JSA Law > New Delhi, India > Firm Profile

B 303, 3rd Floor, Ansal Plaza, Hudco Place, August Kranti Marg, New Delhi – 110049, Delhi, India

India > Banking and finance Tier 1

Areas of recent focus for JSA Law' banking and finance practice include the provision of advice to banks and NBFCs on structured trade finance, and assistance with financing rounds into infrastructure investment trusts; Anish Mashruwala handles the former. Aashit Shah heads the practice, advising on the full range of real estate finance including acquisition finance, project development loans and lease rental discounting. Dina Wadia and Utsav Johri are key partners, known for handling the full scope of debt transactions including structured deals. In an impressive mandate, the team advised a consortium of international lenders (comprising Barclays, BNP Paribas and SCB among others) on the ECB leveraged buyout arrangements delivered to a major manufacturing corporate.

Practice head(s):


‘JSA is one of our top-two go-to firms in India. They have represented us in several onshore debt (NCD) transactions. They get deals done efficiently and produce high-quality advice and documentation. JSA knows India deals.’

‘Aashit Shah is a stand-out Indian law firm partner who is invariably our first stop for advice on finance deals. He is sharp, energetic and personable. We recommend Aashit without reservation. His team is also great. Partner Utsav Johri is hardworking and capable – always a safe pair of hands on deals. ’

‘JSA is one of our preferred counsels for banking and finance transactions. They have a good team of lawyers and are thorough in research. ’

Key clients

Standard Chartered Bank

Ares SSG

Allianz GI

Deutsche Bank

Credit Suisse AG

Edelweiss Group

State Bank of India

Citibank / Citigroup



Axis Bank

DBS Bank Limited

Sumitomo Mitsui Banking Corporation

Mizuho Bank



Goldman Sachs

CDC Group Plc


Piramal Finance

Kotak Bank


RBL Bank

First Abu Dhabi Bank, UAE

John Deere

JP Morgan

EXIM Bank of India

Work highlights

  • Advised SJVN Thermal on its 8448 crore term loan facility availed to a consortium of lenders for the part financing of a 1320 MW coal-based thermal power project.
  • Acted as Indian counsel to the syndicate of lenders (Barclays Bank, BNP Paribas, The Hongkong and Shanghai Banking Corporation Limited, Investec Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation) and mandated lead arrangers and bookrunners in connection with a secured ECB of $360m to PGP Glass Private Limited, an Indian SPV owned by The Blackstone Group.
  • Advised DB Internationa and Standard Chartered Bank (Singapore) in connection with issuance of redeemable, rated, listed, secured, non-convertible bonds aggregating to 2,500 crores by West Waves Maritime & Allied Services.

India > Capital markets Tier 1

JSA Law‘ capital markets team expanded in June 2020, with Madhurima Mukherjee and her team, including partner Niruphama Ramakrishnan, joining the Gurugram office from AZB & Partners. The group advises on equity capital markets transactions on the underwriter side as well as debt capital markets matters, and has seen an increase in instructions relating to public InvITs. The team also handles SEBI registrations. In Mumbai, Arka Mookerjee has over a decade of expertise in IPOs, QIPs and convertible bonds, whilst Dina Wadia leads the debts capital markets group, and Uttara Kolhatkar covers the full range of capital markets transactions. Rohitashwa Prasad is also a key contact in Gurugram.


‘Good team with knowledge of InvIT regulations.’

‘Madhurima Mukherjee and Niruphama Ramakrishnan are well versed in SEBI issues with respect to InvITs.’

