Shardul Amarchand Mangaldas & Co > Mumbai, India > Firm Profile

Shardul Amarchand Mangaldas & Co
MUMBAI 400 021

India > Antitrust and competition Tier 1

The team at Shardul Amarchand Mangaldas & Co handles the full spectrum of competition and antitrust matters for domestic and international clients, consistently delivering ‘cutting-edge‘ advice. John Handoll and Pallavi Shroff co-head the practice; Shroff has extensive experience in representing public and private entities, and Handoll has over 40 years’ experience in practicing competition law in India. Shweta Shroff Chopra draws on more than 18 years of experience in advising on corporate and competition matters, resulting in her practice featuring a blend of merger control and enforcement, areas in which Manika Brar is also an expert. In addition, Brar handles abuse of dominance matters alongside Naval Chopra. Harman Singh Sandhu is well versed in defending large multinational companies in high-profile cartel enforcement cases involving elements of leniency, and represents clients in abuse of dominance cases. With ‘unparallelled‘ expertise and ‘deep understanding‘, Yamam Verma handles major investigations into digital markets, cartels, abuse of dominance and enforcement cases.

Practice head(s):


‘Shardul Amarchand’s competition practice has an excellent market reputation, and the quality of their work lives up to that reputation in spades. Their advice is always cutting-edge, business oriented, client-focused, and sound on law. Their understanding of the e-commerce space is also unparalleled.’

‘Yaman Verma is our key contact at the firm. His competition law expertise is unparallelled, but what set him apart for us was his deep understanding of the commercial aspects of our business. His advice is always focused on what’s best for the company, and he effortlessly transitions from explaining legal nuances to providing commercial input. His mentorship, guidance, and strategic input has been invaluable to us.’

Key clients

WhatsApp LLC.

Siemens Healthineers AG

Uber Technologies Inc.

Carlsberg India Private Limited

Flipkart Internet Private Limited

ZF Friedrichshafen AG

Meta Platforms, Inc.

CA Magnum Holdings

Maruti Suzuki India Limited

National Stock Exchange of India

Mitsui O.S.K Lines Ltd.

Nissan Motor Car Carrier Co., Ltd.

Bundl Technologies Private Limited (Twiggy)

Apollo Management LP

Kubota Corporation

Baring Private Equity Asia Pte. Ltd.

Oravel Stays Limited (OYO)

Think and Learn Private Limited

Zomato Limited

Culver Max Entertainment

Asian Paints Limited

The Blackstone Group Inc.


Work highlights

  • Advised CA Magnum Holdings on the competition law aspects of its acquisition of a majority stake in Hexaware Technologies.
  • Acted for Carlsberg India in relation to its application for leniency in the beer cartel case.
  • Challenged an interim order made by the CCI on behalf of OYO, which was set aside by the Gujarat High Court as the CCI had not heard OYO.

India > Banking and finance Tier 1

The ‘pro-active, experienced‘ team at Shardul Amarchand Mangaldas & Co advise global corporates on leveraged, integrated, cross-border, and multi-currency facility financings. Based in Delhi, Shilpa Mankar Ahluwalia is a specialist in structured debt, and often advises on REIT financing deals. Veena Sivaramakrishnan is ‘one of the brightest minds‘ in the market and handles debt and equity matters and restructurings. The team also advises on secured real estate finance and corporate lending, dispensing advice on syndicated and bi-lateral loans. Shubhangi Garg  has considerable experience in advising on foreign currency financing and overseas direct investments.

Practice head(s):

Shardul S. Shroff

Other key lawyers:


‘Top law firm in India with extremely pro-active, experienced team with innovative solutions for complex situations. Has depth to team allowing for strong coverage in all aspects of situation.’

‘Veena Sivaramakrishnan. One of the most innovative, commercial and experienced lawyers in India with strong ability to solve complex issues and drive situations to successful outcomes. One of the brightest minds in India with ability to assess commercial risk-reward in providing customized, innovative solutions.’

‘Solution oriented, responsive, thorough.’

‘Shilpa Ahluwalia is a trusted partner, responsive, detailed, product knowledge.’

Key clients

Eruditus Learning Solutions Pte. Ltd

BNP Paribas SA and MUFG Securities EMEA PLC

Sumitomo Mitsui Banking Corporation

Assets Care & Reconstruction Enterprise Limited

Carlyle Funds

BNP Paribas, France

DBS Bank India Limited

Think & Learn Private Limited

Altico Capital India Limited

Warburg Pincus, through Morning Brook Investment Ltd

J.P Morgan Chase Bank N.A

Mizuho Bank Ltd

Deutsche Bank Securities Inc.

Chase Bank N.A

Bain Capital Credit, L.P. and its affiliates

Mindspace Business Parks REIT through its investment manager, K Raheja Corp Investment Managers LLP

Embassy Office Parks REIT – Series III, IV and V

Continuum Energy Levanter Pte. Ltd

International Finance Corporation (IFC)

DLF Cyber City Developers Limited

Byjus Investments Private Limited

Eruditus Learning Solutions Pte. Ltd

Work highlights

  • Advised on Warburg Pincus’ investment in Medplus Health Services Private Limited through its foreign portfolio investor vehicle, in the form of listed NCDs issued by a Medplus group entity.

India > Capital markets Tier 1

Shardul Amarchand Mangaldas & Co is home to an impressive capital markets practice, which frequently assists clients with complex, big-ticket transactions. Prashant Gupta leads the team and advises issuers and underwriters on large capital market deals such as buy-backs, pre-IPO private placements and capital restructurings, and Nikhil Naredi assists a host of clients, including issuers, investors and investment banks on equity-linked and debt securities. The team continues to place an emphasis on the provision of debt and equity security offerings, while Manjari Tyagi acts for merchant banks in a myriad of domestic equity capital markets transactions, international high-yield bond transactions and foreign listings. Shubangi Garg remains a key member of the team and focuses on listed non-convertible debenture issuances by InvITs and REITs.

Practice head(s):

Prashant Gupta

Other key lawyers:

Nikhil Naredi; Shubhangi Garg; Manjari Tyagi; Sayantan Dutta

Key clients

Paytm, One 97 Communications Limited

PB Fintech Limited (Policybazaar)

Nuvoco Vistas Corporation Limited

Axis Capital Limited

Virescent Renewable Energy Trust

J. P. Morgan Securities plc

Hongkong and Shanghai Banking Corporation Limited

Freshworks Inc.

Kotak Mahindra Capital Company Limited

Krishna Institute of Medical Sciences Limited

General Atlantic Singapore KH Pte. Ltd.

J.P Morgan Chase Bank N.A

Indian Cleantech Energy

Morgan Stanley & Co. LLC

Goldman Sachs (Asia) L.L.C.

K Raheja Corp Investment Managers LLP

Work highlights

  • Advised PB Fintech (Policybazaar) on its $766m IPO.
  • Advised Freshworks Inc. on its $1.06bn IPO.
  • Advised Brookfield on its IPO of 38,181,800 units of the REIT aggregating to ₹38,000m.

India > Corporate and M&A Tier 1

Shardul Amarchand Mangaldas & Co is a go-to for high-value public M&A and private equity investments, advising major corporate buyers as well as PE houses on complex, often cross-border transactions involving significant regulatory and multijurisdictional aspects. Alongside its capabilities in big-ticket transactional work, the firm also regularly handles joint ventures and capital markets issues, alongside cross-border corporate structuring and commercial contracts, and has a particularly strong record in foreign direct investment work. Practice head Shardul Shroff in New Dehli has broad expertise across corporate and financing matters, while Mumbai’s Raghubir Menon is a standout name for cross-border transactions on behalf of private equity funds, and domestic and international companies. Also in New Dehli, Amit Khansaheb is active across the software, logistics, and IT sectors, while Puja Sondhi advises on foreign investment and regulatory issues with a notable growth company and venture capital focus, and Mithun Thanks specialises in private equity deals.

Practice head(s):

Shardul Shroff


‘Responsive; detailed advice without being overly academic; good understanding of the client business and therefore advice is commercially focused.’

‘Mithun Thanks and Anjali Menon – responsive, practical, commercially focused and an overall pleasure to work with.’

‘High-level quality of legal services, matching the expectations of demanding clients. Very quick and responsive by all means. Mindful about possible issues of foreign clients doing business in India.’

‘Availability, speed, professionalism.’

Key clients

CA Magnum Holdings

Delhivery Private Limited

Destiny Investments Limited (SPV of ChrysCapital VI LLP)

Aragen Life Sciences Private Limited (f/k/a GVK Biosciences Private Limited)

Reddy Investment Trust

GVK Bio Employees Welfare Trust Limited

Flipkart Private Limited

Blackstone Advisors India Private Limited.

Think & Learn Private Limited

API Holdings Private Limited

Reliance Retail Ventures Limited

Biocon Biologics Limited

Work highlights

  • Advised Flipkart Private Limited in the acquisition of ~10.37% stake in Flipkart Private Limited by CPP Investment Board.
  • Advised Blackstone Advisors India Private Limited in the acquisition of a majority stake in mphasis limited.
  • Advised Biocon Biologics Limited in the merger of CTPL into BBL.

India > Dispute resolution: arbitration Tier 1

Within its wider dispute resolution offering, Shardul Amarchand Mangaldas & Co fields a specialised arbitration practice group that is well versed in handling all phases of commercial and treaty arbitrations, covering negotiation strategy, drafting pleadings and conducting arbitration hearings. The team has members in both New Delhi and Mumbai; practice heads Pallavi Shroff and Tejas Karia are based at the former, while Rishab Gupta stands out in Mumbai for his strength in investment treaty arbitration. Binsy Susan comes with strong client recommendation for her ‘poise in high-stakes arbitration‘.

