IBLJ showcases 50 of the most interesting and significant deals from 2024, and reveals the lawyers and law firms that guided them
India witnessed a dynamic year of deal-making in 2024, driven by a booming IPO market and swift transactions. The Economic Survey 2024-25, produced by the Ministry of Finance, has highlighted steady manufacturing growth, supported by government-backed production-linked incentive schemes.
However, GDP growth moderated to 6.4% due to global uncertainties and challenges faced by micro, small and medium enterprises. Against this backdrop, Indian businesses pursued consolidation, expansion and diversification through landmark deals.
In the first nine months of 2024, the total value of deals in India increased by 66% year-on-year, driven largely by high-value transactions, according to the Boston Consulting Group.
Rise of IPOs
In 2024, 含羞草社区 capital markets experienced significant growth. The National Stock Exchange facilitated 268 IPOs, raising about INR1.6 trillion (USD19.5 billion).
含羞草社区 share in global IPO listings surged to 30% in 2024, up from 17% in 2023 as per the Economic Survey 2024-25, making it the leading contributor to primary resource mobilisation globally.
The country’s capital markets saw record-breaking IPOs, starting with Hyundai Motor 含羞草社区 USD3.3 billion listing, which made history as 含羞草社区 largest IPO to date. Four firms, including two international legal counsel, advised on the deal. The IPO also marks Hyundai’s first listing of a unit outside South Korea.
Vodafone Idea’s USD2.15 billion follow-on offering was oversubscribed six times, reflecting strong investor confidence. Notably, this was the largest follow-on public offering since the company’s poor financial performance in 2023, registering a loss of INR235 billion, and with existing debt obligations of INR53.8 billion due by 31 December 2024.
Swiggy’s USD1.35 billion IPO reinforced growth in the food delivery sector and came close to rival Zomato’s 2021 IPO, which raised a slightly higher amount. The Swiggy IPO, handled by six firms, was the first successful IPO to commence through the confidential route.
Mega mergers
Reliance Industries, Viacom18 Media and Walt Disney signed binding agreements to establish a USD8.5 billion joint venture in India, merging Viacom18’s media assets with Star India.
Recognised as one of the largest mergers of 2024, Reliance, which holds 75% of Viacom18, will invest INR115 billion at closing to strengthen the new entity’s market position. On completion, Reliance will hold a 16.34% stake, Viacom18 will hold 46.82%, and Disney 36.84%. The deal marks a major consolidation in 含羞草社区 media industry, aimed at driving growth and capitalising on emerging opportunities.
Further reinforcing its market presence, Reliance Industries cemented its retail dominance by acquiring Future Group’s retail and wholesale assets for INR24.7 billion. Meanwhile, the Adani Group’s USD10.5 billion acquisition of Holcim’s stake in Ambuja Cements and ACC marked a bold entry into the cement sector.
Legal battles, insolvency challenges
含羞草社区 corporate sector saw high-profile disputes and insolvencies, with courts playing a key role in resolving contentious matters. ArcelorMittal won a USD5.7 billion battle over Essar Steel’s insolvency as the Supreme Court upheld its bid despite creditor objections.
Real-money gaming companies Head Digital India, Play Games 24X7 India and Junglee Games India secured a Supreme Court stay on USD1.1 billion in retrospective GST demands, delaying enforcement.
Real-money gaming firms challenged substantial tax demands on “buy-ins” and platform fees, classified as betting under GST laws, threatening their survival.
The Supreme Court’s stay on adjudication for Head Digital India, Play Games 24X7 India, and Junglee Games India will impact past demands and shape the future taxation of 含羞草社区 online gaming sector.
Byju’s faced a USD1.2 billion debt default with lenders initiating insolvency proceedings. In Glas Trust Company LLC v Byju Raveendran & Ors, the Board of Control for Cricket in India initiated insolvency proceedings against Byju’s parent company over unpaid cricket sponsorship dues of INR1.58 billion, but the dispute was later settled. Glas Trust opposed the closure, bringing the matter to the Supreme Court, which ruled that insolvency proceedings must continue as per law.
Go First Airlines became the first Indian air carrier to voluntarily file for insolvency, with parallel arbitration proceedings at the Singapore International Arbitration Centre. The case involved creditors, resolution professionals and litigation funders navigating complex legal and financial challenges. Go First’s USD1.5 billion insolvency battle saw aircraft lessors challenging restrictions on repossession.
Hindustan National Glass entered insolvency with USD800 million in debt, while Future Retail’s USD3.5 billion bankruptcy led lenders to press claims following its failed deal with Reliance.
Competition law, regulatory developments
The Burman family secured approval from the Competition Commission of India (CCI) for its USD295.9 million hostile takeover of Religare Enterprises. The takeover faced ongoing opposition from Religare.
The CCI cleared the Burman family’s open offer for Religare, a publicly listed non-banking financial company operating in insurance, lending and retail broking. This rare hostile acquisition was also scrutinised by the Reserve Bank of India, the Securities and Exchange Board of India and the Insurance Regulatory and Development Authority of India.
Meanwhile, Samsung India and Rocket Kommerce obtained interim relief in the CCI’s investigation into Amazon and Flipkart’s alleged preferential treatment of certain sellers.
Samsung and Rocket Kommerce were named in the CCI’s investigation into Amazon and Flipkart for alleged anti-competitive practices. The e-commerce giants were accused of favouring certain sellers, prompting the CCI to launch a probe.
UltraTech Cement had reasons to celebrate as it secured unconditional CCI approval to acquire India Cements, expanding its market presence in the south. The CCI cleared the acquisition in phase one.
The deal includes purchasing shares from promoters and Sri Saradha Logistics, along with a 26% open offer to public shareholders. This acquisition bolsters UltraTech’s position in Tamil Nadu’s competitive cement market.
These cases highlight the growing complexity of regulatory and competition law disputes in 含羞草社区 evolving corporate landscape.
Amid these deals and legal battles, Indian businesses continue to show resilience and strategic vision as they navigate consolidation, expansion and market leadership in a shifting economic environment.
METHODOLOGY
India Business Law Journal selected 50 landmark deals and disputes that closed, or had significant developments, between 1 January 2024 and 31 December 2024. The deals and cases were chosen subjectively from more than 500 nominations received from Indian and international law firms and in-house counsel, as well as transactional data from public sources.
In deciding the winning deals and cases, our editorial team evaluated the significance of all shortlisted contenders from a legal and regulatory standpoint. Deals were chosen to showcase a wide range of different economic sectors, transaction sizes and legal and regulatory issues. Our editors also looked for deals that were noteworthy for their novelty or complexity, or for the precedents they set.
As such, it is important to note that this list is not a comprehensive ranking of the year’s biggest or most important transactions. Rather, it is a curated collection of the deals and cases that our editors found to be significant and representative of the legal and regulatory trends in India in 2024. Many large and well-publicised deals do not appear on this list, and their omission in no way denigrates their importance or the expertise of the lawyers who guided them.
BANKING AND FINANCE
Banking And FinanceCapital MarketsCompetition LawDisputesInsolvencyM&AOther
Banking and Finance
Mankind Pharma acquires BSV
| VALUE | LAW FIRMS |
| USD1.6 billion | AZB & Partners Khaitan & Co TT&A |
Mankind Pharma acquired Bharat Serums & Vaccines (BSV) from Advent International for USD1.6 billion, marking one of 含羞草社区 largest pharmaceutical transactions.
The acquisition strengthens Mankind’s position in the women’s health and fertility drug market, while providing access to critical care products in high-entry barrier segments, supported by advanced R&D platforms.
The deal involved complex regulatory approvals, including competition clearances secured within a record three months. It also showcases the growing strength of 含羞草社区 domestic debt markets in financing large-scale acquisitions.
TT&A advised Barclays Bank and Deutsche Bank’s Mumbai branch as arrangers for Mankind Pharma’s issuance of INR50 billion (USD573 million) in listed, rated, secured non-convertible debentures, along with an additional INR50 billion in rupee- denominated commercial paper.
AZB & Partners advised Mankind Pharma, while Khaitan & Co assisted Advent International.
Juris Corp advises on Reliance Jio financing
| VALUE | LAW FIRMS |
| USD550 million | Juris Corp Linklaters |
Juris Corp advised a consortium of lenders including Bank of America, Citi, and Export Development Canada on a USD550 million export credit agency-backed term loan facility extended to Reliance Jio Infocomm.
