Firm Profile > Cyril Amarchand Mangaldas > Mumbai, India

Cyril Amarchand Mangaldas
MUMBAI 400 013

Banking and finance Tier 1

Frequently acting for consortiums of lenders in project financing and debt restructuring mandates outside of the IBC process, Cyril Amarchand Mangaldas is well-positioned to advise distressed companies on creative resolutions, including bidding processes, and brings additional expertise in the country’s flourishing renewable energy sector, where they act for banks providing capital to fund major development projects. Amey Pathak, whose expertise lies in infrastructure projects, successfully advised a consortium of 18 lenders, led by the State Bank of India, on the resolution of Prayagraj Power Generation’s debt through an acquisition of the company’s majority shareholding, outside of the insolvency process. L. Viswanathan specialises in project financing, predominantly in the energy sector.


‘Pranav Sharma is technically very sound and adopts a commercial/ solution oriented approach in his advice. He is a solid negotiator, always attuned to the client’s business needs.’

Capital markets Tier 1

With expertise advising clients, predominantly lead managers and issuers, on debt and equity issuances, Cyril Amarchand Mangaldas’ practice stands out for its pioneering position in respect of IPOs in relation to India’s first registered REIT and InvIT. More broadly the firm handles extremely high-value capital raising mandates and bond issuances in a wide range of sectors, including renewable energy, financial services and banking. 'Excellent' practice head Yash J. Ashar manages the full gamut of capital markets transactions, including IPOs, QIPs, rights offerings and ADRs. Recently he led the team that advised Indinfravit Trust, the sponsor and the selling unit-holder in connection with the initial offering of units in the company, totalling approximately $460m, which required making representations to the SEBI and other regulators to establish a regulatory regime for listing units of an InvIT.


‘Cyril Amarchand Mangaldas is the pre-eminent leading firm in India for capital markets clients.’

‘Cyril Shroff and Yash Ashar are the standout partners leading the practice. They have gone from strength to strength since splitting from SAM, adapting to the growing Indian market whilst staying very technically focused and remaining very international in their approach.’

Key clients

Embassy Office Parks REIT

IndInfravit Trust

Power Finance Corporation Limited

HDFC Bank Limited

CreditAccess Grameen Limited

Oberoi Realty Limited

ReNew Power Limited

Barclays Bank PLC, Citigroup Global Markets Limited, J.P. Morgan Securities plc, The Hongkong and Shanghai Banking Corporation Limited, MUFG Securities Asia Limited and Standard Chartered Bank

Vodafone Idea Limited

India Grid Trust

ICICI Bank Limited

Standard Life (Mauritius Holdings) 2006 Limited

Kerala Infrastructure Investment Fund Board

Aavas Financiers Limited

Department of Investment and Public Asset Management

Indian Oil Corporation Limited

JSW Steel Limited

Polycabs India Limited

Hindustan Construction Company Limited

Corporate and M&A Tier 1

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.


“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

Dispute resolution Tier 1

Cyril Amarchand Mangaldas' 'excellent' litigation group has extensive experience representing and advising clients, including members of the committee of creditors and financial creditors, during cases under the IBC, and has acted in several landmark judgments before the Supreme Court of India. The firm’s broader litigation expertise spans corporate, criminal, intellectual property and fraud cases, and the team handles proceedings in courts throughout the country as part of its pan-India offering. Gauri Ragostra, who has 26 years’ experience handling contentious and non-contentious corporate matters, stands out for her representation of the new board of directors of IL&FS in proceedings before the National Company Law Tribunal (NCLT) in relation to the company’s default of INR900bn.

Key clients

ICICI Bank Limited

Government appointed board of IL&FS and group companies

Board of Control for Cricket in India

National Stock Exchange of India

Consortium of Lenders to Jaypee Infratech Limited

The Committee of Creditors of Bhushan Power and Steel

Ernst & Young

Sun Direct TV Pvt Ltd and South Asia FM Ltd

Larsen & Toubro Limited

Alvarez and Marsal

Dispute resolution: arbitration Tier 1

Cyril Amarchand Mangaldas' pan-India practice handles a high volume of domestic and international arbitrations in a broad sweep of sectors, including construction, sports, banking and power, as well as in emerging sectors such as fintech and renewable energy. The group has particular expertise in contractual and construction disputes, matters involving the invocation of bank guarantees, and insolvency and bankruptcy law. In a significant ongoing mandate, Raunak Dhillon is acting for IDBI Bank in a dispute between a consortium of public sector lenders and private concessionaires relating to the financing of the western peripheral expressway around New Delhi. Junior partner Indranil D Deshmukh covers disputes relating to commercial contracts, joint ventures, shareholders' agreements, construction projects and media rights contracts.

Key clients

Baharampore Farakka Highways


Board of Control for Cricket in India

L&T Hydrocarbons

Indian Hotels Company

Mytrah Energy

Investment funds Tier 1

Cyril Amarchand MangaldasShagoofa Khan is a leading name in the fund of funds space, having handled the establishment of National Investment and Infrastructure Fund's fund of fund platform and subsequent downstream investments. Joint venture investment exercises are another strong point for the team for fund types including private equity, venture capital, distressed funds, REITs and infrastructure funds. The full lifecycle is managed by the firm, from the establishment of all manner of vehicles and ongoing regulatory compliance to the winding-up process. Domestic fund buyouts by foreign investors is another niche field of expertise. Ravindra Bandhakavi has joined from Trilegal.


The team is responsive, perspicacious and engaging.

Shagoofa Rashid Khan works swiftly and tirelessly and is a complete professional; the same can be said for Danish Kazi.

Key clients

National Investment and Infrastructure Fund

Canada Pension Plan Investment Board

Asian Infrastructure Investment Bank

Capital Dynamics

Fund Counsel for Edelweiss Infrastructure Yield Plus

IDFC Alternatives

The Phoenix Mills

AION India Investment Advisors

SSG Advisors LLP

Emso Asset Management

LICHFL Asset Management Company

UTI Capital

CLSA India

Samara Capital

Kotak Investment Advisors

Projects and energy Tier 1

Cyril Amarchand Mangaldas is one of the first ports of call for transactions (including acquisitions) in the renewable energy space, in which the practice receives instructions from leading domestic and international lenders, manufacturers and developers. The department has extensive experience in drafting and negotiating project agreements in various infrastructure sectors, including power, airports, oil and gas, ports, roads and railways, and is also adept at advising clients on various forms of concession agreements, as well as cross-border financing structures. L Viswanathan has particular expertise in regulatory aspects of large-scale energy projects, while Santosh Janakiram leads on mandates pertaining to renewable energy, and is involved in bond and structured debt financing. Another key practitioner is Amey Pathak, who is active in the financing of infrastructure projects.


‘Cyril Amarchand Mangaldas fields a market leading team, which is technically strong, highly practical and commercially aware.’

‘Santosh Janakiram is highly responsive and gives practical and commercially astute advice.’


Key clients

State Bank of India

Canada Pension Plan Investment Board

Adani Group

Greenko Group

ReNew Power

International Finance Corporation

Azure Group

SoftBank Energy

GVK Group

Asian Development Bank

L&T Finance Limited

GMR Group


Restructuring and insolvency Tier 1

Cyril Amarchand Mangaldas has a strong track record of advising on stressed assets, restructuring and insolvency law across sectors including steel, power and telecoms. The practice is well equipped to deal with stressed debts on behalf of financial institutions to enhance recovery alternatives, and is also adept at representing bidders for distressed assets. Having advised on the insolvency resolution processes of all 12 of the largest defaulters in corporate India, the team primarily assists insolvency professionals, lenders, and resolution applicants and bidders. The practice is co-headed by L Viswanathan, who is currently advising on many proceedings under the Insolvency and Bankruptcy Code (IBC), and Cyril Shroff, who has experience across restructuring mandates. Dhananjay Kumar has expertise in debt restructuring, as well as in acting for leading banks, office-holders and asset reconstruction companies in cases under the IBC.

Key clients

Mr. Satish Kumar Gupta (resolution professional of Essar Steel India Limited) and Alvarez & Marsal India Private Limited

Committee of Creditors of Monnet Ispat & Energy Limited

Committee of Creditors of Bhushan Power & Steel Limited

Lenders and financial institutions in the Committee of Creditors of Jaypee Infratech Limited

Committee of Creditors of the Videocon group entities

Consortium of lenders to Jet Airways (India) Limited led by State Bank of India

Committee of Creditors of ABG Shipyard Limited

Board of Directors of Infrastructure Leasing & Financial Services Limited

Mr. Shailendra Ajmera (resolution professional of Ruchi Soya Industries Limited)

Consortium of lenders to SKS Power Generation (Chhattisgarh) Limited

TMT Tier 1

Cyril Amarchand Mangaldas counts global banking, technology, consumer goods and medical companies to its client list, providing the full range of TMT-related matters. The team recently supplied regulatory guidance on the establishment of e-commerce platforms, OTT streaming platforms, payment system companies and other emerging technologies. Data protection is a particularly strong point for the practice, having advised on compliance with the fast-moving legislative developments in that area. A number of production houses and media networks often approach the firm for advice on licensing, sponsorship and other agreements. The firm also cites niche regulatory knowledge in the fields of online gaming and interactive media. In a recent development, the firm acquired the media and entertainment practice of Ashni Parekh, who has joined as a senior adviser.

