Leading Individuals

Commercial, corporate and M&A in India

Maharastra’s capital Mumbai has been India’s hub for the banking and financial sectors for decades. Major financial services and banking regulators such as the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority and the Pension Funds Regulatory and Development Authority are headquartered in Mumbai. It is also the base of the Reserve Bank of India. However, with the rise of financial tech, Bengaluru is one of the cities fast becoming a favoured choice for fintech companies, especially startups and hence banking and finance companies.

The city is is also home to myriad service and manufacturing industries and is a major global trading center. It is therefore the headquarters of many of India’s major conglomerates and banks as well as being home to well-known non-Indian, global companies. Sectors range from heavy industry and pharmaceuticals to electronics and consumer goods and is also the well-known center of Indian film and TV production. For startups and smaller businesses, The Ministry of Micro, Small & Medium Enterprises (MSME) plays a role in promoting and assisting such organisations. Despite the toll taken on the country by the pandemic, Mumbai's M&A market, private equity and foreign investment activities are relatively strong. There has also been rapid growth in construction and real estate despite the physical limitations of the the city’s geography.

The competitive and crowded legal market is dominated by the biggest firms such as AZB & Partners, Cyril Amarchand Mangaldas, IndusLaw, Khaitan & Co LLP, Kochhar & Co. and Shardul Amarchand Mangaldas & Co, especially in the areas of banking and finance and corporate work, however smaller, specialist firms are present, many of which are Mumbai focused and many are specialists or have a niche focus. This section aims to highlight some of those firms and also lists others that have a potential to be ranked but for whom we had no submission or other sufficient information.

Mansukhlal Hiralal & Co is a full-service firm that has been in existence for more than a hundred years and covers a wide range of commercial, corporate and M&A mandates. More recently, the firm has been working with government organisations such SEBI and ONGC, and represented them before the High Court, Supreme Court and the Appellate Tribunals. Bhushan Shah focuses on securities litigation and co-heads the practice with Shreya Dalal, who specialises in strategic investments, joint ventures, and start-up investments.

Practice head(s):

Bhushan Shah; Shreya Dalal

Key clients

PG Electroplast Limited

Surgicon Health Private Limited

Riverrecycle Oy, Finland

Deluxe Recycling India Private Limited

IG International Private Limited

IG Berries Private Limited

Riverrecycyle India Private Limited

IG Fresh Produce Private Limited

Petronas Lubricants (India) Private Limited

Cipla Limited

Pride Hotel Limited

Chemic Engineers Private Limited

Chemic Engineers & Constructors Inc

Circle E Retail Private Limited

Kotak Securities Limited

Work highlights

  • Advised PG Electroplast on the transaction documents such as the share subscription agreement, shareholders agreement and other incidental and ancillary documentation.
  • Advised IG Berries Private Limited and the existing promoters on share subscription agreement for investment of $20m by Hortifruit S.A.
  • Assisted Deluxe Recycling India Private Limited with raising funds through issue of equity shares/CCPS to expand their waste recycling capacity by setting up new plants in various cities.

Stratage Law

Stratage Law has a specialist focus on corporate law and handles a wide range of private equity, venture capital, and M&A mandates together with advising on SEBI and RBI regulations. Darshan Upadhyay heads the practice and advises funds and multinationals on India entry, acquisitions, joint ventures and other commercial transactions. Bhavin Gada handles M&A, establishment of funds, and compliance matters for public and private clients from a wide variety of sectors, such as real estate, healthcare, manufacturing, and financial services. Shyam Pandya has decades of experience in fund formation, investment and structured transactions, private equity, M&A and anti-trust issues. Soumya Shanker and Mehak Gupta are other key contacts.

Practice head(s):

Darshan Upadhyay

Other key lawyers:

Bhavin Gada; Shyam Pandya; Soumya Shanker; Mehak Gupta

Key clients

Samara Capital

Knowlarity Communications Private Limited

Marengo Asia Healthcare Private Limited

Safex Chemicals India Limited

Polycab India Limited

Ivycap Ventures


Bharat Group

Mayfield FVCI

Sequoia Capital

Work highlights

  • Advised Samara Capital and Xponentia Capital on a transaction wherein Delhivery Private Limited’s (Delhivery) acquired 100% stake in Spoton.
  • Advised Knowlarity and the existing fund investors on a transaction worth $93.5m wherein a messaging platform Gupshup acquires Knowlarity Communications.
  • Advised Samara Capital Partners Fund II Limited wherein Eris Lifesciences Limited (“Eris”)  on acquired 100% stake in Oaknet, a transaction valued ₹650Cr.

Acuity Law LLP provides a wide range of corporate and M&A services, including drafting and negotiating trading arrangements, amalgamations, acquisitions, and divestments. The team works closely with the restructuring, insolvency and disputes practices to provide specialist advice on distress M&A transactions. Souvik Ganguly has more than two decades of experience in handling domestic and cross-border matters across various industries and jointly heads the team with Deni Shah.

