S&R Associates > Mumbai, India > Firm Profile

S&R Associates
MUMBAI 400 013

India > Capital markets Tier 1

S&R Associates fields an experienced team in capital markets work and is routinely involved in significant transactions, acting for a varied client base, which includes investment banks, issuers and private equity selling shareholders. Sandip Bhagat heads up the practice and has substantial experience advising on IPOs and business trust offerings by InvITs and REITs. Jabarati Chandra focuses on the equity capital markets side and handles securities regulation matters, while Juhi Singh covers transactional mandates such as rights issuances, qualified institutional placements and other equity offerings. Jitesh Shahani and Pratichi Mishra are additional key team members who regularly assist with debt offerings, bulk/block trades, high-yield bond issuances and regulatory matters.

Practice head(s):

Sandip Bhagat


‘The team at S&R Associates are exceptional. They are very knowledgeable, proactive, hands-on and commercially aware. We have frequently referred work to them in situations involving high-value matters or complex legal or regulatory analysis, as the client benefits from their in-depth analysis and proactiveness, combined with their understanding of the Indian market. ’

‘Sandip Bhagat is stellar. He is at the top of his game, combining a vast and deep knowledge of Indian capital markets and commercial sensitivity and judgement in high-value transactions. He is also very approachable and clear in explaining complex regulatory issues and frameworks to clients. Jabarati Chandra is knowledgeable, proactive and a pleasure to work with together or across the table.’

‘S&R Associates is known for its capital market practice. It has experienced team members at all levels. The firm is known for its quality standards.’

‘Juhi Singh is a partner based out of Delhi. While working with her on multiple transactions, I have realized that she goes through every detail. She will ask all the difficult questions, which others may avoid raising and due to this reason, we can identify pain points in advance. She is one of the most preferred partners at S&R.’

‘The team is highly professional with excellent knowledge in their areas of expertise. They also have reliable solutions for any issues within the framework of law.’

‘We have worked with Pratichi Mishra, and her expertise in REITs and InvIT regulations has been quite exceptional.’

Key clients

AGS Transact Technologies Limited

Axis Capital Limited

BofA Securities India Limited

Citigroup Global Markets India Private Limited

Embassy Office Parks REIT

Global Health Limited

IIFL Securities Limited

IRB Infrastructure Trust

J.P. Morgan India Private Limited

Kotak Mahindra (Investment Bank)

Morgan Stanley

Motilal Oswal Investment Advisors Limited

SBI Capital Markets Limited

Suzlon Energy Limited

Vodafone Group Plc

Work highlights

  • Represented Global Health Limited, the operator of ‘Medanta’ hospitals, in its ₹22.05bn initial public offering.
  • Represented Suzlon Energy Limited, a listed renewable energy solutions provider, in its ₹12bn rights issuance.
  • Represented IRB Infrastructure Trust in a ₹2,425m rights issuance to eligible unitholders of the unlisted InvIT.

India > Corporate and M&A Tier 1

Demonstrating vast expertise in dealing with Indian regulatory issues and high-profile M&A, the S&R Associates team includes senior lawyers boasting international experience. Regularly advising Fortune 500 corporations, major Indian companies, and global private equity firms, the firm is highly regarded for its work across the aviation, mining, and finance industries. Operating out of Mumbai, Rajat Sethi heads the practice, specialising in foreign investment and restructuring matters, whilst Rachael Israel focuses on capital markets and general corporate issues. From New Delhi, Mohit Gogia covers banking and finance work, and Radhika Iyer is an expert on private equity dealings. Sandip Bhagat and Sanjeev Adlakha are both recommended for their corporate governance and financing advice. Associate Meher Mehta is also noted as key.

Practice head(s):

Rajat Sethi

Other key lawyers:

Mohit Gogia; Rachael Israel; Radhika Iyer; Sandip Bhagat; Sanjeev Adlakha; Sudip Mahapatra; Venkatesh Vijayaraghavan; Viral Mehta; William Vivian John; Dhruv Nath; Lakshmi Pradeep; Prachi Goel; Pratichi Mishra; Raya Hazarika; Kanika Khanna; Kinnari Sanghvi; Prateek Sharma; Meher Mehta


‘The team at S&R is an extension of our in-house team. They embed themselves into your company and give legal advice which is not only accurate but also practical.’

