Malaysian law firms are experiencing a significant uptick in demand, driven by the country’s expanding international partnerships. One key example is recent revitalisation of the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project, which initially launched in June 2022.

Malaysia’s state-run utility firm, Tenaga Nasional, signed a two-year energy agreement to transmit electricity from Laos to Singapore in January 2026, contributing to strengthening regional energy connectivity and reducing fossil fuel dependency.

As the Asean energy market expands and Malaysia anticipates increased revenue and improved grid efficiency in its role as a power transit hub, law firms are expected to identify significant new growth opportunities within the sector.

Government data underscores the tangible impact of the country’s expanding international presence, revealing that Malaysia’s global trade reached a milestone in 2025, surpassing the MYR3 trillion (USD760 billion) mark for the first time.

This represents a 6.3% year-on-year increase from 2024. An official statement notes: “This shows that the country remains strong and resilient, as well as globally competitive, despite a complex landscape of geopolitical tensions and supply chain realignments.”

In 2026, with geopolitical volatility disrupting maritime supply chains, demand for rail freight is also expanding as the logistics industry prioritises more stable transportation corridors. As Malaysia seeks to establish itself as a strategic rail hub connecting Asia, law firms are increasingly engaged in providing specialised counsel on large-scale infrastructure projects, navigating regulatory permit processes and conducting detailed risk assessments.

While Malaysia’s expanding international profile presents significant growth opportunities for the legal sector, it is also intensifying market competition. Law firms are increasingly vying to secure mandates as lead advisers for major corporations, a competitive trend that is expected to persist as the regional economy integrates.

Against this backdrop, Asia Business Law Journal proudly presents the Malaysia Law Firm Awards 2026, recognising the nation’s exceptional law firms. We have given awards in categories including Law Firm of the Year, Best Overall Law Firms and Best Boutique Law Firm, in addition to recognising winners in 30 practice area categories, each of equal standing.

Christopher & Lee Ong (CLO), a member firm of Rajah & Tann Asia, has been named Law Firm of the Year for five consecutive years, maintaining its streak since the award’s inception in 2022. Effective from 1 January 2026, the firm expanded its bench strength in litigation and arbitration via a merger with Sanjay Mohan Advocates & Solicitors, adding 28 dispute-focused lawyers including seven partners.

CLO identifies capital markets as one of its key practice areas in the past 12 months. Notably, the firm acted as legal counsel to the underwriters for leading private healthcare provider Sunway Healthcare Holdings’ IPO on the Bursa Malaysia. The offering, which raised about MYR2.86 billion, saw the company commence trading on 18 March 2026.

CLO also represented Dr Kee Kirk Chin and Apex Holdings in the MYR1.9 billion conditional voluntary general offer by Pharmora Investment Holdings for leading domestic pharmaceutical manufacturer Apex Healthcare Berhad (AHB). The transaction, which closed on 9 January 2026, involved a consortium of joint ultimate offerors supported by strategic financial structuring to achieve full acquisition.

The transaction included the disposal of shareholdings in AHB by substantial shareholder WHSP Holdings, which CLO also advised, through the voluntary general offer process. The dual roles undertaken in this transaction positions it as a landmark public market takeover with strategic and financial implications for Malaysia’s M&A landscape.

In representation of Sapura Energy and its 22 subsidiaries, the firm acted as lead solicitors for schemes of arrangement in Malaysia, handling both court-facing and transactional aspects of the restructuring as Vantris Energy. The schemes were approved by a majority of more than 95% in all 52 classes of creditors across 23 companies, and the high court granted sanction of the schemes on 6 March 2025.

Rahmat Lim says this case is the first time where the Singapore and Malaysia courts have used the protocol on court-to-court communication and co-operation between the two countries. Advising the clients were managing partner Azman bin Othman Luk, partners Jack Yow, Kwong Chiew Ee, Neoh Jin Keat and Tan Yan Yan, and principal Melvin Ng.

The firm also acted as Malaysian counsel for Bridge Data Centres Malaysia in respect of loan financing of up to USD2.8 billion, granted by a consortium of international lenders. The client was a wholly owned special purpose vehicle of Holdco, a Bain Capital-owned company. Holdco is the holding company of several Malaysian-incorporated data centre operating companies. Partner Kelvin Loh and principal Kimberley Yee led this transaction.

Shearn Delamore & Co has seen an uptick in competition mandates against the Malaysia Competition Commission (MyCC) in the past year. The firm is currently representing multiple insurers in ongoing Court of Appeal proceedings regarding the dispute between Persatuan Insurans Am Malaysia (PIAM) and the regulator. The dispute stems from the MyCC’s MYR173.65 million fine imposed on PIAM and its members for alleged price fixing. Additionally, the firm is representing clients in the poultry feed industry after the MyCC made a MYR415.5 million decision against an alleged chicken feed cartel. The Competition Appeal Tribunal unanimously affirmed the MyCC’s decision on 11 February 2026.

Following the 1 January 2026 commencement of the Arbitration (Amendment) Act 2024 in Malaysia, Shearn Delamore has reinforced its focus on high-stakes alternative dispute resolution. Managing partner Rodney Gomez, a seasoned arbitrator in construction and engineering matters, continues to lead the firm’s mandates in this evolving regulatory landscape.

“Rodney Gomez has been reliable, particularly for matters in which court representation is required,” says Shannon Tan, general counsel at engineering and construction company Exyte in Singapore. “His reputation precedes him, great to have as counsel representing you in the courts.”

Lim Chong Kin, managing director at Drew & Napier in Singapore, says his firm often works with Shearn Delamore on matters involving data protection, and technology, media and telecoms (TMT). He recommends Janet Toh, Irene Yong and Timothy Siaw: “They are knowledgeable in their respective practice areas and provide practical and commercially sound advice.”

Skrine acted as Malaysian counsel for Italian oil and gas giant Eni in its investment agreement with Petronas to establish a joint venture in Malaysia and Indonesia. Officially announced on 3 November 2025, this partnership is to form a financially independent entity called NewCo, which will manage 19 regional upstream assets. Partners Fariz Abdul Aziz and Wei Xian Tan handled this matter.

The firm also counselled US management consulting firm Accenture with the acquisition of Malaysian consulting and digital transformation firm Aristal Solutions, which was announced on 21 July 2025. Skrine conducted Malaysian legal due diligence on Aristal Solutions and reviewed the transaction documents to ensure compliance with local law.

In a strategic move to secure new growth engines, the firm also launched a dedicated India desk in January 2026, following a surge in cross-border corporate activity between Malaysia and India. Skrine has also established collaborative frameworks with Indian law firms to provide commercially integrated legal advice on mandates requiring local Indian expertise.

The firm acted for oil and gas company Single Buoy Mooring in a high-stakes patent infringement action before the Kuala Lumpur IP High Court concerning the client’s patent. The defendants included South Korean global conglomerate Samsung Heavy Industries in a case involving complex issues of claim construction, novelty and inventive step in specialised offshore engineering.

The firm represented Single Buoy Mooring in seeking injunctive relief and damages while defending against a validity counterclaim. The matter was finally amicably resolved without costs on 30 May 2025.

Angie Ng, senior counsel at Pixlr in Kuala Lumpur, consults with WJNT on trademark-related matters including the filing of new trademark registrations, renewals, oppositions and ongoing maintenance of the trademark portfolio.

“Overall, WJNT has been a trusted and dependable firm to work with and their level of service has met our expectations consistently over the years,” says Ng. “Their responsiveness and clear communication are key strengths that we greatly appreciate.”

Tracie Ng, manager of group legal and compliance at property developer SP Setia, says her company typically engages Wong Jin Nee & Teo for trademark matters. “Their advice is clear, quick and reliable,” she says.

Other award highlights

Lee Hishammuddin Allen & Gledhill (LHAG) is widely regarded as a premier practice in Malaysia across various areas of dispute resolution, including corporate and commercial litigation, international arbitration, and white-collar defense.

The firm recently expanded its litigation bench through a merger with boutique litigation practice Shan Chambers, bringing former partner SM Shanmugam back to the firm. In addition to handling both contentious and non-contentious matters domestically, LHAG operates a dedicated China desk to reflect the growing importance of bilateral ties and to better serve its Chinese clients.

Leveraging its Baker McKenzie international network, Wong & Partners continues to remain an M&A powerhouse, securing mandates from both domestic and international clients.

The firm currently advises DKSH Performance Materials (DKSH) in acquiring functional food manufacturer AIC Ingredients. Led by partner Addy Herg, the team supports DKSH in the full cycle of the transaction from deal structuring and diligence to negotiation and finalisation of definitive agreements. The transaction is expected to close in the second quarter of 2026.

Wong & Partners also acted as lead counsel for a consortium of seven local and international financial institutions in a MYR15 billion multi-currency syndicated financing deal supporting development of data centres within the Johor-Singapore Special Economic Zone by Singapore-based DayOne Data Centres. In this matter, the firm advised a banking group comprising CIMB, Credit Agricole, DBS, Maybank, OCBC, Standard Chartered and UOB.

As jumbo financing for digital infrastructure projects continues to rise in the region, this deal highlights the critical role of legal advisory in large-scale investments between Malaysia and Singapore.

Securing a mandate to advise state-owned oil giant Petronas, one of Malaysia’s most important clients, is regarded as a market benchmark. Adnan Sundra & Low (ASL) was Malaysian counsel to the arrangers and dealers on its USD30 billion global medium-term note programme, unconditionally and irrevocably guaranteed on a senior basis by Petronas, and the issuance of USD5 billion in notes on 3 April 2025.

The transaction was governed by New York law and represented Petronas’ return to the international USD bond market, the largest oil and gas issuance out of Asia since 2020, and the largest Asian international bond transaction since 2021.

An of counsel at a prominent Singapore law firm says she typically engages ASL on behalf of clients for complex M&A transactions involving Malaysian law aspects. “From years of working together, we can confidently continue to recommend Adnan Sundra & Low to clients for complex M&A transactions involving Malaysia.”

Operating within Malaysia’s dual financial landscape – where shariah compliance remains a pivotal pillar alongside conventional systems – ASL also secured the ESG award in recognition of its extensive sustainability mandates.

The firm helped establish sustainability-linked sukuk, embedding enforceable, programme-level decarbonisation and certification commitments into the issuer’s funding architecture.

ASL also advised on upsizing a sukuk programme to finance hydropower-led grid expansion and last-mile rural electrification, enabling Islamic infrastructure finance as an enabler of inclusive energy transition.

Azmi & Associates continues growing as a leading full-service firm, now numbering 115 Malaysian bar lawyers. Its planned Putrajaya office expansion marks a strategic move to deepen its engagement within the administrative capital’s legal and advisory landscape.

Azmi is currently advising Advanced Drainage Systems in its USD1 billion global carve-out acquisition of Norma Group’s water management business. This involves cross-border co-ordination aligned with the global transaction framework of a New York stock exchange-listed entity, including the restructuring and transfer of a key Malaysian subsidiary and manufacturing operations.

The firm is advising on the Malaysian regulatory aspects of the transaction.

Ahmad Azhar Shah Ibrahim, head of legal, procurement and compliance at Sime Darby Property, says Azmi & Associates delivered his team “exemplary” services.

A senior in-house counsel for a major Malaysian property developer also praises the firm. “They are very good, competitive and easy to work with,” says the counsel. “They understand business needs and are creative in structuring deals. They are also fast and responsive, not sticky about the scope of works and billings.”

Zaid Ibrahim & Co’s banking & finance practice had a busy year, advising domestic and international financial institutions, insurers, hedge funds and corporates on syndicated financing, cross-border lending, restructuring, export credit financing and structured trade finance. Bank Negara Malaysia and the Securities Commission Malaysia maintain longstanding relationships with the firm for comprehensive regulatory support.

The firm’s infrastructure, energy & utilities team also advised regulators on Malaysia’s first utility-scale battery energy storage system agreements, and assisted developers on run-of-river and gas engine generator power plants.

Zaid Ibrahim additionally advised the Ministry of Economy on drafting of the Carbon Capture, Utilisation and Storage Act establishing Malaysia’s first comprehensive legal framework for regulating related infrastructure and operations, a key pillar of the nation’s energy transition. The bill came into force in October 2025.

Zul Rafique & Partners has expanded to more than 100 lawyers in the past year while enhancing market engagement with the launch of The Brief podcast sharing legal insights and industry trends.

Notably, the labour & employment practice successfully defended Petronas in a fixed-term contract case clarifying that non-renewal of such contracts does not constitute dismissal – and employers retain discretion when operational needs no longer justify a role.

Tenaga Nasional was also successfully defended in a workplace violence case, affirming zero-tolerance to workplace safety threats and upholding dismissal of a senior human resources executive in a drug-related misconduct case, confirming that employers need not await final criminal outcomes before taking disciplinary action.

The firm is additionally active in Islamic finance, advising ALSREIT Capital on establishing a MYR3 billion sukuk wakalah programme, providing a flexible and sustainable funding platform to support investment and refinancing.

Zul Rafique also advised CIMB Investment Bank and Maybank Investment Bank on PNB Merdeka Ventures’ MYR6 billion Merdeka sukuk wakalah programme.

In response to Japanese corporations “pouring capital” into Malaysia’s semiconductor and data centre sectors, Rosli Dahlan Saravana Partnership (RDS Partnership) established a dedicated Japan desk in 2025, in collaboration with leading Japanese firm Anderson Mori & Tomotsune.

With 28 partners and 67 lawyers, the firm handles some of Malaysia’s most notable litigation cases, including representing leading palm oil producer SD Gutherie in a compulsory acquisition of 76.5 hectares of Carey Island by Tenaga Nasional, the region’s largest publicly listed power company. RDS secured additional compensation of MYR20.4 million representing 20% above the original award.

RDS also currently represents Menara KL and Hydroshoppe in a dispute over a 30-year concession agreement valued at MYR1 billion for the management of the KL Tower.

Menara Kuala Lumpur CEO Nazli Saad, who is currently being advised by RDS on operation and managing contracts, says: “The work quality is superb, and Menara Kuala Lumpur is contiguously notified on the development on a regular basis. The explanation was straightforward and easy to understand for those of us with a non-legal background.”

Cheang & Ariff is recognised for its expertise in IP litigation, securing mandates from several leading global corporations including Japanese petrol dispense pump manufacturer Tatsuno in a trademark infringement and passing-off dispute against a Malaysian distributor.

Tatsuno proved its products had acquired goodwill and reputation, while the local distributor used signs that were identical or similar, misleading the public to believe their pumps were Tatsuno’s. The case is currently at the assessment of damages stage.

Cheang & Ariff is also acting for global logistics automation company Swisslog in a potential copyright infringement case involving its proprietary robotics and software technologies. This dispute underscores the increasing importance of IP protection in the high-tech sector, particularly in the automation and warehousing industry.

The firm advises domestic clients as well. In representation of Southern Cable, a leading cable and wire manufacturer, the firm is handling a trademark infringement and passing-off dispute against several local manufacturers. The trial concluded in January 2026, with a decision anticipated within the year.

WM Leong & Co secured this year’s Japan practice award through their strategic alliance with leading Japanese law firm Nishimura & Asahi, and navigating last year’s strategic entry into Malaysia by consumer credit services provider JACCS, a member of Japan’s Mitsubishi UFJ Financial Group.

JACCS made its debut acquiring a 49% joint venture stake in CARSOME Capital, the financing arm of Malaysian online used car trading platform CARSOME Group. WM Leong assisted on all stages of the complex transaction from structuring and due diligence to negotiations as well as drafting the definitive agreements.

Another important mandate was Toyota Industries’ acquisition of an additional 23% of UMW Toyota Material Handling, the industrial equipment arm of conglomerate UMW Holdings.

As well as the initial acquisition in 2023, WM Leong had played a key role in this latest transaction, performing comprehensive due diligence on target companies, drafting and negotiating transaction documents, as well as advising on relevant Malaysian law matters.

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As the world shudders under the reverberations from conflict in the Middle East, Vietnam, like most Asian jurisdictions, is not immune to ongoing restrictions on oil supply.

Vietnam’s legal sector is mobilising as fuel supply shortages bite and resulting downstream business distribution chains feel the impact. Last year, Asia Business Law Journal’s Vietnam Law Firm Awards 2025 report observed: “Power consumption across factories, businesses and households is rising to some of the highest levels in Asia.”

Given such demand, the surge in fuel prices since February has led to severe operational disruptions. Notably, Vietnam Airlines suspended 23 domestic flights per week from April this year due to shortage of jet fuel.

In response, local law firms are contributing by providing timely legal counsel to the government to facilitate a rapid regulatory response. This collaboration has resulted in the implementation of emergency measures including cutting import tariffs and environmental taxes on fuel to zero. These interventions seek to stabilise domestic supply and provide a much-needed buffer for businesses.

Despite ongoing challenges in energy supply, Vietnam’s broader macroeconomic indicators point to a period of growth. The country recorded an average annual growth rate of 6.2% between 2021 and 2025, positioning it as one of the top-performing economies among its Asean peers.

Looking ahead, the Vietnamese government targets annual GDP growth of at least 10% and a per-capita GDP of USD8,500 by 2030. In this environment, local law firms serve as a strategic bridge between government economic targets and the private sector, mitigating compliance risks for domestic and international companies.

Considering the geopolitical uncertainties and the increasingly important role of Vietnamese law firms, ABLJ proudly presents the Vietnam Law Firm Awards 2026 to recognise the country’s best for the past year. We have identified two Law Firms of the Year, four firms that have proven to be the best of the best overall in Vietnam, an outstanding boutique firm, and a new firm to watch, as well as winners in 30 other categories, each of equal standing.

In November 2025, VILAF entered a strategic collaboration with the South Korean full-service law firm Yoon & Yang to handle Korea-related work, an area where YKVN has traditionally maintained a strong presence.

For example, YKVN advised Vingroup on the USD935.5 million structured divestment of listed shares held by conglomerate, SK Group, which was closed in September 2025. The transaction involved multi-layered payment mechanics and security arrangements, requiring careful structuring to address market, regulatory and execution risks associated with large-scale divestments of listed equity.

Meanwhile, VILAF conducted legal due diligence in Vietnam for Dutch nutrition company Royal De Heus in its USD854 million acquisition of South Korean livestock business CJ Feed and Care, which was announced in October 2025.

The comparison between VILAF and YKVN extends beyond South Korea-related work to the banking and finance sector, where both firms received awards.

In a notable significant cross-border financing mandate, VILAF advised Singapore holding company TPG Asia VI SF on the restructuring and securitisation of its Vietnamese assets to facilitate a USD400 million offshore credit facility.

The financing, provided by international lenders to XCL Education Holdings and its subsidiaries, was primarily utilised for debt refinancing. VILAF assisted TPG in granting a security interest over shares held in its Vietnamese portfolio company.

YKVN also served as the lead legal adviser to state-owned energy corporation PetroVietnam, the borrower, in a USD1 billion credit financing for the Block B – O Mon project chain, designed to extract offshore gas and power at four major thermal plants in the Mekong Delta, which closed in October 2025.

Led by managing partner Truong Nhat Quang, the YKVN team managed the negotiation and documentation of the term loan facilities, ensuring alignment with PetroVietnam’s long-term operational goals for the Block B field.

Regarding YKVN, the chair of a domestic commercial bank says: “I highly value the partners and senior lawyers leading the banking & finance and corporate advisory practices.

“What stands out in particular is their ability to balance legal requirements with transaction objectives – a capability that is especially critical in complex financial transactions.”

Baker McKenzie stated that the transaction supports the buyer’s long-term growth and its efforts to assist independent livestock and aquaculture farmers.

Oanh Nguyen, managing partner of Baker McKenzie in Vietnam, has 25 years of experience advising on foreign direct investment and, in the second half of 2025, she led the team advising Military Commercial Joint Stock Bank (MB) on its first USD500 million medium-term green syndicated loan.

Listed on the Ho Chi Minh Stock Exchange since 2011, MB is an established commercial bank in Vietnam with more than 35 million customers. The transaction involving co-operation with its Singapore office once again showcases the firm’s cross-border capability.

Frasers Law Company has been focusing on the strategic expansion of its infrastructure practice alongside its established expertise in the technology, media and telecoms (TMT) sector in the past 12 months. This momentum is driven by female partners Ho Thuy Ngoc Tram and Duong Thi Mai Huong.

The two partners are currently advising an undisclosed client on a data centre project in Vietnam, a sector that requires the integration of both infrastructure and TMT legal expertise. The firm’s advisory scope for the client encompasses investment structures, power supply logistics – including the process for securing capacity from the national grid – and financing frameworks for data centre developments.

In this year’s awards, Frasers receives praise from Nic Ipsen, an independent solicitor based in Perth. They collaborated to advise an Australian company on the divestment of an interest in a Singapore-headquartered entity with underlying assets in Vietnam. “[Frasers Law Company] provided high-quality advice that is pragmatic and commercially sensible, in a cost-conscious manner,” says Ipsen.

Last year, the firm handled more than 20 maritime disputes. Notably, it managed a complex grounding of an iron ore carrier in Vietnam. Amid typhoon threats, the firm co-ordinated emergency salvage, commercial negotiations and general average resolution.

ANHISA aligned salvors and underwriters while managing cargo interests to protect the client’s legal standing. The firm is currently facilitating the discharge of undamaged cargo to balance commercial viability with shipowner protection as the case nears a general average adjustment.

ANHISA handled several cross-border matters throughout the year, earning praise from Shinichiro Yokota, a partner at Mori Hamada & Matsumoto in Tokyo, who collaborated with the firm on a global dispute matter, with each handling the legal proceedings in Japan and Vietnam, respectively.

“The ANHISA team was very energetic and responsive, and their advice was concise and helpful,” says Yokota.

The firm has lately handled several cross-border merger filings for Thai corporations, notably Amata, CP Group, and Banpu. Led by managing partner Ngu, the firm also represented Nguyet Minh 2 during an investment in the Vietnamese aluminium recycling company by Marubeni Corporation in February 2025.

Currently, Vilasia is advising on a partner buyout in a Japan-Vietnam renewable energy joint venture, drawing on managing partner Ngu’s expertise in the Japan-related market.

Hao Tran, the CEO of Vietcetera Media in Ho Chi Minh City, reflects on his experience with the firm: “They’ve effectively served as our go-to Vietnam counsel across the full lifecycle of the business – from day-to-day commercial work to the more complex, higher-stakes transactions.”

Hao particularly notes that Vilasia is “commercially pragmatic”, adding: “They move quickly, communicate clearly, and are comfortable working alongside foreign investors and international counsel.”

Other award highlights

A&O Shearman secured eight category wins this year, the highest total achieved by any firm outside the Best Overall Law Firms.

Among those eight accolades was the Capital markets category, a practice area bolstered by the strategic recruitment of Hai Nguyen from YKVN in June 2025. Notably, the firm provides ongoing compliance support for Vingroup, its electric vehicle subsidiary, after the latter’s Nasdaq listing in August 2023.

This includes advising on quarterly and annual reporting, insider trading policies, and maintaining the corporate governance standards required of a US-listed foreign private issuer. Due to the successful advisory service of A&O Shearman, VinFast successfully reported its full-year 2025 results in March 2026, and also unveiled new luxury brand Lac Hong, scheduled for commercial launch in 2027.

While the government has recently been focused on the economic development of Da Nang, the tourism hub of central Vietnam, KPMG Law Vietnam continues to advise clients with offices there, alongside those in Ho Chi Minh City and Hanoi.

Notably, the law firm is leveraging its presence in Da Nang by advising on the Da Nang International Financial Centre (IFC) project with its affiliated KPMG agencies. The firm is currently advising investors seeking to utilise the IFC’s membership framework and import duty incentives.

The firm is also currently focusing on the 1 July 2026 implementation of Vietnam’s new law on tax administration, which introduces stricter rules on “indirect capital transfers”, a change that directly affects international investors. With four country desks in Vietnam – all multilingual, in Mandarin, Japanese, Korean and Thai – the firm continues to advise international clients on the country’s evolving tax landscape.

“They have a dedicated Japan desk, and the internal communication within KPMG is very seamless,” says Kazuya Hirota, a general director at Daiwa Logistics Vietnam in Ho Chi Minh City. “We rarely experience issues like conflicting information or lack of alignment within their team.”

As the Vietnamese government enacted Decree No. 356/2025 in January 2026, establishing a regulatory framework for the Personal Data Protection Law (PDPL), law firms in Vietnam have seen an increase in related work. Among them, #Rajah & Tann# LCT Lawyers has stood out for continuing to provide essential advisory services in this area, earning the Data compliance & cybersecurity award.

Notably, leveraging its international network, the firm helped a confidential international client on the cross-border transfer of personal data, including preparing and filing a cross-border data transfer impact assessment with the relevant authority.

The firm is also stepping up its efforts in response to the new Law on Cybersecurity No. 116/2025, which is set to take effect on 1 July 2026. The firm is currently advising global technology companies on compliance with these data localisation requirements, including engagement with the relevant authorities. The firm’s data compliance & cybersecurity practice is led by managing partner Chau Huy Quang.

#Rajah & Tann# LCT Lawyers earns high praise this year for their guidance on labour laws in Vietnam. Counselling a Singapore-based private company, the firm left a lasting impression on the client’s legal counsel: “The firm provides an extremely high-quality and professional service. They are very dependable and are a pleasure to work with.”

ASL Law continues its ongoing success in the Fintech category and receives recognition once again. Among its mandates, the firm advised a cross-border software provider seeking legal support in reviewing contractual arrangements related to fintech infrastructure services, including data security, liability allocation and service continuity safeguards.

ASL Law paid particular attention to regulatory risks associated with automated financial systems and third-party integrations. In addition, the firm conducted fintech compliance audits for clients operating in e-commerce and digital finance, focusing on anti-money laundering obligations, transaction monitoring, and internal risk controls.

As well as fintech, ASL Law clinched an Insolvency & restructuring award this year. The firm supported a South Korean investor in reviewing exit options from an underperforming joint venture in Vietnam.

The engagement involved debt settlement negotiations, asset protection strategies, and corporate restructuring mechanisms designed to mitigate cross-border enforcement risks. The firm eventually helped the client to achieve a commercially viable exit while avoiding formal liquidation.

Regional law firm Tilleke & Gibbins features in our Labour & employment category for its continued working relationship with multinational clients such as Lenovo, Johnson & Johnson, and Merck.

The firm advised a technology company with the divestment of its automotive business to a global semiconductor group. While this transaction involved careful structuring of related employee transition, the firm identified possible compliance risks arising from the interim period between termination and re-hiring, and recommended mitigation measures to ensure compliance and continuity of services.

As a full-service law firm, Tilleke & Gibbins is also capable in the field of IP litigation where it won another award, acting in a notable contentious IP prosecution matter involving Hyundai Motor Company. Following a seven-year legal battle from 2018 to 2025, the company finally cleared its KONA trademark for use in Vietnam as the authorities terminated a blocking trademark held by an individual since 2016.

Lead partner Linh Thi Mai Nguyen, who heads trademark at the Vietnam branch, handled this matter that included filing a non-use cancellation request.

As part of the global Dentons network, Dentons LuatViet handled nearly 200 corporate matters for both local and international clients in the past year.

Among its recent highlights was the acquisition by Japanese digital services and online gaming company Appirits of software company Bunbu Joint Stock Company, a Vietnam-based firm specialising in web and mobile development. Announced in August 2025, the transaction was valued at USD241 million, comprising an initial cash payment of USD66.6 million and USD174.4 million in earn-out payments. This transaction contributed to the firm winning the Inbound investment category.

Dentons LuatViet has continued to maintain working relationships with its Vietnam-headquartered clients, too, including recycler Duy Tan Plastic, tour operator Unique Vietnam, and domestic airline Bamboo Airways. The firm also advised a domestic public company on issuing debt and equity securities, including negotiation procedures with regulatory bodies and financial institutions. Managing partner Tran Duy Canh leads the capital markets practice.

Since the inception of the Vietnam Law Firm Awards in 2023, DNA Vietnam has secured recognition annually, reinforcing its position as a leading boutique firm with a specialised focus on the TMT sector.

However, DNA Vietnam’s most significant recent activity has been in the Inbound investment category, driven by the expansion of its advisory services on semiconductor and advanced manufacturing, a core part of Vietnam’s economy.

The firm has advised several foreign investors on establishing semiconductor manufacturing facilities in Vietnam, managing investment licensing, regulatory approvals, project structuring and compliance. These mandates have broadened the firm’s profile beyond its established TMT practice to include legal counsel on complex, large-scale cross-border investments.

Finally, as a winner in the Fintech category, the firm advised Ho Chi Minh City Stock Exchange on regulatory aspects of a large-scale securities trading system modernisation project, addressing procurement strategy, technology contracting, data governance, cybersecurity and capital markets compliance.

Chavanut Chaiyanun, a director at Gunkul Engineering based in both Bangkok and Ho Chi Minh City, praises the firm: “They don’t just interpret the law, they provide ‘business-first’ solutions. Their ability to navigate complex administrative procedures in Vietnam is exceptional, saving us significant time and mitigating risk.”

Dzungsrt & Associates is a leading boutique firm in the country, winning awards in the Aviation, Shipping & maritime, and Arbitration & ADR categories.

The firm’s reputation in these fields has strengthened in the past 12 months through its engagement as Vietnam counsel in a GBP155 million (USD210 million) cross-border aircraft leasing dispute before the High Court of England and Wales, involving the termination and enforcement of long-term aircraft lease agreements with a Vietnamese airline.

The firm is also working on a cross-border aviation litigation before the courts in Singapore, as well as administrative and civil proceedings in Vietnam, initiated by shareholders of a Vietnamese airline.

This dispute raises complex issues concerning the recognition and enforcement of foreign judgments, the interaction between private commercial claims and public-law remedies, and the cross-border co-ordination of enforcement strategies across multiple jurisdictions.

In the shipping sector, the firm advised on a USD50 million oil spill involving two foreign-flagged vessels on the Long Tau River. This case was legally significant for its complex co-ordination between Vietnamese authorities, foreign courts and multiple stakeholders, including salvors and insurers. Dzungsrt & Associates represented the foreign insurer and vessel owner, ensuring compliance with local regulatory and maritime objectives.

In this year’s awards, Global Vietnam Lawyers (GV Lawyers) received recognition in the Environmental, social and governance (ESG) category for its advisory work for PRO Vietnam, a coalition of leading foreign-invested and domestic companies operating across the consumer goods, packaging, retail and import sectors.

As sole legal adviser to PRO Vietnam, GV Lawyers advise on environmental law matters related to extended producer responsibility (EPR) and reviews contracts between the coalition and its suppliers, vendors and recyclers for ESG compliance purposes. The members of PRO Vietnam include Coca-Cola Vietnam and Tetra Pak Vietnam.

GV Lawyers also received the Real estate award for the second consecutive year. Notably, the firm recently advised a prominent international manufacturer on real estate-related insurance claims, required to restore and stabilise the company’s operations in northern Vietnam, following a major fire incident.

As well as corporate clients, the firm continues to advise individuals on real estate matters including property management and ongoing legal changes to protect their interests. Recently, the firm expanded its focus on property management into comprehensive wealth succession management, with special input from its partner, Tran Thanh Tung.

Vision & Associates noted to ABLJ that the firm has grown in capacity during the past 12 months, with one partner promotion and seven new hires. While maintaining a strong IP practice, the firm has seen a notable increase in insolvency & restructuring mandates recently, and won awards in the IP prosecution and Insolvency & restructuring categories.

The firm was Vietnam counsel to several multijurisdictional corporations, including Tenneco and Appen, advising on Vietnamese law aspects of subsidiary restructuring and implementation. Tenneco specialises in automotive components worldwide, while Appen is an Australian AI-driven data company.

Gamuda Land, a Malaysian property developer with operations in Vietnam, also engaged Vision & Associates to advise on corporate implementation steps under Vietnamese law and the necessary regulatory approvals. Hoang Hai Van, business marketing manager at Daewoo Engineering & Construction Vietnam, praises Vision & Associates as their retainer legal counsel on various matters. “They are very enthusiastic in advising us on legal issues and finding the most suitable solutions for my company,” says Hoang. “They have many years of experience in real estate consulting and have built a strong reputation in the market.”

Following a year of meeting its internal business objectives, ADK Vietnam Lawyers has expanded its physical footprint in the past 12 months, doubling its office capacity in response to a rise in client mandates.

With an award in the Compliance & corporate governance category, the firm represented a portfolio of foreign-related entities, including Skyworld and Nedspice, with work including shareholder resolutions and restructuring alongside managing statutory licensing requirements such as Investment Registration Certificates and Enterprise Registration Certificate amendments.

In addition, ADK advised on complex corporate changes, capital restructuring, governance alignment with regional headquarters and regulatory risk mitigation under Vietnam’s evolving legal framework. “ADK has assisted me to review the transfer of ownership of a Vietnam company to a Singaporean investor, where ADK helped reviewing the possibility of transferring 100% ownership, and possible conditions and restrictions imposed by the Vietnam government to foreign investors,” says Brian Nguyen, a country manager at BoardRoom Vietnam in Ho Chi Minh City.

“Besides the experienced partners, ADK is growing strongly with capable and energetic team members who I believe will play key roles in the firm’s development.”

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View the International A-list

India’s outward economic push is reshaping not only trade and investment flows but also the way legal services are delivered across borders. As Indian conglomerates, financial institutions and high-growth companies expand into new markets, and as foreign investors deepen their roots in India, international counsel have moved from the periphery of transactions and disputes to a more central, strategic role. They are no longer viewed simply as foreign law gatekeepers; instead, they are embedded partners who help design structures, anticipate regulatory friction, and execute complex cross-border matters.

This evolution reflects the changing character of India’s global engagements. Large IPOs and capital markets offerings increasingly require seamless co-ordination between Indian issuers and listing regimes in London, New York, Singapore and cities beyond.

Sophisticated sponsor-driven M&A and private equity deals demand lawyers who can translate India’s regulatory architecture into internationally bankable terms. At the same time, India’s infrastructure, energy and technology companies are driving new patterns of collaboration in the Middle East-India corridor, India-Asia axis, and India-Europe tech and outsourcing markets.

Each of these relies on foreign advisers who are as comfortable with the nuances of Indian law and business culture as they are with their own domestic regimes.

The 2026 International A-List captures this shift. The lawyers profiled here are trusted by Indian clients not only for their legal knowhow, but also for their responsiveness, commercial judgement and cultural fluency. They are the people Indian general counsel and law firm partners call to untangle multi-jurisdictional disputes, navigate unfamiliar regulatory environments, or close high-stakes deals on tight schedules.

Drawing on testimonials from Indian nominators and referees, this year’s list shows how international counsel are helping shape the legal frameworks of India’s global expansion by structuring landmark transactions, managing cross-border risk, and increasingly setting the standards by which India-related work is done worldwide.

Cross-border disputes, investigations

For cross-border disputes and regulatory work, Indian clients look for strategic thinkers who understand both international procedure and Indian realities.

In international arbitration, Abhinav Bhushan, director of Drew & Napier in Singapore, is hailed by Sameer Jain, founder and managing partner of PSL Advocates & Solicitors in New Delhi, as a “standout figure” whose International Chamber of Commerce (ICC) Court experience across Europe and Asia, work on transparency and expedited procedures, and “client-focused perspective” make him a key asset in cross-border dispute resolution.

Another Singapore-based disputes specialist is Bhushan’s colleague at Drew & Napier, director Mahesh Rai. He is described by Chaitanya Arora, managing director of business consulting organisation Secretariat in Atlanta, as “one of the finest lawyers in Singapore”, with a very strong and successful India-linked practice. “[Rai] is a stalwart in the legal community in Singapore and has a solid reputation of excellence and integrity, in addition to being an extremely effective counsel,” says Arora.

Several other arbitration and disputes experts are valued for similar reasons. Manish Aggarwal, managing partner of Three Crowns in Dubai, is commended by Kunal Mehta, head of legal at green power supply company Continuum Green Energy in Mumbai, for his extensive experience in commercial and investment treaty arbitrations, and for being “very diligent and thorough” in his advice.

Nish Shetty, a partner at Clifford Chance in Singapore, is recognised by Mukesh Chand, senior counsel at Economic Laws Practice in Mumbai, for his outstanding contribution to complex cross-jurisdictional disputes, including arbitrations, and for his leadership in dispute resolution in the region.

Singapore remains a hub for restructuring-driven disputes, and Smitha Menon, a partner at WongPartnership, “spearheads the restructuring and disputes practice with precision”, says Tanuj Sud, a partner at Gravitas Legal in New Delhi. In an oppression and mismanagement matter he worked on with Menon, Sud appreciated a favourable outcome “in a much shorter timeframe than expected”.

In London, Indian clients gravitate to litigators with deep India insight. Ashwath Rau, a senior partner at AZB & Partners in Mumbai, describes White & Case partner Dipen Sabharwal KC as “one of the top options to approach for any India-related commercial cross-border dispute”, citing his “exceptional judgement and ability”.

On the civil fraud and asset recovery side, Ajay Bhargava, a senior partner at Khaitan & Co, and Anand Srivastava, managing partner of Dentons Link Legal, both based in New Delhi, endorse Phillip D’Costa, partner and co-head of the India group at Penningtons Manches Cooper in London. Bhargava hails D’Costa as an “astute tactician”, while Srivastava recognises his fighting spirit, calling him “tenacious in his pursuit of success”.

White-collar crime and regulatory investigations with an India nexus require their own specialists. Anand Mehta, a partner at Khaitan & Co in Mumbai, highlights Mini Menon vandePol, a partner at Baker McKenzie in Hong Kong, for her “mastery in cross-border assignments relating to anti-bribery and white-collar crimes”, listing trade sanctions, ESG and India-related regulatory matters as her other strengths.

In Washington, Sonia Baldia, a partner at Kilpatrick Townsend & Stockton, impresses Sandip Beri, Delhi-based partner at Shardul Amarchand Mangaldas & Co, for her “commercially responsive advice” and “thoughtful analysis, negotiation skills and problem solving attitude”.

Indian corporates also value foreign advisers who can marry disputes, regulation and geopolitics. Ahmedabad-based Malav Deliwala, head of legal at Adani Group, offers a hearty endorsement of Ronak Desai, a partner at Paul Hastings in Washington, placing him among a “very small group of international lawyers who combine elite legal capability with genuine, earned fluency in India’s legal, institutional and policy landscape”.

M&A, PE, VC and investment

In cross-border M&A and private equity, Indian nominators emphasise structuring sophistication, sector awareness and the ability to co-ordinate multiple jurisdictions. In New York, Kirkland & Ellis partner Adarsh Varghese is described by Nandish Vyas, senior partner at AZB in Mumbai, as “sharp” and “very effective, with great structuring skills and understanding of negotiation”. Another New York-based partner at Kirkland & Ellis, Srinivas Kaushik, earns high praise from AZB’s Ashwath Rau as “one of the finest commercial lawyers” he has worked with, regularly acting for sponsors such as Apax Partners and Bain Capital on India investments, and uniquely combining legal depth with commercial understanding.

Latham & Watkins draws multiple endorsements. In Singapore, partner Sidharth Bhasin is described by Abhishek Guha, a partner at Trilegal in Mumbai, as “a highly experienced M&A practitioner” with a vast body of deals across Southeast Asia and strong knowledge of Indian regulatory nuances.

He is even referred to as the “uncontested No.1 transactional lawyer for cross-border deals into India” by Khaitan’s Singapore-based strategy director, Jean Muller, who adds that “[Sidharth] has carved out a niche for himself among global investors for large and complex deals across asset classes.” In London, the firm’s M&A counsel, Medha Marathe, is portrayed by Akash Karmakar, a partner at Panag Babu & Sarangi in Mumbai, as “one of the sharpest and most accomplished India-focused M&A lawyers” at any global firm.

In Hong Kong, Simpson Thacher & Bartlett partner Ian Ho receives a detailed endorsement from Shishir Vayttaden, a partner at Khaitan in Mumbai, saying his practice sits “at the intersection of global private equity, cross-border M&A, and strategic investment into and out of India”, demonstrating “strong awareness of the regulatory environment affecting India inbound and outbound transactions”.

Other international lawyers are recognised for leadership in supply corridor-specific deals.

At Baker McKenzie in London, partner Ash Chandhok Tiwari is a “commercially savvy problem solver”, according to Mumbai-based AZB partner Kunal Kumbhat. He observes that in the past year, Tiwari advised Indian IT solutions group UST on acquiring a majority stake in Lamborghini’s iconic Italdesign Giugiaro.

In Italy, Rosario Zacca, a partner at Gianni & Origoni in Milan, is applauded by Mumbai-based JSA partner Sandeep Mehta as “very knowledgeable, capable and competent”.

In Germany, Martin Imhof, a partner at Heuking in Dusseldorf, is recognised as “a certified specialist in commercial and corporate law” with deep experience in the India-Germany corridor by Abhishek Saxena, co-founding partner at Phoenix Legal in Delhi.

In the Japan-India corridor, Rudra Kumar Pandey, a Delhi-based partner at Shardul Amarchand Mangaldas & Co (SAM), calls Ryo Kotoura, a partner at Anderson Mori & Tomotsune in Singapore, “one of the famous lawyers in the Japan-India corridor”, known for his understanding of Indian laws for corporate M&A and dispute resolution. Delhi-based Saurav Kumar, a CMS IndusLaw partner, shares that: “Kotoura sensei is known for his brilliant advocacy and market understanding.”

Yohei Koyama, a partner at Mori Hamada & Matsumoto in Tokyo, is recognised by Sanjeev Adlakha, a consultant at S&R Associates, and Vishal Nijhawan, a partner-designate at Shardul Amarchand Mangaldas & Co, both in Delhi, as a highly regarded lawyer on high-value India-related transactions, with “commercial pragmatism” and an ability to co-ordinate seamlessly with Indian counsel.

CMS IndusLaw’s Saurav Kumar says that Tadashi Yamamoto, a partner at Nagashima Ohno & Tsunematsu in Tokyo, has long worked with Japanese clients investing in India and is “very well known” in the market.

Singapore remains a key base for India-Asia deals. Matt Takeshi Komatsu, managing partner of Mori Hamada & Matsumoto in Singapore, is “commercially very strong”, with “a very good sense of deal requirements”, says CMS IndusLaw’s Kumar.

Meraj Noor, a partner at K&L Gates in Singapore, is “very active in the India-Singapore corridor”, handling cross-border transactions with an understanding of both Indian and Singapore law that “gives him the edge”, notes Sumes Dewan, managing partner of Lex Favios in New Delhi.

Sam Snider, a partner at McDermott Will & Shulte in Atlanta, is highlighted by Cyril Amarchand Mangaldas (CAM) partner Navin Kumar in Delhi as “a great lawyer” for executing complex M&A and resolving difficult commercial impasses with thoughtful solutions.

Akil Hirani, Mumbai-based managing partner at Majmudar & Partners, praises Rishab Kumar, a partner at Cooley in Palo Alto, California, saying he is “great at technology M&A and brings high quality to the table”.

In Seattle, Sidley Austin partner Parthiv Rishi is praised by Kartick Maheshwari, a Mumbai-based partner at Khaitan & Co, for deep M&A experience with global private equity and strategic investor mandates. “[Rishi] really understands both the legal and commercial contours of big cross-border deals” and communicates clearly under pressure, says Maheshwari.

Pallavi Wahi, a partner at Arnold & Porter in Seattle, is described by Bharat Anand, Delhi-based senior partner at Khaitan & Co, as “a force of nature” and “an unparallelled law leader”, playing a “pivotal role at the ultimate decision-making table” on highly sensitive India-related matters.

Specific niches within the deal market also stand out. Ferish Patel, a partner at Paul Hastings in London, is described by Khaitan & Co’s Anand as an “outright leader in the VC and growth equity space and a dominant force in the secondaries space”. Khaitan’s Maheshwari highlights Neeraj Budhwani, a partner at Milbank in Hong Kong, for his keen understanding of India-Asia private equity and M&A, and for being “relationship focused and able to reach across the aisle and get better outcomes for his client”.

Khaitan’s Anand Mehta admires Niket Rele, a partner at Arnold & Porter in Miami, for his “great industry knowledge relating to IT, pharma and biotech”. Saraswan Mukherjee, general manager at information technology company ITC Infotech in Milton Keynes (near London), and Siddharth Shankar, chief operations officer at cross-border business consulting company Komerz in London, both endorse Nikhil Chary, a London-based partner at Addleshaw Goddard as a highly skilled corporate lawyer who is particularly well suited to Indian firms expanding into the UK and Europe.

Mukherjee says that “[Chary] understands the structure and processes that Indian organisations have in place”, which is likely why Shankar feels that he “cannot recommend [Chary] highly enough” after working with him.

Bridging India with Europe and the US, Aarti Joshi, director of legal at global data centre services provider Equinix India, describes Nallini Puri, a partner at Cleary Gottlieb in London, sharing that “Nallini Puri is a standout cross-border transactional lawyer … [and] brings exceptional technical rigour and commercial insight to complex M&A, joint ventures, and franchising deals, with a strong grasp of India’s regulatory and market dynamics.”

New Delhi-based partner Uday Walia, of Touchstone Partners, notes that Piusha Bose, counsel at Freshfields in London, has extensive Indian experience from her years in Mumbai and understands the market’s “limitations and potential”.

Capital markets, banking and finance

In capital markets and finance, foreign counsel who can blend deep product knowledge with a practical understanding of Indian regulation, timelines and investor expectations are highly valued.

On the equity side, about Ankit Chhabra, a partner at Eversheds Sutherland in London, Ayesha Nair, general counsel at IT consulting and services provider Hexaware Technologies in Mumbai, says “Ankit has solidified his reputation as a definitive authority within the capital markets [and] … has been instrumental in steering high-stakes M&A and IPO activity.”

Mumbai-based partner of TT&A, Abhinav Kumar, describes Manoj Bhargava, co-managing partner of Sidley Austin in Singapore, as a “go to” lawyer for IPOs as he is “solution oriented and has a deep understanding of Indian issuers and their requirements”. Vivek Chandy, Bengaluru-based joint managing partner of JSA, highlights London-based Philip Boeckman, a partner at Cravath Swaine & Moore, for his work across IPOs, US listings, high-yield financings and M&A.

Pallavi Puri, a Delhi-based partner of DMD Advocates, describes Aditi Mathur, a partner at Shook Lin & Bok in Singapore, as “a seasoned banking and finance lawyer” sharing that “Aditi is … very solution-oriented, technically sound and commercial-minded”. She says Mathur is an expert in green and sustainable finance, acquisition finance, structured finance, interbank borrowings and external commercial borrowings.

Sayantan Gupta, senior vice president at Sumitomo Mitsui Financial Group in Mumbai, calls Amit Singh, a partner at Linklaters in Singapore, “an astute lawyer with a sense of solution-oriented mindset” who understands commercial intent well.

In Dubai, Bird & Bird partner Surabhi Singhi Kataria assists Tata Capital on lending transactions, and Rohan Thacker, the company’s Mumbai-based head of corporate legal and cleantech business, notes that she is “very helpful, knowledgeable and able to advise on suitable structuring”.

In Muscat, Debopam Dutta, partner and head of the India desk at Trowers & Hamlins, is praised by both Pratiek Samantara, Mumbai-based senior associate of legal at HDFC Capital Advisors, and Samaresh Maity, vice-president (trade & operations) at the State Bank of India in Dubai, for his guidance, including informal guidance, on matters of trade and finance. Maity shares: “[Dutta’s] practical insights and balanced approach have helped navigate nuanced risk, compliance and documentation issues, enabling informed decision making.”

Several Indian banks and corporates also single out key names as default foreign counsel on capital markets and finance. Shibani Rao, a director and associate general counsel of Deutsche Bank, calls Rahul Guptan, a partner at White & Case in Singapore, an “India specialist, as well as an ECM and DCM [equity and debt capital market) product expert”.

Tata Capital’s Thacker also praises Rajiv Gupta, a partner at Latham & Watkins in Singapore, as “very experienced, hands-on and solution oriented” on a major capital markets transaction.

More broadly, external commercial borrowings and impact-linked projects require dedicated India practice heads. Gurugram-based partner Sidharrth Shankar, of JSA, says that Priya Taneja, a partner at McDermott Will & Shulte in London, acts as “the primary bridge between India, the UK, Europe and US” on external commercial borrowings, restructurings, distressed situations and enforcement, and is deeply involved in sustainable finance and development projects.

Suneeth Katarki, a founding and senior partner of CMS IndusLaw in Bengaluru, points to Rahul Kapoor, a partner at Morgan Lewis in San Francisco, as the firm’s “natural go-to person” for India-related queries, given its India work has grown.

Tech, IP, outsourcing and innovation

India’s central role in global technology and outsourcing means many A-List lawyers sit at the intersection of tech, IP and complex cross-border contracting.

On large-scale technology and sourcing deals, Harshdeep Arora, senior vice president and head of legal at HCL Technologies in Delhi, strongly endorses DLA Piper partner Kit Burden in London as “one of the leading lawyers in the outsourcing and IT sector”, who is trusted on business critical projects across industries and jurisdictions.

Arora also praises Osborne Clarke partner Ulrich Baumer in Cologne as “a leading international technology and outsourcing lawyer” with more than 400 global IT projects, strong India-focused expertise in outsourcing, cloud and digital transformation, and a long record of Indo-German business and academic collaboration.

In US technology work, AZB’s Ashwath Rau highlights Mena Kaplan, a partner at Freshfields in New York, as “arguably the best technology lawyer” he has worked with, noting his role advising Google on its investment in Jio Platforms impressed counterparty Reliance Industries so much that it now regularly works with him.

In IP and innovation, Adheesh Nargolkar, a partner at Khaitan & Co in Mumbai, commends Anand Sharma, a partner and chair at Finnegan Henderson Farabow Garrett & Dunner in Washington, for setting “a high standard for quality, professionalism and accountability”, and for strong execution discipline. Ravi Bhola, a Bengaluru-based partner of K&S Partners, adds that the two firms have collaborated for more than 15 years on patent matters for Indian clients, and Sharma has proven “extremely diligent and creative” with deep technical strength in computer software, AI and blockchain patents.

Khaitan’s Kartick Maheshwari also endorses Parthiv Rishi, partner at Sidley Austin in Seattle, for his ability to align sophisticated stakeholders early on big, India-linked cross-border deals.

Corridor builders and trusted advisers

A large share of nominations focus on corridor builders – foreign lawyers who act as trusted bridges between India and specific regions – and on advisers whose long relationships with India have inspired deep trust.

UK-India, Europe-India bridges

Ravi Shah, a Mumbai-based partner at CAM, highlights two London-based professionals. He says Irwin Mitchell partner Akhil Sharma “bridges the legal landscape in the UK-India corridor” through his experience and cultural understanding, while CMS partner Bill Carr brings “extensive cross-border experience” to India-related matters.

Anjan Dasgupta, a Mumbai-based partner at DSK Legal, commends another CMS partner, London-based Babita Ambekar, as a lawyer “consistently doing some great India-related legal work”, and “very knowledgeable and technically sound”.

Dhruv Chhatralia, partner and head of the India group at DWF in London, is recognised by Mumbai-based senior JSA consultant Aashit Shah, and Gautam Bhatikar, Mumbai-based partner of Phoenix Legal. Shah praises Chhatralia for building a “fantastic India practice group” of more than 100 lawyers, and being highly active in the corporate and venture capital space, while Bhatikar observes Chhatralia stands out as “one of the leading lawyers for India work”.

Deutsche Bank’s Shibani Rao additionally says that Harjeet Lall, a partner at Pinsent Masons in London, is “very well connected in the context of the UK-India corridor”.

Other applauded Europe-India bridges include Gowling WLG’s India team. Ragi Singh, a Birmingham partner and head of the firm’s India group, focuses on the automotive and EV sectors and is “adept at devising and implementing corporate strategy” while managing competing stakeholder interests, according to Phoenix Legal’s Abhishek Saxena. Singh’s colleague at the firm, London partner Sunil Kakkad, is widely regarded as “one of the most experienced practitioners in the Anglo-Indian market”, says Mumbai-based TT&A partner Feroz Dubash.

In Zurich, Philippe Reich, a partner at Baker McKenzie and chair of the Swiss-Indian Chamber, serves as the firm’s India partner for global issues and is described by Farida Balsara, senior vice president and group head, and Girish Gadgil, vice president of group legal, both at Mahindra & Mahindra in Mumbai, as “very client and business-focused, easy to work with, extremely accessible and solution-oriented”.

For Cyprus and Mauritius structuring, Motaher Chowdhury, senior legal counsel and head of the India desk at Elias Neocleous in Limassol (Cyprus), is “a leading lawyer for Mauritius” and reliable partner on Mauritius law matters, according to Majmudar & Partners’ Mumbai-based Akil Hirani.

Middle East-India, Asia-India corridors

In Dubai and the broader Middle East, several lawyers are central to India-linked work. Akshay Kishore, director of Duane Morris & Selvam in Singapore, is recognised by Rajesh Sehgal, chief legal officer of power and energy company Adani Power in Ahmedabad, Gujarat, for showing “exceptional legal acumen, professionalism, and unwavering dedication”, and navigating complex legal matters with clarity and precision.

Biswajit Chatterjee, a partner at Hogan Lovells in Dubai, is “one of the most prominent names in mid-market IPO advisory in India”, “highly commercial and practical”, and trusted to deliver high-quality advice on time, says TT&A’s Abhinav Kumar in Mumbai.

Sunita Singh Dalal, a partner at Hourani & Partners in Dubai, is exceptionally responsive, proactive and solution-oriented in fast moving cross-border matters, and has built a strong network across the Middle East and internationally, according to Karan Chandhiok, a Delhi-based partner at Chandhiok & Mahajan.

Anand Singh, legal director of Al Tamimi & Co in Dubai, is “very reliable when it comes for legal advice and strategic input”, highly responsive, and a counsel they “can rely on for any advice”, says Mayur Gupte, company secretary and head of legal and compliance at travel assistance company Europ Assistance India in Mumbai.

In Singapore, Shourya Mandal, co-managing partner of Fox Mandal & Associates in Kolkata, commends two lawyers for their skills. Orrick partner Karthik Kumar is known for “strong connections with the Indian system”, and Priyank Srivastava, director of Duane Morris & Selvam, has a “good understanding of the Indian legal system and connections with Indian lawyers”.

US-India and global bridges

On the US side, Shuva Mandal, chair and managing partner of Fox Mandal & Associates in Mumbai, appreciates FBT Gibbons partner Bobby Majumder in Dallas as a practical lawyer who “understands the Indian landscape and addresses issues in a straightforward manner”.

Sonal Basu, senior vice president and group general counsel of software engineering company Ascendion in Bengaluru, praises Kelley Drye & Warren’s New York-based partner and head of the India practice group, Deepak Nambiar, as a seasoned lawyer who can handle “the most complex matters at ease”, being solution-oriented and balanced on risk mitigation.

Long term allies, emerging leaders

Many nominations run on personal trust and long-term collaboration, rather than a single transaction.

Vivek Bajoria, a Bengaluru-based partner at Khaitan Legal Associates, notes that Mayer Brown partner David Carpenter in New York is “quite experienced and knowledgeable in the Indian market for last 25 years”.

Mysore Prasanna, a Mumbai-based independent corporate counsel and arbitrator, respects Debevoise & Plimpton partner Geoffrey Burgess in London as “a very astute M&A lawyer”, with whom he worked on many India deals during Prasanna’s time at Aditya Birla Group.

Bharucha & Partners associate Aba Siril in Mumbai describes Reed Smith partner Gautam Bhattacharyya in London as a “highly skilled disputes practitioner” with strong technical depth and sound strategic judgement.

Emerging leaders are also strongly supported. Dev Kumar, co-founder of Prosperr.io, a tax management software company in Bengaluru, praises Jon Nair, director of Drew & Napier in Singapore, for “strong professionalism and a practical approach”, clear and timely advice on cross-border structuring and investor documentation, and a collaborative working style.

Abhishek Jain, director of business development and finance at IT firm Innovacx in Noida, describes Ansh Legal managing partner in Abu Dhabi, Nicole Shroff, as a trusted adviser who combines technical excellence with a “genuine client-centric approach”, being highly responsive, consistently accessible, and proactive in anticipating issues.

Others are recognised as de facto strategic advisers. Vinod Joseph, a Mumbai-based partner at Economic Laws Practice, says that Savi Hebbur, a partner at White & Case in London, is “among the top foreign legal experts” for the international aspects of India-related deals.

Rajarshi Chakrabarti, a Mumbai-based senior partner at Kochhar & Co, calls Shishir Mehta, head of the India practice at Ashurst in London, a “truly global lawyer with a deep India connect”, whose insight into complex cross-border deals and business sense “places him head and shoulders above his peers”.

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Scale, sophistication and sharper regulatory guardrails defined 2025 for India’s deal environment. Multiple significant deals were finalised with sponsor-led listings and billion-dollar IPOs underlining the depth of India’s public markets in the capital markets arena. Across M&A and strategic transactions, the trend was towards complex structuring with multi-tranche secondary exits and acquisitions used to fund broader strategic pivots.

IP and competition disputes reflected rising stakes in intangible assets and market power. Enforcement expanded beyond conventional trademarks to include distinctive designs, scent marks and publicity rights, signalling broader recognition of brand equity.

Business refocused

Evolving a business to meet the ever-changing demands of the market and business is natural. As part of their strategic commercial decisions, businesses must ensure their structure remains optimal, even if this is hard for outside observers to follow.

One such instance was the merger of Tata Motors Passenger Vehicles with Tata Motors, together becoming Tata Motors Passenger Vehicles Limited. Subsequently, the commercial vehicles business was demerged from Tata Motors Passenger Vehicles Limited to become Tata Motors Commercial Vehicles, and this demerged entity was renamed Tata Motors.

Another way to stay on the top of the game is for big players to acquire or purchase controlling stakes in promising and upcoming companies. In this sense, Hindustan Unilever’s acquisition of a 90.5% stake in Minimalist, a growing skincare brand in India, was much discussed within M&A circles this year.

Banking structures

The year 2025 also saw interesting banking entities being shaped and Japanese companies expressing confidence in the Indian economy. In one of India’s largest cross-border banking acquisitions, Sumitomo Mitsui Banking Corporation (SMBC) acquired a USD1.47 billion stake in Yes Bank, which made SMBC the bank’s largest shareholder, with 24.22% of equity.

Investments in Indian banks have also come from the Middle East, with a wholly owned subsidiary of Abu Dhabi Investment Authority acquiring a USD300 million stake in IDFC First Bank. Emirates NBD Bank was another entity from the region that invested in India’s banking industry, acquiring control over RBL Bank through subscription of equity shares by way of preferential issue on a private placement basis.

The green push

Green energy is playing a greater role in the power mix that supports all businesses. JSW Energy acquired O2 Power from EQT Infrastructure and Temasek Holdings for USD1.5 billion. This included the acquisition of a 4.7GW renewal energy platform across seven resource-rich states of India, the biggest to date for JSW Energy. This also aligns with JSW Energy’s target of achieving 2GW of renewable-led capacity before fiscal 2030, amid a strong government push for higher clean-energy capacity.

Waaree Energies, one of the largest solar PV module manufacturers in India, acquired Enel Green Power India and its special purpose vehicles. This acquisition marks Waaree’s entry into renewable energy as a developer.

Conversely, Siemens has separated its energy business from itself and established Siemens Energy India. The scheme was approved by the National Company Law Tribunal and is valued at USD8.4 billion.

Intellectual property wins

The past year saw crucial jurisprudence development coming from the courts, tribunals and registration offices of India. In a big leap for the personality rights of celebrities, protection was granted to well-known actress and former beauty pageant winner, Aishwarya Rai Bachchan.

The decision by Delhi High Court encouraged other celebrities to file for similar protection, especially against advancements in the field of AI. Although this was not the first time the personality rights of a celebrity were protected, the high court in its decision amplified the protection earlier extended to other celebrities.

A first for the intellectual property profession in India was the registration of a smell trademark for rose-scented tyres. Sumitomo Rubber Industries applied for and was granted a registration for the smell of its tyres. This was made possible by verbal, scientific and graphical representation of the smell, assisted by a registry-appointed amicus curiae.

Court battles

Presenting before the court and quasi-judicial authorities forms a large part of how lawyers spend their days. It is only natural that these cases make their way to this year’s Deals of the Year.

The Competition Commission of India had ordered an investigation into Asian Paints for anti-competitive practices, based on a complaint from a competitor. Challenged before the Bombay High Court, the case was allowed to continue. The informant in the case, Grasim Paints, had alleged abuse of a dominant position and existence of unfavourable contract clauses with vendors by Asian Paints.

The court also came to the rescue of Sumitomo Mitsui Auto Service when it sought recovery of an electric vehicles fleet leased to erstwhile Blu-Smart company Gensol, which the markets regulator had said committed financial irregularities. Sumitomo feared that the company behind the now-closed operations of the cab service application would sell the vehicles. The court ultimately ordered Gensol not to engage in any such sale and to return the vehicles.

These are just a taste of the interesting transactions selected for the Deals of the Year. Read on to discover more absorbing deals.

CAPITAL MARKETS

Capital MarketsDisputesFinancingJoint VenturesMergers & AcquisitionsOther

Capital Markets

MakeMyTrip’s USD2.8bn offer

MakeMyTrip made a USD2.8 billion offering, comprising a concurrent rule 144A private placement of USD1.2 billion aggregate principal amount of 0% convertible senior notes due 2030, and a US Securities and Exchange Commission (SEC)-registered primary follow-on offering of 18.4 million ordinary shares. MakeMyTrip received around USD1.6 billion of net proceeds from the primary equity offering.

The SEC-registered public offering consisted of ordinary shares and a USD1.43 billion rule 144A private placement of 0% convertible senior notes due 2030, with additional buys and purchase plans.

A&O Shearman advised Morgan Stanley and JP Morgan as initial purchasers and underwriters. Latham & Watkins acted for MakeMyTrip on both the notes offering and the equity raising. S&R Associates advised MakeMyTrip as special Indian legal counsel, continuing a longstanding relationship dating back to the company’s 2010 IPO. The S&R team was led by partners Venkatesh Vijayaraghavan and Pratichi Mishra. Appleby was Mauritius counsel to MakeMyTrip, while Shardul Amarchand Mangaldas & Co was India counsel to Morgan Stanley and JP Morgan.

NHAI’s big road monetisation

The institutional placement and preferential issue of units by National Highways Infra Trust (NHIT), an infrastructure investment trust sponsored by the National Highways Authority of India, was the largest fundraiser by an infrastructure investment trust in India to date.

The fundraising was completed at an enterprise value of about INR183 billion (USD1.9 billion).

The deal monetised 818 kilometres of roads, attracting marquee domestic and international investors, and including a significant investment from the Employees’ Provident Fund Organisation as its first investment in an infrastructure investment trust.

JSA, with partner Arka Mookerjee as lead, was legal counsel on Indian law to the lead managers, while Cyril Amarchand Mangaldas was legal counsel on Indian law to the trust and its sponsor. Linklaters Singapore was international legal counsel to the trust and sponsor as to US federal securities law.

Tata Capital’s record IPO

Tata Capital completed a USD1.75 billion IPO of equity shares and its listing on the Bombay Stock Exchange and National Stock Exchange of India. Tata Capital is the flagship financial services company of the Tata Group and, at mid-2025, the third-largest diversified non-banking financial company in India. The company offers financial products and services to retail, corporate and institutional customers.

Cyril Amarchand Mangaldas acted as Indian counsel to the issuer and Latham & Watkins was their international counsel. Sidley acted as international counsel to the underwriters – Kotak Mahindra, Axis Capital, BNP Paribas, Citigroup, HDFC Bank, HSBC, ICICI Securities, IIFL Capital, JP Morgan and SBI Capital Markets – while AZB was the Indian counsel to them. TT&A acted as Indian counsel to the investor selling shareholder International Finance Corporation.

ICICI Prudential AMC IPO

This is one of the largest IPOs by an asset management company and involved prior approval from the Department for Promotion of Industry and Internal Trade on the manner of announcements across jurisdictions, pre-IPO sales, exchange control matters and press note 3 issues.

Cyril Amarchand Mangaldas acted as the Indian legal counsel to issuer ICICI Prudential Asset Management through senior partner Yash J Ashar, along with his team.

Phoenix Legal acted as the legal counsel to certain pre-IPO investors. S&R Associates represented Prudential Corporation Holdings through partners Juhi Singh, Rajat Sethi and Radhika Iyer and their teams. Shardul Amarchand Mangaldas acted as Indian legal counsel to the bookrunning lead managers through partners Nikhil Naredi and Abhiroop Amitava Datta and their teams.

Sidley Austin US acted as legal counsel to the bookrunning lead managers through partner Manoj Bhargava, co-managing partner of the Singapore office and co-leader of the India praactice, and his team.

Slaughter and May acted as the UK/Hong Kong legal counsel to Prudential Corporation Holdings Limited (promoter selling shareholder). Trilegal acted as legal counsel to a few pre-IPO investors through partner Joseph Jimmy and his team.

Hexaware’s USD1bn India listing

Hexaware’s USD1 billion IPO was the largest by an Indian IT services company to date; the largest by a financial sponsor-owned company from India; and the country’s first billion-dollar IPO of the year.

The underwriters were advised by AZB & Partners as Indian legal counsel, and A&O Shearman as international legal counsel. Shardul Amarchand Mangaldas was Indian legal counsel to Hexaware, and Latham & Watkins was international legal counsel.

Global investment firm Carlyle acquired Hexaware in 2021 through a global cross-platform deal by Carlyle Partners and Carlyle Asia Partners. Hexaware is a tech and business process services company of 31,000 employees across 54 offices in 28 countries.

Adani’s private bond for Cementation

Adani Group raised USD750 million through a private bond issuance to acquire ITD Cementation India. The deal attracted marquee investors including BlackRock, Farallon Capital, King Street Capital, Elham Capital and Sona Asset Management.

This transaction was the first time Adani tapped the high-yield offshore market for an onshore acquisition, showcasing a novel financing route amid public market constraints. The deal’s structure, leveraging promoter-level offshore entities and attracting global institutional capital, offers a replicable model for emerging market issuers facing regulatory or reputational headwinds. Latham & Watkins partner Rajiv Gupta advised Adani. Linklaters Singapore acted as counsel to the sponsor. Madun Gujadhur Chambers acted as counsel to the issuer and guarantors.

Fortis Healthcare’s open offer

Saraf and Partners and S&R Associates advised Fortis Healthcare (FHL) and Fortis Malar Hospitals (FMHL) on the acquisition of public shareholding pursuant to the mandatory open offers triggered by IHH Healthcare’s 31.1% stake acquisition in FHL in 2018.

IHH’s investment, made through a preferential allotment of fresh shares, triggered an open offer for up to 26.1% of FHL under the Substantial Acquisition of Shares and Takeovers Regulations, 2011. The process was stalled by the Supreme Court. Saraf and Partners counselled Fortis Healthcare and its wholly owned subsidiaries, Northern TK Venture and Parkway Pantai.

The transaction team comprised senior partner Vaibhav Kakkar, partners Sahil Arora and Debarpan Ghosh, senior associates Paayas Pandit and Anuj Garg, and associates Sonia Mangtani and Umang Agarwal.

S&R acted for IHH Healthcare and its subsidiaries. The transaction team was led by partners Sandip Bhagat, Rajat Sethi and Raya Hazarika, with support from senior associates Stuti Dhundia and Srikari Kancherla, and associates Vishvesh Vikram and Rishabh Uppal. The firms worked to establish a legal basis for recommencement and managed the interface with the Securities and Exchange Board of India (SEBI).

NSDL’s record IPO

A USD460 million IPO of National Securities Depository Limited (NSDL) was the largest debut of a market infrastructure institution in India. The IPO was met with strong investor demand and was 41 times oversubscribed. In March 2025, NSDL had 39 million active demat accounts and serviced 99.99% of the value of equity, debt and other securities held by foreign portfolio investors in dematerialised form in India.

Shardul Amarchand Mangaldas & Co was Indian counsel to underwriters ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal and SBI Capital Markets, while Sidley Austin served as international counsel.

Khaitan & Co was Indian counsel to the issuer NSDL, while CMS INDUSLAW was Indian counsel to the selling shareholders.

VAH’s debut bond

Multiple firms advised parties to the Varanasi Aurangabad NH-2 Tollway, a company owned by ROADIS Transportation Holding SLU, on its issuance of USD316.3 million 5.9% senior secured notes, listed on the India INX at GIFT IFSC.

Trilegal advised Varanasi Aurangabad NH-2 Tollway, a company owned by ROADIS Transportation Holding, SLU, on the transaction structure, conducted rule 144A standard legal due diligence, and reviewed and drafted Indian law financing and regulatory documents. The firm advised on Indian law aspects, and assisted with closing and post-closing formalities. Latham & Watkins acted as US legal counsel to the issuer. Linklaters Singapore acted as US law adviser to the initial purchasers, while TT&A acted as Indian legal counsel to the initial purchasers. Mayer Brown Hong Kong acted for the trustee

Canara HSBC Life’s market debut

A INR25 billion (USD270 million) IPO by Canara HSBC Life Insurance of 237.5 million equity shares was a first of its kind transaction at the intersection of public sector divestment, regulated financial services and a recently liberalised insurance sector.

The shareholding structure – two public sector banks and a global banking group – necessitated multiple statutory approvals. This included Reserve Bank of India (RBI) approvals for stake sales by Canara Bank and Punjab National Bank (PNB), as well as the approval of the Insurance Regulatory and Development Authority of India (IRDAI) for the IPO.

Trilegal, with capital markets partner Richa Choudhary as lead, represented the bookrunning lead managers SBI Capital Markets, BNP Paribas, HSBC Securities and Capital Markets (India), JM Financial, and Motilal Oswal Investment Advisors.

Trilegal reviewed the transaction and offering documents, navigating a newly liberalised and highly regulated space with regulators from the IRDAI, Securities and Exchange Board of India and the RBI, with their overlapping charges.

The IPO constituted a strategic divestment by the central government through public sector units (PSUs), triggering PSU-specific divestment norms, internal approvals and policy considerations.

S&R Associates was legal counsel on Indian law to Canara HSBC Life Insurance; Linklaters Singapore was international legal counsel to the bookrunning lead managers. TT&A was legal counsel on Indian law for HSBC Insurance (Asia-Pacific) Holdings – one of the promoters and selling shareholders in the IPO. ALMT Legal was legal counsel on Indian law for Canara Bank. Desai & Diwanji was legal counsel on Indian law to PNB.

DISPUTES

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Disputes

Mastercard’s royalty tax battle

The matter relates to taxability of a foreign company in India under the Income Tax Act, 1961, and the Double Tax Avoidance Agreement between India and Singapore.

Mastercard Asia-Pacific sought an advance ruling from the Authority for Advance Ruling (AAR) on whether fees received from Indian banks and other financial institutions for payment processing services were taxable in India. The AAR concluded certain services constituted fixed-place permanent establishment of a foreign entity in India. A writ petition was filed before Delhi High Court where, in 2021, the court ruled in favour of Mastercard, with certain aspects of the case still ongoing.

With the introduction of an equalisation levy by India to e-commerce supply and services from 1 April 2020, the proceedings hold significance in the age of digital economy.

DMD Advocates’ managing partners Anuradha Dutt and Fereshte D Sethna, partners Tushar Jarwal and Rahul Sateeja, principal associate Vikrant A Maheshwari and associate Raghav Dutt represented Mastercard.

Railways’ USD11m arbitration overturn

A cumulative arbitration award of USD11 million was granted to caterers Brandavan Food Products, RK Associates and Hoteliers, and Satyam Caterers, which were respondents in an appeal before the Supreme Court of India. Earlier, Delhi High Court had set aside a lower-court order, granting the arbitration award amount to the caterers, with few changes to the award.

On appeal, the Supreme Court set aside the high court order, allowing Indian Railways Catering and Tourism Corporation’s (IRCTC) appeal. It noted the arbitrator “practically rewrote the contract between parties”. The court observed the arbitration award to be against public policy of India and patently illegal.

Tuli & Co partner Rajat Taimni, senior associate Rajat Dasgupta and associate Akshita Totla represented IRCTC.

Trust Legal represented the respondents Brandavan Food Products and Connected Matters.

‘Dominant partner’ tested

This case centres on an Indian government tender for cloud storage services, released by the Directorate General of Hydrocarbons, Ministry of Petroleum and Natural Gas. It was awarded to CloudThat Technologies (one of the respondents), despite Thoughtsol Infotech (petitioner) being the lowest bidder. The government reasoned that CloudThat was eligible for benefits under the micro, small and medium enterprises (MSME) public procurement policy of 2012.

Thoughtsol challenged the award in Allahabad High Court, contending that the actual services were being performed by an entity not entitled to such benefits, with CloudThat acting merely as an incidental or facilitative service provider.

The court examined the applicability of 2012 MSME policy and interpreted the concept of a works contract. In doing so, the court defined the “dominant partner” test. Thoughtsol emerged victorious.

Allahabad High Court, while allowing the writ petition, held that the MSME policy could not be invoked where the actual and dominant performance of the contract vested with a non-eligible micro-small enterprise. CloudThat’s challenge before the Supreme Court of India against this order was dismissed.

King Stubb and Kasiva’s partner, Sukrit R Kapoor, senior associate Aayushya Aankul and associate Navneet Kumar acted for Thoughtsol.

EV fleet recovery

App-based cab services company Gensol & BluSmart was shut after an order of the Securities Exchange Board of India revealed irregular activities. More than 100 electric vehicles were leased by Sumitomo Mitsui Auto Service to Gensol.

Unpaid invoices led to the discovery of the possibility of Gensol attempting to sell the vehicles to third parties. Sumitomo went to Delhi High Court and was able to restrain Gensol from selling the cars and then recover its vehicles from Gensol’s possession.

King Stubb and Kasiva partners Aditya Bhattacharya and Sukrit R Kapoor, associate partner Simran Tandon and associate Sarthak Miglani represented Sumitomo.

First smell mark

Sumitomo Rubber Industries applied for a smell mark for “tyres that smell of roses”. Smells are complex to register as it is difficult to reproduce them as a graphical representation, as required by the law.

This was addressed with both verbal and scientific depiction of the fragrance, the latter of which was a vector in a multidimensional olfactory representation. This method provided a reproducible, structured and intelligible depiction to the level of clarity required by the statute.

The registry’s final order concluded the scientific representation met the standards of clarity, precision, intelligibility, durability and objectivity. The rose-like fragrance was considered both graphically representable and distinctive in relation to tyres. The mark was accordingly accepted for advertisement.

Anand and Anand’s managing partner, Pravin Anand, acted as amicus curiae in the matter, coming up with the graphical representation that enabled the registry to accept the application.

Cyril Amarchand Mangaldas’ partner and head of intellectual property, Swati Sharma, partner Revanta Mathur, and principal associate-designate Sannat Chandna had represented Sumitomo Rubber Industries.

Black money penalty

An appeal before a special bench of the Income Tax Appellate Tribunal examined whether non-disclosure of foreign assets in a person’s income tax return would automatically lead to a penalty under section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

The tribunal held that the verb “may”, in section 43, must be read as discretionary and not mandatory, and the statute consciously uses “may” for the decision to impose penalty, and “shall” for the quantum once that decision is taken. The tribunal also observed that a personal hearing prior to penalty would serve no purpose if the penalty was to be imposed automatically on the non-disclosure of foreign assets.

Lakshmikumaran & Sridharan Attorneys’ executive partner, Sriram Sridharan, represented the appellants.

Patent timing dispute

Global biotechnology company Vertex Pharmaceuticals developed a compound for treating a cystic fibrosis trans-membrane conductance regulator (CFTR) mediated disease. On the same day a patent was granted for the compound, a pre-grant opposition was filed against it, following which the patents registry issued a notice. Since the opposition was filed on the same day, the order granting the patent had not yet been uploaded onto the website, notifying the public.

This notice was challenged by Vertex before Delhi High Court. The court was faced with deciding whether pre-grant opposition was possible after granting the patent.

The court decided in favour of Vertex, that a patent is considered granted once the controller signs the order, and Vertex’s statutory right could not be taken away if an order was not uploaded to the web.

Anand and Anand’s managing partner, Pravin Anand, senior partner and head of designs and patents, Archana Shanker, partner Tusha Malhotra and senior associate Sugandha Yadav represented Vertex.

Protecting persona

The Aishwarya Rai Bachchan v Aishwaryaworld.com case involved protecting the privacy and personality rights of the famous Bollywood actress. The defendant had morphed adult images of Bachchan, sold merchandise featuring her image, used AI to impersonate her, and duped unsuspecting users into depositing money in her name.

Delhi High Court ruled this infringement of the actress’ publicity rights would confuse the public as to her sponsorships and endorsements, and negatively affect goodwill and her reputation. The court restrained the defendant from infringing Bachchan’s publicity rights and directed them to file in sealed covers the basic subscriber information of the sellers/content creators.

Anand and Anand, who advised the plaintiff, has also filed actions on behalf of other well-known Indian celebrities such as Jackie Shroff, Vishnu Manchu, Nagarjuna, Ajay Devgn and Jaya Bachchan (mother-in-law of Aishwarya Rai Bachchan).

Anand and Anand’s managing partner, Pravin Anand, partners Dhruv Anand and Udita Patro, senior associate Nimrat Singh, and associate Dhananjay Khanna represented Aishwarya Rai.

Naik Naik & Co’s managing partner and founder Ameet Naik, and deputy managing partner Madhu Gadodia, also represented Aishwarya Rai.

The case forms part of a series of lawsuits filed by celebrities to protect their publicity rights, allowing the court to develop a rich body of jurisprudence on this subject.

House paint turf dispute

The Competition Commission of India (CCI) ordered an investigation into Asian Paints on receiving information from Grasim Paints (Birla Paints division) about alleged abuse of its dominant position in the market. This was challenged before the Bombay High Court, where it was dismissed.

Asian Paints then went before the Supreme Court of India, where the company ultimately withdrew its petition.

JSA acted for Grasim Industries and Birla Opus at the CCI and obtained the favourable order of investigation against Asian Paints. The team consisted of partner and chair – competition law Nisha Kaur Uberoi, partner Sarthak Pande, principal associate Shivangi Chawla and associates Keerthana Kesavan, Mehar Dang, and Sudhanshu Singh.

Bharucha & Partners’ partner, Sneha Jaisingh, senior associate Jaidhara Shah, and associates Neeraja Barve Akshay Ayush represented Grasim Paints.

MV Kini Law Firm’s managing partner, Ravi Kini, partner Abhay Itagi and associate Vidhi Bhasin represented the Competition Commission of India.

Shardul Amarchand Mangaldas & Co acted for Asian Paints. The competition law team included partners Harman Singh Sandhu and Nitika Dwivedi and principal associate Raveena Kumari Sethia. The litigation team included partner Ameya Gokhale and principal associate Kriti Kalyani.

Levi’s wins Delhi design dispute

Sujata Chaudhri IP Attorneys represented apparel company Levi Strauss & Co in enforcement proceedings before Delhi High Court, over Levi’s iconic Arcuate Stitching Design. The design has been in use since 1873, and is recognised as a well-known mark. The firm filed a suit against defendants that were using a pocket design mark that was nearly identical to Levi’s registered Arcuate Stitching Design. Relying on the defendants’ earlier undertakings of future non-use, the lapse of their right to file a written statement, and the fact that they had been proceeded ex parte, the firm secured a decree in favour of Levi’s.

Delhi High Court granted relief in Levi’s favour and awarded actual costs incurred in pursuing the action against the defendants.

Challenging SEBI’s disclosure rule

A case in Bombay High Court sought declaration of regulation 30A and clause 5A of part A of the Securities and Exchange Board of India’s (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015 as being ultra vires (beyond the power).

The regulation requires shareholders and mentioned personalities of listed entity/holdings to inform the SEBI of specified contracts to which the listed entity/holder is not a party. Such agreements are to be disclosed to the stock exchange and also mentioned on the website.

During court proceedings, the SEBI clarified that mere disclosure of such agreement by a listed entity would not automatically mean that a company admits it to be binding on itself. The petitioners withdrew their petition and the intervenor objected to the SEBI’s statement.

ThinkLaw founder and managing partner, Tushar Ajinkya, associate partner Sukanya Sehgal, and associate Vedant Lathi represented the petitioners, Kirloskar Oil Engines, and others.

Nidhi Singh, Nistin Shrikhande and Nidhi Faganiya of Vidhii Partners represented the SEBI.

Senior partner Rustam J Gagrat, partner Ipshita Sen and legal associate Suresh Khannan, from Gagrats, represented the intervenor, Kirloskar Brothers.

FINANCING

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Financing

Barclays’ digital fibre play

Digital Fibre Infrastructure Trust, of Reliance Group, raised INR210 billion (USD2.2 billion) through AAA-rated pass-through certificates (PTCs) issued by three trusts – Radhakrishna Securitisation Trust, Shivshakti Securitisation Trust and Siddhivinayak Securitisation Trust. The transaction was backed by loan receivables from the infrastructure investment trust and put-option receivables. The fundraising was a structurally complex, precedent-setting securitisation transaction and one of the largest securitisation transactions in India to date.

The deal adopts a multiple-trust, multiple-tenor frame-work with three separate bankruptcy-remote SPVs each issuing listed PTCs with staggered maturities of three, four and five years, respectively.

AZB & Partners represented Digital Fibre Infrastructure Trust. Wadia Ghandy & Co advised Barclays Bank and other investors on the PTCs while Khaitan & Co also advised investors.

USD1.3bn petrochemical push

Listed company Petronet LNG obtained a secured term loan facility of INR120 billion (USD1.3 billion) to set up India’s first liquefied natural gas (LNG) receiving and regasification terminal at Dahej, Gujarat. It is one of the largest term loan transactions this fiscal year. The terminal has a nominal capacity of 17.5 million metric tonnes per annum (MMTPA), expanding to 22.5 MMTPA. The company, which is the largest LNG importer in India, also set up another terminal at Kochi, Kerala, with a nominal capacity of 5 MMTPA.

Phoenix Legal acted as legal counsel to Petronet on the secured term loan facility. The firm was involved in a review and negotiation of the term sheet and sanction letter, including multiple rounds of discussions and revisions to address commercial and regulatory considerations. AZB & Partners advised the State Bank of India-led consortium on the financing.

Borrowing billions for city growth

Andhra Pradesh Capital Region Development Authority (APCRDA) borrowed INR75 billion (USD811 million) from the National Bank for Financing Infrastructure and Development (NaBFID) for the development and growth of zones in Amaravati Capital City region, where the APCRDA is undertaking large-scale infrastructure projects.

Cyril Amarchand Mangaldas’ partners Amey Pathak and Arkoday Roy, senior associate Abha Mehta, and associate Pranay Bhattacharya acted as the lender’s legal counsel to the bank.

TLH Advocates and Solicitors acted as legal counsel to APCRDA, through partners Basava Rao and Shivacharan Reddy, and associates Wriddhiman Dey and Saurav Singh.

Greenko’s refinancing

The Greenko Group, a leading renewable energy company in India, obtained rupee-term loans of INR48.3 billion (USD523 million) from the National Bank for Financing Infrastructure and Development (NaBFID) to prepay and substitute outstanding dollar-denominated bonds of USD940 million.

The refinancing was designed to substitute Greenko’s high-cost overseas debt with more affordable rupee loans, reducing foreign exchange exposure and improving the company’s financial stability.

A distinctive feature of this transaction was its complexity, arising from the involvement of 38 special purpose vehicles (SPVs) that were established for renewable energy projects across wind, solar and hydro sectors. The financing structure adopted a unique co-obligor framework, pooling these SPVs under a consolidated arrangement.

Saraf and Partners acted as legal counsel to the NaBFID, drafted and negotiated financing documents, advised on regulatory compliance, and ensured adherence to infrastructure financing laws. The firm’s banking and finance team managed several rounds of discussions, and provided strategic advice to mitigate risks in addition to carrying out extensive due diligence and regulatory co-ordination for each SPV.

JSW Paints move on Dulux maker

Khaitan & Co acted for JSW Paints, a member of the JSW Group, on its acquisition financing and inaugural issuance of listed, rated, unsecured, redeemable non-convertible debentures aggregating USD363 million.

The proceeds will finance JSW Paints’ proposed acquisition of shares in paint manufacturer Akzo Nobel India. The debentures have been rated AA- with a stable outlook by credit ratings agency ICRA.

The issuance saw participation from leading financial institutions, including MUFG Bank (GIFT branch), Mizuho Bank (Singapore branch), JP Morgan Chase Bank, Barclays Merchant Bank (Singapore), Sumitomo Mitsui Banking Corporation, and DBS Bank.

AKD NV acted as international legal counsel for the acquirer.

SBI’s defence sector financing

Operating in a highly regulated space, the defence arm of conglomerate Adani – Adani Defence Systems and Technologies Limited – has obtained working capital facilities worth INR12.5 billion (USD135 million) from lenders including the State Bank of India (SBI). The financing was to enable performance of Adani’s obligations under contracts with the Indian Ministry of Defence.

The financing structure included a mechanism enabling other lenders to accede to the untied portion of the facility through a deed of accession.

Dentons Link Legal advised the SBI on regulatory aspects specific to the defence sector, in addition to structuring the transaction, drafting and negotiating the financing and security documentation, and addressing sector-specific compliance and risk allocation issues.

It also advised the SBI on obtaining specified support from Adani Enterprises, the listed promoter entity of Adani Defence, including arrangements for certain securities to be shared with future lenders and certain securities remaining exclusive to the SBI.

First aircraft financing in GIFT City

AI Fleet Services IFSC, a wholly owned subsidiary of Air India, acquired 34 trainer aircraft through a secured long-term USD-denominated loan. The financing transaction was executed through Axis Bank’s international banking unit at Gujarat International Finance Tec-City, an international financial services centre (IFSC).

The transaction was structured entirely within the GIFT City IFSC ecosystem, with the lender, borrower, legal advisers, facility agent and security agent all operating from the centre.

The aircraft are to be deployed at Air India’s upcoming flying training organisation in Amravati, Maharashtra, expected to be one of India’s largest pilot training facilities and a critical addition to the country’s aviation infrastructure.

Dentons Link Legal acted as legal counsel to Axis Bank while AZB & Partners advised Air India. The deal is the first Indian law-governed aircraft finance transaction to date executed through the GIFT City structure.

JOINT VENTURES

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Joint Ventures

GW-scale AI data centre JV

Aiming to plant its flag in the AI data centre space, Tata Consultancy Services (TCS) announced a multibillion-dollar strategic partnership with global alternative asset management firm TPG for the growth of the former’s AI data centre business, HyperVault.

TCS’ HyperVault will be funded through a mix of equity from TCS and TPG, and debt. Both will invest about USD2 billion, with an additional USD4-5 billion to be raised as debt. TPG envisages a final HyperVault shareholding between 27.5% and 49%.

TCS’ plan is to create AI-ready and energy-efficient data centres of gigawatt-scale power consumption in the next few years. This marks one of the largest private equity investments in the sector in India.

Cyril Amarchand Mangaldas, with managing partner Cyril Shroff as lead, advised TPG. Latham & Watkins acted as international counsel to TPG. AZB & Partners acted as Indian legal counsel to Tata Consultancy Services.

Tata’s Bhutan hydro JV

SKV Law Offices advised Tata Power Company on its strategic partnership with Druk Green Power Corporation (DGPC) for the 1,125MW Dorjilung Hydropower Project in Bhutan. The project will be developed through a special purpose vehicle, with DGPC holding 60% and Tata Power 40%. Structured as a run-of-the-river scheme with six 187.5MW units on the Kurichhu River in Mongar district, the project has an estimated cost of USD1.4 billion. It will become Bhutan’s second-largest hydropower plant and its largest public–private partnership project.

The collaboration was built on earlier joint ventures, including Dagachhu and Khorlochhu. The new project is expected to be commissioned in September 2031, with 80% of power to be exported to India.

The SKV Law Offices team comprised senior partner Pranav Bhaskar, founding partner Shri Venkatesh, partner Ashutosh K Srivastava, senior associate Tejaswi Dudeja, and associates Priyanka Singh, Adarsh Kashyap and Aritra Mitra.

MERGERS & ACQUISITIONS

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Mergers & Acquisitions

Tata spins off commercial vehicles

Tata Motors and Tata Motors Passenger Vehicles entered a composite scheme of arrangement to move a commercial vehicles business from Tata Motors Passenger Vehicles (TMLPV) to Tata Motors Commercial Vehicles (TMLCV) as a going concern, along with a share issue by TMLCV to shareholders of TMLPV.

TMLCV was renamed Tata Motors and listed on BSE and NSE with 1:1 share allotment to existing shareholders following board, shareholder and NCLT approvals.

This is one of India’s largest demerger-and-listing transactions by value of the year, establishing a standalone commercial vehicle company. The scheme resulted in the alignment of more than 25 operational subsidiaries.

AZB & Partners’ senior partner, Vaidhyanadhan Iyer, partners Sneha Nagvekar and Devika Nayak, counsel Himaansho Tembe, and associates Priyasha Goyal and Shivani Shenoy advised Tata Motors.

Saraf and Partners’ partner, Satadru Goswami, acted as the lender’s counsel for the State Bank of India.

Schneider gains full control in India

AZB & Partners advised Schneider Electric on its proposed acquisition of a minority stake in Schneider Electric India, held by Temasek, for USD6.4 billion. As part of the transaction, Schneider will also acquire Temasek’s stake in their Singapore joint venture.

AZB previously advised on a 2020 transaction in which Schneider Electric and Temasek jointly acquired the electrical and automation business of Larsen & Toubro and combined it with Schneider’s existing Indian operations.

The proposed new acquisition marks a significant step in consolidating Schneider Electric’s ownership of its Indian business and reflects its continued long-term commitment to the region.

The deal team comprised senior partner Ashwath Rau, partner Jasmin Karkhanis, senior associates Dishti Kaji and Aakshay A, and associate Prankul Boobana.

JSA acted for Schneider Electric. The team from JSA comprised partner & chair – competition law practice Nisha Kaur Uberoi; partner Pranav Satyam; principal associate Sarthak Pande; senior associates Shivangi Chawla, Ishan Arora and Samriddha Gooptu; and associates Akanksha Mathur, Mehar Singh Dang, Aditya Prakash, Naman Katyal, Rohan Bhargava, Meghaa G, Cherian Chacko Manayath, Ashmeka K and Mayank Gandhi.

Khaitan & Co acted for MacRitchie while WongPartnership, Singapore, acted for the corporate law aspects of Schneider.

Emirates’ acquisition of RBL Bank

Shardul Amarchand Mangaldas & Co (SAM) advised Emirates NBD Bank, one of the Middle East’s largest banking groups, on its landmark majority acquisition of RBL Bank, valued at INR268 billion (USD3 billion).

The transaction marks a significant cross-border investment in India’s banking sector and underscores growing international interest in the country’s financial services market.

SAM also advised BX Investor and BCP Topco VII on the sale of their entire stake in Aadhar Housing Finance. The transaction represents a notable exit for the selling shareholders and highlights continued investor activity in India’s affordable housing finance sector. AZB & Partners advised RBL Bank.

Torrent buys fellow pharma

Khaitan & Co advised Torrent Pharmaceuticals on its acquisition of a controlling stake in JB Pharma from KKR – a deal which values JB at about INR256 billion (USD2.84 billion).

The core team included partners Bhavik Narsana, Mehul Shah and Arindam Ghosh, and counsel Gaurav Malhotra. The transaction includes the acquisition of KKR’s 46.39% stake in JB Pharma for INR119.17 billion, together with an open offer to acquire up to a further 26% stake from public shareholders. The deal also contemplates acquiring a further 2.8% from certain employees and a proposed merger of JB with Torrent.

The transaction represents a significant strategic step for Torrent in expanding its presence and strengthening its position in the Indian pharmaceutical market.#Raghubir Menon#, partner at Shardul Amarchand Mangaldas & Co represented KKR.

AZB & Partners represented the Board of JB Pharma with senior partner Vaidhyanadhan Iyer and partner Jeet Chaudhuri leading the team.

IFF’s pharma carve-out to Roquette

US corporation International Flavours & Fragrances (IFF) and its Indian group were advised on the India leg of the sale of IFF’s pharma solutions business to Roquette Freres, a French company that produces more than 650 byproducts from starch, as part of a global transaction valued at about USD2.5 billion.

The transaction involved a complex internal reorganisation of IFF’s Indian pharma operations before completion. The business was consolidated into a single legal entity through a combination of forward and reverse carve-outs, with legal structuring, step planning and co-ordination across multiple stakeholders and jurisdictions.

The Indian entity’s external commercial borrowing facility had to be transferred to Roquette. This was implemented through a structured refinancing and change of lender, ensuring compliance with applicable Reserve Bank of India regulations and enabling a seamless transition.

The transaction drew on cross-border legal expertise from Cleary Gottlieb Steen & Hamilton, CMS INDUSLAW, DLA Piper, and Skadden Arps Slate Meagher & Flom.

USD1.5bn business parks change hands

Shardul Amarchand Mangaldas & Co (SAM) and Khaitan & Co advised parties to the Brookfield India Real Estate Trust on the full acquisition of Arliga Ecoworld Business Parks from a fund managed by Brookfield Asset Management.

The transaction, valued at about USD1.5 billion, represents one of the most significant deals in India’s commercial real estate sector.

Khaitan and SAM advised on multiple aspects of Ecoworld and Ecoworld 4D assets. The mandate included detailed corporate and title due diligence on the entities, and underlying properties to assess legal, regulatory and ownership risks. The firms also advised on and implemented a restructuring by way of a scheme of arrangement, including the transfer of the Ecoworld portfolio to Arliga Ecoworld Business Parks, along with the necessary regulatory filings and post-sanction compliances.

The team from Khaitan was led by partners Aashutosh Sampat, Abir Sarkar, Harsh Parikh and Sudheer Madamaiah. The transaction team from SAM was led by partners Jay Gandhi and Natalee Nanda supported by their associates.

JSW’s USD1.5bn renewables buy

Multiple firms advised JSW Energy on its landmark acquisition of O2 Power from EQT Infrastructure IV and Temasek Holdings for USD1.5 billion.

The cross-border transaction involved a 4.7GW renewable energy platform across seven resource-rich Indian states, and marked JSW’s largest acquisition to date. It supports the company’s ambition to achieve 20GW of renewable-led capacity before fiscal 2030, in line with India’s policy focus on expanding clean energy capacity. Herbert Smith Freehills Kramer acted as JSW’s international legal counsel on structuring, transaction documentation and closing mechanics. The team was led by partners Siddhartha Shukla (London) and Lucy Curran (Singapore).

Khaitan & Co acted as Indian counsel to JSW. The core team consisted of partners Haigreve Khaitan, Siddharth Shah, Akhil Bhatnagar, Purti Minawala and Vivek Mimani.

A&O Shearman advised EQT Infrastructure IV and Temasek Holdings as sellers, with Trilegal serving as Indian counsel. Prolegis was Singapore counsel to EQT Infrastructure IV and Temasek Holdings.

Trilegal’s partner Nayantara Nag led the team in support of EQT and Temasek.

Yes gives nod to Japan suitor

AZB & Partners acted for Yes Bank on a transaction under which the State Bank of India (SBI) and other sector lenders agreed to sell a 20% stake in the bank to Japan-based Sumitomo Mitsui Banking Corporation (SMBC) for USD1.47 billion.

In a second phase of the transaction, SMBC acquired an additional 4% stake from CA Basque Investments, an entity affiliated with the Carlyle Group.

The transaction is reported to be the largest cross-border deal in the Indian banking sector for the year.

S&R Associates represented the SBI and seven listed private sector banks – HDFC Bank, Kotak Mahindra Bank, Axis Bank, ICICI Bank, IDFC First Bank, Bandhan Bank and Federal Bank. JSA was Indian legal counsel to SMBC and the matter was led by lead partner Vikram Raghani. Other members included partner Birbahadur Sachar, principal associate Vwastav Ghosh, senior associates Vaishnavi Vyas and Aleesha Jadhav and associates Tavishi Chandra, Samika Pachouly, Pranjal Shorey and Niki Shah. Anderson Mori & Tomotsune acted as the Japanese legal adviser to SMBC.

Shardul Amarchand Mangaldas & Co, through partners Abhishek Guha, Tanya Uppal, Veena Sivaramakrishnan and Mohit Bhatia, counsel Kanwardeep Singh Kapany, and senior associate Yash Modi advised CA Basque Investments in the shareholding sale to Yes Bank.

Biocon integrates subsidiary

Multiple firms advised on the integration of Biocon Biologics with Biocon.

Biocon is an innovation-led global biopharmaceutical company that announced a strategic corporate action to fully integrate Biocon Biologics (BBL) into the company as a wholly owned subsidiary.

Biocon has undertaken a strategic integration of its generics and biosimilars businesses, strengthening its global footprint across more than 120 countries.

As part of the transaction, Biocon issued equity shares on a preferential basis in exchange for shares in BBL. While preferential issuances typically involve a uniform swap ratio, this deal adopted a differential structure.

The variation was driven by the specific rights and obligations attached to the sale shares under the shareholders’ agreement in 2023, the differing manner in which consideration was discharged to certain sellers, and the valuation of BBL’s equity shares as determined by EY under the SEBI’s Issue of Capital and Disclosure Requirements ICDR Regulations.

Shardul Amarchand Mangaldas & Co advised Biocon; Cravath Swaine & Moore acted as international legal counsel for Viatris; Cyril Amarchand Mangaldas acted for Serum Institute Lifesciences; Khaitan assisted Viatris as Indian legal counsel; and Veritas Legal acted for Tata Capital Growth Fund II.

Investors bet on IDFC First Bank

Cyril Amarchand Mangaldas (CAM) and JSA steered the transaction, which involved an USD865 million investment by Currant Sea Investments, an affiliate of Warburg Pincus, and Platinum Invictus B 2025 RSC Limited (Platinum), a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), in IDFC FIRST Bank, through a layered, cross-border structure investment spanning the UAE, Mauritius, the Netherlands and India.

The ADIA was advised by CAM, and Warburg Pincus was advised by AZB & Partners.

By scale, it ranks among the largest private investments in Indian banking for the year, and is significantly larger than Carlyle’s investment in Yes Bank. The complexity lay in the structuring, multi-jurisdictional co-ordination and navigation of sectoral restrictions, making it a standout transaction in both execution and strategy.

The JSA transaction team advising IDFC FIRST Bank included partners Vikram Raghani and Bir Bahadur Singh Sachar, principal associate Sushim Aryan, associates Tavishi Chandra, Parth Mehta and Samika Pachouly, and company secretary Niki Shah. The banking team was led by partner Anish Mashruwala.

Russian giant in aluminium three-step

Moscow-based aluminium company United Company RUSAL acquired up to 50% of India’s Pioneer Aluminium Industries for USD468.7 million in a deal that addressed sanctions being imposed on Russia through careful structuring and allocation devices.

Other key aspects related to the supply and offtake of some minerals, and management control of Pioneer by the joint venture parties.

AZB & Partners advised RUSAL with senior partners Hardeep Sachdeva and Priyamvada Shenoy, partner Sudish Sharma and senior associate Druheen Mohanty making up the core transaction team.

Partners Kamal Shankar, Abhyudai Singh, Shivang Sargoch and Sahil Tandon, senior associate Isha Singh and associate Aditi Shekhar advised on due diligence. Partners Sumit Mangal, Aditya Singh Chandel, counsel Sagnik Chatterjee and associate Radhika Sharma advised on tax matters. Partner Toshit Shandilya and associate Shreya Singh advised on competition law.

Dentons Link Legal provided legal advice on Indian legal aspects of the transaction through a team composed of partner Rohitashwa Prasad and associate Rishabh Adlakha. EPAM Law Offices was the Russian law firm advising RUSAL on the deal. TLH Advocates and Solicitors advised Pioneer Aluminium Industries through a team of partner Basava Rao, senior associate Aditi Duggal, and associates Sriharsha Madichetty and Gouri Meempat.

Global funds sell down India tech

The partial exit by global venture capital firms Eight Roads and F Prime from Indian high-growth tech companies Whatfix, Shadowfax and MoEngage was a fast-paced, complex transaction with a multi-layered structure and an interplay of strategic, legal and regulatory considerations.

The USD50 million transaction was carried out through a secondary sale of shares to TR Capital in two tranches. The exit was executed as a block deal, with the closings inter-linked, making completion under one company contingent on simultaneous completion under the others.

Certain sale shares were strategically structured to receive benefits under applicable tax treaties. The transaction attracted competition law considerations given the growth stages of the companies.

Samvad Partners and CMS INDUSLAW advised Eight Roads and F Prime. River Law advised TR capital, Inventus Law counselled MoEngage, and Khaitan & Co counselled Whatfix.

Syrma voyages into maritime, defence

Khaitan & Co acted for investor Syrma SGS Technology, while Stratage Law Partners advised Elcome and Navicom and their respective shareholders, on Syrma’s strategic acquisition of the entire paid-up share capital of Elcome. Khaitan’s transaction team was led by partner Pashupati Nath.

The transaction involved Syrma’s strategic acquisition of 100% of Elcome’s share capital in four tranches, with an initial 60% acquired for INR2.35 billion (USD26 million) through a mix of primary infusion and secondary purchase, and the remaining 40% to be acquired over three years based on performance-linked earnout milestones.

Elcome and Navicom are leading Indian providers of maritime and defence technology solutions, designing, manufacturing and servicing advanced electronic systems for naval, commercial shipping, port and offshore applications, and aligned with the “Make in India” initiative.

The transaction also included Syrma’s acquisition of 100% of Navicom.

Stratage Law Partners advised Elcome, Navicom and their shareholders, and the team included managing partner Darshan Upadhyay, senior partner Shyam Pandya and partner Anisha Shroff.

Firefly Networks acquisition

Economic Laws Practice (ELP) advised iBus Network and Infrastructure on its acquisition of 100% of Firefly Networks, navigating India’s evolving telecoms, digital infrastructure and technology regulatory framework. The deal is valued at USD1 million.

The transaction supports iBus’ strategy to fortify its neutral digital infrastructure platform delivering mobility, Wi-Fi and IoT solutions to telecoms operators and enterprises.

The acquisition involved bringing together two digital infrastructure players in a tightly regulated environment, with careful risk allocation ensuring business continuity, platform scalability and alignment with iBus’ long-term digital enablement objectives.

BlackRock backs Pine Labs redomicile, IPO

The reverse flip by leading merchant platform Pine Labs marked one of the first cross-border amalgamations between a Singapore-incorporated company and an overseas company utilising a structure sanctioned by the Singapore courts.

The redomiciling became emblematic of the trend of high-profile startups relocating their holding companies back to India. The redomiciling to India was in preparation for Pine Labs’ IPO.

For legal advisers, guiding the process required careful structuring and navigating multiple, cross-jurisdictional regulatory considerations.

Prior to the redomiciling, BlackRock made a strategic investment for a confidential amount to support Pine Labs’ expansion into digital payments and consumer financing solutions across South Asia.

Partners Evelyn Wee and Sim Kwan Kiat led the Rajah & Tann team in advising Pine Labs on the merger between Pine Labs Limited and its Indian subsidiary. Cyril Amarchand Mangaldas was the Indian legal adviser to Pine Labs.

King & Spalding, with partner Amit Kataria, advised BlackRock on the strategic investment and redomiciling of Pine Labs.

Inox buys 1,337MW of renewable energy

Inox Clean Energy, part of the INOXGFL Group, entered agreements for acquiring a 1,337MW renewable energy platform from Macquarie Corporate Holdings and other shareholders.

Lakshmikumaran Sridharan acted as legal counsel to Inox, advising on transaction structuring, cross-border regulatory considerations, competition law and tax aspects, as well as the negotiation and finalisation of transaction documentation.

Lakshmikumaran worked with Standard Chartered Bank and Latham & Watkins on the transaction. Macquarie and other selling shareholders were represented by Latham & Watkins, Singapore.

Trilegal partner Amar Narula led the team in advising Macquarie on several legal aspects of the sale process until closing of the transaction. Other key members of the team were partners Arjun Ghose and Rahil Pereira, and counsel Parul Sharma and Ishika Goon.

Consortium gobbles Haldiram stake

The deal involved a minority stake acquisition in the FMCG business of the Haldiram Group, involving a demerger of its packaged foods vertical into Haldiram Snacks Food Private Limited, which was one of the largest transactions in India’s consumer sector for the year.

JSA advised the investor consortium of Temasek, International Holding Company and Alpha Wave Global. The transaction was led by lead partner and co-chair of corporate practice Vikram Raghani. The other lawyers included partner Pratik Pawar from the litigation and IP team, partner Gerald Manoharan from the real estate and employment team, partner Yajas Setlur from the data privacy team, Kumarmanglam Vijay from the tax team and partner Vaibhav Choukse from the competition team.

Cyril Amarchand Mangaldas also advised Alpha Wave Global.

Khaitan & Co advised Haldiram Foods International, Haldiram Snacks Food Private Limited and their promoters, the Agarwal family, on the sale process and stake transfers to the investor consortium.

Waaree’s W&I-backed renewable entry

Waaree Energies’ acquisition of Enel Green India and its SPVs marked its entry into the renewable energy development space, structured with warranty and indemnity insurance as the sole recourse for representation and warranty breaches.

Sarthak Advocates & Solicitors advised Waaree Energies on the transaction, navigating a complex structure of multiple project SPVs, lender consents and a rare W&I insurance-backed risk allocation framework in India.

Trilegal’s partner Neeraj Menon led the team to advise Enel Green Power India on the deal.

Zepto’s cross-border merger a first

Zepto completed a landmark cross-border restructuring by merging its Singapore-incorporated parent entity with its Indian operating company, Kiranakart, in a reverse flip to shift its domicile to India ahead of a potential public listing.

Before the merger, Kiranakart (KPL), the private company incorporated in Singapore, held 100% of the beneficial interest in Kiranakart Technologies’ (KTPL) equity share capital. KTPL is the wholly owned subsidiary incorporated in India. The company is engaged in designing and developing a range of technologies and products, including the mobile application, Zepto.

The transaction was implemented under India’s cross-border merger framework and required approvals from the National Company Law Tribunal and compliance with Singapore regulatory requirements. It was described as a first-of-its-kind structure for a high-growth Indian startup, given the complexity of merging an overseas holding company into its Indian subsidiary, while preserving shareholder continuity and operational stability. The deal involved a carefully designed amalgamation scheme that consolidated the group structure in India, aligning regulatory, tax and operational considerations. Rajah & Tann advised KPL as Singapore counsel. CMS INDUSLAW acted as Indian legal adviser to KTPL, and advised on structuring, regulatory approvals and implementation of the merger.

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Capital MarketsDisputesFinancingJoint VenturesMergers & AcquisitionsOther

Mergers & Acquisitions

USD13bn gift to daughter

When HCL group founder Shiv Nadar executed a USD13 billion gift deed in favour of his daughter, Roshni Nadar Malhotra, it established her place as one of India’s richest women. The gift deed transferred a 47% shareholding in Vama Sundari Investments (Delhi) and HCL Corporation. These were listed companies to which Malhotra had to make a mandatory open offer due to the change in shareholding.

Cyril Amarchand Mangaldas managing partner Cyril Shroff and partner Rishabh Shroff were the leads on the matter. The firm assisted Malhotra on documentation, the application process and approvals from the capital markets and banking regulators.

Mahanadi’s 100%+ creditor recovery

The corporate insolvency resolution process of KSK Mahanadi Power Company included issues relating to the company’s consolidation with affiliates KSK Water Infrastructure and Raigarh Champa Rail Infrastructure, along with ongoing contractual disputes with these entities.

The implementation of the resolution plan involved the acquisition of the company by JSW Energy and the issuance of equity shares to the approving financial creditors.

This was one of the first such insolvency processes where the National Company Law Tribunal allowed interim distribution of surplus cash to creditors in line with the distribution waterfall under section 53 of the Insolvency and Bankruptcy code, 2016.

Cyril Amarchand Mangaldas acted as legal advisers to the committee of creditors of the company.

Shardul Amarchand Mangaldas & Co partner and national practice head – restructuring and insolvency, Allwin Godwin, principal associates Vishrut Kansal and Aditya Marwah, and associates Niranjana Pandian and Snigdha Saraff advised the resolution professional.

AZB‘s senior partner Suharsh Sinha led the team and represented JSW Energy.

PMI’s e-bus tender vindication

PMI Electro Mobility (PMI), an e-bus manufacturer, has won a case of government action against it under the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India Scheme, phase II. The tender in the dispute involved works valued about USD446 million.

The authorities alleged PMI was non-compliant as it used imported components and initiated an inquiry. PMI explained that the given facts were misconstrued and it was in compliance with established rules.

PMI submitted bids for tenders with different states in the country, but emerged as an unsuccessful bidder. To seek clarification, it challenged the state authorities and found, as part of the court proceedings, that it had an inquiry pending against it.

The authorities then concluded that PMI misrepresented facts, and PMI’s earnest money deposits and bank guarantees (part of bid submissions) were invoked. PMI then approached Delhi High Court, which ruled in PMI’s favour, observing Shardul Amarchand Mangaldas & Co’s partner, Manu Nair, and principal associate Neelabh Shreesh represented PMI before the court.

Sale of Minimalist to Unilever

Hindustan Unilever acquired a stake in Minimalist, an up-and-coming popular skincare brand in India, in one of the largest direct-to-consumer transactions in India for the year at USD420 million.

Cyril Amarchand Mangaldas’ partner, Smruti Shah, principal associate Soumya Srivastava, senior associate Priya Gupta, and associates Samaksh Khanna and Keerthi Kumar advised Hindustan Unilever with support from due diligence, competition and intellectual property teams.

Trilegal advised the founders of Uprising Science, the company behind Minimalist, through partner Nikhil Sachdeva, counsel Meghmala Singh, and associates CN Yashwanth and Sidharth Pattnaik, with assistance from competition, labour and employment, and taxation teams.

CMS INDUSLAW’s partner, Rashi Saraf, and principal associate Rohit Jain advised Unilever Ventures. Khaitan & Co acted for Minimalist investors – Peak XV Partners, Venture Investments VII and Surge Ventures II – through partners Bharat Anand and Nidhi Killawala, counsel Mukul Aggarwal, and senior associate Zeni Arora.

Siemens spins off motors to Innomotics

Khaitan & Co advised Siemens Energy on the sale and transfer of its low-voltage motors and geared motors businesses, along with associated customer service operations, to Innomotics India. Innomotics is a global leader in electric motors and large drive systems.

The transaction was structured as a slump sale, involving the transfer of the businesses as a going concern. The agreed enterprise value was INR22 billion (USD238 million), on a cash-free, debt-free basis, subject to mutually agreed adjustments.

The core transaction team for Khaitan & Co was led by partners Niren Patel and Arindam Ghosh.

AZB & Partners advised Innomotics India, with the transaction team led by senior partner Divya Mundra and partner Kritika Agarwal.

Kubota’s USD177.8m railway exit

DMD Advocates and Shardul Amarchand Mangaldas & Co worked on the divestment of Escorts Kubota Limited’s (EKL) Railway Equipment Business Division (RED) and slump sale to Sona BLW Precision Forgings, which was a legally significant carve-out of a core manufacturing business. The deal is valued at USD177.8 million.

The deal involved some substantial carve-out complexities, as the RED had operated within a broader corporate and operational framework. The advisers played a central role in separating shared infrastructure, contracts and services, as well as in structuring transition support arrangements to ensure operational continuity post-completion. This included addressing inter-company arrangements and transitional obligations without creating long-term dependencies.

Given EKL’s listed status, the transaction required board and shareholder approvals, careful management of public disclosures, valuation considerations and compliance with applicable corporate and regulatory requirements.

The transfer of employees as part of the going concern also required detailed legal structuring to ensure continuity of service and compliance with labour laws, while limiting post-completion exposure. The transaction was a clean and legally robust exit from a non-core business, while protecting shareholder value and sharpening strategic focus.

DMD’s team of senior partner Rashi Dhir, partners Saiyam Chaturvedi and Tarinee Sudan represented EKL.

SAM, through partners Rudra Kumar Pandey, Amanjot Malhi and Rohan Jain advised Sona BLW Precision Forgings.

Personal v corporate showdown

Personal insolvency proceedings for USD2 million initiated against Anjanee Kumar Lakhotia, the successful resolution applicant and former MBL Infrastructure promoter, were successfully opposed by the State Bank of India.

The SBI was the lead bank of the working capital consortium lenders, representing the interests of the Bank of Baroda, Union Bank of India, Indian Overseas Bank, Punjab National Bank and Bank of Maharashtra.

The personal insolvency proceedings were opposed on the grounds that such proceedings would adversely impact the implementation and finality of an approved resolution plan. With this ruling, the legal conflict between personal insolvency and corporate insolvency resolution has now been addressed by the authority.

SD Partners’ partner, Shweta Dubey, and associate partner Kanishka Prasad were legal counsel to the SBI.

Flying Wedge unites with Andhra

Triumvir Law steered a mandate for Flying Wedge Defence and Aerospace’s MoU with the government of Andhra Pradesh to set up a 500-acre (202.3-hectare) manufacturing and testing facility for autonomous combat aircraft. This was significant given the matter took place in the aerospace and defence sector, which is highly regulated and strategically sensitive.

The transaction required a careful balancing of private commercial interests with public policy considerations and state-level industrial objectives.

Triumvir Law’s managing partner, Anubhab Sarkar, and partner Ajay Kumar worked on this deal along with principal associate Aishini Mandal and associate Shivali Srivastava.

Illinois Tech’s Mumbai campus

The University Grants Commission, India’s authority on university education, has granted an approval for the Illinois Institute of Technology, Chicago’s only tech-focused university, to establish a new degree-granting campus in Mumbai.

Illinois Tech would then become the first American university authorised to open a campus in India. The new campus is scheduled to welcome students in autumn 2026, and will offer US-accredited undergraduate and graduate degrees in high-demand fields such as computer science, engineering and business.

Kegler Brown Hill + Ritter’s director and leader of global business practice, Vinita Mehra, represented Illinois Tech.

Parakram Legal’s founders and partners, Ashish Sodhani and Jenisha Parikh, along with associate Ayushi Jhawar, also represented Illinois Tech.

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India’s in-house legal profession is operating across a broader and more demanding canvas than ever before. In leading companies, legal teams are no longer valued just for technical precision or risk control. They help drive expansion, steer major transactions, respond to regulatory changes, strengthen internal processes, and support senior management on decisions that shape the direction of the business.

Standout performances come from businesses in tightly regulated, fast growing and operationally complex sectors including finance, renewable energy, retail, manufacturing, aviation, healthcare and technology. Across all of the companies, one theme stands out: the most effective in-house lawyers are combining legal expertise with commercial judgement, leadership and a practical ability to turn complexity into progress.

Eternal
Team leader: Damini Bhalla
General Counsel

The in‑house legal and corporate secretarial team of Eternal  Limited (formerly known as Zomato Limited) has become a core enabler of the group’s rapid expansion, supporting distinct businesses including Zomato, Blinkit, District, Hyperpure, and AI driven emerging ventures such as Nugget.

Structured across 30 lawyers and 17 company secretaries, the legal function is organised both by business vertical and specialist needs – such as litigation, sustainability, marketing and strategic partnerships – allowing it to combine close operational support with cross-functional agility.

The legal team led due diligence and integration for the acquisitions of Orbgen Technologies and Wasteland Entertainment, a combined USD244 million deal, and played a central role in Eternal’s USD1 billion qualified institutional placement, drafting the placement documents and designing regulatory‑compliant communication protocols. The team also enabled major product features and partnerships – including the company’s going out, event and movies ticketing arm, District, which enables users to pay online and make use of offers by merchants at shopping stores and restaurants and book tickets for events, sports and movies. Its Food on Train feature allows users to buy food on trains, while VIP Mode on Zomato ensures priority service, and District Pass provides users with special dining and entertainment offers.

For Blinkit, the team championed the industry‑leading shift to an owned inventory model, and supported diversification across new categories and cities.

Regulatory engagement was a notable focus. For instance, the legal and policy team worked extensively under Damini’s guidance in setting up the Live Events Development Cell, a government-led initiative to streamline approvals and drive growth of India’s live events sector through a single-window framework. The team also made strategic representations across diverse regulatory areas like EV adoption, gig economy, social security, online gaming, data privacy, competition law, consumer protection.

It also facilitated the company’s MoU with the Ministry of Labour & Employment to enable 20,000 monthly gig opportunities through the National Career Service portal. Gig workers are independent contractors and temporary workers that enter into formal agreements with companies to provide services to their customers.

From supporting high‑profile brand collaborations to defending insolvency proceedings and recovering about INR65 million (USD692,000) through dispute resolution, the team combined legal rigour with commercial pragmatism to prepare Eternal for future growth.

Tushar John, a founding partner at Optimus Legal in New Delhi, says the team under general counsel Damini Bhalla exemplifies legal excellence, professional integrity and strategic insight. “Their consistent ability to navigate complex legal challenges with clarity, precision and foresight has made them an indispensable pillar of the organisation’s success.”

Anubhav Kapoor, general counsel and senior vice president at Samvardhana Motherson Group, has steered a consolidated, tech‑driven legal function that underpins the group’s aggressive global expansion. Responsible for board governance, secretarial, contracts, compliance, ethics, litigation, land and real estate, labour, M&A and supplier disputes, he oversees legal, secretarial and compliance for more than 350 group companies, including two listed Indian entities, and supports compliance across more than 450 factories and manufacturing sites worldwide.

In the past year, Kapoor led or closed six M&A deals and five joint ventures, while supporting fundraising activities – including qualified institutional placements, global bond issuances and loans – totalling about USD750 million.

He played a central role in major restructuring projects and establishing new verticals, acting as a key support partner for the company’s electronics and energy initiatives and helping set up renewable projects generating 20MW of capacity.

Internally, Kapoor has driven digital transformation through Motherson Tech Tracks, delivering a roadmap for full digitisation and automation of the legal and secretarial functions with the rollout of more than 15 apps, including mobile and AI features, and by creating Motherson Gurukul, a legal knowledge management and training system.

Kapoor also implemented a global whistleblowing and ethics framework, and strengthened trademark and brand protection practices, while pursuing cost-saving and AI initiatives to reduce reliance on external advisers.

His team of 35 lawyers and company secretaries consolidates legal services across the group, providing litigation management, regulatory compliance, IP oversight, contract governance and policy development to support the organisation’s goal of reaching USD108 billion in revenue by 2030.

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Access the Rising Stars full list

On the bumpy path to global economic recovery, persistent geopolitical tensions and industrial restructuring have added prolonged uncertainty to the market. A new wave of elite lawyers, navigating a volatile environment and intensifying sectoral competition, is fast adapting and rising to prominence – emerging as a noteworthy force in China’s legal services market.

Armed with solid professional competence, sharp industry insight, and an open, innovative mindset, they are demonstrating distinctive value across complex transactions, compliance and dispute resolution. By earning market recognition and client trust, they are injecting fresh vitality into China’s legal industry and expanding its possibilities.

To reflect the evolution of China’s legal industry and provide valuable reference for businesses, China Business Law Journal identifies and recognises the most acclaimed legal professionals in the Chinese market across three categories: Visionaries, Growth Drivers and Rising Stars.

This report highlights the winners in the Rising Stars category, including 100 lawyers aged 40 or below who are practising. The reports and complete lists for the first two categories were published in volume 16, issues 9 and 10, respectively, and are also available on the ���߲����� website and social media platforms.

In the following pages, we present a selection of commendations from clients and collaborators of the Rising Stars. While we cannot include every tribute, these authentic voices from the front line of legal services offer a compelling glimpse into the achievements and promise of these emerging legal talents.

We extend our heartfelt gratitude to all who participated in our survey and offer our congratulations to the award recipients.

Domain experts

Elite lawyers, as authorities in their respective practice areas and industries, provide companies with professional, precisely tailored legal services that meet sector-specific needs, earning high praise from legal counsel and management.

According to Niels Schumann, head of compliance, integrity and legal affairs at Audi FAW NEV, an excellent counsel must possess broad knowledge of the automotive industry, intellectual property, labour relations and litigation. Selina Li, a partner at JunHe’s Beijing office, is such an expert. Schumann commented: “Drawing on years of experience as a legal adviser, Selina Li responds instantly and engages actively with different needs at every stage of a project, making her a ‘one-stop’ partner we fully trust.”

Certain practice areas, owing to their highly specialised nature, demand the expertise of legal professionals with deep industry experience – aircraft manufacturing being a prime example. Commercial Aircraft Corporation of China Shanghai Aircraft Manufacturing, a leading domestic manufacturer, faced complex cross-border logistics and import-export management challenges, along with significant compliance pressures due to the unique nature of its products.

At a critical juncture, Du Yue, a partner at DHH Law Firm’s Shanghai office, and her team, leveraging their industry insight, conducted research to identify cross-border trade risks with precision, provided bespoke legal advice and assisted the company in obtaining Authorised Economic Operator accreditation.

“Achieving this accreditation holds crucial strategic importance for our future expansion of international business and cross-border trade activities,” said Harry Li, head of the company’s legal department. “Du Yue’s professional support played an indispensable role in our successful acquisition of this status.”

Zhou Hang, a partner at the Shanghai office of Commerce & Finance Law Offices, has broad experience in internal corporate compliance, investigative response and dispute resolution, earning praise from Xie Dong, general counsel, Greater China, at Dyson. “[Zhou Hang] provides valuable and actionable opinions and advice for foreign enterprises operating in China, effectively protecting corporate interests,” said Xie.

Cross-border navigators

A turbulent international landscape has not diminished enterprises’ enthusiasm and demand for globalised operations. The momentum of Chinese enterprises “going global” continues to build, with destination markets becoming increasingly diversified. Meanwhile, China’s vast domestic market remains highly attractive to foreign investors.

Against the backdrop of great power competition, cross-border business is bound to encounter challenges. This provides an excellent stage for legal talent with multicultural advantages and multi-jurisdictional experience.

For Bokai Technology, a large foreign-invested IT service provider, Chen Wenying, a partner at Gaopeng & Partners’ Beijing office, is a reliable expert in navigating legal risks in the Chinese market. Du Linyao, the company’s legal counsel, noted that Chen holds an LLM from a US law school and has years of experience as a legal manager in foreign enterprises, enabling her to understand the needs of international clients and communicate fluently in English while providing legal services.

Du also praised Chen not only for her comprehensive legal knowledge and sharp reasoning, but also for her ability to precisely grasp key disputes and demonstrate exceptional strategic vision and problem-solving skills in major cases, particularly through her extensive experience in commercial arbitration.

Fu Duan, an international partner at Haiwen & Partners practising in both Beijing and Hong Kong, provided robust legal support for TAL Education Group’s investment activities, drawing on her professional experience in cross-border M&A and investment financing, together with a deep understanding of the company’s post-investment management framework.

Luo Ling, TAL’s general counsel, commended Fu for her in-depth analysis from multiple perspectives – including transaction compliance throughout the process, potential project cost risks, clarity of responsible parties and procedural legality – using core contractual terms as a lever while remaining closely aligned with project needs and the relevant legal and regulatory framework. This provided crucial guidance for the company’s decision making.

As Chinese enterprises continue to expand overseas, lawyers with expertise in offshore jurisdictions, such as Hong Kong and the Cayman Islands, have become particularly invaluable. Liu Fengchang, a partner at Zhenghan Law Firm’s Shanghai and Hong Kong offices, handled a Chinese mainland preservation case related to Hong Kong arbitration on behalf of the China-Africa Fund for Industrial Co-operation.

His thorough understanding of litigation, arbitration and the legal systems in both the Chinese mainland and Hong Kong, along with his effective interpretation of Hong Kong arbitration procedures for mainland courts, left a strong impression on Li Gang, the company’s senior investment manager.

“Liu Fengchang consistently pursues the best commercial outcomes for us from a legal perspective, always rooted in our commercial objectives – this is what makes him truly exceptional,” said Li.

Jessie Xu, a Shanghai-based partner at Harneys, earned the admiration of Wang Ruyi, legal manager at China Resources Beverage, for her mastery of British Virgin Islands and Cayman Islands law, as well as her highly responsive communication skills. Wang described Xu as a reliable partner across all cases, noting that she “can deliver high-quality work within extremely tight deadlines”.

Professional dedication

Highly proficient lawyers often serve as “walking knowledge repositories”, mastering not only laws and regulations but also demonstrating a deep understanding of market trends and specialised knowledge. Yet, what makes lawyers stand out among their many accomplished peers, winning them clients’ trust and acclaim, is often their sharp commercial acumen, effective communication skills and dedicated, responsible professional attitude.

Alex Feng, a Hong Kong-based of counsel at Paul Hastings, earned recognition from Faye Xu, general counsel at Chenqi Technology. Xu emphasised that prioritising the company’s commercial interests is a key consideration when engaging external counsel. “[Feng] made tremendous contributions to the project drawing on his extensive professional experience and strong sense of responsibility, consistently offering solutions and advice from the company’s perspective throughout the process.”

Luo Ting, senior legal counsel at ZhenFund, has collaborated with Guo Youning, a partner at Shihui Partners’ Beijing office, on multiple cases. She commended Guo’s extensive professional experience, high ethical standard and well-developed team management skills.

“[Guo] consistently provides efficient and accurate case analysis and outcome predictions, helping clients make better litigation decisions,” said Luo. “His extensive courtroom experience and hands-on working style assist clients in efficiently navigating trial procedures, frequently securing favourable outcomes through victories or settlements – making him truly trustworthy and reliable.”

Beyond day-to-day collaboration, lawyers often act as “firefighters” at critical moments, using their expertise and dedication to extinguish damaging flames. When Zhongrong Life Insurance faced significant investment losses due to Evergrande’s fraudulent bond issuance, Chen Wangshu, a partner at Hai Run Law Firm’s Beijing office, provided timely legal support to safeguard the company’s rights.

Yang Weitong, investment manager at Zhongrong, spoke highly of Chen’s work: “He breaks away from traditional litigation thinking, conducting comprehensive analysis not only based on legal provisions but also integrating financial market dynamics and industry regulatory requirements.

“By collaborating with financial experts to deeply interpret Evergrande’s financial data and credit ratings, he strengthened the professionalism and persuasiveness of our legal arguments,” said Yang. “This level of dedication, responsibility, professionalism and pursuit of excellence is not something every lawyer can achieve.”

Zhu Jinshu, a Beijing-based partner at Zhong Lun Law Firm, earned the recognition of Li Jingjue, legal director at Huayi Brothers Media, for the professional competence and ethos she demonstrated throughout litigation, culminating in a “zero payout” outcome.

Li noted that throughout the case, Zhu maintained efficient responsiveness, swiftly identifying core disputes while accurately anticipating potential risks. After the case concluded, she turned her attention to high-frequency risk scenarios in the company’s daily operations, tailoring compliance training accordingly.

“This combination of problem-solving and long-term empowerment gave us a profound appreciation of Zhu Jinshu’s professional capabilities and the warmth of her service,” said Li.

Moving forward together

Lawyers may possess many attributes that win clients’ favour – outstanding practical capabilities, extensive experience, an impressive track record, or even highly competitive fee quotes. However, earning long-term trust and building enduring relationships require more unique qualities, combined with a perfect alignment of timing, circumstances, and personal rapport.

Ason Zhang, a partner at Chang Tsi & Partners’ Beijing office, is one of the core lawyers responsible for protecting Skechers China’s IP rights. Over more than a decade of collaboration, Zhang has provided the company with comprehensive IP services across China and other Asian countries, achieving groundbreaking victories in numerous significant cases and earning him recognition from Demi Yu, senior legal manager at Skechers China.

“[Zhang] consistently upholds the principle of maximising client interests throughout his practice, demonstrating a high sense of responsibility and providing highly effective solutions to a variety of complex IP issues,” said Yu.

Du Linhong, a partner at Jingtian & Gongcheng’s Beijing office, and her team received praise from Lu Yongfeng, head of legal at Radiance Group. “[Du] possesses the comprehensive ability to integrate complex legal issues with commercial needs while ultimately meeting stringent regulatory requirements. She is not merely a legal service provider but a reliable strategic partner on our path to the capital markets,” said Lu, recalling their close collaboration during the company’s IPO.

Vivi Cai, CFO of Vlinker Management Group, particularly values strong partnerships. In the past decade, and across different projects including IPOs and bond issuances, she has received continuous support from Pan Bingqing, counsel at Davis Polk’s Hong Kong office.

Cai highly recognises Pan’s profound professional expertise, exceptional dedication and outstanding service outcomes: “As a client, I prioritise collaborating with her on subsequent major capital transactions and have repeatedly recommended her legal services to other companies. She not only creates tangible value for enterprises but also exemplifies the professional ethos of the contemporary elite lawyer – ‘rooted in expertise, centred on the client’.”

As longstanding legal counsel, Tang Fang, a partner at Llinks Law Offices’ Shanghai office, provides compliance advice to Sungrow Power Supply and its various subsidiaries. In the company’s project to acquire control of Taihe Intelligent Technology, Tang contributed to designing the transaction structure, conducting due diligence, as well as drafting and negotiating contractual terms.

His ability to balance client needs while co-ordinating the interests of all parties earned recognition from Chai Xianli, director of the company’s legal and compliance department. “[Tang] combines professional competence with a client-dedicated service attitude, delving deep into core project concerns, anticipating risks for clients and charting optimal pathways,” said Chai.

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Foreign investment in Thailand is increasing, driving demand for skilled law firms in the country.

According to the Department of Business Development, foreign investment reached a five-year high of THB324.1 billion (USD10.4 billion) last year, with Singapore and Japan topping the list of investors.

Hailed as a “golden year”, this development is partly attributable to the cabinet’s decision, in April 2025, to amend the Foreign Business Act (FBA), which regulates business operations and ownership by foreign individuals and entities.

Although many adjustments likely remain at the proposal and drafting stages, the market is viewing Thailand as shifting the FBA away from a protectionist model towards focusing on attracting investment and supporting economic competitiveness.

The role of Thai law firms is expected to increase as well, as inbound investors rely on legal expertise to enter, operate in, and manage risk within the Thai market.

On the macroeconomic front, Thailand’s exports rose 12.9% in 2025 to a record USD339.6 billion. The Office of Trade Policy and Strategy (TPSO), Ministry of Commerce stated that this growth “was driven mainly by electronics and electrical appliances, reflecting global technology upgrades and increased demand for artificial intelligence (AI)”.

In 2026, the TPSO expects “continued demand for technology and AI-related products, food security needs, growth in emerging markets, and new free-trade agreements are expected to support exports”.

However, headwinds remain, including uncertainty surrounding US tariffs, rising geopolitical tensions and the appreciation of the Thai baht.

Thailand’s law firms can expect to play an active role in assisting local businesses navigate and mitigate these challenges. Amid this increased role of law firms, Asia Business Law Journal proudly presents the Thailand Law Firm Awards 2026, recognising the country’s best in the past 12 months.

We identified four law firms proven to be the best of the best, and among them one firm has risen to the top, as Law Firm of the Year. We also recognised the Best Boutique Law Firm, a new category of law firm to watch, and four winners in 31 other categories, each of equal standing.

The firm’s corporate/M&A team is widely recognised for advising on complex domestic and cross-border M&A transactions. One recent example of this was the successful sale of the insurance business of Liberty Mutual Insurance in Thailand to Chubb, one of the world’s largest publicly traded property and casualty insurers.

Announced in March 2025, the transaction closed simultaneously in Bangkok and the US state of Delaware, reflecting the international law firm’s experience in co-ordinating complex cross-border matters across multiple jurisdictions.

Baker McKenzie also successfully advised Hong Kong-headquartered Affinity Equity Partners with the acquisition of Golden Fresh Group, a Thailand-based seafood producer. The company operates across multiple jurisdictions, and yet legal due diligence covering nine countries was conducted in less than three weeks, with the Baker team co-ordinating the process smoothly across the relevant markets.

The firm’s equity capital markets team also handled some notable transactions in the past 12 months, including advising ThaiNamthip Corporation, a key franchise partner of the Coca-Cola Company in Thailand, on its IPO on the Stock Exchange of Thailand.

The team also advised on Thai law aspects of the cross-border IPO of pan-Asian life insurer FWD Group on the Hong Kong Stock Exchange, where the company began trading in July 2025. The company raised USD442 million in its IPO.

Siriporn Pinijmongkol, general counsel at Generali Thailand, the Thai subsidiary of Italy-based insurer Assicurazioni Generali, speaks highly of the firm’s services on corporate matters: “Their team demonstrates a solid understanding of insurance-related legal matters, communicates clearly, and responds promptly. Their ability to manage complex issues while meeting deadlines has been particularly valuable.”

Chandler Mori Hamada maintains an experienced project, energy and infrastructure practice, advising both lenders and sponsors on major energy and infrastructure projects.

The firm is currently acting for a group of lenders in connection with the financing of a 770MW run-of-river hydroelectric power plant on the Mekong River in Pak Lay, Laos. The transaction involves complex multi-jurisdictional financing and requires consideration of the laws of Thailand, England, Laos, China and Singapore.

The project is subject to environmental and social governance (ESG) considerations including procedural requirements of the Mekong River Commission. The development is also being monitored by local and international NGOs. Chandler Mori Hamada is participating in this project as co-lead counsel on the financing.

The firm has also established a tax practice in the country, with the addition of senior partner Piphob Veraphong, partner Rachanee Prasongprasit, and associate Theeravuth Temsiriwattanakul in August 2025. Co-managing partner V⁠ Joseph Tisuthiwongse says having a tax practice is critical to ensuring the firm provides a comprehensive offering to clients.

The firm’s tax team, led by Piphob, is now offering advice on international tax planning, corporate restructuring, excise tax and customs duty, tax disputes/appeals, and complex and unique tax issues affecting upstream oil and gas businesses.

In the restructuring/insolvency sector, Kudun and Partners spent a busy year with the Central Bankruptcy Court approving the exit of Thai Airways International from its business rehabilitation plan, in June 2025. The airline filed for business rehabilitation in 2020, amid the covid-19 pandemic.

The firm has acted as legal adviser to the official creditors’ committee since mid-2021, representing its interests throughout the rehabilitation proceedings and continuing to advise on post-rehabilitation implementation and outstanding debt matters of the airline. Thai Airways has reported net operating profits since 2023, and returned to its standard corporate governance structure upon the court’s decision.

In the past 12 months, Kudun has also expanded its international footprint by forming partnerships and collaborative arrangements with established law firms in other jurisdictions. With legal work for cross-border transactions between South Korea and Thailand growing, the firm entered a strategic alliance with South Korean law firm Jipyong in May 2025.

Japan’s Miura & Partners also established a strategic alliance with Kudun and Partners in October 2025, with the firms providing enhanced legal services in key fields such as capital markets, M&A, and customs and international trade.

Highlighting the firm’s cross-border capabilities, a senior private practice lawyer from a Singapore law firm says: “Kudun and Partners has sound legal knowledge, yet is very commercial in assisting our clients to complete their transactions. They are also very client-centric and prompt in addressing clients’ needs.”

Since Thailand’s Personal Data Protection Act (PDPA) came into force in June 2022, as a significant development in the country’s regulatory landscape, Tilleke & Gibbins has advised both domestic and multinational clients on data protection and cybersecurity matters.

As implementing regulations continue, the firm advises clients including Blackmores, Gilead, LINE, LVMH and Meta on PDPA compliance and related issues.

Tilleke & Gibbins also acts as local representative in Thailand for a number of global tech companies including Meta, Google, LINE Plus and Tinder, in connection with compliance obligations under Thailand’s Royal Decree on the Operation of Digital Platform Service Businesses. The decree requires both domestic and foreign digital platform operators to submit specified information to the Electronic Transactions Development Agency.

In the area of IP prosecution, Tilleke & Gibbins has been engaged by a South Korean food and biotechnology manufacturing company to assist in protecting its inventions across Cambodia, Indonesia, Laos, Myanmar, Vietnam and Thailand.

The firm’s work includes managing the company’s patent portfolio, including the prosecution of about 70 invention patent applications. Its mandate also covers responding to and appealing office actions, handling renewals, recordal of changes, assignments and licensing matters, as well as advising on opposition, cancellation and invalidation proceedings. In addition, the firm assists with potential patent enforcement actions and related litigation against alleged infringers.

In the past year, Silk Legal has continued to advise on complex, technology-focused matters in both domestic and cross-border contexts. The firm’s core practice areas include AI, blockchain and digital assets, fintech and technology, media and telecoms (TMT).

A key highlight from the firm’s AI practice is its ongoing representation of Ceti AI, a blockchain-based decentralised AI platform developing globally distributed computing architecture. The firm advises on corporate structuring, Web3 governance, smart contract-integrated agreements, and regulatory compliance.

Its work also includes advising on data governance and privacy issues, as well as IP considerations relating to AI-generated outputs. In addition, the firm addresses technological integration challenges associated with decentralised operational models.

One aspect of the firm’s TMT practice is its work supporting FDI in Thailand’s technology sectors. Silk Legal acted as Thai counsel to HitPay in relation to licensing requirements with the Bank of Thailand, and investment promotion with the Board of Investment (BOI).

The firm also continues to advise EQIBank on matters relating to digital banking, custody services and tech-enabled financial services including product development, regulatory strategy and cross-border expansion in a rapidly evolving market environment.

“We have consulted with them about the foreign business law and regulation in Thailand, M&A, and the joint venture scheme,” says Kanin Nilnakara, a legal counsel at Igloo Insure in Bangkok. “They have excellent service minds and are highly attentive to details.”

Wise Equity Legal Counsel was founded in July 2024 by experienced capital markets lawyer Yaowarote Klinboon, advising both issuers and underwriters on domestic and international offerings of equity and debt securities. Her experience includes transactions conducted under rule 144A and regulation S of the US Securities Act, as well as compliance with the rules and regulations of the Stock Exchange of Thailand.

In the past 12 months, the firm has advised a plastic surgery clinic and hospital, as well as the technology and cybersecurity subsidiary of a Thai-listed company, in connection with their planned IPOs and proposed listings on the Market for Alternative Investment. Both transactions are expected to be completed this year.

However, Wise Equity’s most notable mandate was representing listed Triton Holding in a transaction involving the issuance of shares equal to 49.18% of its post-offering capital to Baanrai Taechaubol Holding Company, as consideration for an entire business transfer.

The deal included Baanrai Taechaubol Estate Company, which owns 62 land plots spanning more than 117 hectares in Chonburi province, valued at more than THB1.8 billion (USD57.9 million). Shareholders approved the transaction in March 2025, and the new shares began trading on the Stock Exchange of Thailand in April 2025.

With a core team of five partners including Yaowarote, one counsel and more than 10 associates, Wise Equity is expected to continue expanding its capital markets and corporate practice in Thailand, helping its clients navigate complex regulatory transactions.

Other award highlights

Weerawong C&P, one of Thailand’s leading law firms, continues to be engaged by domestic and international clients on major infrastructure projects in the country. The firm is currently advising the Office of the Eastern Economic Corridor in connection with a public-private partnership (PPP) project for the high-speed rail link connecting Don Mueang, Suvarnabhumi and U-Tapao airports, and assisting the Thai government with contract management matters.

The project is a flagship initiative forming a strategic aviation hub for Bangkok and eastern Thailand under the Eastern Economic Corridor programme, and ranks among the largest PPP projects in Thailand. It is also the first high-speed rail project in the Asean region to be implemented under a PPP scheme. Weerawong C&P is advising on issues arising from implementing the PPP agreement, including monitoring contractual obligations and compliance.

The law firm also received recognition in our Compliance and corporate governance category for advising Pepsi-Cola (Thai) Trading Company on compliance with Thai laws and regulations governing marketing and trade marketing activities.

In Thailand’s food and beverage sector, advertising, packaging and promotional activities are subject to detailed regulatory requirements, and non-compliance can result in administrative penalties, product recalls or restrictions on marketing and distribution. The firm advised Pepsi-Cola (Thai) on measures to ensure legal compliance, supporting protection of its brand reputation and continuity of its market operations in line with applicable regulatory standards.

Boutique law firm Formichella & Sritawat has recently expanded its presence in Thailand by opening new offices in Chonburi and Phuket, as well as enlarging its Bangkok office. In the past 12 months, the firm has been actively engaged in advising clients on personal data compliance with the PDPA.

Notably, the firm advised an international healthcare provider on the deployment of its AI-enabled digital health analytics platform, with a particular focus on compliance with the PDPA, the lawful processing of sensitive health data, and cross-border data transfer requirements. This advisory service involved analysing patient consent frameworks, data flow and processing architecture, and regulatory obligations applicable to advanced healthcare and medical analytics platforms operating across multiple jurisdictions.

Formichella & Sritawat also advised a global auto manufacturer on its PDPA compliance for AI-enabled and connected vehicle and mobility data systems. This work focused on the lawful processing of continuous telemetry and location-adjacent data, data retention governance, cross-border transfer structures and processor/vendor operating models. It also addressed how high-volume, machine-generated data streams should be classified and governed under Thai data protection principles.

The firm has also been active in the TMT sector, advising an international e-sports organiser on prize structure classification under Thai gambling and criminal law, mitigating enforcement risk. They also advised an international streaming platform on collaboration agreements with a social media platform, focusing on IP alignment and Thailand-specific enforceability.

In the past 12 months, RWT International Law Office advised a client in connection with a ransomware and data breach incident involving encrypted systems, where the scope of compromised data could not be immediately determined due to file encryption. The firm advised on the legal basis for delaying breach notification under the PDPA, relying on exemptions applicable where the facts of a breach cannot reasonably be ascertained at the initial stage.

RWT also engaged with the Personal Data Protection Committee to notify the incident and manage communications with the regulator. The firm’s handling of this matter contributed to its recognition in the Data compliance and cybersecurity category of our awards.

In the healthcare and life sciences sector, the firm has also been advising clients on compliance with Thai medical device regulations, working closely with the Thai Food and Drug Administration to address licensing requirements, distribution structures and ongoing regulatory reporting obligations. Through engagement with regulators and compliance-focused guidance, RWT is supporting clients in maintaining operations while meeting applicable regulatory standards.

RWT also advises digital platforms, including Lazada and TikTok Shop, on online infringement and counterfeit enforcement matters across e-commerce marketplaces. The firm has led co-ordinated takedown and enforcement strategies aimed at removing infringing listings, while ensuring compliance with platform policies and applicable Thai regulations.

TTT+Partners has focused on consolidation while adding more than 120 new clients in 2025. The firm is preparing to open an additional office in 2026 to expand its legal team and support continued growth. It has also been approached by a Singapore-based Magic Circle firm regarding a potential network relationship, with an announcement expected in 2026 subject to ongoing discussions.

A key compliance and corporate governance mandate for the firm was its advisory role to NSL Foods PCL in connection with strategic investments in two agricultural companies, N.B. Value Link and Pro Natural Foods. The firm reviewed and obtained the required corporate approvals, ensured compliance with applicable statutory and regulatory requirements, and oversaw corporate processes relating to the acquisition of assets and the purchase of a 100% shareholding in the respective transactions, which were completed in March and April 2025.

In addition, TTT+Partners is advising NatureWorks on its ongoing Sequoia Project, providing support on contractor disputes and contract management. The project is an expansion initiative to develop a fully integrated biopolymers manufacturing complex in Nakhon Sawan province with a publicly reported estimated investment of about USD600 million.

The firm’s work includes drafting and negotiating agreements with contractors and suppliers, reviewing project documentation, advising on risk allocation and developing strategies to address potential delays or performance issues.

Mahanakorn Partners Group (MPG) is an established litigation firm in Thailand which secured major victories in the past 12 months. Among them was the resolution of a complex immigration matter involving 42 Swiss nationals who were wrongfully blacklisted and barred from entering Thailand due to alleged visa forgery.

Acting pro bono at the request of the Swiss embassy, MPG worked closely with Thai government agencies including the Immigration Bureau, Ministry of Foreign Affairs and overseas missions to secure the full removal of all names. In August 2025, the firm collected a final memorandum from the Immigration Bureau formally closing the case. This matter was mainly handled by managing partner Vilasinee Thephasadin Na Ayuthaya, who serves as an official legal counsel to the embassy.

MPG has long been known for its litigation practice, but the firm received its ESG award in recognition of its work advising clients on Thailand’s evolving environmental, social and governance regulatory framework.

Among its clients is the Bank of Thailand. The firm provides strategic guidance on the central bank’s Green Finance policies, which support development of environmental financial products and establish standardised frameworks for classifying sustainable economic activities. These initiatives form part of Thailand’s broader policy efforts to achieve net-zero greenhouse gas emissions by 2050.

In the past 12 months, Satyapon & Partners opened a new office dedicated exclusively to managing the increased volume of patent filings, patent disputes and related litigation matters. As a result, the firm filed more than 200 design patent applications and conducted more than 600 patent searches during the year.

The firm also handled a record number of trademark litigation cases. In one notable matter it represented a global fashion luxury brand in a civil lawsuit against a local infringer who had allegedly copied the brand’s trademark and sold counterfeit goods. The case was resolved through an in-court mediation resulting in a mutually agreed settlement that secured substantial compensation for the client.

Satyapon & Partners also represented domestic companies in IP matters. In one case, the firm acted for a local manufacturer and distributor of ergonomic sleeping products, filing a civil lawsuit against several Chinese individuals on grounds of trademark infringement, passing off and copyright infringement.

Following an in-court mediation, the dispute was resolved through a settlement that provided the client with considerable compensation. The resolution also required the defendants to remove all infringing accounts and content from social media platforms, and sign an agreement committing to refrain from repeating the infringing activities.

“Satyapon & Partners consistently deliver high-quality and timely services with a proactive and solution-oriented approach,” says Eiji Tanoue, a partner at SAEGUSA & Partners in Tokyo.

“Their explanations are clear, turnaround time is fast, and they are reliable long-term partners for handling trademark matters in Thailand.”

The client portfolio of Ananda Intellectual Property primarily consists of international companies across various industries, with a significant number of clients from China including ByteDance, Huawei and BYD. Notably, the firm managed more than 130 patent applications for BYD alone during the 2024-2025 period.

Recently, Ananda has been focusing on the food and beverage industry, assisting several restaurant brands with their IP protection. One such client is Prime Burger, a “smash burger” brand founded by Swedish entrepreneurs operating around 20 branches nationwide. Although the client already holds the trademark “PRIMEBURGER & DEVICE” the firm recommended filing an additional application in a different class to strengthen the brand’s service-mark coverage and also serve as a base application for international filing under the Madrid Protocol.

The firm is also pursuing trademark protection for another client, Bianca, a modern Italian restaurant and wine bar with four Bangkok branches, for the branding “BIANCA”. This case presents certain challenges as the term “Bianca”, meaning “white”, could be considered non-distinctive by the Thai Department of Intellectual Property. In addition, a prior “BIANCA” mark had already been published, so Ananda advised the client to amicably request the previous owner to withdraw that application, preventing it from becoming a citation. The new trademark is currently pending registration.

“We usually work with Ananda Intellectual Property to help our clients navigating their way to enter Thailand market, from an IP perspective,” says Risti Wulansari, a partner at K&K Advocates in Jakarta.

“The team consistently provides comprehensive explanations in a clear and accessible manner, particularly for our clients with limited knowledge of IP protection in Thailand, which greatly helps in ensuring that complex matters are well understood.”

Jirapat and Partners was awarded the Best New Law Firm in last year’s awards and continues to provide legal services across complex energy projects. In the past 12 months, the firm relocated to a larger office in Bangkok’s Silom area to support its growing team and offer an improved working environment.

Amid a period of significant transformation in the Thai energy market, Jirapat and Partners received recognition in the Energy and natural resources category of our awards for their role in shaping renewable energy legal frameworks and supporting the decentralisation of energy production, aimed at enhancing the competitiveness of renewable energy in Thailand.

The firm has advised government agencies on initiatives such as virtual power purchase agreements, and contributed to drafting legislation for the Climate Change Act and Carbon Credit Act, supporting the country’s transition towards net-zero emissions.

Jirapat and Partners is expanding its practice beyond renewable energy into other energy and natural resource sectors, including water supply and mining. The firm is currently supporting the renegotiation and interim contract management for water supply plants, where its client holds winning bids for supply contracts within industrial zones.

In addition, the firm is involved in the expansion of Thailand’s largest gold mine, Akara Gold Mine, providing legal assistance throughout the process of obtaining the necessary expansion licences.

While KPMG operates in 138 countries globally, KPMG Law Thailand provides integrated legal services in co-ordination with other KPMG practices including tax, consulting, deal advisory, and M&A.

In the past 12 months, the firm has been active in advising on foreign investment matters, offering strategic legal guidance to international clients on investment structuring and the establishment of appropriate legal frameworks, including the procurement of permits from the BOI.

Its clients include Nintendo Thailand, Itochu Thailand Group, Nippon Steel Thailand Group, and Kobayashi Pharmaceutical Manufacturing. The firm has advised on issues such as foreign land ownership rights, free-zone and industrial estate approvals, labour law compliance, work permits and visas for expatriates, as well as compliance with Thailand’s PDPA.

Kannika Boontaim, head of KPMG Law Thailand, has been recognised among Thailand’s A-List lawyers for two consecutive years, 2024 and 2025.

“We recommend KPMG Law as they have an experienced team to support our business operation as business partner,” says Somchai Budsaratragoon, chief financial officer at Hakuhodo International, a global advertising company, in Bangkok. “They have a capable team related to business and tax law, and an audit team to support the legal team.”

In the past 12 months, Lexel IP has advised several government and private organisations, in Thailand and internationally, on securing IP protection for healthcare and life science inventions, earning them an award in this category. The firm’s clients in this sector include faculties from Thailand’s leading medical schools and university-affiliated hospitals, as well as university faculties of medicine, science and medical technology, and the Institute for Technology and Innovation Management.

Lexel assists clients in obtaining patent protection across a range of fields including future and organic food, agriculture, aquaculture, cosmetics, biomedical devices, and medical innovations such as vaccine development, health and wellness applications, stem cell therapy, advanced therapy medicinal products, gene editing technologies, and encapsulation technologies.

The firm also supports several spinoffs and startups in commercialising their innovations through patent licensing and technology transfer. It assists clients with patent filings in major international markets including the US, Europe, China, Japan, India, Australia and Singapore.

Beyond its core IP services, the firm advises startups and spinoff companies in their engagements with investors and strategic partners. This includes providing support in investor negotiations, and structuring and preparing key transaction documents such as shareholders’ agreements.

Hiroyoshi Teraoka, the Bangkok office manager at NGB Corporation, an IP services firm headquartered in Japan, praises the firm: “Lexel IP has been a reliable local partner in assisting our Japanese clients with their IP needs in Thailand. We have found their service to be dependable and of high quality, and we value the professional relationship we have developed with their team.”

In the past 12 months, Lexpertise Law Firm has further enhanced its profile through several significant intellectual property litigation matters across key industries.

Among them, the firm represented the exclusive sub-licensee of the broadcasting rights for the FIFA World Cup Qatar 2022 in a major copyright infringement dispute against a leading Thai telecoms operator. The case concerned the unauthorised retransmission of live World Cup broadcasts via the operator’s IPTV platform.

Lexpertise handled the matter through the appellate and Supreme Court stages. The Court of Appeal for Specialised Cases upheld the client’s exclusive rights and rejected the defendant’s regulatory defence. The defendant subsequently applied for leave to appeal to the Supreme Court, however, in August 2025, the Supreme Court dismissed the application, bringing the dispute to a close.

In addition, Lexpertise is representing a leading auto company in a patent and design patent infringement dispute relating to tyre technology. The firm has raised arguments concerning the scope of patent protection, including the risks associated with extending protection to non-functional features. It has also emphasised that patent rights should be based on genuine technical contributions, an issue with broader implications for legal certainty and competition within Thailand’s manufacturing sector.

Praising Lexpertise, Pakcharin Yodmalai, head of corporate & legal affairs at container terminal and port logistics operator LCB1 Group, says: “In our recent case, they provided comprehensive strategic guidance and clearly outlined various solution paths, including the associated pros and cons, which was extremely valuable for our decision‑making. Our experience with the Lexpertise team has been consistently professional and effective.”

SRPP is a commercial law firm in Bangkok advising both domestic and international clients mainly on complex corporate and finance matters. In this year’s awards, SRPP is recognised in the category of Private equity & venture capital for handling sophisticated deals in the sector.

SRPP acted as legal adviser to a private equity management firm in connection with the sale of a combined 30% equity interest in 4U2, a Thai cosmetics brand, to Karmarts Public Company, which is listed on the Stock Exchange of Thailand. SRPP advised on the transaction structure, conducted legal due diligence, and assisted with negotiations and completion of the transaction, which closed in June 2025. This mandate was led by founding partner, Panuwat Chalongkuamdee.

SRPP also advised Lombard Asia, a regional private equity firm, and Cobra International on the divestment of a majority stake in Cobra Advanced Composites, a Thailand-based manufacturer of high-end composite products, to Thai Summit Group.

The transaction provides Thai Summit with carbon fibre manufacturing capabilities and broader access to high-performance auto markets in Europe, while allowing the sellers to complete a strategic exit. SRPP advised on transaction structuring, conducted legal due diligence, and assisted with negotiations and completion of the deal. This transaction was also led by founding partner Panuwat.

Last year marked the 20th anniversary of Thanathip & Partners Legal Counsellors and a period of strategic development for the firm, expanding its flexible billing arrangements, introducing and increasing the use of fixed, capped and blended fee structures. These models are designed to provide clients with greater cost predictability while supporting the efficient progression of transactions. This move reflects the firm’s focus on commercial practicality and alignment with client budgeting and service expectations.

In the capital markets sector, Thanathip & Partners advised Ngernturbo Public Company on its IPO, with trading commencing in September 2025. Founded in 2017, Ngernturbo operates in the non-bank financial services sector, which is subject to significant regulatory oversight.

The mandate involved extensive engagement with the Securities and Exchange Commission, including advice on corporate structuring, disclosure compliance, and the design and implementation of an employee stock option plan. The firm also conducted legal due diligence, obtained required third-party approvals, implemented necessary corporate restructuring, filed registration statements and prepared transaction documentation.

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View the A-List

As Singapore consolidates its position as a logistics and transportation hub while strengthening supply chain connectivity with neighbouring countries, the demands on Singaporean law firms are increasing. This growth reflects the expanding complexity of cross-border commercial activity in the region.

Singapore ranked first out of 139 countries in the latest World Bank Logistics Performance Index (LPI). The LPI evaluates the quality of logistics services, trade and transport infrastructure, and border controls, all of which influence investor confidence and cross-border trade flows.

Singaporean law firms play a key role in supporting the city-state’s efforts to overcome constraints in economic scale and resource availability. This has been achieved through involvement in smart logistics initiatives and the joint development of industrial clusters within the Johor-Singapore Special Economic Zone (JS-SEZ), a flagship cross-border project aimed at deepening economic integration between Singapore and Malaysia. Many Singapore-based companies are establishing a presence in the JS-SEZ as they reassess supply chains and diversify operations in response to ongoing US-China tensions. Initial investments in the zone have focused on data centres and other high-tech sectors, while small and medium-sized enterprises are likewise considering the zone as an alternative base to complement their operations in Singapore.

Such outbound investments demand sophisticated legal advice across issues including cross-border regulatory compliance, foreign investment approvals, tax structuring, land use and zoning, and employment matters. Singaporean law firms are expected to play an increasingly critical role in structuring, executing and de-risking these cross-border projects.

Despite uncertainty arising from unpredictable US tariff policies, Singapore’s economy recorded solid growth of 4.8% in 2025, exceeding the Ministry of Trade and Industry’s November 2025 forecast of “around 4%”. This resilience has reinforced Singapore’s appeal as a regional base for multinational companies. In 2026, Singapore’s exposure to a 10% baseline reciprocal tariff – lower than that imposed on most Asian peers – is expected to drive an inflow of foreign investment into the Lion City. Singaporean lawyers will be at the forefront of this trend, guiding foreign investors through inbound transactions and navigating a sophisticated legal environment marked by rigorous regulation, complex cross-border considerations and exacting compliance standards.

Against this backdrop, Asia Business Law Journal proudly presents its A-List of the top 100 lawyers practising in Singapore plus 25 Legal Icons. The A-List is based on extensive research conducted and nominations received from in-house counsel in Singapore and elsewhere, as well as partners at international law firms.

Cross-border experts

Comments submitted to ABLJ by clients suggest that they look for lawyers who not only have domestic commercial expertise but also the ability to navigate the legal, regulatory and cultural complexities of cross-border transactions.

Lim Kok Meng, a joint managing partner at Aquinas Law Alliance, who has advised on public offerings for companies in China, Singapore and other jurisdictions, as well as on cross-border M&A, receives a testimonial from Che Ming Wong, a partner at Wong Poon Chan Law & Co in Hong Kong.

“I am a Hong Kong solicitor handling cross-border cases, particularly those involving Asean countries,” says Wong. “I have been acquainted with Lim for over a decade, during which he has assisted my Hong Kong and PRC clients in various commercial matters. He is intelligent, competent and truly deserving of recognition as a top lawyer.”

Stanley Lim, a partner and the head of the banking and finance practice at Shook Lin & Bok, is praised by Jessica Xue, a relationship manager at DBS Bank in Singapore, for his “exceptional legal expertise, sound judgement and a client-focused approach”.

“As a private banking relationship manager, I work closely with high-net-worth clients who require sophisticated legal advice on complex wealth and cross-border matters,” says Xue. “His ability to provide clear, practical advice, coupled with his professionalism, integrity and collaborative manner, sets him apart. In my professional opinion, he is a highly deserving candidate for this recognition.”

Suzanne Johnston, a partner and the head of private wealth at Stephenson Harwood, is recommended by John Shoemaker, a partner at Butler Snow in London, who says that she consistently delivers exceptional legal insight and strategic counsel on complex cross-border matters.

“Her deep technical expertise, commercial acuity and unwavering commitment to client service set her apart as a leading practitioner in Singapore’s foreign coverage legal market.”

Reliable and professional counterpart

As Singapore continues to be a reliable seat of arbitration, Suresh Divyanathan, an international arbitration lawyer and a managing director at Dauntless Law Chambers, received praise from an overseas client.

“Divyanathan gave us valuable advice and helpful support in handling the case in the legal area of international arbitration to be held in Singapore,” says Hajime Nakata, a representative lawyer at Nakata & Partners Law Offices in Tokyo.

“He is not only accustomed to international arbitration procedures but also knows well about Japanese companies, including their organisation, business styles and trends in decision-making. This remark is a strong help and authority for Japanese businessmen to prepare and control international arbitration held in Singapore.”

Christine Chen, a partner at Winkler Partners in Taipei, handled a cross-border matter involving Singapore proceedings, and Taiwanese banking and regulatory considerations with Divyanathan.

“Throughout this matter, Divyanathan demonstrated sound legal judgement and a pragmatic, solutions-oriented approach. He also proved to be a reliable and professional counterpart in cross-border collaboration, providing clear instructions and engaging in a constructive and measured manner throughout the engagement.”

Joseph Tay, the director of commercial disputes in Bayfront Law (the alliance counterpart of the Nishimura & Asahi Singapore office), also has a strong track record as arbitration and litigation counsel in Singapore.

He assisted Wei Yang Ethan Chia, a chief financial officer at Wilton Resources Corporation in Singapore, in a litigation against a former business partner seeking to convert project financing into a loan transaction.

“Tay is very knowledgeable in his area of expertise and was a key element in the eventual settlement with the counterparty. He was able to maintain a strong position for my company despite being faced with a panel of well-named legal advisers that had been hired by the counterparty.”

Rebecca Goh, a premium client manager at StoneX Financial in Singapore, also speaks about her experience with Tay: “Compared to the many lawyers we had approached previously, it is apparent that Tay is in a league of his own. By nominating Tay, I hope others will have access to an impressive and dedicated lawyer who genuinely advocates for his clients and is able to provide strong representation for a difficult legal case.”

More than just legal knowledge

In this year’s Singapore A-List report, Paul Kim, a chief financial officer at Mamikos in Singapore, says: “When engaging a law firm, clients seek more than just legal knowledge – they value practical advice, seamless execution and a dedicated, focused team.”

He cited Shiao Ning Lam and her firm, Rubicon Law, as exemplifying these qualities.

“From the outset, the Rubicon team impressed us with their ability to quickly understand our business context and objectives,” says Kim. “They proactively identified important legal and commercial considerations we had overlooked. Their focus, professionalism and ability to anticipate potential challenges gave us confidence at every step. We look forward to working with them again.”

Syenny Hu Yu, a chief financial officer at AsiaMedic in Singapore, credits Evelyn Ang, a senior partner at Dentons Rodyk, for “balanced and pragmatic” advice. “She does not limit her role to drafting or legal interpretation alone,” says Yu.

“Instead, she actively provides thoughtful opinions and practical views on structuring, risk allocation and negotiation strategy. As a result, her input frequently influenced key commercial decisions, not just legal documentation.”

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View the A-List

Taiwan’s technology-driven economy is generating new opportunities for local law firms. The island plays a central role in the global semiconductor supply chain, accounting for more than 60% of global foundry revenue, and is home to Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract chipmaker.

In January 2026, TSMC announced that it forecasts capital expenditure of USD52 billion to USD56 billion in 2026, an increase of as much as 36.9% compared with last year’s USD40.9 billion. As investment expands, advisory work related to the semiconductor supply chain – ranging from commercial contracts and regulatory compliance to overseas investment matters – is set to become a source of revenue for local law firms.

The macroeconomy is on the rise. Taiwan’s exports reached USD640.75 billion in 2025, up 34.9% from the previous year. The Ministry of Finance attributed the surge to robust global demand for artificial intelligence applications, high-performance computing and cloud services, trends that are driving demand for specialised legal advice.

Confidence is reflected in economic forecasts as well. The Chung-Hua Institution for Economic Research (CIER) projected in January that Taiwan’s economy will grow 4.14% in 2026, an upward revision of 1.59 percentage points from October 2025. “Improved US policy clarity has already bolstered sentiment towards Taiwan’s technology sector,” said CIER president Lien Hsien-ming.

With trade negotiations between the US and Taiwan recently concluded, inbound foreign direct investment from the US and its multinational companies is expected to increase. Law firms will play an active role in areas such as foreign investment regulation, merger control reviews and cross-border M&A advisory work.

Against this backdrop, Asia Business Law Journal proudly presents Taiwan’s top 100 lawyers and 15 Legal Icons for 2026. The A-List is the result of rigorous research and nominations received from in-house counsel in Taiwan and abroad, as well as Taiwan-focused partners at international law firms.

Exceptional legal acumen

Client feedback submitted to ABLJ highlights strong demand for lawyers with deep industry-specific expertise, a commitment to Taiwan’s startup ecosystem and a strong understanding of the distinctive features of the Taiwanese legal market.

Taiwan has seen a notable expansion in data centre infrastructure last year, driven by demand for AI and cloud services. Lily Kuo, from Lee and Li, received a testimonial from Hsiang-En Hung, a director at BDx Data Centres in Taipei, for “her strong command of data-centre-specific legal issues”.

“Throughout the course of our projects,” says Hung, “she has demonstrated exceptional legal acumen, commercial sensitivity and execution capability in navigating complex contractual frameworks involving hyperscale data centre development, long-term capacity agreements, power and utility arrangements, construction contracts and cross-border commercial considerations.”

He adds that Kuo played a proactive role in deal structuring, risk allocation and negotiation strategy, ensuring that BDx’s long-term interests are protected while maintaining professional relationships with partners.

Kuo is also praised by Jongwon Nam, a project manager at Air Liquide Advanced Materials Korea in Seoul. “Lily was incredibly reliable in terms of responsiveness and time management,” says Nam. “Furthermore, her reviews demonstrated a perfect grasp of our business context. She went beyond standard legal advice, offering proactive and commercially valuable insights that strengthened our position.”

Sector expertise

Chiheng Chang, the general manager of Coforce Medical in Taipei, speaks highly of Alex Hsin, from Guo Ju Law Firm, for “his profound knowledge and extensive experience” in the biomedical field.

“He not only understood our needs but also possessed expertise in various patent laws, helping us ensure that the results of our technological innovation and integration work were not infringed upon in collaborations and negotiations involving intellectual property,” says Chang.

According to Chang, while his company’s biomedical technology faces stringent regulatory requirements in different jurisdictions, Hsin emphasised adaptability and compliance with the laws and regulations of various countries in cross-border collaborations and quickly proposed solutions, thereby reducing many potential legal risks.

Ching-Lien Chang, the president of Forbes China Group in Shanghai, also recommends Hsin. “He is meticulous in his analysis, proactive in his approach, and highly familiar with commercial structures and business models,” says Lien. “He is a highly trustworthy lawyer, committed to legal compliance and guided by a strong sense of integrity.”

Selfless dedication

Derrick Yang, from Lee and Li, received a nomination from Josephine Chao, the president of Epoch Foundation in Taipei, a non-profit foundation that supports the entrepreneurship ecosystem in Taiwan.

“The core of this nomination lies in Yang’s selfless dedication to Taiwan’s tech startup ecosystem,” says Chao.

She says Yang has consistently dedicated his personal time over several years to providing pro bono or highly accessible consultancy to emerging entrepreneurs, despite his demanding schedule.

“Numerous companies that benefited from his early guidance have evolved from fragile startups into robust SMEs, with several successfully reaching IPO milestones,” says Chao.

Peishan Ho, senior counsel at Apple Asia Taiwan branch in Taipei, also praises Yang. “I have been working with Derrick for nine years, and he always provides me with professional, timely, precise legal advice,” says Ho.

“He knows very well how to balance the culture differences, how to bridge the gap between our headquarters and local practice, and eventually find the perfect balance in a grey area.”

Regulatory landscape

In this year’s Taiwan A-List report, lawyers with an understanding of the unique Taiwanese legal market received high acclaim, as the jurisdiction continues to navigate regulatory complexity alongside rising inbound and outbound transactions.

Brandon Wu, the president of AllianceBernstein Investments Taiwan in Kaohsiung, nominates Jeffrey Liu, a partner at Lexcel Partners in Taipei, for his “deep understanding of the regulatory landscape in Taiwan”, which has proven invaluable to clients.

“His strategic advice was instrumental in helping us obtain the approvals of the Taiwan Commitment Programme and Kaohsiung Financial Special Zone from the Taiwan Financial Supervisory Commission,” says Wu.

“I wholeheartedly endorse Jeffrey Liu for his professionalism, expertise and dedication to achieving favourable outcomes for his clients. He is a trusted partner in navigating the complexities of asset management and cross-border legal matters.”

Jingmei Xue, senior legal counsel at Apple in Beijing, applauds Patrick Marros Chu, a partner at Lee and Li, for “his extensive network and credibility with regulators, industry stakeholders and decision makers”. Xue adds: “He is highly effective in representing and articulating clients’ positions in regulatory dialogues, balancing advocacy with pragmatism and achieving outcomes that are both compliant and commercially viable.”

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