Practice head(s):

Souvik Ganguly; Deni Shah

Key clients

Digitalops Technology Private Limited


Incofin India Investment Management Private Limited

Work highlights

  • Advised Digitalops Technology Private Limited on its $120m acquisition by Tech Mahindra Limited.
  • Advised NABVENTURES Fund I on its exit from FRAAZO.
  • Advised Incofin India Investment Management Private Limited on its investment in Akshamaala Solutions Private Limited.

Agram Legal Consultants

The Corporate and M&A team of Agram Legal Consultants advises various multinationals and private equity players on entry strategies in various sectors, including defence, financial services, infrastructure, retail, and healthcare. The team assists with structuring investments, regulatory compliances, exit options, contract negotiations, joint ventures, debt restructuring, and anti-trust laws. The team is led by Vaishali Sharma, who has been involved in many domestic and cross-border high valued acquisitions and complex corporate restructurings.

Practice head(s):

Vaishali Sharma

Key clients

Amara Raja Batteries Ltd.

Tech Mahindra Ltd.

Kale Logistics Solutions Pvt. Ltd.

Florintree Advisors Private Limited

Work highlights

  • Represented Tech Mahindra Limited in an acquisition of Thirdware Solution Private Limited and its US subsidiary.
  • Advised Amara Raja Batteries Limited on making a strategic investment in Log 9 Materials Scientific Private Limited.
  • Represented Tech Mahindra Limited in an acquisition of assets of M/s. Brainscale, a partnership firm and overseas acquisition of Brainscale Inc.

AJA Legal and Associates provides niche legal services to banks, financial institutions, corporate houses, insolvency resolution professionals and high-net-worth individuals in the field of bankruptcy, debt resolution and security enforcement, and commercial disputes. Founding partner Jyoti A. Singh has over two decades of experience in assisting multinational companies and large corporates with insolvency and distressed financial issues.

Practice head(s):

Jyoti A Singh

Pioneer Legal

The corporate M&A team at Pioneer Legal  is led by Satish Kishanchandani and is active in the education, advertising, healthcare, oil and gas, and financial services sectors, among other areas. The firm handles domestic and cross-border transactions, which are often high value, and also assists clients with post-closing matters and compliance. Kishanchandani counts corporates, private equity funds and investee companies among his clientele and is well versed in transactions and restructurings.

Practice head(s):

Satish Kishanchandani

Key clients

Merkle Inc.

Zephyr Peacock India Growth Fund

Greenpedia Bike Share Private Limited (MYBYK) and its


Daikin Airconditioning India Private Limited

Aster DM Healthcare Limited

Allcargo Belgium N.V. and ECU Worldwide Nordicon (AB)

Kirloskar Ferrous Industries Limited (KFIL)

Alcon Electronics Private Limited, the exiting promoters and

other shareholders of Alcon

ADVIK Hi-Tech Private Limited

TA Associates

True North Managers LLP and True North Trusteeship

Private Limited as the trustee of True North Fund III-A and

True North Fund IV

Work highlights

  • Advised Merkle Inc. on its acquisition of LiveArea.
  • Advised True North on its exit from Meru Travel Solutions Private Limited through its sale of shares to Mahindra and Mahindra Limited.
  • Advised TA Associates on acquiring a 100% stake in In.Corp Global Pte Limited.

Bombay Law Chambers

Bombay Law Chambers handles a broad range of corporate work, including M&A, and joint ventures, and inbound and outbound investments. It is particularly active in the IT, financial services, shipping, pharmaceutical and real estate sectors and the team is led by Karan Kalra, Abhinav Harlalka and Dipanshu Singhal. Kalra is experienced in cross-border transactions, regulatory work and day-to-day matters; Harlalka is a name for structured debt transactions; and Singhal handles venture capital and private equity transactions.

Practice head(s):

Karan Kalra; Abhinav Harlalka; Dipanshu Singhal

Key clients

Shiprocket (Bigfoot Retail Solutions Private Limited)

GEF ESDS Partners, LLC, South Asia Growth Fund II, L.P. and South Asia EBT Trust

WestBridge AIF I and Safecrop Investments India LLP.

Madison India Opportunities Trust Fund.

Shree Krishna Trust Fund

ZCL Chemicals Limited


Work highlights

  • Acted for acquirer Shiprocket (Bigfoot Retail Solutions Private Limited), its founders (Saahil Goel, Gautam Kapoor and Vishesh Khurana) on its asset purchase of Wigzo Technologies Private Limited.
  • Acted for the acquirer Shiprocket (Bigfoot Retail Solutions Private Limited), its founders (Saahil Goel, Gautam Kapoor, Akshay Ghulati and Vishesh Khurana) on the share acquisition of Glaucus Supply Chain Solutions Private Limited.
  • Advised Bertelsmann on a secondary transaction to Softbank.