Krishnamurthy and Co > Mumbai, India > Firm Profile

Krishnamurthy and Co
MUMBAI 400 021

India > Restructuring and insolvency Tier 3

Clients of Krishnamurthy and Co’s practice include creditors’ committees, resolution professionals and liquidators. Jointly headed by Ayush Agarwala, Aditi Mittal and Rukmini Roychowdhury, the team handles restructuring processes and also represents clients before the NCLT. The team is currently assisting Prius’ committee of creditors with implementing a high-value resolution plan.

Key clients

Committee of Creditors: Axis Bank Limited, Phoenix ARC, Oriental Bank of Commerce (Now Punjab National Bank), State Bank of India, Punjab and Sindh Bank

Credit Suisse Funds AG

Majority Committee of Creditors of Unimark Remedies Limited

State Bank of India

The liquidator during the liquidation process of the Biotor Industries Ltd.

The resolution professional during the corporate insolvency resolution of the Birla Cotsyn (India) Limited

Edelweiss Finance Limited and its affiliates

Work highlights

  • Advising the Committee of Creditors of Prius.
  • Represented Credit Suisse in challenging its rejected application to be accepted as financial creditor of BP Foods Limited.
  • Acted for the majority committee of creditors of Unimark Remedies.

India > Banking and finance Tier 4

Impressing on complex mandates including structured lending, Krishnamurthy and Co’s banking and finance practice acts for banking consortiums as well as private creditors. Practice head Rukmini Roychowdhury closes high-risk private capital transactions in the mining industry alongside an increasing volume of distressed debt restructurings. In one highlight, the team advised a consortium led by Axis Bank on a 2000 crore lending to listed cement manufacturer Kesoram. Corporates also instruct on borrowing mandates.

Practice head(s):


‘Availability of the team for meetings and turn around time is fantastic. Team is competent to deep dive into issues, conduct online interviews and present reports.’

‘Rukmini Roychoudhary (partner) has shown commitment to client interests. She takes balanced views which are valuable in closing transactions.’

Key clients

Axis Bank Limited

Edelweiss Finance Limited and its affiliates

Tata Cleantech Capital Limited

Piramal Structured Credit Opportunities Fund

Piramal Capital & Housing Finance Limited

Gaya Solar (Bihar) Private Limited

Adani Green Energy One Limited

Adani Green Energy Limited

Bank of Baroda

Sundaram Alternate Assets Limited and Sundaram Housing Finance Limited

DMI Finance Private Limited

UTI Structured Debt Opportunities Fund-I

Work highlights

  • Advised Edelweiss and its affiliated on their subscription to listed debentures issued by Mantri Metallics.
  • Acted as lender’s legal counsel on Tata Cleantech Capital’s construction and financing of solar projects in Uttar Pradesh.
  • Acted as lender’s legal counsel on Piramel Structured Credit Opportunities Fund’s private credit financing operations across India.

India > Corporate and M&A Tier 4

Krishnamurthy and Co’s team handles private equity investments, corporate reorganisations, M&A transactions and joint ventures. Practice head Naina Krishna Murthy is experienced in dealing with domestic and cross-border deals, notably in the healthcare and pharmaceuticals sectors. Clients also retain the firm for routine contractual matters and advice on outsourcing and manufacturing agreements.

Practice head(s):


‘A good set of lawyers to address and handle any aspects of the transaction from a legal perspective. They are quite client centric and ensure client’s interest should be protected. Proactive advice is provided without even asking, which gives a lot of satisfaction that the matter is assigned to a good legal team.’

‘They are quick enough to turn around the documentation and hold meetings and discussions with the other side to expedite the deal closure. Overall, a very satisfactory experience.’

Key clients

JSW Infrastructure Limited

InCred Capital Financial Services Private Limited and InCreD Group

Calderys India Refractories Limited



ANSR Global Corporation Private Limited

Reliance Industrial Investments and Holdings Limited

Healthcare Global Enterprises Limited

Work highlights

  • Advised JSW Infrastructure Limited on its acquisition of the Chettinad Group’s port business.
  • Advised InCred Capital Financial Services Private Limited and InCred group entities on the acquisition of asset-management companies.
  • Advised Calderys India Refractories Limited, an Imerys group company, on the acquisition of HIL’s industrial thermal insulation business.

India > Private equity and investment funds Tier 4

Having steadily grown Krishnamurthy and Co’s venture capital practice out of Bangalore in recent years, Alok Sonker now sits in Mumbai, where he advises a strong roster of investors from India and abroad (Japan most notably) operating in the mid-market range. Target sectors include energy, electric vehicles and other innovative fields. Impressively, the team advises on investments in the fund of funds space. Naina Krishna Murthy and Shwetambari Rao jointly lead the practice.

Other key lawyers:

Key clients

Healthcare Global Enterprises Limited

Biocon Biologics Limited Yes

Ascent Capital Yes

Nivaata Systems Private Limited No

SACAP India Private Limited and Sistema Asia Fund Pte. Ltd No

Krishiacharya Technologies Private Limited Yes

Unitus Ventures No

Multiply Ventures

Vertex Ventures SEA Management Pte. Ltd

Paragon Advisor Partners LLP

Feliz Capital Ltd. (Referred by Megadelta)

Oman India Joint Investment Fund II

Cervin Family Office & Advisors Private Limited

Work highlights

  • Advised Healthcare Global Enterprises Limited on an investment of $83m through equity and equity-linked securities (being warrants) aggregating to 36% (upon conversion of all warrants) and acquisition of certain management rights (including right to be the co-promoter of Company).
  • Advised Biocon Biologics on an investment of $75m by ADQ for acquiring 1.8% stake in the client.
  • Advised Biocon Biologics on an investment of INR2.25bn into Biocon Biologics India Limited by Tata Capital Growth Fund II.

Founded in 1999 in Bengaluru, Krishnamurthy & Co. (K Law),  has become a major player in the Indian legal market today. The firm is one of the premier full-service law firms in India providing top-notch, comprehensive legal and regulatory advisory, transactional legal services, and dispute resolution support across a broad spectrum of practice areas and sectors. K Law has, in a relatively short spell of just over two decades, transformed itself into a national player with a rapidly expanding practice footprint in mergers and acquisitions, private equity, banking and finance, dispute resolution, intellectual property, projects, media and entertainment and real estate. The firm now has a strength of 85+ accomplished and committed lawyers across offices in Bengaluru, Mumbai, New Delhi and Chennai.

Since its inception, the firm has grown exponentially into a full-service law firm, rendering exceptional legal services to its clients. K Law assists its clients by advising in structuring commercial transactions (both domestic and cross-border), obtaining governmental and regulatory approvals, drafting and negotiating transaction documents and implementing transactions in India. The adroit team of lawyers assists several national and international clients in dispute resolution proceedings while representing them in diverse fora including courts, tribunals and other judicial authorities across India.

The prime motive of the firm is to nurture relations while delivering quality services to its clients. It is ensuring an edge over its peer organisations with the unmatched level of partner attention and involvement in each matter. Integrity, assurance, confidence, experience and an overarching sense of service are some of the key elements that are the foundation of K Law. The firm’s approach is client-centric, solution-oriented, service-driven and aimed at value-optimization through high partner-attention.

The motto of the firm is “nurturing relations, delivering quality”. As such, its competitive advantage lies in its unmatched level of partner attention and involvement in each matter, which when complimented by its client-centric, solution-oriented, commercial approach towards service delivery and high standards of integrity and professional ethics, are difficult to replicate.

What really differentiates the firm from the crowd is its relentless focus on relationships as opposed to transactions. The firm focuses on relationships not transactions. The focus is on service, walking the talk and ensuring integrity every step of the way.

The high level of partner involvement and attention, the commercial perspective, the client-centric approach and value optimization that are at the heart of the firm’s foundation allows us to ensure that nothing but the highest quality of services are rendered to the clients each and every time.

Corporate & Commercial Naina Krishna 22 6235 5000
Corporate & Commercial Shwetambari 80 4175 7500
Intellectual Property Nikhil 80 4175 7500
Real Estate Rashmi 80 4175 7500
Corporate & Commercial / Banking & Finance Rukmini 22 6235 5000
Corporate & Commercial Alok 22 6235 5000
Dispute Resolution Ayush 22 6235 5000
Corporate & Commercial / Employment / Real Estate Chandan P. 80 4175 7500
Dispute Resolution Aditi 11 4754 3788
Dispute Resolution Shujath 80 4175 7500
Ayush Agarwala photoMr Ayush AgarwalaPartnerWith a career spanning over 12 years, Ayush has vast experience in…
Shujath Ahmed photoMr Shujath AhmedPartnerWith over 14 years of experience, Shujath specialises in Dispute Resolution matters…
Rashmi Deshpande photoMs Rashmi DeshpandeSenior PartnerRashmi heads the real estate practice of the Firm advising clients on…
Chandan P. Kini photoMr Chandan P. KiniPartnerWith over 18 years of experience, Chandan specialises in General Corporate and advisory…
Naina Krishna Murthy photoMs Naina Krishna MurthyFounder & Managing PartnerWith over 26 years of experience, Naina specializes in…
Nikhil Krishnamurthy photoMr Nikhil KrishnamurthySenior PartnerNikhil is an IP attorney with 25 years of experience in…
Aditi Mittal photoMs Aditi MittalPartnerWith over 12 years of experience, Aditi’s work profile involves insolvency matters,…
Rukmini Roychowdhury photoMs Rukmini RoychowdhuryPartnerRukmini has represented market leading corporates and reputed individuals on varied and…
Alok Sonker photoMr Alok SonkerPartnerWith over 12 years of experience, Alok has advised several clients on…
Hindi (and several Indian regional languages)

TESTIMONIAL: Frequently handles mid-market transactional work for companies across a range of industry sectors, including financial services, engineering, construction, technology and hospitality. Noted experience on strategic investments, asset sales, joint ventures and M&A deals. Additionally, adept at advising private equity funds, investors, purchasers and sellers.

TESTIMONIAL: The Firm has been recommended as a recognized practitioner for Projects, Infrastructure & Energy practice and Technology, Media & Entertainment (TMT) practice.

TESTIMONIAL: Krishnamurthy & Co, a respected mid-sized firm headed by Naina Krishna Murthy, is reputed for its M&A and capital markets practice and is sought out also for its corporate advisory services. Clients include Tata Realty and Infrastructure, Edelweiss Finance, Marico, Royal Orchid, and BASF India.

TESTIMONIAL: They are a dedicated lot, their response time is absolutely unmatchable and their ability to think through the issues and to find solutions is simply magnificent.

TESTIMONIAL: They are trusted and extremely collaborative partners. K Law has a very nice, business-oriented, practical way while also protecting our legal interests.

Krishnamurthy & Co. (K Law) is an equal opportunity provider with respect to age, gender, disability, race, ethnicity, religion, sexuality and social class. The gender statistics is reflected in the number of females at the Senior Partner and Partner levels as well. 3 out of 4 of the Senior Partners are females and 5 out of 10 Partners are females. The Partners are based out of various locations across the offices pan-India.

For the time period October 202 – September 2021, the following are the data with respect to gender of the joiners and leavers:


The Firm is also currently working with Burnished Law Journal to provide internship opportunities to minorities, LGBTQI students etc.

The Firm was the very first contributor to IDIA, the brainchild of the late Prof. Shamnad Basheer. Increasing Diversity by Increasing Access to Legal Education (IDIA) is a non-profit organisation working in India which aims to empower underprivileged children by giving them access to quality legal education.

In addition, the Firm has a strong internship program and it accommodates students from the very first year of law from many law colleges across the country.

International Desks:

K Law – Japan, China & Korea Desks include a team of more than 15 legal practitioners drawn from across our industry sectors and practice groups. Located in 3 offices across India, they work together to facilitate these jurisdiction-based inbound investment and outbound investment from India by delivering legal advice based on in-depth local knowledge combined with Indian perspective. With a market-leading team equipped with a language translator, if required, in our offices, we are the first point of contact for companies from these jurisdictions, coming to India. Our lawyers have the necessary cultural knowledge, longstanding experience and industry know-how, and top-notch legal experience.

Firm Accolades:

  • Recognised as one of the top “Corporate & Commercial” law firms in India at the India Business Law Journal’s Indian Law Firms Awards 2021
  • Best Media & Entertainment Law Firm by APAC Insider’s APAC Legal Awards 2021
  • Recognised for Corporate / M&A by Chambers Asia-Pacific 2022
  • Recognised for Corporate / M&A by Chambers Global 2022
  • Licensing & Franchising Firm of the Year in the 2021 India IP Awards by AsiaIP
  • Bengaluru Firm of the Year in the 2021 India IP Awards by AsiaIP
  • Best Media & Entertainment Law Firm by APAC Insider’s APAC Legal Awards 2021
  • Transactional Legal Services Provider of the Year by APAC Insider’s APAC Legal Awards 2021
  • Ranked amongst the top 10 law firms in the Bloomberg Global M&A Legal Advisory Rankings 2021 for India
  • Ranked amongst the top 7 Indian law firms in the Thomson Reuters (Refinitiv) Asia-Pacific Small-Cap M&A Legal Advisors for Hochinma involvement League Tables
  • Recognised for Corporate & M&A; Private Equity & Investment Funds; Banking & Financial Services; and Restructuring & Insolvency by The Legal 500 Asia-Pacific 2022
  • Recognised in India in the following four practice areas by the Benchmark Litigation Asia-Pacific Rankings 2022:

o          Commercial and Transactions

o          Intellectual Property

o          Insolvency

o          Government and Regulatory

  • Shortlisted as one of the only 6 firms in India for the “Firm of the Year” award at the Benchmark Litigation Asia-Pacific Awards 2021
  • Recognised in India in the following three practice areas by the Benchmark Litigation Asia-Pacific Rankings 2021:

o          Commercial and Transactions

o          Intellectual Property

o          Insolvency

  • Ranked as “Tier 1” for “Copyright / Trademarks” in India in 2021 by Asian Legal Business (Thomson Reuters)
  • Transactional Legal Services Provider of the Year by APAC Insider’s APAC Legal Awards 2021
  • Recognised by Asian Legal Business under M&A Rankings 2021 & 2020
  • Recognised for Corporate / M&A by Asialaw Profiles 2021
  • Recognised for M&A; Banking; Project Development; Private Equity; and Restructuring & Insolvency by IFLR1000 2022 & 2021
  • Recognised for Commercial & Transactions; Intellectual Property and Insolvency by Benchmark Litigation Asia-Pacific Rankings 2021
  • Best Corporate & Commercial Law Firm 2020 – India by Acquisition INTL Magazine’s 2020 Global Excellence Awards
  • Bengaluru Firm of the Year’ by India IP Awards 2020
  • Recognised for its Real Estate practice by India Business Law Journal at the Indian Law Firm Awards, 2019
  • Recognised for its Corporate & Commercial practice by India Business Law Journal at the India Law Firm Awards, 2017-18

  1. Value (US$): 735 Million

Deal: As part of the deal, Biocon Biologics Limited (“Biocon”) will offer approximately 15% stake to Serum Institute of Life Sciences (“Serum”) (at a post-money valuation of $4.9 billion) for which it will get committed access to a 100 million doses of vaccines per annum for 15 years, with commercialization rights of the SILS vaccine portfolio (including COVID-19 vaccines) for global markets. In addition to vaccines, the strategic alliance will also develop antibodies targeting several infectious diseases like Dengue, HIV, etc. The two companies will enter Service Level Agreements (SLAs) for manufacturing and distribution of the vaccines and antibodies. The K Law team specifically advised on the shareholders’ agreement for the transaction.

  1. Value (US$): 385 Million

Deal: K Law advised Reliance Industries Limited (“RIL”) (the acquirer acquiring through its wholly owned subsidiary Reliance New Energy Solar Limited (“RNESL”)) by conducting legal due diligence and finalising the transaction documents.

Acquisition by RIL (through its wholly owned subsidiary RNESL) of 40% stake in Sterling and Wilson Solar Limited (“SWSL”) (an entity listed on BSE and engaged in the business of providing a comprehensive range of solar energy turnkey solutions including design, procurement, construction, project management and operations and management) through a combination of primary investment, secondary purchase and open offer.

The deal structure includes preferential allotment of 2.93 crore equity shares (equivalent to 15.46% post preferential share capital) at a price of INR 375 per share to RIL, acquisition of 1.84 crore equity shares by RIL from Shapoorji Pallonji & Co. Pvt. Ltd. (SPCPL) – equivalent to 9.70% post preferential share capital – at a price of INR 375 per share and an open offer to the public shareholders of SWSL to acquire up to 4.91 crore equity shares of SWSL, representing approx. 26% stake.

  1. Value (US$): 268 Million

Deal: K Law represented Axis Bank Limited (lead bank) and nine other members of the consortium including several leading public and private sector banks (“Lenders”). The Borrower is listed on domestic and international Stock exchanges and is a market leading cement manufacturer. The Lenders have elected to settle their outstanding debt to Kesoram Industries Limited (“Borrower”), through repayment of cash amounts and issue of equity shares and optionally convertible redeemable preference shares to the Lenders. To raise funds for the repayment of the cash amounts to the Lenders, the Borrower is in the process of availing debt by way of debentures from Goldman Sachs and Edelweiss (“New Investors”). Our role involved conducting a due diligence of the Borrower, advising on the deal structure, advice in relation to listing regulations, drafting, negotiating and finalising the settlement agreement, the securities subscription agreement and the escrow agreement. Since, the Borrower is a listed entity, our role also involved significant regulatory advice and we also had to structure the transaction such that the parties were at all times compliant with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

  1. Value (US$): 200 Million

Deal: Structured staggered acquisition by API Holdings Private Limited (“API”) of 100% stake in Akna Medical Private Limited (“Aknamed”), India’s largest hospital-focused supply chain platform, enabling hospitals to simplify, optimise and monitor procurement and consumption using a cloud-based technology platform, national infrastructure and a complete product basket. The deal was largely a stock deal with a small cash outgo; the consideration value was approximately USD 200 Million / INR 14.75 Billion.