Key clients

Rossari Biotech Limited

Route Mobile

Laxmi Organics India Limited

Craftsman Automation Limited

The Phoenix Mills Limited

National Commodities and Derivative Exchange Limited

Alembic Pharmaceuticals Limited

Shriram Transport and Finance Company Limited

IDFC FIRST Bank Limited

Dilip Buildcon Limited

One Mobikwik Systems Private Limited

National Highways Authority of India

Power Grid Corporation of India Limited

Cerestra Advisors Private Limited

Affle India Limited

GR Infra Limited

Antony Waste Handling Cell Limited

Century Metal Restructuring

Railtel India Limited

Export-Import Bank of India

REC Limited

State Bank of India

Power Finance Corporation Limited

ICICI Securities Limited

Axis Capital Limited

Citi Group Capital Market Limited

IIFL Securities Limited

JM Financial Limited

SBI Capital Markets Limited

Shyam Metalics and Energy Limited

Sundaram Finance Holdings Limited

Work highlights

  • Advised Axis Capital Limited and ICICI Securities Limited in relation to the recently concluded initial public offering of Rossari Biotech Limited.
  • Advised on the qualified institutions placement of equity shares by the Phoenix Mills Limited with CLSA India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, Kotak Mahindra Capital Company Limited and UBS Securities India Private Limited acting as the lead managers to the issue.
  • Advised ICICI Securities Limited, BNP Paribas, Citigroup Global Markets India Private Limited, Credit Suisse Securities (India) Private Limited, HSBC Securities and Capital Markets (India) Private Limited, J. P. Morgan India Private Limited, Axis Capital Limited and SBI Capital Markets Limited in relation to the INR14.9bn rights issue by STFC Limited.

India > Corporate and M&A Tier 1

Present across the major financial hubs in the country, JSA Law‘ corporate and M&A team advises prestigious domestic and international corporates on the breadth of transactions, corporate governance and regulatory issues. Co-heads Sajai Singh and Shivpriya Nanda, Sidharrth Shankar, Rupinder Malik and Sandeep Mehta are equally adept at guiding clients through strategic acquisitions and divestments, distressed M&A, and post-acquisition integrations. With impressive knowledge of the technology sector, Bangalore-based Probir Roy Chowdhury is deployed on marquee deals, including Google’s multibillion-dollar strategic investment in Jio Platforms. Further recent deal highlights were executed in the automotive, telecoms, retail and media and entertainment sectors.

Practice head(s):


‘Thoroughness, responsiveness and commercial orientation.’

‘Great experience in complex transactions and working well as part of a global legal team.’

‘Venky Prasad is a fantastic resource for the firm. Experienced, easy to work with and highly capable.’

Key clients


Altium Group

Amazon Asia-Pacific Resources Pte. Ltd

ANI Technologies (OLA)


Crompton Greaves


Danaher Corporation






Ford Motor Company

Goodworker PT

Google LLC

Government of India

Grupo Bimbo

Hero Group

India Power Grid Trust

Indiabulls Real Estate Limited (IBREL)




PayU Global B.V.

PepsiCo India

Qualitest UK


TVS Supply Chain Solutions Limited

The Hain Celestial Group


Volvo Group

Wolters Kluwer United States Inc

Work highlights

  • Advised Google on its strategic investment in Jio Platforms of $4.5bn.
  • Advised Indiabulls Real Estate on the proposed merger of N.A.M. Estates Private Limited and Embassy One Commercial Property Developments Private Limited.
  • Advised Mastercard on its 100% acquisition of Finicity Corporation and its subsidiary – Finicity Technologies.

India > Dispute resolution: litigation Tier 1

JSA Law handles a significant caseload of domestic and international litigation, particularly banking, white-collar crime, and international trade cases. The group, which is singled out for its ‘excellent knowledge’, is able to leverage firm-wide strength in taxation, competition, and regulatory work to represent large multinational clients and foreign banks in a variety of disputes. Senior partners Amit Kapur and Amar Gupta are among the key contacts in the group, regularly handling commercial disputes, with Dheeraj Nair remaining the name to note for high-stakes litigation (including cases before the Supreme Court). Mining, construction and engineering sector disputes are dealt with by Dhirendra Negi.

Practice head(s):

Other key lawyers:


‘A very good team who provide very realistic opinions. They are good at drafting and excellent at briefing senior counsel based on counsel’s strongest points and at the management of perspectives and requirements.’

‘Dhirender Negi is an excellent lawyer for any corporation requiring dispute resolution.’

‘Good team, presence across all verticals, transparent billing.’

‘Excellent knowledge and problem-solving approach.’

Work highlights

    India > Projects and energy Tier 1

    Having carved out a name for itself for climate change, sustainability and environmental regulation expertise, JSA Law is a go-to name for large-scale related projects, encompassing PPPs, M&A transactions, project financing and EPC contract structures. Co-heads Venkatesh Raman Prasad and Vishnu Sudarsan also advise on government policy and regulations. Co-head Amit Kapur has vast experience in multibillion-dollar, precedent-making PPPs in the electricity and transport sectors. The practice advises on gas supply infrastructure and gas trading platforms, and in the aerospace sector, Sudaran and Ashish Suman assist with brownfield site privatisation contracts. Abhishek Munot handles commercial litigation and arbitration in the energy sector for major multinationals.

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    ‘Very good understanding of oil and gas in India, including the regulatory framework, bidding and approval process, arbitration.’

    ‘No professional arrogance or superiority and the individuals show respect for the views expressed by the client and guides them properly.’

    Key clients

    Hero MotoCorp Limited (HMCL)

    Asian Development Bank

    Adani Power

    Convergence Energy Services

    Orb Energy

    Model Economic Township

    Intellismart Infrastructure

    Tata Power

    Sembcorp India

    Hero Future Energies

    Energy Efficiency Services Ltd

    Dilip Buildcon Limited

    Indian Gas Exchange Ltd.

    Talgo Group

    Vedanta Group

    Vestas Wind Systems A/S


    STT Global Data Centre

    Airports Authority of India

    Indian Oil Corporation Limited

    World Bank Group

    Reliance Infrastructure Limited

    Reliance Power

    Oil and Natural Gas Corporation Limited

    India Grid Trust

    Cargill India Pvt. Ltd

    GMR Power

    RATP Dev and Transdev Asia

    Juniper Energy & AT Group

    Sterlite Power (Vedanta Group)

    GVK Power

    Enel Group

    Statkraft India

    Reliance Infratel Limited

    Jindal Steel and Power Limited

    Selan Exploration Technology Ltd

    Nordex Group

    Ministry of Railways

    Sistema Shyam

    Tata Power Delhi Distribution Private Limited

    BSES Rajdhani Power Private Limited

    NTPC limited

    NTPC Vidyut Vyapar Nigam Limited

    Oil India Ltd

    Yamuna Expressway Industrial Development Authority

    Talwandi Sabo Power Ltd. (TSPL)

    GM Vemagiri Power Generation Limited

    Baker Hughes

    C.G. Power and Industrial Solutions Limited (“CG”)

    Connectwell Industries Pvt Ltd.

    UltraTech Cement Ltd.

    WebEx Communications India Private Limited


    Devas Multimedia Pvt. Ltd.

    Association of Power Producers

    Tata Power Trading Company Limited

    Shapoorji Pallonji Group

    Tata Power Renewable Energy Limited

    Coastal Gujarat Power Limited

    UltraTech Cements Limited

    BLP Wind Projects (Amberi) Private Limited

    Continuum Wind Energy

    CG Power and Industrial Solutions Limited

    ORIX Corporation

    K. Raheja Group

    Netmagic IT Solutions Pvt. Ltd.

    Superior Energy Services Holdings B.V.

    Resurgent Power Ventures

    National Highways Authority of India

    UP Power Corporation Limited

    Work highlights

    • Successfully represented Lalitpur Power Generation Company Limited before the Appellate Tribunal for Electricity challenging Uttar Pradesh ERC’s Order denying Change in Law relief and in-principle approval for incurring capital expenditure for complying with Ministry of Environment, Forest and Climate Change Notification prescribing revised emission norms for thermal power plants.
    • Advised Indian Gas Exchange Limited on the launch of India’s first automated national level Gas Trading Platform (GTP) which will enable market participants to trade in standardised gas contracts.
    • Successfully represented UltraTech Cement before Ld. Andhra Pradesh Electricity Regulatory Commission in obtaining a relief that the power consumed from waste to heat recovery system based cogeneration plants has to be treated at par with consumption of electricity from renewable energy sources.

