Corporate and M&A in India

AZB & Partners

AZB & Partners’s versatile team handles domestic and multi-jurisdictional transaction across a wide range of key sectors for buyers, sellers and investors, including extremely high value mergers and acquisitions, takeovers and hostile takeovers, joint ventures, corporate restructuring and outbound investment, and displays notable expertise advising clients on the resolution of stressed assets under the Insolvency and Bankruptcy code. Zia Mody stands out for her international background and her instruction in high value complex deals, such as advising Tata Steel Limited on the acquisition of Bhushan Steel Limited by Bamnipal Steel Limited for approximately $7.4bn, enabling BSL to repay a significant portion of the amount owed to its 52 lenders. In another major mandate, Ajay Bahl recently advised Bharti Airtel Limited and Bharti Infratel Limited (BIL) on the $10.8bn merger of Indus Towers Limtied with BIL. Aditya Periwal has joined from L&L Partners Law Offices.

Practice head(s):

Zia Mody; Ajay Bahl; Ashwath Rau; Gautam Saha; Sai Krishna Bharathan; Darshika Kothari; Srinath Dasari

Other key lawyers:

Aditya Periwal

Key clients

Walt Disney Co. and Twenty First Century Fox


Bharti Airtel Limited and Bharti Infratel Limited

Tata Steel Limited

Hindustan Petroleum Corporation Limited

GlaxoSmithKline Plc

Housing Development Finance Corporation Limited

Reliance Industries Limited

Mitsui & Co. Limited

IDFC Bank Limited

American Tower Corporation

New MMI Holdings Inc.

Resurgent Power Ventures

RHT Health Trust

Pawan Poddar, Deepak Poddar and Vikas Poddar, and their respective affiliates (promoters of Ashirvad Pipes Pvt. Ltd.)

Wipro Limited

Work highlights

  • Advised TWDC on the competition leg and 21CF on the M&A leg of the acquisition by TWDC of 21CF for an approx. consideration of $71.2bn pursuant to a merger by and among 21CF, TWDC and other entities within their respective groups.
  • Advised BAL and BIL on the merger of Indus Towers Limited with BIL for an approx. consideration of $10.8bn.
  • Advised HPCL on the acquisition by Oil & Natural Gas Corporation Limited (“ONGC”) of approx. 51.11% of shares in HPCL held by the Government of India for an approx. consideration of $5.7bn.
  • Advised GSK in relation to its divestment of Horlicks and other consumer healthcare nutrition brands to Unilever Plc (“Unilever”) and the merger of GSK Consumer Healthcare Limited (“GSK India”) with HUL for a total consideration valued at approximately $3.1bn.
  • Advised HDFC, the promoter of GRUH, in relation to the proposed merger (through a scheme of amalgamation) of GRUH with Bandhan Bank Limited for a total consideration valued at approx.  $3.3bn.

Cyril Amarchand Mangaldas

Acting for major companies in a diverse range of sectors, banks and investors Cyril Amarchand Mangaldas is best known for its involvement in mergers and acquisitions of considerable complexity, its corporate governance expertise and its strength in private equity mandates, where the group frequently advise on the sale and purchase of majority and minority shareholdings in private companies and oversee the subsequent open offers. Practice head Cyril Shroff brings insider experience to the group as a former member of the Securities and Exchange Board of India’s Uday Kotak Committee on Corporate Governance. Recently he acted alongside several colleagues to advise Fortis on its issuance of $235.9m equity shares to Northern TK Venture, managing to negotiate a clause allowing the client to opt out of the agreement if an unsolicited binding offer was made that the Board preferred. Varun Sehgal has joined from Shardul Amarchand Mangaldas & Co.

Practice head(s):

Cyril Shroff; Reeba Chacko; Nivedita Rao; Akila Agrawal


“The firm has has rich knowledge in M&A transactions and have been one of the leading firms in this area for a long time. The level of maturity which the team brings to the table is exceptional.”


“The M&A team at Cyril Amarchand Mangaldas consists of extremely competent lawyers.”

Key clients

Reliance Industries Limited

The Procter & Gamble Company

Fortis Healthcare Limited and its Board of Directors

The Kraft Heinz Company

ABB Asea Brown Boveri Ltd

Hindustan Unilever Limited

REC Limited

Bank of Baroda

Tata Group

Adani Group

Work highlights

  • Advised Reliance Industries Limited on its acquisition of controlling stake of 51.03% in Hathway Cable and Datacom Limited.
  • Advised The Procter & Gamble Company on its acquisition of the consumer health business of Merck KGaA for $4.2bn.
  • Advised Heinz India Private Limited on its sale to Zydus Wellness Ltd. jointly with Cadila Healthcare Ltd.
  • Advised Asea Brown Boveri Ltd. on the sale if its power grid business to Hitachi Group.
  • Advised Hindustan Unilever Limited on its $4.5bn Scheme of Amalgamation with GlaxoSmithKline Consumer Healthcare Limited.


Acting for clients in the private and public sector in industries such as e-commerce, power, and renewable energy, including corporations and investors, IndusLaw’s expertise spans acquisitions, gaining regulatory approval from bodies such as the SEBI and the NCLT, acquisition financing, corporate restructuring and foreign direct investment. Srinivas Katta, whose experience encompasses corporate governance, fundraising, joint ventures and private equity investments and exits, recently advised Tangible Play Inc on the sale of its entire shareholding to start-up Byju for $120m, representing one of the most lucrative transactions in the tech sector in India. Nishant Singh regularly advises clients such as private equity funds, investment banks and Fortune 100 companies on cross-border transactions. Recently he advised Agritrade Resources Limited on its acquisition of SKS Power Generation through a one-time settlement of its debt to lenders totalling approx. $31m. Manish Gupta is due to join from Link Legal - India Law Services. Navin Syiem left the firm in December 2019 and is to join L&L Partners Law Offices.

Practice head(s):

Avimukt Dar; Gaurav Dani; Kartik Ganapathy; Srinivas Katta; Suneeth Katarki

Other key lawyers:

Nishant Singh

Key clients

Agritrade Resources Ltd.

Wipro Limited

Tangible Play Inc. (“Osmo”)

Alight Solutions, US


Reverie Language Technologies Private Limited

Ebix Group


Mahindra Group

Accel Partners



Pocket Aces Pictures Pvt. Ltd.

Work highlights

  • Advised Agritrade Resources Ltd., a listed company on the Hong Kong Stock Exchange, on the acquisition of SKS Power Generation (Chhattisgarh) Limited through a one time settlement of all outstanding debt owed to State Bank of India, L&T Infrastructure Finance Company Limited and PTC Financial Services Limited.
  • Advised Alight Solutions on its strategic partnership with Wipro Limited in relation to a long-term relationship in the consumer-facing technologies and services across health, wealth and cloud businesses.
  • Advised and represented the two largest existing investors of Qwikcilver – Accel and Helion on Qwikcilver’s acquisition by Pine labs for $110m.
  • Advised and represented Kaizen and certain other selling shareholders in the sale of their shares to Chrysalis in Thirumeni Finance Private Limited (Varthana).

J Sagar Associates

J Sagar Associates ’ group handles acquisitions and divestments, schemes of arrangement, capital and debt restructuring, the sale and purchase of distressed assets and leveraged buy-outs for clients including large corporates, investors and Indian industrial houses in sectors such as manufacturing, infrastructure, IT and telecoms. Sidharrth Shankar is known for representing multi-national companies, advising on foreign direct investment and outbound investments and joint ventures. In a recent highlight he advised Mastercard International on its acquisition of Trans-Fst Remittance for $450m, representing a very significant transaction in the digital payments space. Sajai Singh focuses primarily on cross-borer m&a, joint ventures and debt and equity financings, and boasts additional expertise in white collar crime investigations and court cases. Shivpriya Nanda, who has over three decades of experience as a lawyer during which she has acted for multinationals such as Walmart and KFC, is well-equipped to advise companies on the regulatory challenges of m&a and corporate restructuring.  Maneesh Upadhyay joined as a partner in 2018, reinforcing the team’s strength in regulatory corporate law, including company law and SEBI regulations.

Practice head(s):

Sajai Singh; Shiypriya Nanda

Other key lawyers:

Sidharrth Shankar; Maneesh Upadhyay

Key clients

ANI Technology (OLA)

Baring Private Equity Asia

Brookfield Asset Management


Ebix Inc

Emaar Group PJSC


Hero Moto Corp

Indiabulls Real Estate Limited

Lodha Group

Mastercard International

Medusind Solution India Private Limited



Prestige Estates Projects Limited

Pune Metropolitan Regional Development Authority

Reliance Infrastructure Ltd.

Teleperformance SE


UPL Limited

Wal-Mart Stores Inc.

Work highlights

  • Advised UPL Limited, in the proposed acquisition by its wholly owned subsidiary UPL Corporation Limited of Arysta LifeScience Inc. and its subsidiaries for $4.2bn.
  • Advised Reliance Infrastructure Limited on its successful completion of the sale of its integrated Mumbai Power Division – electricity generation, transmission and distribution business to Adani Transmission Limited for a total consideration of $2.65bn.
  • Advised Government of India in relation to the sale of its entire 52.63% shareholding in REC Limited to Power Finance Corporation Limited for $2bn USD.
  • Advised Key Safety Systems Inc. (KSS) on the India leg of its global acquisition of substantially all of the assets of Japan-based Takata Corporation (Takata), a leading global supplier of vehicle safety systems including seat belts, airbags, steering wheels and child seats as well as other automotive products, arising out of cross-border bankruptcies in the United States and Japan, for $1.58bn.
  • Advised and assisted Teleperformance SE with the acquisition of Intelenet group of companies from Blackstone.

Khaitan & Co LLP

Khaitan & Co LLP’s practice handles private equity investments, public takeover offers, corporate restructuring, joint venture arrangements and, less frequently, outbound investments by Indian clients in overseas companies, including acquisitions. The group stands out for its instruction in insolvency matters both by distressed companies directly and by the National Company Law Tribunal, in addition to its expertise advising clients on significant high value transactions across various industries, including steel, infrastructure and e-commerce. In a recent mandate the team, led by Ganesh Prasad and Vinay Joy, advised Flipkart on the sale of its entire shareholding to Walmart, involving one of the largest private equity exits in India and complex multi-jurisdictional regulatory and tax requirements. Haigreve Khaitan recently advised Usha Martin Limited on the sale of its steel business to Tata Sponge Iron Limited under an independent debt resolution plan for $603m.

Practice head(s):

Haigreve Khaitan

Other key lawyers:

Ganesh Prasad; Vinay Joy

Key clients

Reliance Industries

Dalmia Bharat Limited

Flipkart Pvt Ltd

IHH Healthcare Berhad

Aditya Birla Group

Tata Sons

INOX Leisure Limited


RPSG Group

Sales Force

Piramal Group


Work highlights

  • Advised Vedanta in relation to its bid to acquire Electrosteel Steels Limited  as part of ESL’s corporate insolvency resolution process. The matter is of historical importance in India’s insolvency regime because ESL was amongst the 12 non-performing assets with highest exposure in India, which was mandated for insolvency reference by the Reserve Bank of India.
  • Advised Ingersoll Rand plc, an Irish–American global diversified industrial manufacturing company, on the Indian leg of its global acquisition of the precision flow system business of Accudyne Industries.
  • Advised Reliance Jio Infocomm Limited as the sole legal advisors in relation to proposed restructuring/ reorganisation of the business of Reliance Jio Infocomm Limited through Composite Scheme of Arrangement amongst Reliance Jio Infocomm Limited and Jio Digital Fibre Private Limited and Reliance Jio Infratel Private Limited and their respective shareholders and creditors.
  • Advised Flipkart group comprising, inter alia, of Flipkart, Myntra, Jabong, and PhonePe. This is the largest acquisition in the e-commerce space in the world and is one of the largest M&A transactions ever involving what is principally an Indian company.

Kochhar & Co.

With expertise spanning transaction structuring, foreign investments, corporate restructuring, private equity and joint ventures, Kochhar & Co.’s team acts across numerous sectors advising clients on cross-border acquisitions, sales and investments, as well as public offers, demergers, fundraising rounds and complex regulatory matters, including contentious matters before bodies such as the Securities Exchange Board of India. In a major recent instruction Rohit Kochhar, whose clients include Fortune 500 companies in the US, Europe and Japan, recently advised Tenneco on its public offering following its acquisition of Federal Mogul for $5.4bn, giving advice in relation to the public announcement, and the draft letter of offer submitted to the Securities and Exchange Board of India.

Practice head(s):

Rohit Kochhar; Stephen Mathias; Suhas Srinivasiah; Anjuli Sivaramakrishnan; Rupali Sharma; Ajith CR

Key clients

3M Healthcare


Cardinal Healthcare


Dimension Data

Exxon Mobil


Hanon Systems

Ian Martin Group Inc.

International Property Consultants including Jones Lang LaSalle Incorporated, CB Richard Ellis, Colliers, Knight Frank, Cushman Wakefield

Lubrizol Corporation

MasterCard International

Meidensha Corporation

Oman Insurance Company


Softbank Corporation

Tenneco Inc.

Trive Capital

Vodafone India Services Limited

Work highlights

  • Advised Oman Insurance Company on its sale of equity shares in Star Health as part of the $1bn acquisition of Star Health by Safecrop Holdings Pvt. Ltd.
  • Advised Hanon Systems on its acquisition of Magna International Inc’s Global Fluid Pressure & Controls Business for $1.2bn.
  • Advised Indigo Ag on its joint venture with Sungro Seeds Private Limited (a Mahyco Group entity).
  • Advised SAEL on the sale of its 35 MW solar power plant in Uttar Pradesh.
  • Advised India Quotient, an early-stage investor, with respect to its multi-sectoral and strategic investments across India.

L&L Partners Law Offices

L&L Partners Law Offices displays strength in depth handling the full gamut of corporate transactions, including public and private m&a, cross border transactions, joint ventures and corporate restructuring, focusing primarily on the steel, highway and software sectors.  The group stands out for its role in some of the leading distressed asset cases in India, including advising Bhushan Steel Limited on its majority shareholding sale to Tata Steel Limited through TSL’s wholly-owned subsidiary Bamnipal Steel Limited under the IBC process. Outside of this core area the team is notable for winning complex, high-value instructions in emerging markets: recently Vaibhav Kakkar advised Tencent Holdings on its purchases of shares of Bundl Technologies Private Limited, owner of the food delivery app Swiggy, for approximately $1bn, causing the start-ups’ valuation to reach a staggering $3.3bn. Sundeep Dudeja regularly acts on multi-billion dollar acquisitions and has considerable expertise advising foreign entities on incorporation in India. Longstanding practitioner Rajiv Luthra is known for his involvement in some of the largest m&a transactions in India and his expertise in project financing, restructurings and divestments. Navin Syiem is to join from IndusLaw.

Practice head(s):

Rajiv Luthra; Mohit Saraf

Other key lawyers:

Vaibhav Kakkar; Sundeep Dudeja

Work highlights

  • Advised Bhushan Steel Limited on its sale to Tata Steel Limited, which included gaining approval from the National Company Law Tribunal in a matter of days.
  • Advised Japanese conglomerate Hitachi Ltd. on its $6.4bn acquisition of the world-leading Power Grids business from Swiss engineering group ABB Ltd.
  • Advised Power Finance Corporation Limited in connection with its acquisition of 52.63% stake in REC Limited  – the entire shareholding of the President of India, along with transfer of management control.
  • Advised Fortis Healthcare on the bid process concluding with IHH Healthcare acquiring Fortis for $1.8bn.
  • Advised GIP in connection with its acquisition of the infrastructure fund management business of IDFC Alternatives for $1.44bn.

Majmudar & Partners

Majmudar & Partners’s internationally trained group handles the full gamut of transactions for clients operating in the insurance, pharma, technology, manufacturing and consumer sectors, including joint ventures, corporate restructurings and public and private M&A, boasting particular expertise in the areas of tax structuring and competition law. Akil Hirani, who is qualified in India and England & Wales, recently acted for healthcare insurance company Cigna Corporation on its $67bn acquisition of Express Scripts, involving a cash and stock offering. Principal associate Kritika Agarwal, who brings expertise in corporate and competition law, is very active in matters concerning acquisitions of companies and issuances of equity, where she often acts alongside Rukshad Davar.