Practice head(s):

Pallavi Shroff; Tejas Karia

Other key lawyers:


‘Binsy Susan leads a team of highly motivated, disciplined and thorough lawyers. As team leader, she enthuses in the team a rare combination of big-picture thinking and detail-oriented execution. A persistent, never-give-up attitude! Their industry knowledge and ease with technical issues, experts and ease-of-navigation through rules of procedure and appellate courts are truly a cut above the rest. The team’s procedures to digest mammoth volumes of papers and develop successful narratives, go a long way in persuading the tribunal of client’s point of view.’

‘Binsy is an extra-ordinary lawyer. To maintain poise in high-stakes arbitration and lead from the front come easy to her. An extremely effective communicator of ideas, Binsy keeps an open mind in a dynamic situation. Her leadership and pro-activeness is commendable. It is the ease that she has in handling large complex matters that gives her the edge to come up with innovative and out of the box solutions. Specifically, I really respect her for her cerebral, analytical and strategic contribution to the matter. Her value addition right through formulation of legal strategy to stellar execution of the work is rare. She is truly among the best in the industry and clients’ would not want her on the other side.’

Key clients

Hardy Exploration & Production (India) Inc

Facebook India Online Services Pvt. Ltd.

Gujarat State Road Development Corporation


IRCON International Ltd.

GE T&D India Ltd.

Reliance Communication Infrastructure Ltd.

Korea South-East Power Co. Ltd.

Hilton Hotels Management India Pvt. Ltd.

InterContinental Hotels Group (India) Pvt. Ltd.

Reynders Label Printing India Private Limited

JK Tyre & Industries Ltd.

Work highlights

  • Representing NHPC in several arbitrations (ICC administered and DIAC administered) pertaining to infrastructure development contracts.
  • Represented Gujarat State Road Development Corporation in arbitration before a three-member tribunal against M.S. Khurana Infrastructure & Toll Road regarding a concession agreement.

India > Insurance Tier 1

The team at Shardul Amarchand Mangaldas & Co is renowned for advising on corporate and regulatory issues in the insurance space, covering the formation and licensing of insurance companies, structuring of insurance joint ventures, and withdrawals from the market. Shailaja Lall heads the practice, drawing on over 20 years’ experience practicing insurance law. Samarth Gupta focuses on regulatory and transactional matters, and often advises clients on setting up and restructuring life and health insurance joint ventures, while Alina Arora uses her vast knowledge of corporate matters to advise on large M&A transactions and regulatory matters in the insurance sector. Ashish Teni regularly advises domestic and overseas insurers and insurance brokers, and has extensive experience in drafting policies for life insurance companies.

Practice head(s):

Shailaja Lall

Other key lawyers:

Roopal Kulsrestha; Ashish Teni; Samarth Gupta

Key clients

Multiples Private Equity Fund III

Willis Towers Watson group

Prudential Financial Inc. group

Lightspeed India Partners

Work highlights

  • Advised Multiples Private Equity Fund III on its investment in Acko Technology & Services, the parent company of Acko General Insurance.
  • Advised Willis Europe (which was an existing 49% shareholder) in its acquisition of 51% of the share capital of Willis Towers Watson India Insurance Brokers (WTW Broking).

India > Private client Tier 1

Shardul Amarchand Mangaldas & Co‘s experienced private client practice, based in New Delhi, works on diverse assignments for HNWIs. Department head Divi Dutta brings a wealth of experience in trusts, wills, succession and estate planning for both domestic and international clients. She has expanded the practice with an increased handling of family dispute matters relating to asset protection and maintenance. Furthermore, the team assists some of the most high-profile multinational corporations in India, operating across a range of sectors, in family settlements and the creation of wills and private trusts. Representing clients in more contentious matters where there has been a misallocation and misapplication of assets under a trust has also been an area of growth for the firm.

Practice head(s):

Divi Dutta

Key clients

Berger Group

Promoter of Sula Vineyards

Promoter of Dixon Technologies Limited

India > Projects and energy Tier 1

Shardul Amarchand Mangaldas & Co fields one of the market’s strongest project finance practices in the energy and infrastructure sphere. The team can regularly be found advising major asset managers that focus on investments into steel plants, railway constructions, hospitality expansions, transmission projects and wind farms. Heading the practice, Jatin Aneja leads on high-value transactions with an impact on the airport and railway sectors in India. Deepto Roy advises international asset management firms on equity investments into renewable assets of multinational renewable energy companies. Siddhartha Sen works on cross-border acquisitions involving FDI in the road, airport, real estate, and oil and gas sectors. Further bolstering the firm’s project finance expertise, Debashree Dutta and Anurag Dwivedi handle external commercial borrowing, domestic and bilateral loans, and leveraged finance.

Practice head(s):

Jatina Aneja; Deepto Roy; Siddhartha Sen; Debashree Dutta; Anurag Dwivedi

Key clients

OMERS Infrastructure

KCC Katra Expressway Private Limited

State Bank of India

HDFC Bank Limited

Punjab National Bank

South Indian Bank Limited

Canada Pension Plan Investment Board (CPPIB Canada Inc.)