    India > Antitrust and competition Tier 2

    At JSA Law, the team is headed by Farhad Sorabjee in Mumbai and handles a significant volume of merger control matters. The group also has a sizeable contentious offering and frequently represents clients before the High Courts and CCI in abuse of dominance cases; New Delhi-based Vaibhav Choukse is the key name here, with support from associate Ela Bali. Energy, pharmaceuticals, and chemical manufacturing remain core areas of activity for the group.

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    Key clients

    Ford Motor Company

    Hyundai Motors India Limited

    Microsoft Corporation

    Temasek Holdings (Private) Limited

    Aisan Industry Co., Ltd. (Japan)

    Mirae Asset-Naver Asia Growth Investment Pte. Ltd.

    DP World (Dubai Ports)

    Kubota Corporation, Japan

    Mikuni Corporation, Japan

    IBM Corporation

    Cinepolis India Private Limited

    JSW Steel Limited

    Continental India Private Limited

    John Deere India Private Limited

    Adani Power Limited

    Prestige Projects Private Limited

    Volvo Group India Private Limited

    Work highlights

    • Successfully defended Diamond Electric Manufacturing Co. Limited, Mikuni Corporation and Aisan Industry Co. before the CCI in relation to claims of alleged cartelisation among Japanese auto-component manufacturers for the supply of auto-parts to global original equipment/car manufacturers.
    • Acted for the Prestige group in seeking CCI approval for the sale of its assets (commercial offices, retail and hotel properties, and its mall management and maintenance business) to the Blackstone Group Inc. in a billion-dollar deal.
    • Acted for Goldman Sachs in seeking CCI approval for a business combination involving ReNew Power Private Limited.

    India > Aviation (including aerospace and defence) Tier 2

    At JSA Law, the civil aviation practice is singled out for its strength in litigation and has appeared in cases before the Supreme Court of India. Leading domestic carriers and international airlines engage the firm for contractual disputes, as well as for commercial and corporate finance matters. The team also handles aircraft leasings and aircraft financings. In Delhi, seasoned practitioner Poonam Verma leads the team, while joint managing partner Amit Kapur is the key contact for complex regulatory issues. Shivpriya Nanda in Haryana advises major transport clients on privatisation projects and M&A and other transactions.

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    Work highlights

      India > Labour and employment Tier 2

      At JSA Law, the most recent headline labour work has concerned M&A transactions and other corporate divestitures for clients including Rakuten and ViacomCBS. Practice co-heads Sajai Singh and Shivpriya Nanda are the key players here, with strong support from Minu Dwivedi, who in turn advises on wage reductions and pay incentive alterations prompted by the Covid-19 pandemic. Elsewhere, Rupinder Malik is strong in POSH-related disputes and fraud investigations, while Sandeep Mehta has recent experience advising on workforce restructurings and terminations. The firm also handles general HR and regulatory employment issues, including data privacy matters, senior hires and exits, and trade union negotiations.

      Practice head(s):

      Key clients

      Sistema Shyam Teleservices


      BycyShare Technologies

      Aviva Life Insurance Company India

      Spencer Stuart

      Alliant Group

      Hahn Air Lines

      Hubbell Group of Companies

      Turner India


      Work highlights

      • Advised Rakuten Mobile (a wholly owned subsidiary of Rakuten Inc.) on its 100% acquisition of Innoeye Software Technologies  and Innoeye.
      • Advised several clients on the impact of the Supreme Court’s recent ruling on the interpretation of ‘basic wages’ under provident fund law, particularly relating to wage restructuring, past compliance, risk assessment of liability, and provisioning of provident fund liability in the books of accounts of various clients.
      • Advised an Indian subsidiary of a US data and telecoms equipment provider on several contentious aspects of employee terminations, relating  to post-acquisition termination of employment on grounds of non-performance, and responding to employee’s claims on disability benefits and medical compensation.