Practice head(s):

Akil Hirani; Rukshad Davar; Raja Sujith

Other key lawyers:

Kritika Agarwal

Key clients

Intertape Polymer Group, Inc.  (ITP:CA)

Chart Industries Inc. (Nasdaq: GTLS)

Elementis plc (Elementis)

Cigna Corporation

CPP Assistance Services Private Limited

Frauscher Sensor Technology Group GmbH

Aims Impex India Pvt. Ltd.

Arneg S.p.A.

Bertram Capital

Work highlights

  • Assisted Intertape Polymer Group, Inc. (ITP:CA), a leading listed manufacturer of packaging products and machinery, on its acquisition of a 26% ownership stake in Powerband Industries Private Limited (Powerband) from the Desai Family at an enterprise value of $40m.
  • Assisted Chart Industries Inc. (Nasdaq: GTLS), a leading manufacturer of highly engineered cryogenic equipment used in the liquid gas supply chain, on its acquisition of VRV Asia Pacific Private Limited for $143m.
  • Advisd Cigna Corporation, one of the largest healthcare insurance and ancillary services providers in the US, in respect of the proposed replacement of TTK Group, an Indian conglomerate, from the Indian insurance joint venture, CignaTTK Health Insurance Company Limited (CignaTTK), by the Manipal Education and Medical Group as the new Indian joint venture partner of Cigna Corporation.
  • Advised Frauscher Sensor Technology Group GmbH on the sale of a majority stake in the Frauscher Sensor Technology Group, including its Indian subsidiary, Frauscher Sensor Technology India Private Limited to the Delachaux Group.
  • Advised Arneg S.p.A, the third largest supermarket equipment maker in the world, on its acquisition of a further stake of 30% in its Indian joint venture company, Arneg India Private Limited from Ambience Airconditioning Equipment Private Limited.

S&R Associates

S&R Associates'solutions oriented' team, consisting of several internationally qualified partners, represents such clients as Fortune 500 corporations, domestic companies and global private equity firms on the buyer and seller side of high value transactions, spanning mergers, open offers, applications for the resolution of distressed assets and schemes of arrangement and full and partial shareholding acquisitions. 'Exceptional' Rajat Sethi, who focuses on foreign investments, joint ventures, private equity and restructuring, recently acted alongside several colleagues to gain the regulatory approvals needed for a confidential client to complete a $14.6bn merger with Indus Towers and Bharti Infratel; the group also handled tax structuring, and the drafting of all transaction documents, taking on a full-service role for the client. Sandip Bhagat, who is qualified in India and New York, specialises in public and private m&a, securities laws, takeover regulations and foreign investment.

Practice head(s):

Sandip Bhagat; Rajat Sethi


“Simply the best M&A practice in India.”

“They are a relatively small practice with not too many partners, therefore you get  personal attention from senior partners and a well as a coordinated approach in providing holistic advice.”

“Everyone in the firm delivers an equally high quality service.”

“Rajat Sethi has a very measured and calm demeanor that is an asset in negotiations.”

Key clients

ArcelorMittal S.A.

Vodafone Group

McDonald’s Corporation

InterGlobe Enterprises


Hitachi, Ltd.

Dana Incorporated

Kesoram Industries Limited

Arohan Financial Services

Cognizant Technology Solutions Corporation

Firmenich SA

Goldman Sachs

TRW Automotive

Work highlights

  • Advised ArcelorMittal on its joint bid with Nippon Steel, for Essar Steel India Limited (Essar Steel), under the Insolvency and Bankruptcy Code procedure.
  • Advised HT Media Limited on its proposed £24m media deal, including an equity investment of £17.1m, with Koovs plc, an online seller of affordable western fashion in India listed on the AIM market of the London Stock Exchange.
  • Advised Dana Incorporated (“Dana”) on its proposed acquisition of the drive systems segment of the Oerlikon Group, a global manufacturer, including manufacturing facilities in India, for approximately $600m.

Shardul Amarchand Mangaldas & Co

Known for handling leading high value and even novel transactions in the corporate and m&a field, Shardul Amarchand Mangaldas & Co's 'very professional and dedicated' practice is particularly notable for its strength in multi-billion dollar mergers and acquisitions, major private equity investments and turnarounds, and its deep connections with marquee funds investing in India. Gunjan Shah stands out for her instruction by the consortium AION Investments and JSW Steel, who were appointed as resolution applications by the NCLT, to obtain the necessary approvals from the Competition Commission of India and make representations to the NCLT in order to acquire control of distressed company Monnet Ispat Energy, in the first cross-border private equity acquisition of a distressed company embroiled in the corporate insolvency resolution process in India. The team has made several new partner hires in 2018/19, including Harsh Kumar and Nivedita Tiwari from Cyril Amarchand Mangaldas, and Mumbai-based Jamshed Bhumgara from J Sagar Associates. Varun Sehgal has joined Cyril Amarchand Mangaldas.

Practice head(s):

Shardul Shroff


“Shardul Amarchand Mangaldas are very well positioned in the market, have a strong network and offer a very reliable and efficient service.”


We have used the M&A team. They provide responsive, commercially sensible advice.’


The firm are very responsive but clearly manage expectations with regards to the time required to undertake their work.’


‘Excellent firm for M&A. Terrific service standards in Mumbai.’

Key clients



Larson & Toubro

JSW Steel Limited

ZF Friedrichshafen AG

Goldman Sachs & Co. LLC


TPG Partners

Chrys Capital

The Ontario Municipal Employees Retirement System

Kohlberg Kravis Roberts & Co

Canada Pension Plan Investment Board

Apollo Global Management

Life  Insurance Corporation of India

Work highlights

  • Advised Wal-Mart on its acquisition of a majority shareholding (approximately up to 77%) in Flipkart for $17bn.
  • Advised the Committee of Creditors of Bhushan Steel Limited from commencement of the corporate insolvency resolution process until the acquisition of the Company by Bamnipal.
  • Advised Bandhan Bank Limited on its merger with Gruh Finance which resulted in a combined entity of approximately $12bn, and included gaining regulatory approval from the National Company Law Tribunal on the scheme of amalgamation.
  • Advised Larson & Toubro on the sale of its electrical and automation business to Schneider Electric SA, involving structuring, due diligence and competition law aspects.
  • Advised Brookfield on  its acquisition of 100% equity interest in Pipeline Infrastructure Private Limited (PIPL) which currently owns and operates the East West Pipeline from Reliance for $2.4bn.


Trilegal’s group have a strong track record of advising international and domestic companies, often in lucrative sectors such as infrastructure, energy and e-commerce, on inbound and outbound transactions, including private equity investments and exits and corporate restructuring, particularly in relation to the resolution of non-performing assets. In a recent highlight Ravindra Bandhakavi, who has since left the firm to re-join Cyril Amarchand Mangaldas, advised NIIF and Roadis on the structuring and drafting of a JV agreement to invest $2bn in different road projects in India, representing a very significant transaction in an important sector of the economy. The firm hired two partners in 2018/19, including Arjun Ghose from Shardul Amarchand Mangaldas, who specialises in advising private equity clients on their undertakings in India and brings additional expertise in the areas of insolvency and debt restructuring. Sridhar Gorthi frequently represents international and domestic companies in inbound and outbound m&a transactions, including recently advising Hathway Cable and Datacom  in the sale of its majority stake for $735m to Mukesh Ambani's Reliance Industries.

Practice head(s):

Sridhar Gorthi; Nishant Parikh; Yogesh Singh

Other key lawyers:

Ravindra Bandhakavi; Arjun Ghose

Key clients


Alibaba Group

IHH Healthcare Berthed, Khazanah Nasional

China Light & Power India


Future Group

National Investment and Infrastructure Fund


Varde Partners

General Electronics

Work highlights

  • Advised Rakesh Jhunjhunwala, a member of a consortium acquiring up to 100% shares of Star Health and Allied Insurance Limited.
  • Advised IHH Healthcare Berhad on its acquisition of a controlling stake in Fortis Healthcare Ltd. for $1.3bn.
  • Advised CLP India on CLP Group’s sale of a 40% stake in CLP India Private Limited and its subsequent joint partnership arrangements with Caisse de depot et place du Quebec’s, totalling $365m.
  • Advised Sprng Energy (Actis) on its acquisition of a 400 MW portfolio of renewable energy projects from Shapoorji Pallonji Infrastructure.
  • Advised Future Group on its sale of shares to Generali in two insurance companies (i.e. Future Generali India Life Insurance Company and Future Generali India Insurance Company) for $134m.