Key clients

Apollo Hospitals Enterprises

The Boston Consulting Group


ANI Technologies Private Limited

Sun TV Network

Amazon Technologies

Canara Bank

True Software Scandinavia AB

Reliance Jio Infocomm

Tata Sons; Tata Teleservices; Tata Teleservices

Coca-Cola India

Financial Software and Systems Private

JetPrivilege Private

Varian Medical Systems

Antitrust and competition Tier 2

The merger control expertise of Cyril Amarchand Mangaldas’ competition practice significantly bolsters the firm’s market-leading transactional presence; professionals such as Avaantika Kakkar and Anshuman Sakle regularly appear before the CCI on complex merger filings including Phase II applications for multinationals in sectors such as retail, FMCG, telecoms, e-commerce, pharmaceuticals and energy. Enforcement instructions comprise abuse of dominance and cartelisation investigations and relevant turnover applications in the upper courts. The firm is also known for assisting clients during dawn raids by the CCI.


A top-tier competition practice with good ties to the authorities.

An excellent team with deep knowledge of the law.

Has a good grasp of the issues and provides a holistic approach.

Avaantika Kakkar is an excellent lawyer with a great team around her. She is one of the preeminent competition practitioners in India.

Avaantika Kakkar is practical, pragmatic and great with clients.

Key clients

Reliance Industries

Kraft Heinz India


Samara Capital

Proctor & Gamble Company

United Breweries

TTK Healthcare

Karam Chand Thapar & Bros. (Coal Sales)

Hindustan Unilever


Insurance Tier 2

The corporate team at Cyril Amarchand Mangaldas provides the full range of insurance support for its extensive client list. Typical instructions involve assisting domestic and international insurers and reinsurers on market-entry strategy, joint venture structuring, minority and majority stake acquisitions, investment structuring and IPOs.

Real estate and construction Tier 2

The real estate team at Cyril Amarchand Mangaldas handles the full gamut of mandates, ranging from title due diligence to drafting and negotiating conveyance deeds, leases, licences and construction contracts. The practice is proficient in dealing with complex real estate transactions, including equity and debt financing and joint development arrangements, and also provides advice on land acquisition, township developments and slum rehabilitation projects. Namrata Kolar, who handles disputes in the sector, jointly heads the department with Abhishek Sharma, who joined from Khaitan & Co LLP and specialises in commercial and retail real estate transactions. Mridul Kumbalath, who is based in the Bangalore office, has experience in advising on construction laws concerning development control regulations, buildings rules and bye-laws.


‘The team’s timely responses and logical reasoning help in-house legal counsel present the case to the commercial team in the company.’

‘The team members are knowledgeable and are familiar with the local legislation which governs the project lands.’

Key clients

JP Morgan India Services Private Limited

Blackstone Advisors India Private Limited

Canada Pension Plan Investment Board

Goodearth Eco Development Private Limited

Sobha Limited

Property Share Online Platform Private Limited

Bagmane Group

KCT Group

M/s. Bren Corporation

Puravankara Limited

Provident Housing Limited

IndusInd Bank Limited

RMZ Constructions India Private Limited

Prestige Estates Projects Private Limited

DivyaSree Group

Altico Capital India Private Limited

Embassy Industrial Parks Private Limited

ASK Property Investment Advisors Private Limited

SmartCity (Kochi) Infrastructure Private Limited

CoWrks India Private Limited

Facebook India Online Services Private Limited

Omaxe Limited

Sara International Private Limited

Rahul Gautam (promoter of Sheela Foam)

Pioneer Urban Land & Infrastructure Limited

Data Center Holdings India LLP

Tax Tier 2

The tax practice at Cyril Amarchand Mangaldas offers the full range of advisory services to a sizeable list of domestic and international corporate clients. Key names Mekhla Anand and S.R. Patnaik provide expertise in indirect and direct tax issues respectively, with an emphasis on handling significant corporate M&A transactions and restructurings. Daksha Baxi strengthens the team’s international taxation knowledge; she provides particular expertise in global restructuring strategy, anti-avoidance compliance and providing regulatory advice for corporate names entering the Indian market.