      India > Private equity and investment funds Tier 2

      In a notable highlight at JSA Law‘ private equity practice, Rupinder Malik assisted a real estate fund manager with the establishment of a $500m investment platform targeting Grade-A office property. Bangalore-based co-head Sajai Singh incorporates robust regulatory knowledge to private equity transactions in the TMT sector. Vikram Raghani recently advised on partial exits in the financial services sector and Chennai-based Aarthi Sivanandh is a leading expert on the US-India business corridor. Manvinder Singh and co-head Shivpriya Nanda are also key names.

      Practice head(s):

      Key clients

      Amicus Partners

      Advent International

      Affirma Capital (formerly SCB PE)

      A91 Capital Partners

      Baring Private Equity Asia

      Carlyle group

      Creador Private Equity

      eBay Singapore Services Pte LtdPrestige Estates Projects Limited

      Evolvence Fund

      Good Capital Fund I


      Motilal Oswal Private Equity

      Multiples Alternate Asset Management Private Limited

      Norwest Venture Partners

      Oman India Joint Investment Fund

      Premji Invest

      Sanaka capital

      Tata Healthcare Fund

      Qualitest Group (owned by Bridgepoint PE)


      Unitus Seed Fund II

      Work highlights

      • Assisted Baring Private Equity Asia with the successful delisting of the equity shares of Hexaware Technologies Limited from the stock exchanges in India.
      • Advised on the setting up of the Build-To-Core II platform (GBTC II) by Godrej Fund Management, the real estate private equity arm of Godrej Group.
      • Advised Altruista Health Holdings L.L.C. on the India law aspects of the sale of Altruista Health which was owned by a healthcare-focused private equity firmvMartis Capital, to HealthEdge Software.

      India > Real estate and construction Tier 2

      Supported by a network of offices spanning the north and south of India, JSA Law‘ real estate practice provides end-to-end advice on the construction and development of retail, hotel, residential, warehouse and industrial complex projects. Helming the practice, Vivek Chandy acts on $1bn+ portfolio acquisitions whereas Rupinder Malik leads on the structuring of investment platforms for major private equity funds. The team is also well equipped to advise on the regulatory issues in REIT structuring matters. Lalit Kumar is a go-to partner for real estate M&A and FDI instructions.

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      Other key lawyers:

      Key clients

      Prestige Estates Projects Limited

      Indiabulls Real Estate Limited


      Emaar Properties

      Lodha Developers International Limited

      APG Strategic Real Estate Pool N.V.

      Embassy Group

      WeWork India Management Private Limited

      Mapletree Logistics Trust

      Ascendas Singbridge

      Xander Group

      Work highlights

      • Advised Prestige Group on the recently concluded Phase I of the $1.5bn Prestige-Blackstone portfolio acquisition transaction.
      • Advised Indiabulls Real Estate Limited on the proposed merger of NAM Estates Private Limited and Embassy One Commercial Property Developments Private Limited, both Embassy Group entities with IBREL.
      • Advised Godrej Fund Management on the setting up of the Build-To-Core-II platform.

      India > Restructuring and insolvency Tier 2

      JSA Law‘ restructuring and insolvency practice advises domestic and international stakeholders on high-value resolutions. Co-heads Aashit Shah and Varghese Thomas combine their respective banking and finance and dispute resolution expertise to navigate out-of-court restructurings and corporate insolvencies under the IBC on behalf of multinational creditors’ committees and resolution professionals. Of note is the team’s involvement in large-scale proceedings in the power, manufacturing, engineering and financial services sectors. The practice also negotiates on behalf of distressed companies.

      Practice head(s):


      ‘Well versed knowledgeable team support during entire CIRP process.’

      ‘The JSA team led by Aashit Shah are all-rounders with a birds eye view on the restructuring space in India as they work with key regulators, government agencies and clients. They have the unique combination of being technically sound, well priced, perfect turnaround time, well researched and professional in their approach. JSA are market leaders in the practice and their know-how is far ahead of many of their large competitors.’