Bharucha & Partners

Acting for listed and unlisted corporates, Bharucha & Partners is active in domestic and cross border transactions for buyers and sellers, spanning share purchases, joint ventures, capital reductions, open offers, buy-backs and spin-offs in sectors such as energy, financial services, banking and telecoms, displaying particular ability in terms of advising on and navigating regulatory challenges and conducting due diligence. Experienced practice head Alka Bharucha remains a highly active member of the team, particularly in the banking, power and telecommunications industries. Recently she acted alongside fellow partner Ayesha Bharucha to advise Kalpataru Power Transmission and its Swedish subsidiary on its acquisition of an 85% stake in Linjemontage J Grastrop AB, enabling the client to gain a foothold in several countries in Scandinavia.

Practice head(s):

Alka Bharucha; Justin Bharucha

Other key lawyers:

Ayesha Bharucha

Key clients

Idea Cellular Limited

General Motors


Imerys S.A.

Kalpataru Power Transmission Limited

Axis Asset Management

Twitter, Inc

ISS Group

IMCD group

ITC Limited

Work highlights

  • Advised Dentsu Aegis Network Private Limited on its 100% acquisition of Happy Marketer Private Limited (Singapore), a digital marketing and consulting company.
  • Advised Kalpataru Power Transmission Limited and its Swedish subsidiary on the acquisition of an 85% stake in Linjemontage i Grastrop AB, a Swedish EPC company which, together with its Swedish and Norwegian subsidiaries, operates throughout Scandinavia.
  • Advised on the purchase of the entire share capital of Four Seasons Wines Limited  by Quintela Assets Limited and Grover Zampa Vineyards Limited from United Spirits Limited.
  • Advised IMCD India Private Limited  on the acquisition of Aroma Chemical Agencies Private Limited  and Alchemie Agencies Private Limited from the existing shareholders of Aroma and Alchemie respectively.
  • Assisted with the acquisition of the entire share capital of Charosa Wineries Limited by Quintela Assets Limited from HCC Real Estate Limited.

DSK Legal

DSK Legal's 'focused and driven' team handles all aspects of acquisitions and mergers for private and public companies in sectors such as energy, pharmaceuticals, financial services, real estate and education, with particular strength advising clients on complex structuring matters, joint ventures, equity share transactions and the resolution of distressed assets. Sajit Suvarna boasts a stellar reputation in real estate transactions, spanning debt financing, private equity and corporate restructuring. The team expanded in 2019 with the arrival of five partners from HSA Advocates, leading to more work for marquee clients and further expertise in the infrastructure and project financing sectors.

Practice head(s):

Aparajit Bhattacharya

Other key lawyers:

Sajit Suvarna

Key clients

Dentsu Aegis Network Limited

True North

Sigular Guff

Essar Group

Shapoorji Pallonji Group

Gaja Capital

o3 Capital

The Narayana Group

IMC International Metalworking Companies B.V. (Part of the Berkshire Hathaway Group)

Elica PB India

Strides Shasun Limited

Bharat Forge Limited


Tata Capital

TA Associates

Hero Future Energies Asia

National Infrastructure Investment Fund

IL&FS Transportation Limited

ReNew Power

Eternis Fine Chemicals

First Data Corporation

Avantor Performance Materials

Can – Pack S.A., Poland

Work highlights

  • Advised Gaja Capital Fund II Limited and Gaja Trustee Company Private Limited as the trustee of Gaja Capital India AIF Trust on the acquisition of  approximately 65% shareholding in Educational Initiatives Private Limited through purchase of equity shares from the promoters.
  • Advised the Investor on acquisition of all pieces and parcels of the immovable properties collectively measuring 47.82 acres situated at Villages Kurund and Talavali, Bhiwandi, Thane District, Mumbai Metropolitan Region.
  • Advised TA Associates on acquiring an approximate 40% stake in Prudent Corporate Advisory Services Limited.
  • Advised Nspira Management Services Private Limited (“Nspira”) and its majority shareholders, namely, Mr. Puneet Kothapa, Ms. P. Sharani and Ms. P. Sindhura, in relation to the investment by NHPEA Minerva Holding BV, a fund managed by Morgan Stanley Private Equity Asia and certain individual investors.
  • Advised Elica PB India with respect to its acquisition by Whirlpool of India.

Economic Laws Practice

Economic Laws Practice s 'highly competent' team advises corporations and investors on all aspects of mergers and acquisitions, including due diligence, deal structuring and regulatory compliance, in addition to advising clients on demergers, joint ventures, corporate reorganisations and governance issues.  Darshan Upadhyay, noted by one client for his 'focused approach and ability to always see the big picture', leads on the majority of the firm’s high value transactions, bringing notable expertise in relation to exchange control regulations, SEBI regulatory proceedings and insolvency proceedings. In a recent mandate he advised Johnson Controls Marine & Refrigeration India Limited on its merger with Johnson Controls Private India Limited, requiring authorisation under the Companies Act, 2013.

Practice head(s):

Suhail Nathani; Sujjain Talwar

Other key lawyers:

Darshan Upadhyay

Key clients

SAMHI Hotels Private Limited

Stellar Value Chain Solutions Private Limited

Future Lifestyle Fashions Limited (FLFL)

Thriveni Earthmovers Private Limited

Johnson Controls Marine and Refrigeration India Limited and Johnson Controls (India) Private Limited

Google India Private Limited

Accel Frontline Limited

Orissa Stevedores Limited

JSW Steel

Multi – Act Group

Innovative Logistics Service Private Limited

Mayfield India II, Ltd. and IL&FS Investment Managers Limited

Work highlights

  • Advised SAMHI Hotels Private Limited on its acquisition of 33% shareholding of SAMHI JV Business Hotels Private Limited from Luxury Singapore Holding Company PTE Ltd., an entity of the Marriott Group.
  • Advised Johnson Controls Marine and Refrigeration India Limited and Johnson Controls (India) Private Limited on a merger between both entities.
  • Advised Google India Private Limited on its implementation of the “Internet Saathi” programme across India through a joint venture with Tata Trusts.
  • Arvised OSL Healthcare Private Limited on its sale of 51% of its shares to Naarayani Investment Private Limited.
  • Advised JSW Steel on its 100% acquisition of Acero Junction Holding Inc.

Link Legal – India Law Services

Link Legal – India Law Services’s 'very skilled and pragmatic' group has a strong track record of advising international venture capital funds on all aspects of investments, funding rounds, acquisitions, sales and exit strategies, in addition to further expertise advising corporates and investors on issuances of equity shares in a wide range of sectors, including infrastructure, energy, renewables and retail. In a recent highlight Venkat Satyanarayana worked alongside several other members of the team to advise Ramky Enviro Engineers on the sale of 60% of its shareholdings to KKR for $530M, representing the largest private equity buy-out in the country’s environmental services sector in 2018. The practice recently promoted Pratyush Khurana, Vinu Peter Immanuel, and Yosham Vardhan to associate partner level. Manish Gupta is joining IndusLaw in Delhi.

Practice head(s):

Nusrat Hassan; Anand Srivastava

Other key lawyers:

Venkat Satyanarayana


“The team consists of lawyers with good subject knowledge who envision the problems that may arise with respondent parties very successfully. They are upright in informing clients about the merits of the case in advance and thereafter only accept the brief.” 


Key clients

IDFC Alternatives

Mohalla Tech Private Limited

Lightspeed Ventures

SAIF Partners

Venture Highway

India Quotient

CoLife Advisory Private Limited

Flemingo Duty Free Shop Private Limited

GMR Enterprises Private Limited (GEPL)

GMR Sports Private Limited

Ramky Enviro Engineers Limited

New Lane Trading LLP

Wickedride Adventure Services Private Limited



DST Global

Endiya Partners


Claranet Group Limited, UK

L&T Technology Services

Ramky Infrastructure Limited

Ganesh Ventures

Cyber Carrier

Den Networks

Ru-Net Investments Limited

WaterBridge Ventures

GMR Infrastructure Limited

GMR Airports Limited

1MG Technologies Private Limited

Kalpavriksh Fund


Alembic Pharmaceuticals Limited

Carestream Health India Private Limited

Deepak Fertilisers and Petrochemicals Corporation Ltd.

Diamond Services Limited, Hong Kong

Hansa Customer Equity Private Limited

Dredging Corporation of India Limited

Work highlights

  • Advised State-run GAIL (India) Ltd in purchase of seven operating wind energy assets of the financially struggling Infrastructure Leasing & Financial Services Ltd (IL&FS).
  • Assisted Ramky Enviro Engineers Limited (REEL), a Hyderabad based waste management services group, its Promoter, and Promoter Group in a transaction involving acquisition of 60% stake acquisition by KKR in REEL for $530m through a combination of primary and secondary investments.
  • Advised Den Networks and its promoters on a transaction entailing acquisition of approximately 66 percent stake by the subsidiaries of Reliance Industries in Den Networks for $327m.
  • Link Legal advised Ramky Infrastructure Limited (“RIL”) in the 100% acquisition of its wholly owned subsidiary N.A.M Expressways Limited by Cube Highways and Infrastructure Pte Limited.

Phoenix Legal

Acting for domestic and international companies, Phoenix Legal has experience advising clients on joint ventures, inbound and outbound investment, corporate and commercial contracts, debt restructuring and structuring matters in sectors such as energy, manufacturing, infrastructure, oil and gas, roads, mining and ports. Abhishek Saxena is a very active member of the group, bringing particular expertise in relation to joint ventures and shareholding acquisitions, including advising clients on buybacks of shares, transaction structuring and due diligence. Pranav Srivastava stands out for his ability to act for clients in domestic and cross-border transactions and represent them in commercial arbitrations.

Practice head(s):

Manjula Chawla; Saket Shukla; Abhishek Saxena; Sawant Singh

Other key lawyers:

Pranav Srivastava


‘Phoenix Legal is a leading law firm in India blessed with a team of first class lawyers who provide clients with excellent user-friendly advice on foreign direct investment, corporate M&A, private equity, project finance, regulatory, tax and general commercial matters.’


‘Saket Shukla is one of the best Corporate M&A lawyers available – he has a first class intellect and helps clients structure transactions efficiently whilst navigating the myriad of Indian laws and regulations with consummate ease. He is a pleasure to work with.’

‘Sawant Singh is recognised by clients and peers as one of the top financing lawyers in India. He impresses clients with his ability to make difficult transactions seem simple and provides clients with first class advice.’

‘Pranav Srivastava is an excellent transactional lawyer – very commercially focused, razor sharp and a pleasure to work with.’

Key clients


Ciena Corporation

Sojitz Corporation

Sulphur Mills Limited

Jones Lang Lasalle Property Consultants India Private Limited

Dell EMC

Visteon Corporation

Koch Industries, Inc.

Covance Inc.

Work highlights

  • Advised L-Brands to undertake a buyback of shares of its affiliate in India from a joint venture partner.
  • Advised Ciena Corporation on structuring of payments/services to be rendered in a triangular arrangement between a non-resident entity and two resident entities.
  • Assisted Sojitz Corp (sole purchaser) and Sojitz Asia (major lender) in a refinancing of Archean Chemical Industries through the infusion of debt and equity totaling $156m.

Vaish Associates

Standing out for its expertise handling mergers and demergers, the corporate team at Vaish Associates also represents investors and companies in transactions where they carry out due diligence, conduct negotiations, advise on regulatory compliance and provide specific expertise in the areas of direct taxation, debt restructuring, insolvency and foreign exchange regulations. Martand Singh brings substantial experience to the team in terms of advising clients on projects in the energy, ports, transport and infrastructure sectors on high value equity transactions.

Practice head(s):

Bomi Daruwala; Satwinder Singh; Martand Singh; Sandhya Iyer; Hemant Puthran

Key clients

Aditya Birla Group

Jaypee Group

Hindustan Unilever Limited

First Solar India Private Limited

National Stock Exchange of India Limited

JSW Steel Limited

Jyothy Laboratories Limited

Ultratech Cement Limited

Amber Enterprises Limited

Century Textiles and Industries Limited

Berger Paints India Limited

Work highlights

  • Advised Century Textiles with respect to demerger of the cement business into UltraTech pursuant to a scheme of arrangement.
  • Advised Toyo to make a strategic acquisition of 33.34% equity in Svam Packaging Industries Private Limited.
  • Advised NAPL and its promoters with respect to their agreement with Bajaj Electricals to sell 100 % of equity shareholding of NAPL.
  • Advised BPIL in drafting, vetting and finalization of the transaction documents in acquisition of 50.99% shareholding in Saboo.

ALMT Legal

ALMT Legal's 'knowledgeable and experienced' team predominantly carries out transactions in the technology, retail, real estate, micro finance and IT sectors, where they excel in terms of advising clients on transaction structuring, leveraging the firm’s tax and employment groups to provide well-rounded advice.  Aliff Fazelbhoy remains a very active member of the group, with a diverse skill-set that includes advising clients on applications for schemes of amalgamation before the NCLT, exchange control regulations, the rights and obligations of shareholders, and drafting master service agreements.

Practice head(s):

Aliff Fazelbhoy; SR Arun


‘We generally deal with Mr Aliff Fazelbhoy and Ms Statira Ranina. They stand out in respect of their knowledge and experience and also their straightforward approach.’

Key clients

KEF Holdings Limited

Khan Global Engineering Solutions Private Limited

KEF Healthcare Pte. Limited

Polaris Consulting & Services Limited

Companhia Brasileira de Cartuchos

Veriown Global Incorporated

Sanghvi Brands Ltd.

Alexis Multi Specialty Hospital P Ltd

Sanghvi Beauty & Technology Private  Limited

Work highlights

  • Advised KEF Holdings Pte and its promoters on the strategic and majority stake sale in KEF Infrastructure India in favour of Katerra Inc.
  • Advised KGD and its promoters in the strategic and majority stake sale in favour of Katerra India.

Chadha & Co

Beyond carrying out acquisitions and due diligence for corporates, Chadha & Co 's 'very dedicated and efficient' practice has a proven track record advising major foreign companies and joint ventures on entry strategies regarding incorporation in India, covering areas such as employment law, capital raising, structuring and shareholders’ agreements. Rahul Chadha regularly advises multinationals on mergers and acquisitions, private equity investments, government policy and regulatory and management issues.

Practice head(s):

Rahul Chadha; Namita Chadha; Ashish Gupta; Neeraj Prakash

Key clients

istyle Inc., Japan

International Lift System S.a.r.l.

Kiabi Europe

STMicroelectronics Private Limited

Hitachi Power Europe GmbH

Kaiho Sangyo Co, Ltd

Alfamation S.p.A

Sumitomo Electric Industries, Ltd

Kobelco Machinery India Private Limited

William Grant and Sons India Private Limited

Work highlights

  • Advised on the acquisition for the client, istyle Inc., conducted comprehensive legal due diligence, rendered legal advice on diverse issues involved and successfully completed the transaction in speedy and efficient manner.
  • Advised on the feasibility of acquisition of 50% of stake in the target entity by the client, International Lift System S.a.r.l.,  structured the above deal, conducted a comprehensive legal due diligence, drafted the complex strategic documents including share purchase and shareholder agreement, and assisted in negotiations from term sheet stage till closing of transaction.
  • Advised the client, KIABI Europe, on its India entry strategy, structuring its entry, establishing Indian operations, and are currently assisting on the legal and regulatory issues while operations are underway.

Clasis Law

With a consistent stream of work in the insurance, manufacturing and hospitality sectors, amongst others, Clasis Law's 'results oriented' group is primarily instructed by domestic and international corporates to advise on equity acquisitions, corporate restructuring, investor exit strategies, joint venture agreements and compliance in relation to corporate, foreign exchange and employment regulations. Gaurav Wahie, is a dual qualified lawyer, enrolled as an advocate in India and as a non-practicing solicitor in England & Wales, predominantly advises clients on joint ventures and acquisitions, in addition to commercial contracts and foreign exchange laws.

Practice head(s):

Vineet Aneja

Other key lawyers:

Gaurav Wahie


“The team possess strong domain knowledge and excellent communication skills.”

Desai & Diwanji

The corporate and M&A practice at Desai & Diwanji focuses on joint ventures, private equity matters and M&A.

Dhir & Dhir Associates

Often working with clients operating in the energy, real estate and manufacturing sectors, Dhir & Dhir Associates acts on the sale and acquisition of companies and shareholdings, handles equity buybacks, provides advice to long-standing clients on key agreements in areas such as employment and property law, and carry out due diligence.  Alok Dhir is very experienced in the area of distressed assets and insolvency proceedings, demonstrated by his appointment to the IBBI as a member of the Working Group established to help shape the enforcement strategy for the IBC.