TRIL Roads Private Limited

India > Real estate and construction Tier 1

As advisors to leading domestic private equity investment funds and real estate developers on mergers, acquisitions and financing, Shardul Amarchand Mangaldas & Co regularly works on high-value and large-scale matters. Mrinal Kumar, the lead partner in New Delhi, works on landmark acquisitions in the construction and industrial real estate areas, advising multinational construction companies on acquiring large domestic engineering companies. Mumbai-based duo Mithun V. Thanks and Akshay Chudasama support leading real estate developers on expanding their presence and platform in the real estate segment across India through mergers and joint ventures. Bhoumick Vaidya assists investors in security matters in their debt investments in real estate-focused companies, and Chennai-based partner Dorothy Thomas‘s recent highlight matters include advising on the sale of shares in large-scale warehousing assets in southern India to a joint venture.

Practice head(s):

Mrinal Kumar; Dorothy Thomas; Mithun V. Thanks; Akshay Chaudasama; Bhoumick Vaidya

Other key lawyers:


‘Team has thorough knowledge about the sector. They are accessible to clients. Result oriented and collaborative team.’

‘The precise advisory we receive from SAM on any matter is something that we find unique and admirable.’

‘Bhoumick Vaidya is an approachable partner. He understands the timing and sensitivity of the transaction and prioritises the work. He is a solution provider.’

‘Debashree Dutta and Anurag Dwivedi are excellent lawyers. They are solution oriented and come up with simple and innovative solutions to complex legal matters.’

‘Very good team of banking and finance partners, rich and diverse experience solution for all legal issues, partner involvement in the transactions.’

Key clients

Reliance Retail Venture Limited

Kubota Corporation, Japan

Silver Lake Partners

JK Paper Limited

Embassy Office Parks REIT

Kotak Special Situations Fund

Kansai Nerolac Paints Limited

Embassy Group

Casagrand Builder Private Limited

Kotak Performing RE Credit Strategy Fund

Work highlights

  • Advised Reliance Retail Venture on the acquisition of the retail, logistics and warehousing business of Future Group.
  • Assisted Kubota on the acquisition of Escorts Limited, one of India’s largest engineering companies.
  • Acted as the legal counsel to Public Investment Fund on the acquisition in Jio Platforms.

India > Restructuring and insolvency Tier 1

The highly experienced team at Shardul Amarchand Mangaldas & Co handles the gamut of bankruptcy, insolvency and restructuring matters, from restructuring to mitigate distress in large companies, to liquidation and resolution processes. The team regularly handles cross-border contentious and non-contentious restructurings, out-of-court settlements and insolvencies. Shardul Shroff heads the practice, which includes Saurav Panda, who has a combination of in-house experience from ICICI Bank and experience within the firm, and regularly represents strategic and financial investors, resolution professionals and banks on resolution processes. Misha uses her 15 years of experience in dispute resolution, bankruptcy and insolvency law to represent clients before the Supreme Court, High Court and the NCLAT.

Practice head(s):

Shardul Shroff

Other key lawyers:

Key clients

Resolution Professional of SEL Manufacturing Company Limited

Altico Capital India Limited

Assets Care & Reconstruction Enterprise Limited

Bank of Maharashtra

Work highlights

  • Advised a resolution professional and the monitoring committee of SEL Manufacturing Company Limited in CIRP.
  • Advised the resolution applicant in the CIRP of JSL.
  • Advised Assets Care & Reconstruction Enterprise and security receipt holders in a debt restructuring undertaken pursuant to the provisions of Section 9 of the SARFAESI Act.

India > Tax Tier 1

Shardul Amarchand Mangaldas & Co is a popular choice for tax advice on significant inbound investments, M&A and structural reorganisations. Its practitioners are also well versed in litigation in both the indirect and direct tax spaces, and provide clients with support in active or prospective investigations by the tax authority in India. Reflecting its strength in transactional tax, one of the firm’s new client additions in 2021, Bharat Petroleum Corporation, looked to Amit Singhania and Gouri Puri for assistance through its $318m acquisition of OQ's stake in Bharat Oman Refinery. Puri has a focus on international tax planning matters and digital taxation, while Singhania is noted for advising on the tax elements of cross-border investments and financial services matters. For direct taxation, Abhay Sharma stands out as an expert, and for indirect tax matters, Rajat Bose is the lead lawyer. Managing partner Pallavi Shroff oversees the department.

Practice head(s):

Pallavi Shroff

Key clients

ZF Friedrichshafen AG and ZF International UK Limited

Bharat Petroleum Corporation Limited

Bill and Melinda Gates Foundation

Mitsubishi Electric India Limited

Loyalty Partners Singapore Private Limited/ American Express

Kubota Corporation

SI Group India Private Limited & SI Group, Inc.

Willis Towers Watson

M/s Kelsen A/g

M/s Globus Spirits Limited

Indian Paper Manufacturers Association

Think & Learn Private Limited

Ontario Municipal Employees Retirement System (OMERS Canada)

McCormick & Company, Inc.

Miniso Lifestyle Pvt. Ltd

Futures First

India > TMT Tier 1

Shardul Amarchand Mangaldas & Co has a long-standing involvement in the technology, media and telecommunications industries, representing media and entertainment businesses, technology giants and major telecommunications players. A specialist in dispute resolution and information technology laws, Tejas Karia regularly advises a spectrum of clients in the media and tech sectors on data protection, privacy and confidentiality. Karia is routinely supported by a sizeable team of partners and associates. The firm’s technology expertise spans the gamut of regulatory and transactional matters, including commercial agreements (such as M&A deals), intellectual property, corporate finance and litigation.

Practice head(s):

Tejas Karia

Other key lawyers:

Shashank Mishra

Key clients

Sony Corporation

WhatsApp LLC LLC

Play Games24x7 Private Limited

Head Digital Works Private Limited

Junglee Games (India) Private Limited

WhatsApp LLC

Meta Platforms Inc. and WhatsApp LLC

Meta Platforms, Inc. and WhatsApp LLC

Blackstone Advisors India Private Limited.

Think & Learn Private Limited

Freshworks Inc.

Paytm, One 97 Communications Limited

CAP V Engagements Mauritius

PB Fintech Limited (Policybazaar)

WhatsApp LLC and Meta Platforms Inc. (formerly Facebook Inc.)

Work highlights

  • Advised Sony Corporation in the acquisition of Zee Entertainment Enterprises Limited.
  • Advised Blackstone funds in relation to the acquisition of a majority stake in Mphasis Limited
  • Advised Byju’s in acquisition of AESL.

India > White-collar crime Tier 1

Shardul Amarchand Mangaldas & Co handles a wide range of white-collar crime cases, including money laundering, corruption, bribery, procurement malpractices and other business crimes. The team assists with all stages of the investigation, from the discoveriy of  the offence to pursuing it to its end before a court. Pallavi Shroff heads the practice and her experience assists clients from all industries, including telecommunications, energy, consumer goods, construction, finance, and manufacturing. Alina Arora has extensive experience of leading complex multi-jurisdictional internal investigations involving bribery, fraud, money laundering, books and records irregularities. Nishant Joshi and Samarth Gupta are other key contacts.

Practice head(s):

Pallavi Shroff

Key clients

JK Tyres and Industries Limited

Thiess Minecs India Private Limited

Honeywell Automation India Limited

Resilient Innovations Private Limited

India Steel Summit Private Limited

Twitter Communications India Private Limited

Sony Pictures Entertainment Inc.

Punjab National Bank


J. P. Morgan India Private Limited

HCL Technologies Limited and HCL Infosystems Limited

Ingram Micro India Private Limited

Capsugel Healthcare Limited

Reebok India Company Ltd.

Work highlights

  • Assisted Resilient Innovations Private Limited with an internal inquiry into issues related to gross negligence, willful misconduct, abuse of position and fraud by the Founder/Managing Director and other employees of the client, a start-up unicorn with a valuation of $2.85 bn.
  • Represented JK Tyres and Industries Limited in a writ petition before the Delhi High Court.
  • Assisted Sonly Pictures Entertainment Inc. with an anti-bribery and anti-corruption due diligence on Zee Entertainment Enterprises Limited.

India > Dispute resolution: litigation Tier 2

Shardul Amarchand Mangaldas & Co‘s team of senior litigators is particularly strong in the banking and finance field, but the firm’s sizeable dispute resolution practice also represents clients in an array of fields, in courts across India. Leading names in financial services, electronics manufacturing and insurance are among those to instruct the team, whose expertise covers a range of matters from corporate fraud to shareholder disputes and insolvencies. Pallavi Shroff heads the department and has a particularly impressive track record representing clients in competition-related cases. Manu Nair counts JP Morgan India among his recent clients, while another key contact Ajit Warrier had a busy 2021, including multiple appearances at the Supreme Court. Angad Kochhar is another of the deep bench of experienced litigators who regularly appear at all levels of court.

Practice head(s):

Pallavi Shroff

Other key lawyers:

Key clients

JK Tyre & Industries Ltd.

IDBI Trusteeship Services Ltd.

IndusInd Bank Limited

Nafan B.V.

JP Morgan India Pvt. Ltd.

Resilient Innovations Private Limited

Azure Power Global Limited

NEC Corporation India Pvt. Ltd.

International Spirits and Wines Association of India

Bajaj Allianz General Insurance Co. Ltd.

Krafton Inc.

PUBG India Pvt. Ltd.

Monsanto Company

Mahyco Monsanto Biotech (India) Pvt. Ltd.

Grasim Industries Limited

NXP Semi-Conductors India Pvt. Ltd

Work highlights

  • Represented IDBI Trusteeship Services before the Mumbai National Company Law Tribunal as the debenture trustee for redemption of the debentures issued by Reliance Home Finance.
  • Acting for JP Morgan India before the Supreme Court in relation to the expiry of a provisional attachment order after 180 days.
  • Advising Bajaj Allianz General Insurance Co. on three Special Leave Petitions before the Supreme Court.

India > Labour and employment Tier 2

The employment and labour law practice of Shardul Amarchand Mangaldas & Co offers comprehensive advice on all employment law matters in conjunction with its other practice areas to provide litigation advice and specialised assistance in industry-specific matters. Pooja Ramchandani heads the team and advises various multinationals and large corporations on employee matters related to closures, stock options, mergers, business transfers, and industrial disputes. Rising star Kriti Kaushik specialises in issues related to entry and exit strategies, contract labour, and engagement and compensation structures of senior management. Suruchi Kumar focuses on closure of establishments and severance pay, while Suryansh Gupta advises on employment agreements, restrictive covenants, HR policies and immigration.

Practice head(s):

Pooja Ramchandani

Key clients

Toppan Inc.

Norwest Capital LLC

Nidec Corporation

Aragen Life Sciences Private Limited

TPG Growth V SF Markets Pte. Ltd

Flutter Entertainment Plc.

Tech Mahindra Limited

Curefit Services Private Limited

CA Magnum Holdings

API Holdings Private Limited

Sony Pictures Networks India

Kubota Corporation

Delhivery Private Limited

India > Private equity and investment funds Tier 2

The team at Shardul Amarchand Mangaldas & Co provide blue chip investment funds and domestic conglomerates with ‘high quality’ advice on strategic transactions and investments. Shardul Shroff heads the practice, and Iqbal Khan advises global strategic investors on investments and foreign investment legal regimes. Raghubir Menon has substantial experience in advising sovereign wealth and private equity funds, as well as corporates on a range of domestic and overseas transactions.

Practice head(s):

Shardul S. Shroff

Other key lawyers:


‘High quality of legal services, matching the expectations of demanding clients. Very quick and responsive by all means. Mindful about possible issues of foreign clients investing in India.’

‘The team has knowledge of the maket practice in the area, good availability, negotiation skills, and speed.’

Key clients

National Investment and Infrastructure Fund

Aseem Infrastructure Finance Limited

NIIF Infrastructure Finance Limited

Bundl Technologies Private Limited

TPG Rise Climate Limited

Flipkart Private Limited (Flipkart)

Blackstone Advisors India Private Limited.

Think & Learn Private Limited

API Holdings Private Limited (PharmEasy)

Reliance Retail Ventures Limited

Biocon Biologics Limited

Intellectual property Tier 3

Shardul Amarchand Mangaldas & Co‘s intellectual property department stands out for its assistance in transactions with key IP issues. The firm also offers a robust IP litigation practice with practitioners well-versed in patent litigation. Practice head Dev Robinson assists both international and domestic clients, providing advice on patent searches, prosecution matters and strategies in relation to competitors. Muzammil Husain is another patent-focused partner to note, while J.V. Abhay advises on the full range of trademark, domain name, copyright, design and breach of confidence issues. He is based in Mumbai where Mukul Baveja heads the IP group. Robinson and Husain are based in New Delhi.

Practice head(s):

Dev Robinson

Key clients


ZTT India Private Limited

Think & Learn Private Limited

Nippon Steel Corporation

Nikon Corporation

Vestas Wind Systems A/S

Merz pharma Gmbh & Co. Kgaa, Germany

One97 Communication Ltd., India

Millennium & Copthorne Hotels Limited

Apollo Tyres Ltd., India

Work highlights

  • Advised Rebel Foods and its founder Jaydeep Barman on the intellectual property aspects of raising a Series F fund from Qatar Investment Authority.
  • Assisted Think & Learn on the IP elements of its acquisition of 100% of Aakash Educational Services.
  • Assisted SoftBank with IP issues in its investment in Meesho.

The firm: Founded on a century of legal achievements, Shardul Amarchand Mangaldas & Co (SAM & Co) was born anew in May 2015. The executive chairman, Mr Shardul S Shroff and the managing partner, Ms Pallavi Shroff were instrumental in setting up this new firm and carried forward the legacy that the firm has inherited.

With a well-calibrated growth strategy, SAM & Co is one of India’s leading full service law firms with seven offices across India and a team strength of over 500 lawyers including over 100 partners. The firm’s mission is to enable business by providing solutions as trusted advisors through excellence, responsiveness, innovation and collaboration. SAM & Co is known globally for its exceptional practices in mergers and acquisitions, private equity, competition law, insolvency and bankruptcy, dispute resolution, capital markets, banking and finance and projects and infrastructure. The firm has been at the helm of major headline transactions and litigation in all segments of industry, besides advising major multinational corporates on their entry into the Indian market and their business strategy.

Areas of practice
General corporate: Our work in the areas of mergers and acquisitions, JVs, private equity, insurance, real estate, employment and business restructuring is well documented in the annals of Indian corporate history. Our corporate teams are well complemented by our other practices for facilitating deal closures.

Banking and finance: Our offerings range from traditional banking documentation to securitisation, factoring, payment banks, syndicated loans, structured acquisition equipment finance, mortgage backed securities, guarantee structures, NCDs, ECBs, and working capital loans.

Competition law: With a strong and the most recognised competition practice in India, the competition team has a proven track record of successfully steering clients through their largest transactions, complex investigations and high-stakes litigations.

Insolvency and bankruptcy: Our experience covers an entire range of scenarios relating to Bankruptcy and Insolvency, starting from early signs of distress to corporates and restructuring towards revival to processes involving liquidation and winding down of businesses. We provide a comprehensive solution in terms of financial restructuring and recovery, insolvency, corporate reorganization and restructuring, creditors’ rights, and contingent preparedness against any peripheral litigation.

Dispute resolution: We are a go-to firm across industries for domestic and international arbitrations, commercial and corporate and regulatory disputes in various courts, tribunals, forums, administrative authorities and regulators in India, and also have white collar crime, and insolvency and restructuring teams.

Projects and project finance: We advise developers, EPC contractors, investors and lenders on various infrastructure projects, regulatory aspects, government tenders, and contractual issues in sectors such as power, oil and gas, nuclear energy, ports, roads and mining.

Capital markets: Our offerings include legal and regulatory advice on IPOs, FPOs, rights issues, QIPs, ADRs, GDRs, IDRs, and AIM listings on the equity side; issuance and restructuring of FCCBs, nonconvertible bonds, unlisted infrastructure bonds, and medium term note programs (MTN Programs) on the debt side.

Tax: We offer a broad range of advisory and litigation services in the areas of direct as well as indirect taxes (including customs duty, goods and service tax and state excise / alcohol duty).

Intellectual property rights: We offer a full range of services that cover patents, trademarks, copyrights, designs and other allied laws, from conceptualisation to enforcement and from negotiations to creation of innovative corporate structures based on intellectual property.

Venture capital: We represent premier domestic and international clients on the investor as well as investee company side for early and growth stage financings. Our VC lawyers have sizeable deal experience (including having worked at prominent VC funds) and bring a deep understanding of the nuances of early stage investing.

General corporate Iqbal Khan
General corporate Jay Parikh
General corporate Abhishek Guha
M&A Akshay Chudasama
M&A Mithun Thanks
M&A Raghubir Menon
Private equity Raghubir Menon
Private equity Jay Gandhi
Private equity Iqbal Khan
Dispute resolution Ameya Gokhale
Dispute resolution Nitesh Jain
Dispute resolution Rishab Gupta
Competition John Handoll
Competition Gauri Chhabra
Insolvency & bankruptcy Sapan Gupta
Insolvency & bankruptcy Veena Sivaramakrishnan
Banking & finance Sapan Gupta
Banking & finance Soummo Biswas
Banking & finance Veena Sivaramakrishnan
Projects and project finance Deepto Roy
Projects and project finance Vishaka Prasad
Projects and project finance Debashree Dutta
Tax Abhay Sharma
Capital markets Monal Mukherjee
Capital markets Nikhil Naredi
Capital markets Kaushik Mukherjee
Real estate Akshay Chudasama
Real estate Ashoo Gupta
Real estate Radhika Dudhat Pereira
IP Dev Robinson
IP Mukul Baveja
Insurance Roopal Kulsrestha
Policy & regulation Yogesh Chande
Investment funds Jay Gandhi
Akshay Chudasama photoMr Akshay ChudasamaAkshay Chudasama, is the Co-Managing partner of Shardul Amarchand Mangaldas & Co.…

The firm’s focus on diversity and inclusiveness helps our people realize their full potential, while delivering high quality work for our clients. We are an equal opportunity employer with equal pay for both genders and provide equal opportunities to people of different socio-economic backgrounds, gender, race, religion, beliefs and preferences.

We run exchange programs for our lawyers with entities in and outside India, to inculcate strong cultural ethos. The Firm has collaborated with IDIA (Increasing Diversity by Increasing Access to legal education) project. The Firm has a neutral body of assessment called “Associate Compensation and Promotion Committee (ACPC)” which evaluates all proposals put up by Partners across practice areas till the Principal Associate (PA) level. Albeit the world is making very slow progress on advancing gender equality, we are happy to highlight that at our Firm, among the top leadership, 2 out of the 5 members of the Management Board comprise women, demonstrating our commitment towards gender equality at the highest levels at the Firm. 49% of our workforce comprises women. The Firm has had crèche facilities, for over 10 years in the Delhi office, staffed with trained professionals, to support young mothers who start work post their maternity period and need to have close proximity with the child. This enables our women colleagues to balance their professional and personal commitments in an uninterrupted manner. The platform, in an informal setting, provides women business leaders to network and exchange insights and ideas that are helping them achieve continuing success. Our initiatives and planning have driven the results and our firm’s highest gender ratio, overall is a testament of our commitment to promote a fairer and diverse workplace culture. The Human Resources team plays a significant role and has taken the following tangible steps towards inclusiveness at all levels.

In order to develop and manage its talent, especially during Covid, the firm has invested heavily on technology and accelerate its efforts towards digital transformation. This is also to ensure business continuity during the pandemic and enable the lawyers to engage and service clients in a remote scenario of WFH without any disruption. The firm too several initiatives to engage with lawyers for their professional growth:

  • The firm introduced one-on-one mental health sessions with an expert where necessary consultation is provided to help the team members cope with mental health concerns during the challenging times of pandemic.
  • The Firm focused on thought leadership related activities, SAM-inars (an inhouse webinar platform for thought leadership and client growth and development as tangible steps for business continuity, and client relationship management.
  • The management has put in a well thought, comprehensive Work from home strategy which is supported by accelerated digital transformation enabling the firm to manage a smooth working setup.
  • We have invested various technology and innovation learning tools for trainings and development that contribute to a tangible increase and improvement of talent and skills in the firm. The firm has introduced tools such as AI-based Luminance’s machine learning technology to assist with due diligence, Litera, an artificial intelligence (AI) solution for document proofing, CLE-mentine learning platform and introduction of HRMS.

KEY WORK NO. 1: CPPIB’s investment in Flipkart
Completion date: July 2021
Description: The transaction involves private placement of 19,019,032 ordinary shares of Flipkart, resulting in acquisition of ~10.37% of the stake by various new investors (including CPPIB, GIC and SVF) and existing investors (including Wal-Mart, Tencent and Tiger). The transaction was valued at USD 3.6 billion.

Completion date: 15 November 2021
Description: The transaction is India’s biggest initial public offering by the operator of Paytm, One 97 Communications Limited, aggregating to ₹18,300 crore (approx. US$ 2.4 billion), and comprising a fresh issue component as well as an offer for sale, including by Ant Financial, Alibaba, Softbank, Elevation Capital, Berkshire Hathaway, founder Vijay Shekhar Sharma and others. The transaction was valued at USD 2.4 billion

KEY WORK NO. 3: Merger of Covidshield Technologies Private Limited (“CTPL”), a wholly owned subsidiary of Serum Institute Life Sciences Private Limited (“SILS”) into Biocon Biologics Limited (“BBL”), a subsidiary of Biocon Limited.
Completion date: 16 September 2021
Description: The transaction involves:

  1. the merger of CTPL into BBL, pursuant to which BBL will offer approximately 15% stake to SILS, at a post-money valuation of ~ USD 4.9 billion, for which it will get committed access to a 100 million doses of vaccines per annum for 15 years, primarily from SILS’s upcoming vaccine facility in Pune with commercialization rights of the SILS vaccine portfolio (including COVID-19 vaccines) for global markets;
  2. BBL generating a committed revenue stream and related margins, commencing H2, FY23
  3. Adar Poonawalla obtaining a board seat in BBL.

KEY WORK NO. 4: Acquisition by India Markets Rio Pte. Ltd. (an entity affiliated with TPG Rise Climate, the climate investing strategy of TPG’s global impact investing platform TPG Rise) (“TPG Rise Climate”) in a proposed subsidiary (“TML EVCo.”) of Tata Motors Limited (“Tata Motors”)
Completion date: 12 October 2021
Description: The transaction involves:

  1. the subscription of 11% – 15% stake, through compulsorily convertible instruments, translating to an equity valuation of upto USD 9.1 Billion, in TML EVCo. by India Markets Rio Pte. Ltd. for an aggregate amount of USD 1 billion (INR 7,500 Crores);
  2. a nominee of India Markets Rio Pte. Ltd. will obtain a board seat in TML EVCo.
  3. Value – Approximately USD 1 billion

KEY WORK NO. 5: Reliance Retail Venture Limited (subsidiary of RIL)
Completion date: Not completed yet
Description: Acquisition in the retail space, this transaction involved acquisition of the retail, logistics and warehousing business of the Future Group by the Reliance Retail Venture Limited (subsidiary of RIL). This acquisition was being done by way of a composite scheme of arrangement, pursuant to which the target companies would demerge, merge with RIL and thereafter, the business was to be transferred to a wholly owned subsidiary RIL by way of a slump sale.

As part of the same Scheme:

  1. the Retail & Wholesale Undertaking is being transferred to Reliance Retail and Fashion Lifestyle Limited (“RRVL WOS”) on a slump sale basis;
  2. the Logistics & Warehousing Undertaking is being transferred to Reliance Retail Ventures Limited on a slump sale basis and;
  3. RRVL WOS will be making investment into the residual FEL entity by way of equity shares and warrants on a preferential allotment basis.