Talwar Thakore & Associates > Mumbai, India > Firm Profile

Talwar Thakore & Associates
MUMBAI 400 001

India > Banking and finance Tier 1

Talwar Thakore & Associates‘ practice remains a first choice for domestic and overseas banks, and non-banking financial institutions when it comes to cross-border transactions, an area in which Nidhi Rani has extensive expertise. Sonali Mahapatra spearheads the practice, advising both borrowers and lenders on project financing and debt restructuring whilst Rituparno Bhattacharya, who is highly experienced in the areas of structured, asset, acquisition, and trade finance, often advises alternative credit providers and banks. The team’s expertise and bench strength has since been bolstered by the arrivals of Gautam Saha and Pallavi Meena from AZB & Partners and managing associate Anindita Ganguly who joined from Luthra and Luthra Law Offices India.

Practice head(s):

Sonali Mahapatra


‘The best banking and finance practice in India for structured and complex products. Period. Their ability to prepare bespoke solutions that mitigate risks specific to the facts of each case is their USP.’

‘Sonali Mahapatra and Rahul Gulati are substantive lawyers who have let their work do their talking. Blessed with a pipeline of clients that stretch around the block.’

‘TT&A is quite simply the best banking and finance practice in town. Their level of partner involvement and partner attention to deals is something we as clients really appreciate. We find TT&A to be very engaged on deals, detail oriented and and thinking on behalf of their clients. They are our first choice for complex financing transactions.’

‘We work primarily with Sonali Mahapatra, Rahul Gulati and Rituparno Bhattacharya, who embody the firm culture and are fantastic lawyers to work with. They are engaged, knowledgeable, commercially aware and go to the bottom of issues to advise on risk management.’

‘TTA has one of the best transaction advisory and deal documentation practices. Their extensive experience on various types of security helps to reduce the deal life cycle’

‘Sonali and Rituparno are excellent partners within TT&A and have shown great strength & maturity in the area of transaction and banking finance’

Key clients

Bank of America


Credit Suisse AG





Deutsche Bank AG

JP Morgan



Tata Sons

Standard Chartered Bank

Citi Bank

Goldman Sachs

Orion Capital

ADM Capital

Tor Investment Management

Farallon Capital Asia Pte. Ltd.

The Hongkong and Shanghai Banking Corporation Limited

Work highlights

  • Advised Morgan Stanley and JP Morgan as arrangers on a term loan B facility by a wholly owned subsidiary of Byju’s certain offshore institutional lenders.
  • Advised the initial debentures holders on subscription to senior, secured, unlisted, unrated, redeemable, non-convertible debentures by Shapoorji group entities. The issuance was done in tranches.
  • Advised Embassy Office Parks REIT (EOP REIT), on its debt raising, through the issuance of privately placed listed NCDs, and various SPVs of EOP REIT, on for availing lease rental discounting facility from various lenders.

India > Corporate and M&A Tier 2

Headed up in by experienced transactional advisors Feroz Dubash and Kunal Thakore, who both offer strong expertise across public and private M&A, private equity-backed deals, and complex multijurisdictional regulatory issues, the team at Talwar Thakore & Associates is noted for its expertise in financial services, particularly insurance sector work. With a global client base including the likes of AXA Group and Generali, the firm also has broader capabilities in cross-border regulated industries transactions, as well as corporate restructurings, governance, and data protection work. Deepa Christopher is based in Bengalaru and contributes heavily to the firm’s strength in the insurance sector, while Shruti Zota is also noted for her work on behalf of leading financial services clients such as HSBC. Neville Golwalla takes the lead on corporate work, including M&A, joint ventures, and board disputes. Lawyers are in Mumbai unless otherwise stated. The vastly experienced Gautam Saha leads a team arriving in New Dehli from AZB & Partners in September 2022, with Saha bringing significant expertise in M&A and private equity transactions, as well as corporate structuring and joint venture arrangements across sectors. Amrita Patnaik also joined the practice from AZB & Partners.

Practice head(s):


‘The M&A team at TT&A led by Feroz Dubash and Shruti Zota is extremely efficient and solution oriented. The team come up with solutions that are innovative and always focused on a resolution that is realistic and efficient. They have a very good turnaround time and are always available when you need them.’

‘Feroz Dubash and Shruti Zota personally get involved in each and every call and ensure that the client questions / concerns are taken care off with practical solutions.’

‘Excellent legal team. Meet and exceed client expectations regularly. Pleasure to work with on a professional and personal level.’

‘Very pragmatic in terms of advising and managing risk. Kunal Thakore has exceptional communication skills and is able to reassure clients in complex situations. Shruti Zota is excellent at negotiating with difficult counterparties.’

‘The team are very responsive and dedicated to delivering a great service for the client. They are very knowledgeable about financial services and M&A in financial services.’

‘Shruti Zota is excellent and always available and willing to work extremely hard for her clients. She is also very effective in negotiation.’

‘My experience has been extremely positive as it had been many times in the past; we have worked together for the same client in several occasions in the last 20 year and responsivness, quality of the analysis and legal sensibility was always there ….’

‘Feroz Dubash has impressed me for his engagement, attention to details, ownership of the matter and ability to deal with a complex situation and a difficult client.’

Key clients

HSBC Holdings Plc


AXA Group




Capita plc UK

Montagu Private Equity


Continental AG

Adapt Fintech Advisors

Sandvik Inc.

ADM Capital

Imagine Marketing Private Limited (boAt)

Bragg Gaming Group Inc

Rampart Trust




Carraro Group

Work highlights

  • Advised HSBC on its acquisition of L&T’s mutual funds business.
  • Advised Generali on the increase of its stakes in its joint ventures with the Future group in the life and general insurance sectors respectively.
  • Advised Sanofi in relation to the sale of certain brands (including Soframycin, Sofradex and Sofracort) to Encube Ethicals Private Limited.

India > Antitrust and competition Tier 3

India > Capital markets Tier 4

Talwar Thakore & Associates’ practice is best known for its proficiency in the debt capital markets space, placing a great deal of emphasis on structured high-yield transactions. The team advises on USD and INR debt issuances across a number of sectors, including roads, transmissions and renewable energy. Rahul Gulati has over 17 years’ experience in advising lead managers and issuers on domestic and overseas equity and debt offerings, and Priyanka Kumar leads on novel transactions, such as international co-issuer structures by Indian companies, and dual-level bond issuance structures.

Practice head(s):

Rahul Gulati; Priyanka Kumar

Key clients

ReNew Power Limited

Adani Group

Barclays Bank PLC

J.P. Morgan India Private Limited


Deutsche Bank AG


Linklaters Singapore Pte. Ltd.

Latham & Watkins LLP

Ashurst LLP

Apollo Global Management LLC

Work highlights

  • Acted as the Indian legal advisers to Citigroup Global Markets in relation to the issue of senior notes due 2026 by HCL America Inc.
  • Advised Apollo Global Management on the investment by certain credit funds in relation to secured notes due 2029 issued by Mumbai International Airport.
  • Acted for Barclays Bank relating to the issue of senior notes due 2031 by JSW Hydro Energy.

India > Projects and energy

TT&A is a leading Indian law firm and has earned a reputation for providing balanced, nuanced and pragmatic advice to clients in demanding and interesting transactions. We are recognised for delivering original solutions with a holistic approach and executing complex matters in all practice areas. We pride ourselves on our collegiate and professional workplace and helping our people grow in a friendly and stimulating environment. We are delighted that Gautam Saha and his team including 11 partners have joined us in August 2022. With Gautam now leading the Delhi NCR office, it will significantly boost our corporate and banking practice.

Below are the practice areas and sectors we have expertise in:

  • Banking and finance
  • Capital markets
  • Competition and antitrust
  • Compliance
  • Corporate and commercial
  • Corporate governance
  • Data protection
  • E-commerce, fintech, blockchain and cryptos
  • Healthcare and pharmaceuticals
  • Inbound investment
  • Infrastructure
  • Insurance and reinsurance
  • Joint ventures
  • Labour and employment
  • Licensing and franchising
  • Mergers and acquisitions
  • Outbound investment
  • Power and energy
  • Private equity, venture capital and funds
  • Project finance
  • Restructuring and insolvency
  • Risk management
  • Securitization and structured finance
  • Technology, media and telecommunications
  • Transport and logistics
Corporate and M&A, Healthcare Feroz Dubashferoz.dubash@tta.in+91 22 6613 6932
Banking and Finance Sonali Mahapatrasonali.mahapatra@tta.in+91 22 6613 6988
Capital Markets, Finance and Regulatory Rahul Gulatirahul.gulati@tta.in+91 22 6613 6938
Corporate and M&A; Banking and Finance; Healthcare Gautam Sahagautam.saha@tta.in+91 11 4629 9951
Corporate and M&A; Insurance; Healthcare Kunal Thakorekunal.thakore@tta.in+91 22 6613 6961
Banking and Finance Rituparno Bhattacharyarituparno.bhattacharya@tta.in+91 22 6613 6936
Corporate and M&A Sachin Mehtasachin.mehta@tta.in+91 11 4629 9960
Corporate and M&A Amrita Patnaikamrita.patnaik@tta.in+91 11 4629 9955
Corporate and M&A Dushyant Baggadushyant.bagga@tta.in+91 11 4629 9952
Insurance Deepa Christopherdeepa.christopher@tta.in+91 22 6613 6943
TMT Neville Golwallaneville.golwalla@tta.in+91 22 63196990
Antitrust and Competition Sonam Mathursonam.mathur@tta.in+91 11 4629 9992
Banking and Finance Pallavi Meenapallavi.meena@tta.in+91 11 4629 9957
Partners : 22
Lawyers : 90
English (fluent)
Hindi and other Indian languages