Practice head(s):

Alok Dhir; Girish Rawat; Namrta Sudan Rai

Key clients

INR Energy Ventures

National Aluminium Company Limited

GCC Services India Private Limited

Fastway Transmissions Private Limited

Atal Nagar Vikas Pradhikaran

Bombay Hemp Company

Dion Global Solutions Limited

Cvent India Private Limited

FabIndia Overseas Private Limited

Taurus Asset Management Company Limited and Taurus Investment Trust Company Limited

Work highlights

  • Advised INR Energy Ventures with regard to acquisition of the entire shareholding (including equity shares and optionally convertible debentures) in Mamadapur Solar Private Limited.
  • Advised National Aluminium Company Limited, a Navratna public sector undertaking on its INR5bn buyback representing 3.48% of its equity shares.
  • Advised the client , Fastway Transmissions Private Limited, on the acquisition of its JV Partner’s shareholding and Promoter’s minority shareholding by an Investor, and presently assisting the current shareholders’ exit by way of staggering sale of their entire stake in the company.

HSA Advocates

With broad capabilities spanning mergers and acquisitions, joint ventures, public and private debt and equity offerings and cross-border transactions, HSA Advocates  is best known for its commitment to the energy sector in India. In a recent instruction Bharat Sharma, who handles every aspect of deals for buyers and sellers including due diligence and drafting transaction documents, acted for Tata Power Company on the sale of its Strategic Engineering Division to Tata Advanced Systems through a slump sale under the procedure for the resolution of distressed assets set out in the Companies Act, 2013. In 2018/19 the group lost seven of its members, including several partners, and made five new hires.

Practice head(s):

Hemant Sahai; Bharat Sharma; Gaurav Sahay; Ramya Hariharan


‘We find that HSA Advocates is an excellent law firm for the reason that they are always providing very clear legal opinions which are very well written and clear.’


‘The team helped our company through a proposed M&A through foreign investment where we as a company from Europe found their help invaluable.’

Key clients

Actis GP, LLP

Hero Electronix

Renew Power Ventures Pvt. Ltd

Rockman Industries Limited

Auroma Logistics Private Limited

BSCPL Infrastructure Limited

Gamma Pizzakraft Overseas Private Limited

Atha Group

Zee Group

I Squared Capital

NVR Mahasolar Pvt. Ltd.

Royal Group, UAE

Just Energy

Donear Industries

ICICI Ventures

Tata Steel

Adani Group

Arctech Solar Holding Co. Ltd.

Exide Industries Ltd.

Acme Solar Holdings Pvt. Ltd.

Mindgate Solutions Pvt. Ltd.

Leadec Holding Bv & co.

Astrum Management Advisory Pvt. Ltd.

Work highlights

  • Advised Mindgate Solutions Private Limited and Promoters on all aspects of API Worldwide Inc’s acquisition of a minority stake in the company.
  • Assisted Auroma Logistics Private Limitedand its promoters in relation to a sale of 90% of the shares of ALPL to Pro Connect Supply Solutions Private Limited.
  • Assisted on the Indian leg of global acquisition of HP Inc – Hawkeye Pedershaab, USA and it group entities by Forsyth Capital Investor LLC, Forsyth Infrastructure Technologies Inc. and its related entities.


Beyond the firm’s expertise handling acquisitions, advising on investment rounds, drafting commercial agreements and managing regulatory challenges for clients in various sectors, LexCounsel's 'extremely competent' practice displays a strong commitment to corporate advisory work in the not-for-profit, education and health and biotechnology industries, which includes drafting management contracts, fundraising, restructuring and representing clients before regulatory bodies. Seema Jhingan represents numerous educational institutes, whereas Alishan Naqvee leads on the firm’s work in the biotechnology space and sits as the Legal Member of the Board of Ethics Committee of Medanta Hospital. Associate Dhruv Manchanda frequently assists Alishan and Seema across the firm's full spectrum of transactions.

Practice head(s):

Seema Jhingan

Other key lawyers:

Alishan Naqvee; Dhruv Manchanda


‘The team has rich corporate experience and is adept at providing accurate, timely and cost effective advice, setting out clearly the technical and pragmatic options available to clients.’


‘We are very happy with the firm’s professional conduct and ease of engagement. We highly recommend the practice to anyone looking for assistance in this area.’


‘We worked with Seema Jhingan and were very satisfied with her collaboration.’

Work highlights

  • Assisted Global Chartered Accountants, Dubai, a consultancy firm, in structuring a transaction for its client related to acquisition of Dubai based entities with substantial assets in India and in this respect advising on applicable Indian laws including the Companies Act, 2013, SEBI Regulations, Foreign Exchange Laws.
  • Advised World Learning Inc before the Reserve Bank of India concerning investment in Indian subsidiary.
  • Advised Autus Capital Mauritius Limited on negotiations and execution of agreements with multiple entities in India, Mauritius, UAE and Philippines regarding the development of artificial intelligence enabled trading software and a trading platform.

PDS Legal

With particular investment in the pharmaceuticals, manufacturing and banking sectors, PDS Legal acts for public and private sector companies in domestic and cross-border acquisitions, equity transactions, shareholder exits and funding rounds. Probal Bhaduri is very active in the corporate group and brings useful expertise in shareholder and commercial disputes, including economic offences.

Practice head(s):

Vihang Virkar; Probal Bhaduri; Chetan Nagendra

Key clients

Ajanta Packaging

SV Creditline Limited

Sunrise Containers Limited

Supreme Treon Private Limited

HBM Healthcare

Voith Turbo Private Limited

MiTAC Holdings Corporation.

Aero Sail Services Private Limited

The Export-Import Bank of Korea

UnitedLex BPO Private Limited

Tata Capital

Maschinenfabrik Reinhausen GmbH

United Technologies Corporation

NTT Communications

Intersnack Group GmbH & Co. KG

Excel Industries Limited

Parle Biscuits Private Limited

Smart Group

Work highlights

  • Advised Ajanta Packaging in relation to transfer of its business to Huhtamaki PPL Limited on a slump sale basis for INR1bn.
  • Advised SV Creditline Private Limited in relation to issuance of compulsorily convertible preference shares to ICICI Prudential Life Insurance Company Limited for INR350m.
  • Advised Sunrise Containers Limited in relation to sale of majority stake to a subsidiary of Thai Plaspac Public Company Limited for INR5.3bn.
  • Advised HBM in relation to TPG’s acquisition of stake in Sai Life Sciences for $135m.

Samvad Partners

Samvad Partners' 'excellent' team represents domestic and international clients in corporate and m&a mandates spanning private equity investment rounds, regulatory advice in relation to instruments such as the UK Bribery Act, US Foreign Corrupt Practices Act and more general corporate governance, we well as venture capital work, not just on the side of VC funds but also on behalf of start-ups throughout their life cycle. Ashwini Vittalachar handles a steady volume of cross-border mergers and acquisitions, joint ventures, acqui-hires, restructuring matters and private equity exits.

Practice head(s):

Harish Narasappa; Vineetha MG

Other key lawyers:

Ashwini Vittalachar


“Samvad has a strong team of experienced and pragmatic lawyers who are mindful of business objectives and structure their legal advice on that basis.”

Key clients

Aujas Networks Private Limited

Deepak Fertilizers Limited

Exilant Technologies Private Limited

CMS Computers Limited

Gildemeister Beteiligungen Gmbh (DMG Mori AG)

ICICI Bank Limited

India Resurgence Fund

Medics International Life Sciences Limited

NTT Data Corporation

Pisces Eservices Private Limited (Foodpanda)

Ruptub Solutions Pvt Ltd (Treebo Hotels)

Sigmoid Labs Private Limited and the Founders

Travel Tours Limited

Vizury Interactive Solutions Private Limited

Zomato Media Private Limited

Work highlights

  • Advised Aujas Networks Private Limited, its promoters and financial investors on their sale to NSEIT Limited.
  • Advised Sigmoid Labs Private Limited and the company’s founders on their 100% stock sale to Google in India, with the founders joining Google as part of the acquisition.
  • Advised Medics International Lifesciences Limited in relation to a joint venture with Apollo Hospitals to set up a 300-bed super specialty hospital in Lucknow.
  • Assisted ICICI Bank and Arthasashtra Fintech during the course of their investment in an innovative financial technology platform in India, by way of both equity shares and compulsorily convertible preference shares.
  • Advised NTT Data Corporation on a majority acquisition of Atom Technologies Limited, involving the purchase of 55.35% shares of Atom Technologies Limited for approximately $9.2m.  

