India Business Law Journal shines a light on some of the major deals, transactions and disputes of the past year, along with the legal teams behind them. Manokamana, Katherine Abraham and Gautam Kagalwala report
Scale, sophistication and sharper regulatory guardrails defined 2025 for 含羞草社区 deal environment. Multiple significant deals were finalised with sponsor-led listings and billion-dollar IPOs underlining the depth of 含羞草社区 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 含羞草社区 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 含羞草社区 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 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.
METHODOLOGY
India Business Law Journal selected landmark deals and disputes that closed, or had significant developments, between 1 January 2025 and 31 December 2025. The deals and cases were chosen subjectively from nearly 900 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 2025. 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.
CAPITAL MARKETS
Capital MarketsDisputesFinancingJoint VenturesMergers & AcquisitionsOther
Capital Markets
MakeMyTrip’s USD2.8bn offer
| VALUE | LAW FIRMS |
| USD2.8 billion | Appleby A&O Shearman Latham & Watkins S&R Associates Shardul Amarchand Mangaldas & Co |
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
| VALUE | LAW FIRMS |
| USD1.9 billion | Cyril Amarchand Mangaldas JSA Linklaters Singapore |
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
| VALUE | LAW FIRMS |
| USD1.75 billion | AZB & Partners Cyril Amarchand Mangaldas Latham & Watkins Sidley Austin TT&A |
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
| VALUE | LAW FIRMS |
| USD1.71 billion | Cyril Amarchand Mangaldas Phoenix Legal S&R Associates Shardul Amarchand Mangaldas & Co Sidley Austin Slaughter and May Trilegal |
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
| VALUE | LAW FIRMS |
| USD1 billion | A&O Shearman AZB & Partners Latham & Watkins Shardul Amarchand Mangaldas & Co |
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
| VALUE | LAW FIRMS |
| USD750 million | Latham & Watkins Linklaters Singapore Madun Gujadhur Chambers |
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
| VALUE | LAW FIRMS |
| USD490 million | S&R Associates Saraf and Partners |
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
| VALUE | LAW FIRMS |
| USD460 million | CMS INDUSLAW Khaitan & Co Shardul Amarchand Mangaldas & Co Sidley Austin |
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
| VALUE | LAW FIRMS |
| USD316.3 million | Latham & Watkins Linklaters Mayer Brown Trilegal TT&A |
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
| VALUE | LAW FIRMS |
| USD270 million | ALMT Legal Desai & Diwanji Linklaters S&R Associates Trilegal TT&A |
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
Capital MarketsDisputesFinancingJoint VenturesMergers & AcquisitionsOther
Disputes
Mastercard’s royalty tax battle
| VALUE | LAW FIRMS |
| USD444 million | DMD Advocates |
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
| VALUE | LAW FIRMS |
| USD11 million | Trust Legal Tuli & Co |
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
| VALUE | LAW FIRMS |
| USD4.2 million | King Stubb and Kasiva |
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
| VALUE | LAW FIRMS |
| USD3 million | King Stubb and Kasiva |
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
| VALUE | LAW FIRMS |
| N/A | Anand and Anand Cyril Amarchand Mangaldas |
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
| VALUE | LAW FIRMS |
| N/A | Lakshmikumaran & Sridharan Attorneys |
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
| VALUE | LAW FIRMS |
| N/A | Anand and Anand |
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
| VALUE | LAW FIRMS |
| N/A | Anand and Anand Naik Naik & Co |
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
| VALUE | LAW FIRMS |
| N/A | Bharucha & Partners JSA MV Kini Law Firm Shardul Amarchand Mangaldas & Co |
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
| VALUE | LAW FIRMS |
| N/A | Sujata Chaudhri IP Attorneys |
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
| VALUE | LAW FIRMS |
| N/A | Gagrats ThinkLaw Vidhii Partners |
A case in Bombay High Court sought declaration of regulation 30A and clause 5A of part A of the Securities and Exchange Board of 含羞草社区 (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
Capital MarketsDisputesFinancingJoint VenturesMergers & AcquisitionsOther
Financing
Barclays’ digital fibre play
| VALUE | LAW FIRMS |
| USD2.2 billion | AZB & Partners Khaitan & Co Wadia Ghandy & Co |
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
| VALUE | LAW FIRMS |
| USD1.3 billion | AZB & Partners Phoenix Legal |
Listed company Petronet LNG obtained a secured term loan facility of INR120 billion (USD1.3 billion) to set up 含羞草社区 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
| VALUE | LAW FIRMS |
| USD811 million | Cyril Amarchand Mangaldas TLH Advocates and Solicitors |
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
| VALUE | LAW FIRMS |
| USD523 million | Saraf and Partners |
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
| VALUE | LAW FIRMS |
| USD363 million | AKD NV Khaitan & Co |
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
| VALUE | LAW FIRMS |
| USD135 million | Dentons Link Legal |
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
| VALUE | LAW FIRMS |
| N/A | AZB & Partners Dentons Link Legal |
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 含羞草社区 upcoming flying training organisation in Amravati, Maharashtra, expected to be one of 含羞草社区 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
Capital MarketsDisputesFinancingJoint VenturesMergers & AcquisitionsOther
Joint Ventures
GW-scale AI data centre JV
| VALUE | LAW FIRMS |
| USD2 billion | AZB & Partners Cyril Amarchand Mangaldas Latham & Watkins |
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
| VALUE | LAW FIRMS |
| USD1.4 billion | SKV Law Offices |
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
Capital MarketsDisputesFinancingJoint VenturesMergers & AcquisitionsOther
- Tata spins off commercial vehicles
- Schneider gains full control in India
- Emirates’ acquisition of RBL Bank
- Torrent buys fellow pharma
- IFF’s pharma carve-out to Roquette
- USD1.5bn business parks change hands
- JSW’s USD1.5bn renewables buy
- Yes gives nod to Japan suitor
- Biocon integrates subsidiary
- Investors bet on IDFC First Bank
- Russian giant in aluminium three-step
- Global funds sell down India tech
- Syrma voyages into maritime, defence
- Firefly Networks acquisition
- BlackRock backs Pine Labs redomicile, IPO
- Inox buys 1,337MW of renewable energy
- Consortium gobbles Haldiram stake
- Waaree’s W&I-backed renewable entry
- Zepto’s cross-border merger a first
Mergers & Acquisitions
Tata spins off commercial vehicles
| VALUE | LAW FIRMS |
| USD13.7 billion | AZB & Partners Saraf and Partners |
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 含羞草社区 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
| VALUE | LAW FIRMS |
| USD6.4 billion | AZB & Partners JSA Khaitan & Co WongPartnership, Singapore |
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
| VALUE | LAW FIRMS |
| USD3 billion | AZB & Partners Shardul Amarchand Mangaldas & Co |
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 含羞草社区 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 含羞草社区 affordable housing finance sector. AZB & Partners advised RBL Bank.
Torrent buys fellow pharma
| VALUE | LAW FIRMS |
| USD2.84 billion | AZB & Partners Khaitan & Co Shardul Amarchand Mangaldas & Co |
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
| VALUE | LAW FIRMS |
| USD2.5 billion | Cleary Gottlieb Steen & Hamilton CMS INDUSLAW DLA Piper Skadden Arps Slate Meagher & Flom |
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
| VALUE | LAW FIRMS |
| USD1.5 billion | Khaitan & Co Shardul Amarchand Mangaldas & