disputes. Neerav Merchant is also recommended.

Practice head(s):

Neerav Merchant; A.K. Hirani

Other key lawyers:

Fraser Alexander

Testimonials

‘Deep understanding of customer needs, quick and efficient response time and commendable attention to international customers requirements.’

 

Key clients

Airlines Reporting Corporation

Elementis Holdings Limited

Bank Mizrahi-Tfahot

Axis Bank Limited

Work highlights

  • Advised Airlines Reporting Corporation on letter of credit.
  • Advised Elementis on second tranche of debenture issuance.
  • Advised Bank Mizrahi-Tfahot on bank guarantee.

SNG & PARTNERS

SNG & PARTNERS' team advises multinational and domestic banks and NBFCs on structured loans, project finance, external commercial borrowings and debt capital markets transactions, among various other types of transactions. Amit Aggarwal has expertise in all forms of debt transactions, acquisition finance, real estate financing and general banking products. Anju Gandhi handles a varied pool of transactions for banks and NBFCs, in addition to advising them on their initial set-up and the applicable regulatory issues.

Practice head(s):

Amit Aggarwal

Other key lawyers:

Anju Gandhi

Key clients

Standard Chartered Bank

LIC Housing Finance Limited

RBL Bank Limited

Rallis India Ltd.

Mercator Limited

AU Small Finance Bank Limited

HSBC Bank (Mauritius) Limited

HDFC Capital Advisors

Work highlights

  • Advised State Bank of India in relation to drafting and advising on the transaction and security documents for the working capital facility to be availed  by Godrej Properties Ltd.
  • Advised RBL Bank Limited in relation to corporate guarantee from SAS Realtors Private Limited and letter of lien from the said entity for the facility obtained by Swetharanya Holdings Private Limited from RBL Bank Limited.
  • Advised Standard Chartered Bank in relation to the loan facility comprising of term loan facility, including an inner sub limit for the repayment of existing facilities.