Key clients

State Bank of India

MAN Trucks & Bus AG (a Volkswagen group entity)

Hindustan Unilever

Engineers India

Procter  &  Gamble

Adler Mediequip

Kerala Infrastructure Investment Fund Board

Gillette Diversified Operations

Mumbai International Airport

White-collar crime Tier 2

The majority of instructions at Cyril Amarchand Mangaldas involve establishing white-collar crime compliance frameworks and anti-bribery and corruption reviews for corporate clients. The team assists with internal investigations owing to whistleblower complaints, while forensic diligence on corporate transactions is also another regular avenue of work. Former practice head Kunal Gupta departed for Trilegal.



A user-friendly, market-leading white-collar crime practice.

Key clients

Varian Medical Systems

Standard Chartered Private Equity

Tirupati Medicare

Adani Ports and Special Economic Zone

India Resurgence Asset Management Business

Intellectual property Tier 3

Recent contentious matters for Cyril Amarchand Mangaldas’ IP offering involved defending and initiating trade mark infringement and passing off cases through the courts as well as handling opposition proceedings before the Intellectual Property Office and Appellate Board. Practice head Ranjan Negi assists with transactional issues such as portfolio transfers on M&A deals, due diligence exercises and content licensing.

Key clients




Take-Two Interactive Software

Mulberry Company


Bobst MEX

Boiler Room


Sesame Workshop

Labour and employment Tier 3

Rashmi Pradeep and associate Bishen Jeswant of Cyril Amarchand Mangaldas’ labour and employment practice received client praise for handling large-scale restructuring programmes resulting from acquisitions and divestments. Internal policy review, general regulatory advice, C-suite level terminations and contractual drafting (including employee benefit plans) for market-entry clients are others fields of expertise. Recent contentious work involved data privacy disputes and defending misconduct allegations. The client list comprises a diverse range of multinationals in sectors such as financial services, aviation, manufacturing and IT. Manishi Pathak is now at IndusLaw.


Provides very user-friendly employment law support.

Abe Abraham has a good understanding of industry practices.

Rashmi Pradeep and Bishen Jeswant’s expertise and experience with employment and labour laws stands out from the others. They ensure that their advice and input is very practical instead of providing theoretical answers.

Key clients

Procter & Gamble

Air India

The Boston Consulting Group

Bank of America Merrill Lynch

ExxonMobil Services & Technology

Thomson Reuters India

People Interactive

Aliaxis Group S.A.

Skypower Group

Pfizer Healthcare India


Scientific Games

Mahanagar Gas Limited


Reed Elsevier

Bank of Baroda

Cyril Amarchand Mangaldas is India’s largest full-service law firm, with about 750 lawyers, including 130 partners, and offices in India’s key business centres of Mumbai, New Delhi, Bengaluru, Hyderabad, Ahmedabad, and Chennai.

Our practices include corporate/commercial, banking & finance, capital markets, litigation & dispute resolution, projects, competition law, employment, financial services regulatory, investment funds, intellectual property, private clients, real estate, tax, investigations and TMT, amongst others.

Our clients comprise domestic and foreign commercial enterprises, technology companies, financial institutions, private equity funds, venture capital funds, start-ups and government and regulatory bodies.

We have been consistently recognised for our top quality work by leading international as well as domestic publications.

Our recent work includes:

  1. Advising Reliance Industries in the proposed investment of USD 3.7 billion by Brookfield Group in the  Tower Infrastructure Trust  comprising of the tower infrastructure business of Reliance Jio.
  2. Advising Hindustan Unilever Limited in the USD 4.5 billion (approx..) amalgamation with GlaxoSmithkline Consumer Health care Limited which is the largest deal in the consumer goods space in India.
  3. Acting as the Indian Legal Counsel to The Procter & Gamble Company in relation to the USD 4.2 billion (approx.) acquisition of Consumer Health Business of Merck KGaA, Darmstadt, Germany.
  4. Advising REC Limited in  Power Finance Corporation Limited’s  acquisition of Government of India’s 52.63% stake in REC Limited
  5. Advising Reliance Industries Limited in relation to its acquisition of controlling stake of 51.03% in Hathway Cable and Datacom Limited for USD 422 million (approx.)
  6. Acting as Indian legal counsel to SoftBank and DiDi in multiple investment rounds (both primary and secondary) in Oravel Stays Private Limited (“Oyo”).
  7. Advising Bank of Baroda in the USD 216 billion (approx.) proposed amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda. This is the first amalgamation of listed nationalized banks with public shareholders and first three–way merger of nationalized banks.
  8. Advising Adani Transmission Limited in its acquisition of Reliance Infrastructure’s Mumbai Power Business, making it the country’s largest private sector integrated power utility.
  9. Advising Embassy REIT in setting up an IPO of India’s first REIT – Embassy Office Parks Real Estate Investment Trust.
  10. Representing the respondent banks and financial institutions in the matter of Swiss Ribbons v. Union of India before the Supreme Court of India which upheld the constitutional validity of the IBC in entirety, setting aside all challenges by several petitioners.
  11. CAM’s competition law team acted for and advised Flipkart in relation to securing an unconditional approval from the Competition Commission of India (“CCI”) in Walmart Inc.’s (“Walmart”) acquisition of approximately 77% shareholding in Flipkart for USD 16 billion (approx.).
  12. Project Sashakt is the unique solution adopted by Indian banks to resolve stressed assets in the Indian banking sector, which provides for a ‘five-pronged approach’. The Firm has worked closely with the Sunil Mehta Committee in conceptualising, drafting and finalising the industry-spanning ‘Inter-creditor Agreement for Resolution of Stressed Assets’ that has already been signed by a number of banks and non-bank financial institutions. As part of this exercise, lawyers of the Firm along with the Committee members engaged with the leadership of banks and financial institutions to achieve consensus on the framework and reach a common ground.
Department Name Email Telephone
Managing Partner Cyril Shroff +91 22 24964455
Head-General Corporate Reeba Chacko +91 80 67922000
Chair- Project & Project Finance L Viswanathan +91 22 24964455
Financing Santosh Janakiram +91 22 24964455
Head-Capital Markets Yash Ashar +91 22 24964455
General Corporate Vandana Shroff +91 22 24964455
Funds,Investments & Advisory , General Corporate Shagoofa Rashid Khan +91 22 24964455
Head-Competition Law Avaantika Kakkar +91 22 24964455
General Corporate , Employment,Corporate Governance Rashmi Pradeep +91 80 67922000
Financial Regulatory Practice Shruti Rajan +91 22 24964455
General Corporate , Private Client Practice Rishabh Shroff +91 22 24964455
General Corporate , Private Client Practice Radhika Gaggar +91 22 24964455
Real Estate and Dispute Resolution Namrata Kolar +91 80 67922000
Real estate and Conveyancing Sandeep Dave +91 22 24964455
Head- International Taxation ; Tax Daksha Baxi +91 22 24964455
Head- Taxation S R Patnaik, +91-11 66229000
General Corporate,TMT Arun Prabhu +91 80 67922000
General Corporate, Media & Entertainment Practice Bharat Vasani +91 22 24964455
Deputy Head- General Corporate Nivedita Rao +91 80 67922000
Financing Leena Chacko +91 22 24964455
Financing Pranav Sharma +91 22 24964455
General Corporate Shishir Jose Vayttaden +91 22 24964455
Head – Mergers & Acquisitions Akila Agrawal +91 11 66229000
Head-South, General Corporate Arjun Lall +91 80 67922000
Deputy Head- Delhi ,Dispute Resolution Gauri Rasgotra +91 11 66229000
Dispute Resolution Shaneen Parikh +91 22 24964455
Head- Private Equity ;General Corporate Ravindra Bandhakavi +91 11 66229000
Co-head,Real Estate Abhishek Sharma +91 22 24964455
Project and Project Finance Dhananjay Kumar +91 22 24964455
Project and Project Finance Amey Pathak +91 22 24964455
Dispute Resolution Gyanendra Kumar +91 11 66229000
Capital Markets Gokul Rajan +91 11 66229000
White Collar Crime Faraz Alam Sagar +91 11 66229000
Photo Name Position Profile
Mr Yash Ashar  photo Mr Yash Ashar
Ms Daksha Baxi  photo Ms Daksha Baxi
Mr Sandeep Dave  photo Mr Sandeep Dave
Ms Radhika Gaggar  photo Ms Radhika Gaggar
Mr Santosh Janakiram  photo Mr Santosh Janakiram
Ms Avaantika Kakkar  photo Ms Avaantika Kakkar
Ms Shagoofa Khan  photo Ms Shagoofa Khan
Ms Shruti Rajan  photo Ms Shruti Rajan
Mr Cyril Shroff photo Mr Cyril Shroff
Mrs Vandana Shroff  photo Mrs Vandana Shroff
Mr Rishabh Shroff  photo Mr Rishabh Shroff
Mr Bharat Vasani    photo Mr Bharat Vasani  
Mr L Viswanathan  photo Mr L Viswanathan
Number of lawyers : 700
at this office : 320
regional Indian languages