‘Sudip and Rajat are extremely sharp with their legal acumen. They also ensure that their teams are aligned to our requirements and deliver their work on time without compromising on the quality. Other partners who are outstanding in their work are Lakshmi Pradeep and Raya Hazarika. They are the rising stars of the firm.’

‘Extremely valuable insights and support when navigating the Indian legal system.’

‘Reliable, competent, and responsive.’

Key clients

ArcelorMittal Nippon Steel

BofA Securities India Limited

Bunch Microtechnologies Private Limited

Citigroup Global Markets India Private Limited

Cloe Holdings Private Limited

Dilip Buildcon Limited

Flipkart Internet Private Limited

Goldman Sachs (India) Securities Private Limited

IRB Infrastructure Developers Limited

Kalpataru Power Transmission Limited

Mccoy Investment Private Limited

Nao Spirits & Beverages Private Limited

OFB Tech Private Limited

OPC Asset Solutions Private Limited

SAR Group

Tevapharm India Private Limited

United Parcel Service of America, Inc.

Vodafone Group Plc

ZScaler, Inc.

Work highlights

  • Represented BofA Securities India Limited in connection with the delivery of a fairness opinion to the board of directors of Housing Development Finance Corporation Limited (“HDFC”) in relation to an amalgamation of: (i) HDFC Investments Limited and HDFC Holdings Limited with and into HDFC (“Merger 1”); and (ii) HDFC with and into HDFC Bank Limited subsequent to the completion of Merger 1 through a composite scheme of amalgamation.
  • Represented Aéroports de Paris S.A. (“ADP”) in its agreement with GMR Airports Infrastructure Limited (“GIL”) initiating the process for a merger of GIL with GMR Airports Limited (“GAL”), in which ADP and GIL currently hold 49% and 51% stakes (respectively).
  • Represented the committee of independent directors of Kalpataru Power Transmission Limited, a listed specialized EPC company, in its merger with its subsidiary JMC Projects (India) Limited, a listed civil construction and infrastructure EPC company.

India > TMT Tier 2

India > Antitrust and competition Tier 3

S&R Associates‘ New Delhi-based practice handles merger control, abuse of dominance claims and cartel investigations for its roster of domestic and international clients. The group is sought after by companies in the telecoms, financial services, manufacturing, pharmaceuticals and travel sectors, among other areas. Simran Dhir heads up the department and regularly advises on the competition law aspects of domestic and cross-border transactions, often engaging with the CCI. Counsel Akshat Kulshrestha is very experienced in handling leniency proceedings.

Practice head(s):

Simran Dhir

Other key lawyers:


‘The team has shown resilience, patience and never takes their eye off the ball in complicated merger discussions with the authorities. They will support you 100%.’

‘Knowledgeable, prompt, detailed, comprehensive.’

‘The team provides detailed and comprehensive advice.’

Key clients

Aéroports de Paris S.A.

ArcelorMittal S.A.

Embassy Property Developments Private Limited / Embassy Office Parks REIT

Firmenich International SA

Vodafone Group

Work highlights

  • Represented Aéroports de Paris S.A. in obtaining the CCI’s approval for the merger of GMR Airports Infrastructure Limited with GMR Airports Limited.
  • Advised Firmenich, Koninklijke DSM and Danube AG on obtaining approval for the merger between DSM and Firmenich to form DSM-Firmenich AG.

India > Banking and finance Tier 3

S&R Associates is known for the breadth of its capabilities in the hospitality, manufacturing, infrastructure, energy and real estate sectors, advising a diverse set of Indian and international clients on significant banking and finance transactions. Divyanshu Pandey heads up the practice and is well renowned for his expertise in acquisition finance, project finance, insolvency resolution and debt capital markets work. Arpita Garg and Kinnari Sanghvi are other key members of the team.

Practice head(s):

Divyanshu Pandey

Other key lawyers:


‘The firm offers exceptional legal services. Knowledgeable and very responsive.’

‘Divyanshu Pandey stands out.’

Key clients

AC Renewables International Pte Limited

Amarco Investment LLC

Ashiana Housing Limited

Dilip Buildcon Limited

Husk Power Systems Private Limited

IBM India Pvt Limited

ITS UPC Solar India Private Limited

JSW Steel Limited

Masaya Solar Energy Private Limited

National Bank of Greece

Nationalwest Minster Bank Plc

Work highlights

  • Assisted Bharat Hotels Limited and The Lalit hotels with its ₹11bn issuance of secured unlisted non-convertible debentures to Kotak Real Estate Fund – X.
  • Represented JSW Energy Limited, with an ₹9bn bridge loan facility provided by the State Bank of India in relation to the acquisition of Ind-Barath Energy (Utkal) Limited.
  • Assisted Axis Bank Limited with the ₹5bn issuance of unsecured non-convertible debentures listed on the BSE by Aditya Birla Fashion and Retail Limited, a listed company.

India > Dispute resolution: litigation Tier 3

S&R Associates‘ disputes practice takes an inter-disciplinary approach, leveraging the firm’s strengths across practice groups to advise on civil and commercial disputes, IP rights infringement, and M&A-related proceedings. Niti Dixit heads the team and focuses on advising multinational and Indian corporate clients on commercial litigation, as well as corporate investigations. Abhishek Tewari takes point on government and regulatory disputes, Raunaq Mathur handles corporate and commercial litigation in the infrastructure and oil and gas industries, while Shahezad Kazi is recommended for commercial and transactional disputes.

Practice head(s):

Niti Dixit

Key clients

ArcelorMittal India Limited

Cairn UK Holdings Limited

F. Hoffmann-La Roche A.G.

Genentech, Inc.

Housing Development Finance Corporation Limited

Jindal Stainless Limited

Medha Servo Drives Private Limited

Landmark Capital Advisors

Roche Products (India) Private Limited

Viterra B.V.

Kyndryl Solution Private Limited

Committee of Creditors for Indian Steel Private Limited

Cipher-plexus Capital Advisors Private Limited

State Bank of India

Work highlights

  • Advising and representing McDonald’s Corporation and its affiliates in their multi- forum dispute with McDonald’s erstwhile joint-venture partner for North and East India.
  • Acting as counsel for F. Hoffmann-La Roche, A. G. and Genentech, Inc. in their civil claims against the Drugs Controller General of India and certain Indian manufacturers of purported biosimilar versions of breast and gastric cancer drug, Trastuzumab.
  • Representing ArcelorMittal in several complex litigation and regulatory matters under the Insolvency and Bankruptcy Code, 2016.

India > Private equity and investment funds Tier 4

S&R Associates advises on a range of structures, including alternative investment funds, mutual funds, foreign portfolio investors, foreign venture capital investors and collective investment schemes, with demonstrable expertise in the structuring, registration, listing, and post-listing of infrastructure investment trusts and REITs. Key contacts in the firm’s New Delhi office include Mohit GogiaRadhika IyerSanjeev Adlakha, and Venkatesh Vijayaraghavan, while Rachael IsraelRajat SethiSudip Mahapatra and Viral Mehta operate from Mumbai.

Key clients

Aavishkaar Bharat Fund

Andreessen Horowitz (a16z)

Artha Venture Fund I

Bright Cove Alternate Investment Opportunities Fund

Capeview Investment Managers Limited

DSG Consumer Partners III

First Global AIF Trust

IndInfravit Trust

IndValue Opportunities Fund

IRB Infrastructure Trust/ IRB InvIT Fund

Light Microfinance Private Limited

Paradigm Fund L.P.

Providence Strategic Growth Capital Partners L.L.C.

Ribbit Capital

Roadstar Infra Investment Trust

Rubicon Technology Partners

SAR Group

Seafund Venture India Trust

Stress Revival Fund

Susquehanna International Group (SIG)

Tech Vision Fund

Work highlights

  • Represented DSG Consumer Partners, an existing investor in StayVista, a manager of luxury villas and holiday homes in India for vacation rentals, in INR 400 million Series B funding round also involving Capri Global and certain existing investors.
  • Represented New Mountain Capital, a growth-oriented investment firm, on Indian legal aspects of the acquisition of the Applied, Food and Enterprise Services businesses from PerkinElmer, Inc.’s Discovery & Analytical Solutions segment.
  • Represented Arohan Financial Services, an RBI-registered NBFC-MFI, in an investment by Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), a Dutch development bank.

India > Projects and energy

Specialising in handling greenfield projects, government bids, and joint venture transactions, S&R Associates' team frequently acts on behalf of multinational and Indian companies.

India > Real estate and construction

S&R Associates’s real estate practice advises developers, investors, landowners and multinational companies in the residential and commercial real estate space, with focus on commercial and real estate litigation. They also handle land acquisition, drafting and negotiation of transaction documents, and development and leasing of commercial projects in Pune.

S&R Associates is a full-service Indian law firm with offices in New Delhi and Mumbai.

Our principles: a commitment to the quality of work, dedication to our clients  and a professional culture in Indian legal services with international standards.

The Firm has more than 120 lawyers providing legal services to sophisticated international and Indian clients.

Department Name Email Telephone
Capital Markets, M&A, Governance, Regulatory Sandip Bhagat
M&A, Private Equity, Governance Rajat Sethi
Litigation and Arbitration, Regulatory Niti Dixit
M&A, Private Equity Sanjeev Adlakha
Investment Funds, Capital Markets, Regulatory Swapneil Akut
Tax Sumit Bansal
Regulatory Dr. Deborshi Barat
M&A, Corporate, Real Estate Rachita R. Bhat
M&A, Private Equity Shivaji Bhattacharya
Capital Markets, Regulatory Jabarati Chandra
Competition Simran Dhir
Finance, Insolvency, ESG Arpita Garg
Corporate, M&A, ESG Prachi Goel
M&A, Private Equity, Corporate Mohit Gogia
M&A, Private Equity, Governance Raya Hazarika
M&A, Private Equity, Employment Rachael Israel
M&A, Private Equity, Employment Radhika Iyer
M&A, Investigations, Employment William Vivian John
Litigation and Arbitration, Regulatory, Insolvency, Real Estate Shahezad Kazi
M&A, Corporate Kanika Khanna
Competition Akshat Kulshrestha
M&A, Private Equity, Insolvency Sudip Mahapatra
Litigation and Arbitration, Regulatory Raunaq B. Mathur
M&A, Private Equity Viral Mehta
Capital Markets, Governance, Regulatory Pratichi Mishra
M&A, Corporate Dhruv Nath
Finance, Insolvency Divyanshu Pandey
M&A, Corporate, Insolvency Lakshmi Pradeep
M&A, Private Equity, Corporate Kinnari Sanghvi
Capital Markets, Restructuring Jitesh Shahani
M&A, Corporate Prateek Sharma
Capital Markets, Regulatory Juhi Singh
Litigation and Arbitration, Regulatory, Insolvency Abhishek Tewari
M&A, Private Equity, Governance, Regulatory Venkatesh Vijayaraghavan

S&R Associates Moves New Delhi Office to Max House

We are pleased to announce that our New Delhi office has relocated to Max House. Please update your records to reflect our new address:

S&R Associates Announces New Partners and Counsel

We are pleased to announce that Oishika Dasgupta, Akshat Kulshrestha, Meher Mehta and Kinnari Sanghvi have been designated as retained partners at S&R Associates.

S&R Associates welcomes new Counsel

We are pleased to announce that Reshma (Vaidya) Gupte has joined S&R Associates as counsel based in the Firm’s Mumbai office.

S&R Associates announces new Counsel

We are pleased to announce that Meher Mehta and Oishika Dasgupta have been designated as counsel at S&R Associates.

S&R Associates welcomes new Partner and Associates

We are pleased to announce that Ajinkya Gunjan Mishra has joined S&R Associates as a partner based in the Firm’s New Delhi office, and is joined by associates Avani Tewari and Tarusha Airan.

S&R Associates welcomes new Partner and Associates

We are pleased to announce that William Vivian John has joined S&R Associates as a partner based in the Firm’s Mumbai office, and is joined by associates Siddhi Kudalkar, Riyan Vatcha, Arunima Vijay, Chirali Jain and Shubhangi Rai.

S&R Associates Announces New Partners and Counsel

We are pleased to announce that Swapneil Akut, Raya Hazarika and Pratichi Mishra have been designated as retained partners at S&R Associates.