Singhania & Partners LLP

Acting for public and private foreign and domestic corporates, investment funds and, increasingly more often, start-ups, Singhania & Partners LLP handles full life cycle work, spanning IPOs, fundraising, mergers, acquisitions, and, most prominently, joint venture arrangements, in a range of sectors including infrastructure, manufacturing and financial services. Ravi Singhania remains highly active in matters involving joint ventures, asset and share purchases, venture capital investments and mergers in jurisdictions as diverse as the US, Hong Kong and Australia. Arjun Anand joined the firm in 2018, bringing a wealth of experience advising private equity funds and Fortune 500 companies on investments and structuring mandates.

Practice head(s):

Ravi Singhania; Dipak Rao; Manish Sharma; Sonil Singhania; Arjun Anand; Rudra Srivastava


“Strong and practical local knowledge which one does not necessarily get from branch offices of branded international firms.”


“I have worked with founding partner Ravi Singhania and associate partner Rudra Srivasta. I found them to be both competent and very responsive under a tight time frame as demanded by my clients on a commercial sale project.”

Key clients

Rubixis Inc.

Italmatch Group


Advance Financials

Amfora Wine and Foods Private Limited

Imperial Auto Industries Ltd.

Minafin Group

Blue Umbrella India Private Limited

Marcus Spurway LLP

Tupperware India Private Limited

Erich UTSCH AG Germany

Consortium of Investors

Global Business Process Outsourcing Solutions Provider

Vikram Kapahi (investor)

Golden Highway International Limited

Lionsgold Limited

Work highlights

  • Assisted Rubixis Inc. in merger with Transunion Healthcare, Inc, involving the acquisition of an Indian subsidiary.
  • Advised Italmatch Group on its acquisition of Afton Chemical India Private Limited (An Indian subsidiary of Afton Chemical).
  • Advised on the structure of the transaction of joint venture of Amfora Wine and Foods Private Limited and ANAA International LLC.

Spice Route Legal

Spice Route Legal predominantly represents investors and companies raising capital in a range of traditional and emerging markets, including technology, manufacturing, e-commerce, blockchain and FinTech. The team also handles complex corporate structuring and restructuring matters, spanning incorporation of Indian companies overseas, joint venture arrangements, assisting clients with their exit strategies, and advising on the launch of new financial services products. Matthew Chacko acts for a range of domestic and multinational companies, investors and entrepreneurs, particularly in relation to technology and media transactions.

Practice head(s):

Praveen Raju

Other key lawyers:

Matthew Chacko


“Matthew Chacko brings quite a lot of technical expertise in the space. His background as an angel investor in start-ups has also given him an edge in understanding the dynamics of technology startups better than competitors.”

Key clients

EID Parry Limited

Neogen Chemicals

SenseHawk Inc.

Birds Eye Systems founder, Ravi Khemani

G.C. Beverages

Prestellar Ventures Fund 1 Pte. Ltd.

Sequoia Capital India

Instamojo Inc.

Helix Investments

Nisa Industrial Services

LT Foods Limited

Naval Group

Asianteaxpress Pte Ltd

Majestic Research Services and Solutions Ltd


Go Renewable


Sun Mobility

Pest Control India

Foundamental VC

Brigade Group

SunEdison Infrastructure Limited

Rahi Care Private Limited

Foot Prints Collateral Services Private Limited

Work highlights

  • Advised the selling shareholders on the $7.8m sale of 100% equity in Ruletronics Group to the buyer, Larsen & Toubro Infotech.
  • Assisted Sensehawk with a corporate inversion from India to the US to be headquartered in the United States, as well as in the subsequent restructuring and a Series A investment by SAIF Partners.
  • Advised Rahi Care Private Limited on the investment by SBI Neev Fund in a 28.17% equity stake in the company.
  • Advised Pest Control India Private Limited when Rentokil acquired OCS for $52m, at which time it also acquired Pest Control India’s stake in the joint venture in Thailand.
  • Advised the selling shareholders and Foot Prints Collateral Services Private Limited during its 100% equity stake acquisition by Authbridge Research Services Private Limited in what is the largest deal to date in the employee background screening industry in India.

Talwar Thakore & Associates

With particular strength in the insurance, pharmaceuticals and finance sectors, Talwar Thakore & Associates acts on the seller and buyer end of acquisitions, advises clients on joint venture arrangements and handles the regulatory aspects of transactions. Kunal Thakore’s expertise lies in joint ventures, private equity investments, acquisitions and disposals, whereas counsel member Deepa Christopher brings particular expertise handling m&a transactions in the insurance sector. In a recent mandate Thakore and Christopher advised Participatie Maatschappik Graafschap Holland on its indirect stake increase in Future Generali India Life Insurance and Future Generali India Insurance Company through an SPV holding structure, securing approval from the Insurance Regulatory and Development Authority of India.

Practice head(s):

Kunal Thakore; Feroz Dubash

Other key lawyers:

Deepa Christopher

Key clients

GlaxoSmithKline Asia Private Limited


DSP Group

AXA Group

Sanofi S.A



Work highlights

  • Advised GSK Asia Private Limited on the sale of its entire shareholding in Chiron Behring Vaccines Private Limited to Bharat Biotech International Limited.
  • Advised Rampart Trust on the sale of its shareholding in Marsh India Insurance Brokers Private Limited to its existing joint venture partner, Marsh International Holdings, Inc. to enable MIH to move from 26% to 49%.
  • Advised Redefine Capital Fund LP and Ganesh Ventures Capital Limited on their acquisition of up to 10% stake in the target company,  Poncho Hospitality Private Limited.
  • Advised Continental GmbH on the Indian aspects of its global joint venture with Osram.

Tatva Legal

Tatva Legal’s practice predominantly handles joint venture arrangements and equity transactions on the seller and buyer end for domestic and international clients, in addition to corporate advisory work in relation to governance, contract law, structuring and restructuring. Dilip N.K. continues to lead on the firm’s high value instructions, in a broad array of sectors including retail, hospitality, infrastructure, real estate, financial services, IT and healthcare.

Practice head(s):

Dilip N.K; Manav Nagaraj; Shailendra Komatreddy; Rajeev Reddy; Avinash Mody; Anu Iyer; Santosh Ukkur

Key clients

Mindtree Limited

Café Coffeeday


Strides Pharma Science Limited

Natco Pharma Limited

Heritage Foods Limited

Sentini Sanitarywares Private Limited

Omnicare Drugs India Pvt. Ltd.

Sagar Cements Private Limited

Modern Food Enterprises Private Limited

Manipal Education and Medical Group

Soros Economic Development Fund

Work highlights

  • Assisted Modern Food Enterprises Pvt. Ltd. with its 100% acquisition of Australian Foods Pvt. Ltd. (Cookieman).
  • Advised QVC Realty Developers on Ask Pravi Real Estate’s investment in the company.

Advaita Legal

With a primary focus on sectors such as renewable energy, education and infrastructure, beyond traditional domestic and cross-border acquisitions Advaita Legal is regularly instructed by clients to advise on specific agreements underpinning corporate deals, such as share pledge and concession agreements. Practice head Monali Dutta is known for managing international transactions, advising investors on equity strategies, including exits, and representing clients across a range of industries seeking regulatory approvals. Atul Dua, Subodh Sadana  and Amit Mehta left the firm in 2019.

Practice head(s):

Monali Dutta


The corporate department at ARA LAW is known for its expertise in cross-border transactions, demergers, joint ventures, hostile takeovers and leveraged buyouts, with particular expertise in the technology and aviation sectors. Practice head Rajesh Begur acts for domestic and international clients in Asia, Europe, the UK, the US and MENA, standing out for his expertise advising investment funds doing business in India. Priyesh Sharma re-joined the firm in 2019 as co-head of the M&A practice after a brief period working at Cyril Amarchand Mangaldas.

Practice head(s):

Rajesh Begur; Priyesh Sharma

Key clients

Superskies Aviation Private Limited

Kwench Global Technologies Private Limited


ATLAS LAW PARTNERS  is particularly active in the real estate industry, where they act for foreign investors involved in development projects in India, advise clients on private equity exits and negotiate straightforward acquisitions. Harry Chawla is the team's go-to lawyer for high value mergers and acquisitions, with specialisms in corporate law, securities law and exchange control regulations.

Practice head(s):

Niti Paul

Other key lawyers:

Harry Chawla

Key clients

Dalian Wanda Group

Fosun Group

Euramco GmBh (Sachsenfonds)

MPC Rhine River

AES Energy Storage Holdings

Principal Asset Management Private Limited

Yatra Online Private Limited

M3M Group

Atria Group

IREO Group

Work highlights

  • Advised the WANDA Group (China) on structuring its $10bn proposed investment in India, to develop an Integrated Industrial Township.
  • Advised Trinity Capital (Six) Ltd. on its investment exit from Manjeera Retail Holding Private Limited.
  • Assisted with the drafting and negotiation of contracts in the deal of Yatra Online Pvt. Ltd. acquiring PL Worldways Ltd., and also advised on the conversion of one of its subsidiaries from public limited company to private ltd. company.
  • Assisted the Principal Group in drafting and negotiation of transaction documents and structuring a deal with Punjab National Bank.

BRUS CHAMBERS, Advocates & Solicitors

Although BRUS CHAMBERS, Advocates & Solicitors handles corporate and m&a work in a broad array of sectors, including engineering and infrastructure, the group has a longstanding commitment to the shipping industry. The team predominantly acts in an advisory capacity for corporates, assisting them with joint ventures, partnerships, expansion plans, investments, acquisitions and structuring matters. Advocate Uttam Hathi specialises in structuring and restructuring, with a particular focus on marine insurance, and additional experience in real estate, infrastructure and construction mandates.

Practice head(s):

Uttam Hathi; Pritish Das

Key clients


Thyssenkrupp AG

IFFCO Tokio General Insurance

Ford Motor Company

Japan Airlines Co Ltd

Hindustan Construction Company


Garden Reach Shipbuilders & Engineers

Kolkata Port Trust

Avvashya CC Logistics Pvt Ltd

Help Animals & Birds Association

Ashok Leyland Ltd

Kandla Port Trust

DSV Air and Sea Private Limited


Design Edge Pvt Ltd

Rincon Realty

Able Marine Group

Marina Projects Pvt Ltd

Etco Industries Pvt Limited

Aashirwad Projects

Dua Associates

Dua Associates has worked on matters including a mobile phone distribution venture and a demerger of a natural gas transmission company. Clients include Estée Lauder, Jammu and Kashmir Bank, Sumitomo Corporation and CGG France.

Fox Mandal

Fox Mandal handles a high volume of term-loan investments in the real estate sector, along with a steady stream of equity investments on behalf of both buyers and sellers. Outside of these core areas the team advises clients on mergers, acts for promoters and investors negotiating equity transactions and investor exits, and carries out due diligence and restructuring work.

Practice head(s):

Shuva Mandal; Jeevanandham Rajagopal; Purnima Kamble; Soumitra Banjeree; Sathya Prasad

Key clients

Sethness Products Company

Reliance Capital Limited

Piramal Capital and Housing Finance Limited

PHL Fininvest Private Limited


IAPMO Plumbing Codes and Standards India Private Limited

Mobisy Technologies Private Limited

E2open Group

Shilpa Medicare Limited

Work highlights

  • Advised Sethness Products Company (Client) on its $3.6 million acquisition of the remaining 50% share capital of SAYAJI SETHNESS LIMITED.
  • Advised Sethness Products Company on its 100% divestment in SAYAJI SETHNESS LIMITED.
  • Assisted Reliance Capital Limited in its restructuring of existing investment up to $1.8 in secured, non-convertible debentures issued by the M/s. Unishire Urbanscape Private Limited.
  • Advised PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED on its term-loan investment (construction finance) of $31.1m.

Hariani & Co., Advocates and Solicitors

The corporate and m&a team at Hariani & Co., Advocates and Solicitors advises clients on the sale and acquisition of equity in large companies, seed funding rounds, shareholder disputes, foreign direct investment, overseas direct investment and loan assignments and reviews. Over the last year, the firm has been particularly active in the e-commerce, sports, financial services, healthcare and hospitality sectors.

Practice head(s):

Ameet Hariani

Work highlights

  • Advised Savis Retail Private Limited, an e-commerce company based out of Bangalore, India, on its sale of a 76.91% stake to Supermarket Grocery Supplies Private Limited, the online grocery and food products provider that owns grocery store chain ‘BigBasket’.
  • Assisted a Dubai-based client on its issuance of shares amounting to 60% of the capital of the company to an investor.
  • Advised a financial services platform with the process of reviewing and updating its loan documentation.
  • Assisted a Mumbai-based company involved in the business of providing wellness and preventive healthcare services using proprietary technology, in securing seed funding worth around $600k from various high net worth investors.

Kanga & Company Advocates and Solicitors

Kanga & Company Advocates and Solicitors is noted for its work assisting a client base of corporates and financial institutions with acquisitions, mergers, demergers, and reorganisations, as well as regulatory issues.

Manilal Kher Ambalal & Co Advocates, Solicitors and Notary

With notable expertise in the area of restructuring and further capabilities advising Indian corporates on negotiating transactions, handling private equity investments and undertaking acquisitions, Manilal Kher Ambalal & Co Advocates, Solicitors and Notary is most active in the construction sector. The group also stands out for its instruction in challenging matters involving corporates and investors, such as advising clients on potential disputes with shareholders and equity share capital reductions.

Practice head(s):

Vikram Trivedi; Sunil Tilokchandani; Rashid Boatwalla

Key clients

Lyka BDR International Ltd.

Forstar Hariom Agro Foods Private Limited

Larsen & Toubro Limited

Work highlights

  • Assisted Forstar Hariom Agro Foods on Share Subscription and Shareholders Agreement.
  • Advised L&T in a complex restructuring exercise involving an amalgamation and a demerger involving 2 subsidiaries, L&T Realty Limited with L&T Construction Equipment Limited.

Singh & Associates Founder – Manoj K Singh Advocates and Solicit

Acting for domestic and international companies and individual investors, Singh & Associates Founder – Manoj K Singh Advocates and Solicit advises clients on acquisitions of shareholdings, asset sales, joint venture arrangements, including obtaining regulatory approvals, exit strategies, demergers, tenders and complex contentious matters, including breach of contract disputes and offences under the Companies Act. The group boasts particular expertise advising clients on the tax aspects of transactions, supported by the firm's tax practice, and further expertise advising clients on commercial contracts.

Practice head(s):

Gunita Pahwa; Daizy Chawla

Key clients

Era Infra Engineering Limited

Vikram Solar Limited

Adel Landmarks Ltd.

Jindal Steel & Power Ltd.

Tirupati Infraprojects Pvt. Ltd.

Dunar Foods Ltd. & Ors.

S.C.S.L Buildwell Private Limited

Prayag Polytech Pvt. Ltd.

Dilip Buildcon Limited

Veen Waters (India) Pvt. Ltd.

Yodoyabashi & Yamagami LPC

Henry Ford Health Systems

Jindal ITF Ltd.

GFB Great Foods Private Limited

Lexzau, Scharbau GmbH & Co. KG

Lambert Energy LLP

Jindal SAW Ltd.

Linde India Limited

Pactera Technology Limited

Work highlights

  • Assisted the client, Lexzau, Scharbau GmbH & Co, in drafting, structuring, and negotiating a share purchase agreement for the sale of shares of an Indian company between two German companies.
  • Advised the client, Sapat International Private Limited, regarding floating of a prize scheme.

India Juris

Managing partner Sameer Rastogi leads India Juris' corporate team, assisting clients with domestic corporate and foreign exchange laws, cross-border business expansions and investment matters


Managing partner Ravi Nath leads the team at RNClegal, which has experience assisting big-name corporates with M&A transactions, public offers, takeovers, and privatisation mandates.


SNG & PARTNERS advises a client list from a range of sectors on the whole range of domestic M&A deals, as well as private equity transactions and onshore and offshore structuring.

Solomon & Co. Advocates & Solicitors

The team at Solomon & Co. Advocates & Solicitors' corporate and M&A practice advise on regulatory compliance procedures, as well as on share and business acquisitions, corporate restructurings, and joint ventures.

Titus & Co

Diljeet Titus is the name to note at Titus & Co, with his expertise in acting in a wide range of M&As for big-name corporates.