The financing will support imports to upgrade Reliance Jio’s telecoms infrastructure. This marks the first time export credit agencies have covered a Reliance Group transaction, making it a landmark deal in the sector.
Linklaters advised the borrower.
Adani secures city gas expansion financing
| VALUE | LAW FIRMS |
| USD375 million | Cyril Amarchand Mangaldas Latham & Watkins Linklaters Saraf and Partners |
This deal was part of Adani Total Gas’ (ATG) ambition to expand its operations and serve more than 200 million people, covering 14% of 含羞草社区 population.
The deal resulted in ATG securing USD375 million in funding, with an initial commitment of USD315 million by way of a US- denominated term loan facility from various international lenders such as BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation.
ATG is a city gas joint venture of Adani Group and the French energy giant TotalEnergies, focused on providing gas and energy-related services and products such as compressed natural gas, piped natural gas, etc.
Saraf and Partners’ team, led by Satadru Goswami, and Latham & Watkins’ team, led by Timothy Hia, acted as Adani’s counsel.
For the lenders, Cyril Amarchand Mangaldas and Linklaters’ Rahul Chatterjee, along with his team, acted as counsel.
CAPITAL MARKETS
Banking And FinanceCapital MarketsCompetition LawDisputesInsolvencyM&AOther
Capital Markets
Hyundai India landmark IPO
| VALUE | LAW FIRMS |
| USD3.3 billion | Cyril Amarchand Mangaldas Latham & Watkins Shardul Amarchand Mangaldas & Co White & Case |
Hyundai Motor’s first listing outside South Korea brought India a USD3.3 billion IPO, the country’s largest listing to date and the second-largest globally in 2024. The deal involved complex structuring and regulatory considerations, both domestic and cross-border. This milestone IPO highlights Hyundai’s strong market presence in India.
The equity shares were listed on the Bombay Stock Exchange and the National Stock Exchange of India on 22 October 2024. Shardul Amarchand Mangaldas & Co advised Hyundai Motor India with a team led by partners Prashant Gupta, Nikhil Naredi and Priya Awasthi, supported by associates Jheel Bhargava and Veronica Miranda, and principal associate Aditi Verma.
Latham & Watkins acted as international counsel to Hyundai Motor led by partners Steve Kang (Hong Kong) and Rajiv Gupta (Singapore), with a cross-border team spanning Hong Kong, Singapore and Seoul.
White & Case advised the book-running lead managers on rule 144A aspects, with a team led by partners Rahul Guptan (London) and Kaya Proudian (Singapore).
Cyril Amarchand Mangaldas served as legal counsel to the book-running lead managers on Indian law aspects. The offer comprised 142,194,700 equity shares at INR1,960 (USD22.46) per share.
Vodafone Idea’s largest FPO
| VALUE | LAW FIRMS |
| USD2.15 billion | AZB & Partners Cyril Amarchand Mangaldas Sidley Austin S&R Associates |
In another historic run, three law firms represented the largest follow-on public offering (FPO) by Vodafone Idea, capped at USD2.15 billion.
As 含羞草社区 third-largest telecom provider by subscriber base, Vodafone Idea launched the offering under tight time constraints amid volatile market conditions. The transaction was strategically structured to optimise the issuer’s financing needs and attract strong investor demand. The FPO was oversubscribed more than six times, reflecting strong investor confidence and execution strength.
Sidley Austin acted as international counsel to the underwriters – Axis Capital, Jefferies, and SBI Capital Markets – in Vodafone Idea’s USD2.15 billion FPO. Cyril Amarchand Mangaldas advised Vodafone Idea on Indian law aspects, while AZB & Partners acted as Indian counsel to the underwriters. S&R acted as legal counsel for Vodafone Group.
Swiggy IPO follows Hyundai blockbuster
| VALUE | LAW FIRMS |
| USD1.35 billion | AZB & Partners Cyril Amarchand Mangaldas JSA Khaitan & Co Latham & Watkins Shardul Amarchand Mangaldas & Co |
Food giant Swiggy secured the second-largest IPO of 2024 in India, with six law firms advising on its landmark INR113.3 billion (USD1.35 billion) listing. Swiggy’s IPO, launched through the confidential filing route, follows rival Zomato’s 2021 listing, underscoring the food sector’s rapid growth.
Cyril Amarchand Mangaldas (CAM) advised Swiggy and select selling shareholders, with partners Yash Ashar and Gokul Rajan leading the transaction, supported by a team of associates. The core CAM team was further supported by partners Manan Lahoty, Vishal Yaduvanshi, Abhiroop Lahiri, Puneet Passi, Medhashree Verma and Rishi Nandkeolyar, who represented the shareholders, with additional support from partner Rutu Gandhi.
Shardul Amarchand Mangaldas & Co advised Swiggy’s largest shareholder, Prosus, with the team led by partners Prashant Gupta and Ruth Chenchiah. JSA represented three other selling shareholders, with partners Arka Mookerjee and Pracheta Bhattacharya leading the team.
AZB & Partners advised the book-running lead managers, including Kotak Mahindra Capital, JP Morgan India and others. Partner Lionel D’Almeida led the AZB team, supported by senior partner Varoon Chandra and a team of associates.
Latham & Watkins served as international counsel. Khaitan & Co advised Baron Emerging Markets Fund on its share sale.
NTPC Green Energy IPO raises funds
| VALUE | LAW FIRMS |
| USD1.1 billion | Dentons JSA Trilegal |
This deal was the largest IPO undertaken by a renewable power producer in India, and its third-largest IPO in 2024. NTPC Green Energy is the largest renewable energy public sector enterprise, excluding hydro, in terms of operating capacity, and is promoted by NTPC, 含羞草社区 largest power company, both in terms of installed capacity and power generation. NTPC Green Energy launched its IPO of equity shares worth INR100 billion (USD1.1 billion).
Trilegal represented the book-running lead managers (the banks and financers) on Indian law. Dentons, with corporate partner John Chrisman leading, provided international legal representation and consultation. JSA, led by Madhurima Mukherjee Saha, served as domestic legal counsel to NTPC.
Vishal Mega Mart’s mega IPO
| VALUE | LAW FIRMS |
| USD945 million | Cyril Amarchand Mangaldas IndusLaw Shardul Amarchand Mangaldas & Co Sidley Austin Trilegal |
Five firms advised on the IPO of Vishal Mega Mart, 含羞草社区 leading fashion-led hypermarket, valued at USD945 million. The IPO received strong investor support and was oversubscribed 27.28 times. Vishal Mega Mart now becomes the third company to be listed after opting for the confidential filing route, following Tata Technologies and Swiggy.
Cyril Amarchand Mangaldas advised Vishal Mega Mart, with senior partners Yash Ashar and Devaki Mankad leading the team, which included principal associate Rushab Dhandokia, senior associate Chirag Parmar and associates Zeb Burk, Devansh Raheja and Harsha Menon.
Shardul Amarchand Mangaldas & Co advised the book-running lead managers. The team was led by partner Prashant Gupta and counsel Trishita Dasgupta, with support from senior associate Ankur Verma and associates Apoorva Tyagi and Aditi Chauhan.
Trilegal advised Kedaara Capital and Partners Group on the IPO, with partners Bhakta Patnaik and Albin Thomas leading the capital markets team.
Sidley served as international counsel to Kotak Mahindra Capital, ICICI Securities, Jefferies India, JP Morgan India, Morgan Stanley India and Intensive Fiscal Services, the book-running lead managers. Partner Manoj Bhargava led the Sidley Austin team, supported by managing associate Harekrishna J Ashar, associate Edward Lee, legal assistant Sanketh Hareesh Kumar and partners and associates across multiple offices.
IndusLaw advised the book-running lead managers on aspects of Indian law.
Bajaj Housing Finance IPO
| VALUE | LAW FIRMS |
| USD781 million | Cyril Amarchand Mangaldas Khaitan & Co Linklaters |
Cyril Amarchand Mangaldas (CAM), Khaitan & Co, and Linklaters advised on Bajaj Housing Finance’s INR65.6 billion (USD781 million) IPO. Bajaj Housing Finance is a subsidiary of Bajaj Finance.
The offering included 936.5 million equity shares, which included a fresh issue of 508 million shares valued at USD426 million, alongside 428.5 million shares offered for sale by Bajaj Finance, amounting to USD359 million. The issue was oversubscribed 63.61 times, attracting bids worth INR3.2 trillion. CAM acted as counsel to Bajaj Housing Finance and Bajaj Finance.
The CAM team was led by senior partner Yash Ashar and partner Reuben Chacko, supported by principal associate Aniran Ghoshal and a team of associates. Partners Bharath Reddy and Sindhushri Badarinath advised on the employee stock ownership scheme.
Khaitan & Co and Linklaters advised the book-running lead managers, with the team led by partners Abhimanyu Bhattacharya and Thomas George. Amit Singh, a partner and head of India practice, led Linklaters’ team.
Afcons Infrastructure launches IPO
| VALUE | LAW FIRMS |
| USD622 million | AZB & Partners S&R Associates Sidley Austin |
This was the largest IPO by an Indian infrastructure company, the largest listing by an Indian construction company in the past two decades and among the largest IPOs in India for 2024.
Afcons Infrastructure Limited (AIL) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group and one of 含羞草社区 largest international infrastructure construction companies. In October 2024, AIL launched its IPO worth INR54.3 billion (USD622 million). The transaction also involved a pre-IPO INR29.68 billion sale of equity shares by a promoter selling shareholder.
S&R Associates, with a team led by Jitesh Shahani, acted as domestic counsel while Sidley Austin’s team, led by Manoj Bhargava, provided international counsel, representing ICICI Securities, DAM Capital Advisors, Jefferies India, Nomura Financial Advisory and Securities (India), Nuvama Wealth Management and SBI Capital Markets.
AZB & Partners, with a team led by Varoon Chandra, represented AIL and its promoters, including the promoter selling shareholder, Goswami Infratech Private.
Waaree Energies’ big solar IPO
| VALUE | LAW FIRMS |
| USD515 million | Hogan Lovells JSA Khaitan & Co |
Khaitan & Co, JSA and Hogan Lovells advised on the INR36 billion (USD515 million) IPO of Waaree Energies, 含羞草社区 largest solar panel manufacturer and installation company.
Khaitan acted as counsel to Waaree Energies and the selling shareholders on Indian legal aspects. The core team included partners Subhayu Sen and Aayush Mohata, supported by associates Hrithik Khurana, Ira Pandya, Aayush Virani and Aastha Sarda.
JSA advised the book-running lead managers, including Axis Capital, IIFL Securities, Jefferies, Nomura, SBI Capital Markets, Intensive Fiscal and ITI Capital. Partners Madhurima Mukherjee Saha and Anuj Pethia led the team, assisted by associates Richa Prasad, Tamanna Kapoor and Aryaman Singh.
Hogan Lovells provided international legal counsel, led by managing partner Biswajit Chatterjee, with support from counsel Kaustubh George and Varun Jetly, senior associate Aditya Rajput, associates Jayant Bharadwaj and Sanjana Ravjiani, and staff attorney Rosen Chen.
COMPETITION LAW
Banking And FinanceCapital MarketsCompetition LawDisputesInsolvencyM&AOther
Competition Law
Burman family gets approval for hostile takeover
| VALUE | LAW FIRMS |
| USD295.9 million |
Agarwal Law Associates Anagram Partners S&R Associates TT&A |
This deal is notable for its hostile nature and Religare Enterprises’ (REL) ongoing non-co-operation.
The Burman family, behind the popular multinational ayurvedic products company known as Dabur, secured approval from the Competition Commission of India for the open offer of REL, a publicly listed non-banking financial company involved in insurance, loans and lending, and retail broking.
This was one of the few hostile takeovers in India, regulated by multiple statutory and regulatory bodies such as the Reserve Bank of India, Securities and Exchange Board of India and Insurance Regulatory and Development Authority of India.
For the Burman family, Anagram Partners, with a team led by Shuva Mandal, handled litigation and corporate matters. Agarwal Law Associates also assisted with litigation, while TT&A was the sole legal counsel for CCI, spearheaded by partner Sonam Mathur, and partner Gautam Saha handled corporate matters.
S&R Associates acted as counsel for Religare before the National Company Law Appellate Tribunal.
Google, Alphabet face Play Store fee probe
| VALUE | LAW FIRMS |
| N/A | Chandhiok & Mahajan Cyril Amarchand Mangaldas Sarvada Legal Shardul Amarchand Mangaldas & Co |
Google Play Store, an application marketplace for Android devices, was accused of implementing payment policies that favoured certain developers, discriminating against several domestic app developers. This followed the removal of several Indian applications for violating payment guidelines.
An investigation was launched by the Competition Commission of India (CCI) into the alleged unlawful billing policies of Google Play Store, which is owned by American company Alphabet Inc’s Google. The CCI was informed that Google Play Store had discriminatory payment policies for app developers.
Chandhiok & Mahajan advised Google, with Karan Singh Chandhiok leading the team alongside co-counsel Cyril Amarchand Mangaldas, led by Avaantika Kakkar.
Shardul Amarchand Mangaldas & Co, led by Naval Satarawala Chopra, represented the informants. Sarvada Legal, led by Abir Roy, also represented the informants.
Rocket Kommerce, Samsung win interim relief in CCI probe
| VALUE | LAW FIRMS |
| N/A | Chandhiok & Mahajan DSK Legal JSA Sarvada Legal |
Samsung and Rocket Kommerce were named parties in the Competition Commission of 含羞草社区 (CCI) investigation into Amazon and Flipkart for alleged violations of competition and antitrust laws. The e-commerce giants were accused of engaging in preferential practices that favoured certain sellers.
These practices allegedly included promoting specific sellers’ products more than other sellers, leading informants to raise objections before the CCI. As a result, the authority launched an investigation.
On being impleaded, Rocket Kommerce and Samsung challenged the allegations before Karnataka High Court and the Punjab & Haryana High Court as violative of principles of natural justice and infringing on its right to defence. The high courts granted interim relief through a stay order on CCI proceedings against Rocket Kommerce and Samsung India.
Chandhiok & Mahajan, led by partner Karan Singh Chandhiok along with partner Modhulika Bose, represented Samsung, while partner Avinash Amarnath represented Rocket Kommerce. Sarvada Legal, led by Abir Roy, advised Bull Machines Private, one of the informants. DSK Legal, with partner Abdullah Hussain leading the team, acted as co-counsel for another impleaded party.
JSA represented Vivo Mobile India Private Limited and 13 resellers of 含羞草社区 largest e-commerce platform, securing interim relief from multiple high courts, including the high courts of Karnataka and Punjab & Haryana. The team was led by partner Vaibhav Choukse.
UltraTech gets approval for India Cements acquisition
| VALUE | LAW FIRMS |
| N/A | JSA Khaitan & Co |
The Competition Commission of India (CCI) unconditionally approved the transaction in phase one. The acquisition aims to expand UltraTech’s footprint in the fragmented and competitive southern market, particularly in Tamil Nadu, where it has a presence.
UltraTech planned to acquire paid-up equity shares in India Cements from its promoters, members of the promoter group, and Sri Saradha Logistics. This deal also included a 26% stake in India Cements’ paid-up equity share capital through an open offer to public shareholders.
JSA’s team, led by partner Nisha Kaur Uberoi, oversaw regulatory aspects and the CCI approval. Khaitan & Co handled corporate matters, with partner Haigreve Khaitan leading the team.
DISPUTES
Banking And FinanceCapital MarketsCompetition LawDisputesInsolvencyM&AOther
- Money gaming companies win GST court stay
- Banks win arbitration against NHAI
- OTIS challenges CMRL tender eligibility
- Solar companies win APTEL ruling on safeguard duty
- Evalueserve secures export status ruling
- Ruling brings relief to Indus Towers, telcos
- BharatPe sues co-founder Ashneer Grover
- Court overturns NCLT order halting Byju’s process
- US court clears former SEBI chair in healthcare dispute
Disputes
Money gaming companies win GST court stay
| VALUE | LAW FIRMS |
| USD1.1 billion | Lakshmikumaran & Sridharan |
Real-money gaming companies faced a life-or-death situation due to tax demands on the “buy-in” amount and platform fees. The revenue department classified the “buy-in” as consideration for the transfer of actionable claims (that is, a chance to win) from the company to the player, equating it to betting or gambling under goods and services tax laws. This resulted in a valuation at 100% of the bet’s face value.
In response, real-money gaming companies filed writ petitions before the Supreme Court, challenging these demands. The tax demands were substantial, amounting to hundreds of millions of dollars across multiple gaming companies, threatening their existence.
Lakshmikumaran & Sridharan represented leading companies in the sector, including Head Digital India, Play Games 24X7 India and Junglee Games India, and secured a stay on the adjudication proceedings from the top court until the writ petitions were decided.
The firm is now actively engaged in preparing and briefing senior counsel for the final arguments before the Supreme Court. The ruling will have ramifications not only on the past demands, but also on how the online gaming sector is taxed moving forward.
Banks win arbitration against NHAI
| VALUE | LAW FIRMS |
| USD68.7 million | Kochhar & Co Synergy Partners |
The dispute involved two separate design, build, finance, operate and transfer (DBFOT) projects located in southern India and undertaken on an annuity basis: (1) the two-laning of the Dindigul–Theni (NH-45) and Theni–Kumili (NH-220) highways; and (2) the two-laning of the Trichy–Karaikudi, including the Trichy Bypass road section (NH-210).
South Indian Bank, the lead lender, along with other lenders including Andhra Bank, requested that the National Highways Authority of India (NHAI) terminate the agreements due to its failure to procure land, which caused delays in project completion. The lenders sought the release of termination payments and pending annuity payments, but the NHAI failed to comply, prompting the banks to initiate arbitration.
The lenders emerged victorious in the arbitration proceedings. Kochhar & Co represented the lender banks, with the team led by Krishna Vijay Singh, while Synergy Partners represented the NHAI.
OTIS challenges CMRL tender eligibility
| VALUE | LAW FIRMS |
| USD60 million | Dua Associates Kochhar & Co |
OTIS, an international company that manufactures elevators, escalators and walkways, was aggrieved by the discriminatory eligibility requirements and policies put forward by the Chennai Metro Rail Limited (CMRL), which emerged in a tender issued by CMRL.
These policies were included as per the Japan International Co-operation Agency’s loan agreement with India. Such policies were not present in similar tenders for projects in other cities under this agreement.
The policies placed by CMRL in its pre-bid eligibility conditions excluded OTIS Elevator and other similarly positioned companies from bidding. The restrictions effectively limited participation to a few Japanese companies with limited experience, and companies with majority Indian shareholdings.
As a result, writ petitions were filed before the Madras High Court and OTIS was granted an interim order injuncting CMRL from awarding the tender.
Kochhar & Co represented OTIS, while Dua Associates’ Sairam Arjun Suresh advised and appeared on behalf of CMRL.
Solar companies win APTEL ruling on safeguard duty
| VALUE | LAW FIRMS |
| USD47 million | Anushree Bardhan and Associates Chambers of Sujit Ghosh HSA Advocates MSA Partners PLA Advocates |
Several solar power companies including Fortum Solar, Sitara Solar, ReNew Solar and Mahindra Susten filed appeals with the Rajasthan Electricity Regulatory Commission (RERC) to extend a safeguard duty (SGD) set to expire in July 2020. The duty, imposed on solar modules imported from China, Thailand and Vietnam, was further extended until July 2021, affecting the procurement plans of the companies that had timed imports on the expiration of the SGD.
The solar power companies sought compensation from the RERC but were rejected. On appeal, the Appellate Tribunal for Electricity agreed that the extension of the duty constituted a “change in law” event, and the companies should be reimbursed for the resulting financial impact.
HSA Advocates, led by founding partner Hemant Sahai and partner Nitish Gupta, advised Fortum Solar Plus and Mahindra Susten, playing a significant role in the adjudication of the matter.
Chambers of Sujit Ghosh represented ReNew Solar Energy, while PLA Advocates represented Sitara Solar Energy. Anushree Bardhan and Associates represented the Solar Energy Corporation of India, and MSA Partners represented Rajasthan’s distribution company, Rajasthan Urja Vikas Nigam.
Evalueserve secures export status ruling
| VALUE | LAW FIRMS |
| USD5 million | Kochhar & Co |
Evalueserve, an international financial evaluation and data analytics company, was involved in a long-running dispute with tax authorities over its classification. The dispute centred around whether Evalueserve’s services to the customers of its clients, located outside India, qualified as exports or fell under the intermediary services category.
Classification as an intermediary would have subjected Evalueserve to service tax, increasing its financial burden and impacting its business model. Recognition as an exporter of services would make it eligible for export incentives.
Kochhar & Co successfully represented Evalueserve, with Reena Khair, senior partner and head of indirect tax, leading the matter before the Customs, Excise and Service Tax Appellate Tribunal. The tribunal’s ruling was upheld by the Punjab and Haryana High Court, which recognised the company as an exporter.
The case, Commissioner of Central Excise Delhi, Now Commissioner of Goods and Service Tax, Gurugram, Haryana v M/S Evalueserve.com Pvt Ltd, was finally laid to rest before the Supreme Court, which dismissed the tax body’s challenge. The ruling addressed a highly litigated issue concerning tax classification and provided much needed clarity for companies facing similar challenges.
Ruling brings relief to Indus Towers, telcos
| VALUE | LAW FIRMS |
| N/A | Lakshmikumaran & Sridharan |
Bringing an end to a nearly 20-year-old dispute, the Supreme Court, in Bharti Airtel Ltd v Commissioner of Central Excise, Pune, issued a favourable ruling for the telecoms sector on whether telecoms companies and telecoms tower companies were entitled to claim CENVAT (central value-added tax) credit for excise duty paid on towers and shelters procured for providing output services.
The case dates back to 2006, when the Commissioner of Excise issued a show cause notice to Bharti Airtel, stating that it had wrongly taken and utilised CENVAT credit on items that did not qualify as “capital goods” under the CENVAT Credit Rules, 2004. The tax authority argued that since towers and their parts are fixed to the earth, they become immovable property and cannot be considered as “capital goods”.
Following diverging views from the Bombay High Court and Delhi High Court, the Supreme Court ruled that towers and shelters qualify as movable property as they need to be disassembled and restored when relocating them to a new installation site.
Lakshmikumaran & Sridharan represented Indus Towers before the Supreme Court and said the amount at stake for the entire industry was more than INR100 billion (USD1.1 billion). V Lakshmikumaran, founder and managing partner, was the lead partner for the firm.
BharatPe sues co-founder Ashneer Grover
| VALUE | LAW FIRMS |
| N/A | MZM Legal Shardul Amarchand Mangaldas & Co |
BharatPe’s investors entered a legal battle with the company’s co-founder, Ashneer Grover, alleging misappropriation of funds. Grover and his family were accused of causing substantial losses through improper payments to fake HR consultants, inflated costs from connected vendors, fake input tax credit transactions, illegal payments to travel agencies, forged invoices and evidence destruction.
The case was ultimately settled out of court, with Grover agreeing not to be associated with BharatPe in any capacity or hold any shareholding in the company.
BharatPe was advised by Shardul Amarchand Mangaldas & Co, led by former partner Tejas Karia, who has recently been sworn in as a judge of Delhi High Court. MZM Legal’s team, led by its founder and managing partner Zulfiquar Memon, focused on the criminal proceedings.
Court overturns NCLT order halting Byju’s process
| VALUE | LAW FIRMS |
| N/A | Argus Partners Khaitan & Co MZM Legal |
This case involves Glas Trust Company LLC v Byju Raveendran and Ors (2024), where Byju’s insolvency dispute with the Board of Control for Cricket in India (BCCI) and other entities was addressed.
The BCCI initiated insolvency proceedings against Byju’s parent company, Think and Learn, claiming an outstanding INR1.58 billion (USD18.1 million) related to its cricket sponsorships. However, the BCCI later informed the (NCLT) that a settlement had been reached, leading to the closure of insolvency proceedings.
The decision was opposed by Glas Trust, one of the creditors, and was eventually brought before the Supreme Court. The final ruling determined that the insolvency proceedings would continue as per law.
Khaitan & Co acted for Glas Trust, with partner Prateek Kumar leading the team. Argus Partners represented the BCCI, led by partner Adity Chaudhury. MZM Legal represented Byju’s, with founder and managing partner Zulfiquar Memon leading the team.
US court clears former SEBI chair in healthcare dispute
| VALUE | LAW FIRMS |
| N/A | DLA Piper P&A Law Offices Paul Hastings Shardul Amarchand Mangaldas & Co |
A dispute over a share purchase agreement between US healthcare company UpHealth, Indian healthcare company Glocal Healthcare Systems and its shareholders resulted in an unfavourable arbitral award of USD25 million against Meleveetil Damodaran, a former chair of the Securities and Exchange Board of India, who was a shareholder himself.
The dispute arose when Glocal’s shareholders and directors blocked the appointment of UpHealth’s proposed designees to Glocal’s board before UpHealth could gain full control over the company. UpHealth commenced arbitration proceedings in 2022 before the International Court of Arbitration of the International Chamber of Commerce (ICC), based in Chicago
Damodaran and Glocal later challenged the award separately before the US District Court for the Northern District of Illinois. Despite the exceedingly high standard for setting aside such awards, the US court allowed Damodaran’s challenge against the award on the grounds that there was no evidence to hold him liable. At the same time, the court confirmed the award for Glocal and other respondents.
Shardul Amarchand Mangaldas & Co, led by managing partner Pallavi Shroff, advised the former SEBI chair. Paul Hastings was counsel to Glocal and other shareholders and directors, DLA Piper represented UpHealth, and P&A Law Offices advised UpHealth.
INSOLVENCY
Banking And FinanceCapital MarketsCompetition LawDisputesInsolvencyM&AOther
Insolvency
KSK Mahanadi insolvency proceedings
| VALUE | LAW FIRMS |
| USD3.4 billion | Shardul Amarchand Mangaldas & Co AZB & Partners |
KSK Mahanadi Power Company Limited (KMPCL) operates a 3,600MW coal-based power project in Chhattisgarh, with three of its six 600MW units operational.
Pursuant to an application by Power Finance Corporation under section 7 of the Insolvency and Bankruptcy Code, 2016, the (NCLT), Hyderabad, admitted KMPCL into the corporate insolvency resolution process on 3 October 2019.
Shardul Amarchand Mangaldas & Co (SAM) advised the resolution professional, Sumit Binani, on various matters including legal complexities, litigation, corporate insolvency resolution process (CIRP) consolidation and interim cash distribution.
With financial creditors’ claims totalling INR300 billion (USD3.44 billion), JSW Energy’s resolution plan was approved unanimously by the committee of creditors, ensuring full recovery. SAM has filed for NCLT approval, which is pending. AZB & Partners advised JSW Energy.
Lanco Amarkantak Power’s CIRP
| VALUE | LAW FIRMS |
| USD483 million | Cyril Amarchand Mangaldas Saraf and Partners Trilegal |
Adani Power emerged as the successful resolution applicant for Lanco Amarkantak Power with a resolution plan of USD483 million. The plan was approved by the committee of creditors (CoC), and after receiving approval from the (NCLT), Lanco’s management control was transferred to Adani Power in September 2024.
Lanco’s admitted debt stood at USD1.72 billion, and the corporate insolvency resolution process (CIRP) application was admitted by the NCLT, Hyderabad, in September 2019, with Saurabh Tikmani from KPMG appointed as the resolution professional.
The CIRP was one of the largest in India to date and involved multiple unprecedented circumstances, including the submission of a lender-backed resolution plan by the PPL Consortium, one of the resolution applicants, for the CoC’s consideration. After CoC approval, while PPL Consortium’s resolution plan was pending before the NCLT, another unsuccessful resolution applicant submitted a higher resolution value, requiring the CoC’s reconsideration in the interest of value maximisation.
The resolution plan had to be implemented amid multiple ongoing inter-creditor litigations over the distribution of resolution amounts. The NCLT released a split verdict on the matter, which remains sub judice (under judgment).
Saraf and Partners, led by partner Abir Lal Dey, advised the CoC, which included 14 banks and financial institutions led by Power Finance Corporation.
Trilegal advised and acted for the resolution professional, while Cyril Amarchand Mangaldas advised and acted for the successful resolution applicant.
Hindustan National Glass CIRP dispute
| VALUE | LAW FIRMS |
| USD241 million | Saraf and Partners |
The corporate insolvency resolution process (CIRP) for Hindustan National Glass & Industries raised the question of whether the approval from the Competition Commission of India (CCI) is required for a resolution plan involving a merger or acquisition.
AGI Greenpac, 含羞草社区 second-largest glass container manufacturer, emerged as the successful resolution applicant with a proposed INR21 billion (USD241 million) plan. However, the plan was approved before securing approval from the CCI. Several stakeholders challenged its approval, questioning the validity of the entire CIRP and seeking to invalidate the process.
Saraf and Partners, representing AGI Greenpac, successfully defended the company before the and the National Company Law Appellate Tribunal (NCLAT). Senior partner Sanjeev Kumar Sharma led the matter, and the firm also represented the company before the CCI, which later granted approval.
The NCLAT ruled that while the CCI approval is mandatory, prior approval from the committee of creditors (CoC) is only directory. It reasoned that since the CCI’s review process takes longer, the CIRP should not be stalled due to a pending CCI application.
However, the Supreme Court, in Independent Sugar Corporation Ltd v Girish Sriram Juneja and Others, ruled against AGI Greenpac, stating that the CCI approval must be obtained before the CoC approves the resolution plan. The court also found that the combination would have a substantial adverse effect on competition in the relevant market.
Pune Sholapur Road in debt restructuring
| VALUE | LAW FIRMS |
| USD238.16 million |
Dentons Link Legal |
Dentons Link Legal advised on the restructuring of more than INR20 billion (USD238.1 million) in outstanding debt for Pune Sholapur Road Development. This marks the first such transaction under state-funded Infrastructure Leasing & Financial Services’ (IL&FS) strategy, transferring Pune Sholapur to Roadstar Infra Investment Trust (InvIT).
The restructuring falls under the Reserve Bank of 含羞草社区 stressed asset resolution framework and the Indian government’s IL&FS group resolution scheme, which seeks to address INR990 billion in debt. The IL&FS aims to monetise 14 road assets through Roadstar Infra InvIT. This transfer ensures full recovery for secured lenders, while the IL&FS lenders receive the InvIT units as settlement for their outstanding dues.
Partners Milind Jha and Aditya Bhardwaj led the team, supported by associate partner Shailender Sharma and senior associate Komal Kumar. Dentons acted as transaction counsel for a consortium of 12 secured and unsecured lenders, guiding different aspects of the transaction, including structuring the resolution plan, regulatory compliance, due diligence and drafting key transaction documents.
ICICI Bank recovers debt from Religare
| VALUE | LAW FIRMS |
| USD44.5 million | AP & Partners HSA Advocates |
In this case, despite ICICI Bank being an uninsured creditor, it managed to recover almost 100% of its principal amount, while secured creditors could only recover about 72.5%.
The bank had filed an application before the Debts Recovery Tribunal (DRT) seeking the recovery of USD35.9 million from Religare Finvest. After extensive proceedings before both the DRT and Delhi High Court, ICICI Bank’s application was granted, directing Religare Finvest to pay the amount of USD35.9 million with interest, at a base rate of 9.35% per annum, plus a spread of 1.65% per annum and penal interest of 2%.
An appeal was then filed by Religare, but during the pendency of the appeal, both parties reached a settlement, resulting in the recovery of a substantial debt by ICICI Bank and the withdrawal of the appeal. AP & Partners represented Religare, while HSA Advocates represented ICICI Bank with partner Abhirup Dasgupta leading the team.
Nirmal Lifestyle Realty CIRP
| VALUE | LAW FIRMS |
| USD31 million | ANM Global Wadia Ghandy & Co |
Nirmal Lifestyle Realty was once a key player in Mumbai’s real estate market and held development rights on 20,000 square metres of land in the Mulund area.
However, the company faced financial difficulties and was admitted into the corporate insolvency resolution process (CIRP) in December 2021 by the (NCLT). Oberoi Constructions emerged as the successful resolution applicant through voting by the committee of creditors, after which the NCLT approved the resolution plan in an August 2024 order. Under the resolution plan, INR2.7 billion (USD31 million) of the total INR7.4 billion in admitted claims would be paid to creditors.
The majority of the amount was allocated to operational creditors, including more than 675 workmen who had been seeking their dues for more than 20 years. The workmen received payments of more than 200% of their entitlement under the Insolvency and Bankruptcy Code.
ANM Global, with partner Shikha Ginodia leading, represented resolution professional Jayesh Sanghrajka for Nirmal Lifestyle. The firm handled various applications from the ex-director, promoter, statutory authorities and workmen. It argued various applications before the NCLT Mumbai bench on behalf of the resolution professional, including securing approval of the resolution plan and addressing objections against it.
Among the key challenges was assessing and admitting the claims of the workmen, given the extended period over which they had accumulated.
Another major challenge was the land development restrictions due to the site’s proximity to Sanjay Gandhi National Park. Circulars issued by the Thane Forest Division raised concerns that portions of the company’s land may fall within an eco-sensitive zone, potentially derailing the resolution plan. However, a later clarification excluded the land from the forest land demarcations.
Wadia Ghandy and Co represented the committee of creditors.
Go Airlines (India) insolvency resolution process
| VALUE | LAW FIRMS |
| N/A | Cyril Amarchand Mangaldas JSA Khaitan & Co King & Spalding Wong & Partners |
This case was a much talked about insolvency of the past year, that of Go First Airlines, popularly known as GoAir. This was a first-of-its-kind instance where an aviation company had voluntarily filed for insolvency.
The airline filed for insolvency before the , while arbitration proceedings were initiated before the Singapore International Arbitration Centre (SIAC).
JSA, led by partner Dheeraj Nair, represented the committee of creditors (CoC), which included Indian and foreign banks. Khaitan & Co, led by partner Diwakar Maheshwari, advised the resolution professional to Go Airlines (India). King & Spalding, led by partner John Savage KC, advised the company in the SIAC arbitration. Wong & Partners represented the CoC as Singapore counsel. Cyril Amarchand Mangaldas acted as the litigation funders’ India counsel.
MERGERS & ACQUISITIONS
Banking And FinanceCapital MarketsCompetition LawDisputesInsolvencyM&AOther
- Mars acquires Kellanova
- Reliance, Viacom18, Disney joint venture
- Brookfield consortium becomes 含羞草社区 top tower company
- Panasonic sells auto business to APO
- Adani divests Wilmar stake to Lence
- EQT, Temasek exit O2 Power with sale to JSW
- KKR acquires Healthium stake
- CVC acquires majority stake in Aavas Financiers
- GIC invests in Data Infra Trust
- Indiabulls raises funds via share allotment
- Naspers invests in API rights issue
- Adani Defence acquires Air Works stake
- Elchemy series A funding
- Nissan restructures India operations with Renault
- Godrej family settlement
- AI-powered celebrity endorsement platform acquired
Mergers & Acquisitions
Mars acquires Kellanova
| VALUE | LAW FIRMS |
| USD36 billion | AZB & Partners Cravath, Swaine & Moore Kirkland & Ellis Simpson Thacher & Bartlett Skadden Arps Slate Meagher & Flom |
The mega USD36 billion deal involving Mars’ acquisition of Kellanova, a US global manufacturer of snacks and other foods, had an India competition law element as both companies had a business presence in the country through the products sold in the market and their subsidiaries.
The deal involved the acquisition of all outstanding equity shares of Kellanova by Mars, a US multinational manufacturer of chocolates, pet food and other products. All of Kellanova’s brands, assets and operations were included, making the company an indirect wholly owned subsidiary of Mars. Kellanova owns well-known brands such as Pringles, M&M’s, Snickers and Kellogg’s.
Regulatory approvals were required across multiple jurisdictions and for the India leg of the transaction, approval was needed from the Competition Commission of India (CCI).
AZB & Partners, led by senior competition partner Ram Kumar Poornachandran, advised Mars on Indian competition law aspects of the transaction. Since both Mars and Kellanova have business operations and a physical presence in India, AZB & Partners assessed their assets and revenue figures to determine the necessary CCI approval.
Skadden Arps Slate Meagher & Flom served as legal adviser to Mars, while Simpson Thacher & Bartlett advised on debt financing. Cravath Swaine & Moore served as financing counsel to JP Morgan and Citi, and Kirkland & Ellis served as legal adviser to Kellanova.
Reliance, Viacom18, Disney joint venture
| VALUE | LAW FIRMS |
| USD8.5 billion | AZB & Partners Cleary Gottlieb Steen & Hamilton Covington & Burling JSA Khaitan & Co Shardul Amarchand Mangaldas & Co Skadden Arps Slate Meagher & Flom |
Seven law firms have assisted in securing binding agreements between Reliance Industries, Viacom18 Media and Walt Disney for an USD8.5 billion joint venture in India. The deal merges Viacom18’s media assets with Star India, with Reliance investing INR115 billion (USD1.4 billion).
As the JV, now rechristened JioStar, kicks in, Reliance will hold a 16.34% stake, while Viacom18 and Disney will own 46.82% and 36.84%, respectively. Disney may also contribute additional media assets, subject to regulatory approvals. The JV secures exclusive rights to distribute Disney films in India, along with access to more than 30,000 Disney content assets.
With more than 750 million viewers in India and a global audience within the Indian diaspora, the JV aims to lead the digital transformation of the media and entertainment industry, offering premium content across television and digital platforms via JioCinema and Hotstar.
Shardul Amarchand Mangaldas & Co and Khaitan & Co advised Reliance and Viacom18, while Skadden Arps Slate Meagher & Flom served as international counsel. JSA represented Paramount Global in divesting its Viacom18 stake to Reliance. AZB & Partners advised Disney on Indian law, while Cleary Gottlieb and Covington & Burling acted as lead external counsel.
Brookfield consortium becomes 含羞草社区 top tower company
| VALUE | LAW FIRMS |
| USD2.08 billion | S&R Associates Trowers & Hamlins TT&A |
Data Infrastructure Trust, an infrastructure investment trust (InvIT) sponsored by an affiliate of Brookfield Asset Management, acquired 100% of the share capital of ATC Telecom Infrastructure, the Indian tower business of American Tower Corporation, for an enterprise value of INR181.49 billion (USD2.08 billion).
With this acquisition, the Brookfield-led consortium boasts a portfolio of 257,000 telecoms sites across India. Data Infrastructure Trust, which already includes Summit Digitel and Crest Digitel, will now combine these assets with ATC India under the newly launched brand Altius, making it 含羞草社区 largest tower infrastructure company to date.
To fund the acquisition, Data Infrastructure Trust secured financing through three different borrowings: (1) A INR79 billion privately placed listed non-convertible debentures (NCD) issuance, exclusively subscribed to by foreign portfolio investors including BNP Paribas, Deutsche Bank and DBS Bank; (2) An INR18.5 billion privately placed listed NCD issuance to refinance ATC’s existing debt, with participation from Star Health and Allied Insurance, Aditya Birla Sun Life Insurance and SBI Life Insurance; and (3) Term loans of INR37.5 billion to refinance ATC’s existing debt provided by ICICI Bank, Kotak Mahindra Bank, IndusInd Bank and Axis Bank.
S&R Associates, led by partners Rajat Sethi and Aparna Ravi, represented Data Infrastructure Trust. The firm handled drafting and negotiating transaction documents, due diligence, obtaining competition regulatory approvals, acquisition financing, closing assistance and advising on tax and InvIT matters. TT&A, with joint managing partner Gautam Saha and partner Swati Chauhan leading, advised American Tower Corporation. Partners Rituparno Bhattacharya and Nikhil Bahl advised investors and lenders.
Debopam Dutta, a partner and head of the India desk at Trowers & Hamlins, acted as international counsel to lenders on the Dubai International Finance Centre and Singapore aspects of the transaction.
Panasonic sells auto business to APO
| VALUE | LAW FIRMS |
| USD2.1 billion | AZB & Partners Khaitan & Co Nagashima Ohno & Tsunematsu Paul Weiss Rifkind Wharton & Garrison |
The deal involved significant India-centric structuring, including the transfer of the automotive business housed in the Indian entity to a newly incorporated entity indirectly held by Apollo.
Panasonic Holdings Corporation (PHD) completed the share transfer procedures through which the Apollo Group, including Apollo Global Management (APO) and PHD aim to become strategic joint partners in the business of Panasonic Automotive Systems (PAS).
All PAS shares wholly owned by PHD will be acquired by Star Japan Acquisition, which is indirectly owned by the funds managed by APO. PHD will also acquire 20% of the shares of Star Japan Holdings.
Panasonic Group was advised by Khaitan & Co on Indian law, and Nagashima Ohno & Tsunematsu on international law. APO was advised by AZB & Partners on Indian law and Paul Weiss Rifkind Wharton & Garrison on international law.
Adani divests Wilmar stake to Lence
| VALUE | LAW FIRMS |
| USD2 billion | Cyril Amarchand Mangaldas Khaitan & Co Trilegal |
Khaitan & Co, Cyril Amarchand Mangaldas (CAM) and Trilegal advised on Wilmar International’s proposed acquisition of 31.06% equity in Adani Wilmar, valued at USD2 billion, held by Adani Commodities, via a sale to Singapore-based Lence.
Adani Wilmar, a joint venture between Adani Enterprises and Wilmar International, has a market capitalisation of USD5 billion. The transaction was structured to comply with the SEBI’s minimum public shareholding norms, and is part of Adani Group’s divestment plan.
Khaitan & Co advised Wilmar International, led by partner Karun Cariappa alongside partner Abhishek Dadoo, counsel Gaurav Malhotra and a team of associates.
CAM advised Adani Enterprises and Adani Commodities, with the team led by partners Anchal Dhir and Jay Parikh, with support from capital markets and competition teams. Trilegal advised brokers on the USD555 million stake sale, led by partner Richa Choudhary.
The deal strengthens Wilmar’s presence in 含羞草社区 agribusiness sector, reinforcing its integrated edible oils, food and industrial products portfolio.
EQT, Temasek exit O2 Power with sale to JSW
| VALUE | LAW FIRMS |
| USD1.5 billion | A&O Shearman Herbert Smith Freehills Khaitan & Co Trilegal |
A&O Shearman advised EQT Private Capital Asia and Temasek Holdings on their USD1.5 billion divestment of O2 Power, an Indian renewable energy platform, to JSW Energy.
This transaction is a landmark deal for EQT and Temasek in the Asia-Pacific region, representing their first major infrastructure exit in the area. It is the largest recent renewables deal in Asia, and one of the most significant globally, involving a 4.6GW portfolio spanning solar, wind, hybrid technologies, and battery energy storage solutions.
The deal is expected to set a benchmark for similar transactions in the future. It also marks the first major acquisition by JSW Neo Energy since its establishment, increasing the size of its power generation portfolio by 23%.
The A&O Shearman team was led by partners Harsh Pais (London), Ayesha Thapar (Singapore) and James Mythen (Singapore), alongside senior associates James Kingston (Bangkok) and Adarsh Chhabria (London), and associates Agnes Amelia Guntara (Singapore) and Andrew Pang (London).
Herbert Smith Freehills acted as English law counsel to JSW, while Trilegal advised as Indian counsel to EQT and Temasek.
KKR acquires Healthium stake
| VALUE | LAW FIRMS |
| USD840 million | AZB & Partners Khaitan & Co Kirkland & Ellis Simpson Thacher & Bartlett |
In the first private equity-to-private equity sale in the hospital sector, global investment firm KKR signed an agreement to acquire a controlling stake in Indian medical devices company Healthium Medtech for USD840 million from an affiliate of funds advised by Apax Partners.
AZB & Partners advised KKR on its acquisition in Healthium, assisting with all aspects of the transaction including competition analysis, regulatory advice, due diligence, and the review and negotiation of definitive agreements. Khaitan & Co advised Apax Partners.
Simpson Thacher & Bartlett served as legal counsel to KKR, while Kirkland & Ellis advised Healthium and funds managed by Apax Partners.
CVC acquires majority stake in Aavas Financiers
| VALUE | LAW FIRMS |
| USD835 million | Anagram Partners Cyril Amarchand Mangaldas |
CVC Capital Partners acquired a majority stake in Aavas Financiers, a leading housing finance company in India specialising in affordable home loans for underserved and low-to-middle income customers. The USD835 million deal was structured in two parts: (1) CVC first acquired a majority stake from a consortium of international entities, including Kedaara Capital and Partners Group; and (2) CVC then made a mandatory open offer to public shareholders.
The complex deal involved compliance with stringent regulatory frameworks under the Securities and Exchange Board of 含羞草社区 Takeover Regulations, approval from the Competition Commission of India, and adherence to the Reserve Bank of India requirements.
Anagram Partners, led by managing partner Shuva Mandal, represented CVC Capital Partners, advising on deal structuring, negotiations with Partners Group and Kedaara Capital, regulatory compliance and due diligence. Cyril Amarchand Mangaldas represented Kedaara Capital and Partners Group on the transaction.
GIC invests in Data Infra Trust
| VALUE | LAW FIRMS |
| USD800 million | Khaitan & Co Nishith Desai Associates TT&A |
Nishith Desai Associates advised GIC Singapore on its acquisition of Data Infrastructure Trust units for about USD800 million. Through its affiliate, Anahera Investments, GIC acquired the units from existing unitholders. Data InvIT, a SEBI-registered investment trust operating in the passive telecoms infrastructure sector, while GIC, Singapore’s sovereign wealth fund, is a global long-term investor managing the nation’s foreign reserves.
The Nishith Desai team, with partner Nishchal Joshipura leading, provided legal and regulatory counsel, and handled the deal documentation. Khaitan & Co represented BCI, another unitholder in Data InvIT, while TT&A advised Brookfield, the sponsor of the trust.
Indiabulls raises funds via share allotment
| VALUE | LAW FIRMS |
| USD448 million | Cyril Amarchand Mangaldas Khaitan & Co S&R Associates Shardul Amarchand Mangaldas & Co |
Equinox India Developments (formerly known as Indiabulls Real Estate) raised INR39.1 billion (USD448 million) through a preferential allotment of equity shares and convertible warrants to 24 investors led by Embassy Group, Baillie Gifford & Co and Blackstone Real Estate Fund, as part of recapitalisation efforts.
The company then acquired projects including: a 31-acre development with 93 villas in north Bengaluru for INR4.6 billion; a 1.4 million square feet high-rise project in Chennai for INR1.2 billion; and a 0.5 million sq ft project in Bengaluru from Embassy Group. It also acquired its flagship project, Blu, from Blackstone Real Estate Fund for INR11.5 billion. S&R Associates, led by partner Pratichi Mishra, represented Indiabulls, assisting with structuring, drafting and negotiating transaction documents, conducting due diligence, and providing regulatory and corporate advisory services.
Khaitan & Co advised Embassy Group, Shardul Amarchand Mangaldas & Co advised Blackstone, and Cyril Amarchand Mangaldas advised Trust Group and other third-party investors.
Naspers invests in API rights issue
| VALUE | LAW FIRMS |
| USD413 million | Cyril Amarchand Mangaldas JSA Quillon Partners Shardul Amarchand Mangaldas & Co Trilegal |
Naspers Ventures, an investment holding company of South Africa-based Naspers Group, acquired a stake worth USD413 million in API Holdings, which provides healthcare services through its online marketplace, PharmEasy, via a rights issue subject to the term sheet. Singapore’s sovereign wealth fund, Temasek, also participated in the transaction.
The transaction was a substantial down round, meaning shares were offered at a lower price than in the previous financing round. It required bespoke advisory on anti-dilution protection for equity and preference shareholders in API. The deal was driven by the terms of non-convertible debentures issued by API to Goldman Sachs and debt financing platform EvolutionX.
Trilegal, led by partner and corporate practice head Yogesh Singh, advised Naspers Ventures on the structuring of the rights issue, implication of the down round, and anti-dilution protection for Naspers, as well as finalising a binding term sheet between API, Naspers and other investors. The firm also secured approval from the Competition Commission of India.
Cyril Amarchand Mangaldas advised API and Caisse de dép?t et placement du Québec. JSA represented Temasek, Shardul Amarchand Mangaldas advised TPG Growth V SF Markets, and Quillon Partners acted for MEMG Family Office.
Adani Defence acquires Air Works stake
| VALUE | LAW FIRMS |
| USD45.8 million | Jerome Merchant + Partners Khaitan & Co Kocchar & Co TT&A |
Kochhar & Co advised Adani Defence Systems & Technologies Limited (ADSTL) on its acquisition of an 85.8% stake in Air Works India (Engineering), 含羞草社区 largest private maintenance, repair and overhaul (MRO) company. The transaction, valued at INR4 billion (USD45.8 million), was formalised through a binding share purchase agreement in December 2024.
With a 75-year legacy, Air Works operates in 35 cities with more than 1,300 personnel, and has helped to shape 含羞草社区 aviation MRO sector. This acquisition enhances the ADSTL’s defence MRO capabilities and marks its strategic expansion in civil aviation services.
Kochhar & Co’s team, led by partner Nishant Arora, provided comprehensive legal support, ensuring a seamless transaction.
Khaitan & Co advised one of the sellers, GTI Capital, while TT&A assisted the second seller, Elephant India Finance, and Jerome Merchant + Partners represented the third seller, Millenna FVCI, in transaction documentation.
Elchemy series A funding
| VALUE | LAW FIRMS |
| USD5.6 million | Bombay Law Chambers Shardul Amarchand Mangaldas & Co Wadhwa Law Offices |
Elchemy, a Mumbai-based tech-driven platform for cross-border specialty chemical distribution, raised USD5.6 million in its series A funding round led by new investor Prime Venture Partners, with participation from existing investor InfoEdge Ventures. The investment allowed Elchemy to secure vital capital to expand its business, but it led to Prime Venture and InfoEdge holding similar stakes, creating a delicate dynamic that required careful legal attention.
The involvement of atypical investor rights necessitated a series of negotiations to safeguard the company’s interests while addressing investor expectations. The agreement’s provisions were heavily negotiated under tight timelines.
Operating in a highly regulated environment across India and the US, Elchemy underwent a thorough due diligence process, with close scrutiny of its business model, financial structure, governance and compliance with industry-specific regulations.
Wadhwa Law Offices, led by partner and co-founder Deepayan Das, represented Elchemy, its promoters and existing investors. Bombay Law Chambers advised new investor Prime Venture, while Shardul Amarchand Mangaldas & Co represented InfoEdge.
Nissan restructures India operations with Renault
| VALUE | LAW FIRMS |
| N/A | AZB & Partners Hogan Lovells |
Nissan, as part of a global reorganisation of its alliance with Renault, restructured its shareholdings in Renault Nissan Automotive India Private Ltd (RNAIPL) and Renault Nissan Technology and Business Centre India (RNTBCI).
As part of the restructuring, Nissan and Renault agreed to rebalance their equity ownership in RNAIPL to 51% (Nissan) and 49% (Renault). They also agreed to rebalance their economic rights in RNTBCI to 49% (Nissan) and 51% (Renault).
The deal was subject to sale conditions including CCI approval in India, which was granted on 26 October 2023, before closing successfully on 14 March 2024. The transaction marks an important milestone in Nissan’s long-term vision for India and its ongoing global restructuring.
Hogan Lovells served as legal adviser on the deal, with AZB & Partners acting as Indian counsel.
Godrej family settlement
| VALUE | LAW FIRMS |
| N/A | AZB & Partners Cyril Amarchand Mangaldas |
Cyril Amarchand Mangaldas and AZB & Partners advised two branches of the Godrej family on a settlement arrangement as part of the Godrej Group realignment. The Godrej Group is one of 含羞草社区 oldest business houses.
The ownership realignment, pursuant to the family settlement, involved multiple operating entities with diversified businesses including listed companies such as Godrej Industries, Godrej
Consumer, Godrej Properties, Godrej Agrovet and Astec Lifesciences, as well as unlisted companies such as Godrej & Boyce and Godrej Infotech.
Cyril Amarchand Mangaldas represented the branches led by Adi Godrej andNadir Godrej, while AZB & Partners advised those led by Jamshyd Godrej and Smita Godrej Crishna. The agreement includes a brand and non-compete arrangement.
Cyril Shroff, managing partner at CAM, led the team, while managing partner Zia Mody and partner Vaidhyanadhan Iyer led the team at AZB & Partners. Following the announcement, Adi and Nadir Godrej’s group launched an open offer for Astec Lifesciences shares.
AI-powered celebrity endorsement platform acquired
| VALUE | LAW FIRMS |
| USD2.4 million | Agama Law Associates |
Celebrity management firm Collective Artists Network India acquired the AI-based augmented reality (AR) platform, Galleri5, which specialises in celebrity endorsements.
The platform integrates AI and AR to enhance celebrity engagement and brand endorsements. Among its capabilities, the AI-powered tool allows brands to create hyper-realistic catalogue visuals from basic product images, eliminating the need for traditional photoshoots.
As part of the acquisition, Collective Artists Network purchased the founder’s stake and bought out pre-existing investors to secure full ownership of the platform. Galleri5’s founder was retained to continue developing the technology and integrating it into the company’s offerings.
Agama Law Associates partner Archana Balasubramanian represented Collective Artists Network in the acquisition. The firm conducted thorough due diligence, negotiating transaction documents for the transfer of ownership, and handled legal and structural complexities related to the investor buyout.
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JBF RAK splits from parent in restructuring
| VALUE | LAW FIRMS |
| USD1 billion | A&O Shearman BSA Clifford Chance Fieldfisher Trowers & Hamlins |
JBF RAK, a multinational plastics manufacturer and part of the listed Indian polyester manufacturing group JBF Industries, faced a USD1 billion restructuring via a UAE onshore restructuring plan. The restructuring was one of the largest in the Gulf Co-operation Council region and the largest for UAE onshore courts to date.
As part of the restructuring, JBF RAK exited the JBF Group, ensuring its own governance, management and independent operations. The participating legal teams handled several complexities and multi-jurisdictional issues across the UK, Belgium, Bahrain, the UAE, India and the Cayman Islands.
Trowers & Hamlins, with partner Salman Ahmed as lead, advised junior creditor Bahrain Development Bank, ensuring its interests were protected against senior creditors to secure a commercially viable deal. A total of 36 creditors were involved. Clifford Chance acted as international counsel to senior lenders, while BSA served as Bahrain local counsel. Fieldfisher acted as international counsel to JBF, and A&O Shearman advised UAE state-owned natural gas provider RAK GAS.
PFC funds Avaada solar project
| VALUE | LAW FIRMS |
| USD446 million | Kochhar & Co |
Avaada Energy secured INR38.6 billion (USD446 million) in project financing from Power Finance Corporation for a 1,138MW cluster of decentralised agricultural solar PV ground mounted projects across Maharashtra, aimed at powering irrigation water pumps.
Avaada was awarded the project under the central government’s flagship PM-KUSUM renewable energy subsidy scheme for the agricultural sector, and an equivalent state-sponsored scheme from the Maharashtra government. The project seeks to address key challenges and bottlenecks in the agricultural energy supply chain.
Senior partner Pradeep Ratnam and partner Reena Jalan represented Kochhar & Co in advising Power Finance Corporation and Avaada Energy. The firm was instrumental in finalising transaction documents. The transaction involved concurrent financings across multiple special purpose vehicles, with power purchase agreements with Maharashtra’s state electricity distribution company for 25 years.
InterDigital, Oppo settle patent dispute
| VALUE | LAW FIRMS |
| N/A | Anand and Anand Arnold Ruess Bird & Bird |
In this longstanding patent dispute, InterDigital was successful in securing a favourable outcome. Usually, such disputes end in the grant of licences, but due to the developments in this dispute there is now jurisprudence for other measures in similar cases.
Since late 2021, InterDigital and Oppo have been locked in a fiercely contested patent litigation. The Oppo Group, a smartphone giant, used InterDigital’s patents essential to the 3G, 4G and 5G standard essential patents (SEPs) to manufacture its devices without a licence. InterDigital filed suits for infringement in India, the UK, Spain, Germany and China.
In 2024, the parties signed a global patent licence agreement, agreeing to terminate all pending litigation. A win-win for both sides, this was driven by the intense pressure on Oppo through multiple court orders that caused it to lose substantial ground.
InterDigital successfully argued that Oppo was deliberately delaying the case, leading to penalties for Oppo’s conduct. In February 2024, the court set a deadline for concluding the trial by December 2024. While Oppo managed to convert its cash deposit requirement into a bank guarantee, it failed to have the negative remarks about its conduct expunged, or postpone the trial schedule on appeal.
Anand and Anand, with a team led by Pravin Anand and Vaishali Mittal, represented InterDigital for Indian matters.
Bird & Bird’s team led by partners Katharine Stephens and Richard Vary represented InterDigital in UK courts. Arnold Ruess advised InterDigital in Germany through partner Arno Ri?e.
