Gagrats > Mumbai, India > Firm Profile

MUMBAI 400 021

India > Aviation (including aerospace and defence) Tier 3

India > Projects and energy Tier 3

India > Corporate and M&A Tier 5

Gagrats advises a range of foreign and Indian corporates and international organizations on the gamut of corporate matters including acquisitions, disposals and business transfer agreements. It serves clients in a wide range of sectors from consumer products, hospitality and healthcare to engineering and pharmaceuticals. The firm is led by founding partner Rustam Gagrat.

India > Dispute resolution: litigation

Gagrats‘ practice is led by Mumbai-based partner Rustam Gagrat  and undertakes disputes in the areas of commercial, competition,  tax litigation and restructuring and insolvency. It is also experienced in  the aviation sector, regularly representing airlines and lenders.

Practice head(s):


Gagrats has a broad based practice cutting across a wide range of legal disciplines with an associate office in New Delhi.

Lawyers at the Firm have attended prestigious universities such as Cambridge University, The London School of Economics, Queen Mary’s London, Exeter University, The Harvard Law School and The National Law Schools of India and some are qualified as Solicitors in England.


The Transactional Practises of the Firm has represented clients on significant cross border Financings, path breaking M&A deals in India and overseas, Private Equity Deals, Stake Sales and Large Infrastructure Projects. The Capital Markets Practise of the Firm, has represented Issuers on Securities Offerings including Offerings of American Depository Receipts (ADRs), Global Depository Receipts (GDRs), Foreign Currency Convertible Bonds (FCCBs) and Rights Issues. The Dispute Resolution Practise of the Firm, has represented leading corporates in high profile matters before a wide range of courts and tribunals in India, and in domestic and international arbitrations.



Arbitration; Aviation; Asset  Based  Finance;  Banking;  Bankruptcy; Capital  Markets; Commercial Law; Competition Law; Corporate Law; Energy; Environmental Law; Exchange Control; Foreign Investment; Franchising; Information Technology; Infrastructure; Insurance; Intellectual Property; International Finance; Joint Ventures; Labour Law; Litigation; Mergers and Acquisitions; Mutual Funds; Mining, Oil and Gas; Power Projects; Privatisations; Project Finance; Private Equity; Real  Estate;  Restructuring; Securities  Law;  Securitisations; Shipping;  Taxation  (both  Direct  &  Indirect); Technology Transfer; Telecommunications; TMT and Trademarks.



The Firm has represented major domestic and international airlines and multilateral aviation authorities, and has considerable experience in cross border financings relating to the purchase and leasing of aircraft. The Firm has been involved in some of the largest aircraft financing deals in India, involving both US Exim Bank and the European Credit Agency, in financings which were selected by Air Finance as the “Deal of the Year”, in the repossession of Aircraft; in significant restructurings, cross border investments, commercial cooperation agreements, MRO agreements and M&A deals in the aviation sector, etc.

The Firm’s Aviation Practice has been the consistent recipient of Awards from 2008 till 2022 and as the 2023 “Aviation Law Firm of the Year – India”. The Firm is also recognized as 2021’s Leading Legal Advisor in Aviation – India, listed in ‘Ones to watch 2020: Best in Aviation Law 2020 – India’, recipient of the Award for Excellence in Aircraft Finance and Acquisitions- India in 2019 and the Most Influential in Aviation Law, 2018.


Banking & Finance

The Firm has represented major Indian and foreign banks, multilateral lenders, domestic and foreign funds and Foreign Institutional Investors. The Firm has considerable experience in corporate finance, including on external commercial borrowings, securitisations and project finance. The Lawyers at the Firm have been involved in significant financings, including Financings selected by Euromoney as the “Deal of the Year,” and in some of the largest External Commercial Borrowings and Financings in the Aviation, Engineering, Infrastructure, Pharmaceuticals and Power Sectors.

The Firm’s Banking and Finance Practice has been the recipient of several Awards from 2011 till 2022 and as the 2023 “Banking and Finance Law Firm of the Year – India” and the 2022 Finance Law Firm of the year.


Capital Markets & Securities Law

Clients include several leading publicly listed companies. The Lawyers at the Firm have experience on a range of Public Issues, including Initial Public Offerings (IPOs), Preferential Issues, Non-Convertible Debentures (NCDs), Rights Issues, Institutional Placement Programmes (IPPs) as also on Global Offerings of American Depository Receipts (ADRs), Global Depository Receipts (GDRs) and Foreign Currency Convertible Bonds (FCCBs).

The Firm’s Securities Law Practice, apart from advisory work, represents corporates, promoters and individuals, before the Securities and Exchange Board of India, the Securities Appellate Tribunal and the Courts, and has been involved in several prominent matters.

The Firm has been the recipient of the 2022 Capital Markets Law Firm Award and also the 2013, 2014, 2015, 2016, 2019 Capital Markets Law Firm of the Year Awards – India and is a Recommended Law Firm for Capital Markets, 2018.


Competition Law

Work involves advisory and contentious work, before the Competition Commission of India. The Firm has advised its clients on Competition Law matters relating to several significant domestic and cross border deals and contracts.

The Firm has also been the recipient of the 2014, 2015, 2016, 2017, 2018 & 2019 Antitrust & Competition Law Firm of the Year – India Award.


Corporate (including M & A)

The Firm has advised leading foreign and Indian corporates and international organizations on Acquisitions and Disposals, Joint Venture Agreements, Stake Sales,  Business Transfer Agreements and  Slump Sales, including in the consumer products, engineering, pharmaceuticals, information technology, mining, shipping, courier services, oil & gas, logistics, real estate, hospitality, healthcare, aviation, retail, defense, advertising, publishing, chemicals, travel and leisure sectors.

The Firm has also recently advised Indian corporates in relation to their Overseas acquisitions, Joint Ventures and Projects in the SAARC region, The Middle East, Europe and the Far East, including in Bhutan, Iraq, Uzbekistan, Russia, Spain, Malaysia, Taiwan, Turkey, Jordan, Vietnam, the Philippines, Egypt, the U.A.E and Qatar.

The Firm has been involved in path breaking cross border M & A deals. The Lawyers at the Firm have also advised Bidders in the Privatisation Process, across various sectors.

The Firm has been a consistent recipient of several awards for its M & A work including the 2022 M&A Award, 2021 M&A Law Firms Award, 2020 Best Asian M&A Law Firm Award, the M & A Law Firm of the Year – India Awards for 2017, 2018 and 2019, and many others.


Dispute Resolution

Work includes competition law, corporate, commercial, intellectual property, labour, securities and taxation matters before a wide range of courts and tribunals. The Firm also handles domestic and international arbitrations, and has been involved in several high profile arbitrations in India and abroad.

The Firm’s Litigation Practice has been the recipient of the 2018, 2017, 2016 and 2015 Dispute Resolution Award, the 2015 Cross Border Dispute Resolution Award, the 2016 Sustained Excellence in Cross Border Disputes – India, the International Dispute Resolution Award 2017, the A I Dispute Resolution Award 2017, the 2018 International Commercial Arbitrators of the Year Award and has been ranked by Benchmark Litigation.


Energy, Engineering & Infrastructure

The Firm and its members have been involved in several major power projects in India and overseas in which they have acted for and advised foreign and domestic power companies and state electricity boards on IPPs, Co-generation projects, Solar, Wind Power Projects and Nuclear Power Projects.

The Firm also advises leading corporates in the Engineering and Infrastructure sectors in relation to their business engagements, establishment of facilities, joint venture initiatives, protection of IPR and business agreements both in India and Overseas. The Firm has also advised on other infrastructure projects such as oil and gas, mining, ports, pipelines, special economic zones (SEZs), airports, and telecommunications.

The Firm has been recipient of the 2016 Offshore Excellence Award as a Recognised Leader in Energy Projects – India and recognized as a Notable Law Firm for Energy and Natural Resources by Asia Law Profiles 2018.


Intellectual Property

Regulatory work for both foreign and Indian clients includes trademark, copyright and patent registrations, assignment and licensing work. The Firm has considerable experience in contentious IPR matters, including passing off and infringement work. The Firm has received the 2016 Intellectual Property Practitioner of the Year – India Award.


Real Estate and Construction

 The Firm’s Real Estate team has been involved in several significant real estate / land development projects in India. The Firm regularly advises corporates and individuals on title due diligence, transaction structuring, acquisition, sale, transfer, lease, leave and license of agricultural, industrial, residential and commercial properties, conveyancing deeds and documentation, and on all related issues such as governmental approvals / incentives/ schemes, land revenues, stamping, registration and other tax issues.

The Firm has been the recipient of AI Magazines 2017 Global Excellence Award as the Leading Real Estate Adviser of the Year – India. The Firm is ranked as a Recommended Law Firm for Construction & Real Estate, and as a Notable Law Firm for Projects and Infrastructure by Asia Law Profiles, 2018.


Restructuring, Insolvency and Bankruptcy

The Firm’s restructuring, insolvency and bankruptcy practice has wide experience before a range of courts and tribunals. The Firm has advised on reorganisations, corporate insolvency resolution processes (both voluntary and involuntary), voluntary liquidation of corporate persons and fast track corporate insolvency resolution processes under the Insolvency and Bankruptcy Code of India, 2016.

The Firm has received the 2016 & 2015 Bankruptcy & Restructuring Award.



There is a large practice in corporate, direct and indirect tax.

The firm has been the consistent recipient of several awards in 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2022 as the Law Firm of the Year – Tax, and as Corporate Tax Law Firm of the Year in India.



Clients include leading Indian & Foreign e-commerce, Information Technology and Media Companies.

The Lawyers at the Firm have been involved in some of the largest Private Equity Deals in Information Technology Sector, and also in IPOs, GDRs and ADRs offerings of Information Technology Companies. The Firm’s experience extends to Licensing and BPO Agreements, Online Portal User Agreements and Website policies of Information Technology and e-commerce Companies.


The Firm has advised and represented several major Foreign and Indian Corporates, Publicly Listed Companies, Multilateral Organisations, Banks, PSUs, Funds, Foreign Institutional Investors and Airlines across various sectors including Engineering, Infrastructure, Energy, Mining, Pharmaceuticals, Healthcare, Hospitals, Insurance, Financial Services, Education, Consumer Products, Tourism, Transport, Aviation, Courier Services, Logistics, Oil and Gas, Real Estate, Hospitality, Retail, Defense, Advertising, Publishing, Chemicals, Travel and Leisure, Ports, Pipelines, Special Economic Zones (SEZ), Airports and Telecommunications.


The Firm and its Partners have been recognized for their Aviation; Banking & Finance; Capital Markets & Securities Law; Corporate (M&A); Competition Law; Dispute Resolution; Energy, Engineering and Infrastructure; IPR; Real Estate; Restructuring, Insolvency and Bankruptcy; and Tax practices; including more recently in 2023 and 2022 as Leading Lawyers in India, in 2023 and 2022 by Who’s Who Legal, in 2022 by Legal Era, and in 2022 in IBLJ’s A List. Recent awards include the 2022 and 2021 M&A Law Award, 2023 and 2022 Aviation Law Firm of the Year Award, 2023 and 2022 Banking and Finance Law Firm of the Year Award, 2022 Capital Markets Law Firm of the Year Award, 2022 and 2021 Tax Law Firm of the Year Award,  and many others.

Gagrats is listed as a Leading Law Firm by several international publications such as Chambers & Partners, Chambers Asia Pacific, Asia Pacific Legal 500, Asia Law Profiles, IFLR 1000, IBLJ, Legal Era, Which Lawyer PLC & Who’s Who Legal.



  • R. J. Gagrat

Email –

  • U.A. Rana

Email –

  • Krunal Gadhia

Email –

  • U. Nagarajan

Email –

  • I. Sen

Email –


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Mumbai Mr. Rustam Gagratrjgagrat@gagrats.com022-67529037 - 52
Mumbai Mr. Krunal Gadhiakrunal_g@gagrats.com022-67529037 - 52
Mumbai Ms. Uma Nagarajanumanagarajan@gagrats.com022-67529037 - 52
Mumbai Ms. Ipshita Senisen@gagrats.com022-67529037 - 52
New Delhi Mr. Ujjwal Ranagagrat@gagratdelhi.com011-23322311 - 12
Meiron Damania photoMr Meiron DamaniaAssociate Partner, Gagrats
Arpana Dhariwal photoMs Arpana DhariwalPartner, Gagrats, Mumbai.
Zeeshan Farooqui photoMr Zeeshan FarooquiPartner, Gagrats, Mumbai.
RUSTAM GAGRAT photoMr RUSTAM GAGRATSenior Partner, Gagrats, Mumbai, & Gagrat & Co, New Delhi.
Krunal Gadhia photoMr Krunal GadhiaPartner, Gagrats, Mumbai
Jainuddin  Khan photoMr Jainuddin KhanAssociate Partner, Gagrats
Jainuddin  Khan photoMr Jainuddin KhanAssociate Partner, Gagrats
Himanshu Mehta photo Himanshu MehtaAssociate Partner, Gagrat & Co, Delhi
Mr. Manoj Mohapatra photo Mr. Manoj MohapatraPartner, Gagrats
Uma Nagarajan photoMs Uma NagarajanPartner, Gagrats, Mumbai.
Ujjwal Rana photoMr Ujjwal RanaManaging Partner, Gagrat & Co
Ipshita Sen photoMs Ipshita SenPartner, Gagrats, Mumbai.
Ms. Meghna Talwar photo Ms. Meghna TalwarPartner, Gagrats
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