The Firm assisted Aknamed from the time of the inception of the deal with the term sheet, up to closing as well as post-closing activities. The Firm has previously advised Aknamed on multiple investments and acquisitions in the healthcare space.

  1. Value (US$): 133 Million

Deal: K Law advised JSW Infrastructure Limited (“JSW”). Our role was to provide end to end legal support for the acquisition and included structuring advice, conducting due diligence of multiple entities, drafting and negotiating the transaction documents and providing closing assistance to the acquirer.

JSW acquired the Chettinad Group’s port business with an aggregate capacity of 21.88 MMTP for a consideration of approximately INR 1000 Crore.

  1. Value (US$): 75 Million

Deal: Investment of USD 75 Million by Abu Dhabi-based ADQ for acquiring 1.8% stake in the drug-maker Biocon Biologics Limited (“Biocon”). ADQ is one of the region’s largest holding companies. Biocon is a subsidiary of Biocon Limited. It is uniquely positioned as a fully integrated ‘pure play’ biosimilars organization in the world and aspires to transform patient lives through innovative and inclusive healthcare solutions. The investment was intended to scale the company in light of a prospective public issue. K Law was Biocon’s legal counsel with respect to advising and assisting them in raising funds by issuance and allotment of equity shares to ADQ for a consideration amounting to USD 75 million. We helped the client in entire documentation required for the deal and assisted in finalizing the corporate process required for investment.

  1. Value (US$): 66.4 Million

Deal: K Law is advising the Committee of Creditors (“CoC”) of Prius Commercial Projects Private Limited and 4 other related entities (“Prius Entities”) which are all currently undergoing Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”). CoC includes Axis Bank Ltd., State Bank of India, Oriental Bank of Commerce, Punjab & Sindh Bank, Phoenix ARC. CoC and Pirus Entities underwent CIRP under the Insolvency and Bankruptcy Code, 2016 (“IBC”). K Law advised the Committee of Creditors during the corporate insolvency resolution process of Prius Commercial Projects Private Limited including the negotiation on the resolution plans. The resolution plan submitted by the consortium of Kotak Investment Advisors Limited, Minicon Insulated Wires LLP and Elita Capital Advisors LLP has been approved by the NCLT Delhi. The NCLT approved the plan vide order dated January 04, 2021.

  1. Value (US$): 50 Million

Deal: Investment of around USD 50 Million (INR 3.71 Billion) by Lightrock India and other existing investors, and some new investors into fintech major Capfloat Financial Services Private Limited (“Capfloat”), a non-banking financial company. The other existing investors in this round of funding included Sequoia Capital India, Ribbit Capital, Creation Investments and Dinesh Hinduja family office; whereas new investors included David Vélez, founder of Nubank, Kunal Shah, founder of Cred, and Amrish Rau, CEO of Pine Labs. The funds raised will be used to strengthen and scale Capital Float’s BNPL platform and expand its partner ecosystem.

  1. Value (US$): Confidential

Description: Acquisition by Reliance Brand Limited (“RBL”), of approx. 40% stake in famous designer, Manish Malhotra’s couture brand, MM Styles Pvt Ltd. (“MM Styles”). RBL is part of retail arm of Mukesh Ambani-led Reliance Industries Ltd. This strategic partnership is also the first “external investment” for MM Styles and is intended to accelerate the 16-year old couture house’s growth in India and across the globe. Through this investment, RBL is investing in founder and creative director, Manish Malhotra’s brand – known for Indian craftsmanship, dynamic glamour, and vibrant designs for high-end luxury clothing. The role of the Firm involved advising the client on the transaction including the intellectual property aspect involved. We advised MM Styles and Manish Malhotra on all the intellectual property documentation for this sale including the IP assignment agreement, endorsements assignment agreement and attributes license agreement (for use by Reliance Brands of Manish’s and his brands attributes).

  1. Value (US$): Confidential

Description: The proprietor of GTS Bullet Rice obtained an ex-parte order of injunction against Peel-works on the ground that selling GTS products on its mobile application Taikee (B-to-B app) would amount to infringement of the proprietor’s trademark and copyright.

We took up the contention that GTS products having been lawfully acquired by Peel-Works, they were entitled to sell them on Taikee, as provided for under the Trademarks Act, 1999.

The City Civil Court, Bangalore upon considering the defense raised by Peel-Work, vacated the ex-parte order on 27.09.2021 and held that since the Defendant is only using the Plaintiff’s registered trademark for the purpose of identification of goods or services as those of the proprietor, the same does not amount to infringement.