      ‘Aashit Shah is an outstanding professional who has possesses the exact qualities a client would look for in their counsel. Aashit and his team are proficient in this space and are able to provide well researched advice which is almost spot on in terms being technically sound as well as pragmatic given the restructuring space being nascent and developing in India.’

      ‘The team at JSA is very thorough in their analysis of laws and facts and is painstakingly detail oriented. This gives us a lot of comfort to us as a client in large and complex transaction, where every small detail matters.’

      Key clients

      Standard Chartered Bank

      Deutsche Bank

      State Bank of India

      Ares SSG Capital

      ICICI Bank


      Altico Capital India Pvt Ltd

      Piramal Finance

      Bank of Baroda

      Mr. Vaaranasi Venkatachalam as the Resolution Professional

      CDC Group Plc

      Work highlights

      • Handled the out-of-court restructuring of the debt of the Suzlon Energy Limited and all its group companies.
      • Advising Ares SSG Capital Management in relation to the resolution proposal for debt resolution and restructuring of Altico Capital India Limited.
      • Advised the Committee of Creditors (CoC) comprising of Deutsche Bank AG Mumbai branch, Bank of India, Citi Bank N.A. India, Corporation Bank and Kotak Mahindra Bank in relation to the corporate insolvency resolution process (CIRP) of Ricoh India Limited.

      India > TMT Tier 2

      JSA Law‘ technology, media, and entertainment practice is routinely instructed by leading figures from the worlds of film and television production and distribution, music production, digital media, professional sport, and video game development. The team is also regularly engaged by clients in print media to advise on contractual issues and editorial content licensing. Probir Roy Chowdhury is recommended for his broad transactional expertise in IT and fintech. The highly experienced Sajai Singh is noted for his capabilities in cross-border mandates, as well as his deep knowledge of the domestic tech market.

      Work highlights

        India > White-collar crime Tier 2

        India > Tax Tier 3

        JSA Law‘ tax practice ‘provides comprehensive solutions for any litigation‘, in addition to handling M&A and corporate restructuring advisory work and cross-border GST and customs-related transactions. Manish Mishra and Kumarmanglam Vijay head the team from Gurugram, with Mishra overseeing the indirect tax practice and Vijay managing the direct side of cases. Mumbai-based Shareen Gupta offers strong support, particularly in the burgeoning area of the taxability – and the classification – of online gaming set-ups. Other sectors of focus include IT, fintech, energy and manufacturing.

        Other key lawyers:


        ‘JSA provides comprehensive solutions for any litigation because they have a complete team to analyse all the aspects of any case.’

        Key clients

        Schindler India


        Adyen Technologies India

        Rattan India

        Energy Efficiency Services

        S.B. Packaging

        Ford Motor Company

        Sameer Mittal & Associates

        Work highlights

        • Advised Rattan India on the illegality of a levy from a coal supplier and on challenging the same levy before the High Court of Delhi by way of a writ petition.
        • Advised Schindler India on the applicability of a local tax on the entry of specific goods into the municipal limits, under a specific agreement executed by the client for the supply and installation of elevators in a metro project in the State of Maharashtra, prior to the implementation of the GST law.
        • Advised Energy Efficiency Services on a comparative analysis of the direct and indirect tax implications of a transfer by slump sale versus asset transfer versus de-merger concerning the classification of solar power generating systems.

        USD 1.9 billion / INR 14,300 million Institutional placement of units by the National Highways Infra Trust.

        JSA acted as counsels to the lead managers for the INR 14,300 million / USD 1.9 billion institutional placement of units by National Highways Infra Trust (“NHAI InvIT”), to domestic and international investors. ICICI Securities Limited and SBI Capital Markets Limited acted as the lead managers to the transaction.

        Listing of Grip’s latest alternative investment offering – Securitised Debt Instruments (SDI) at the National Stock Exchange, Mumbai.

        JSA advised Grip Invest Advisors Private Limited (“Grip”) on the listing of its latest alternative investment offering - Securitised Debt Instruments (SDI) at National Stock Exchange, Mumbai. This event also marks several firsts for our key stakeholders in this transaction including: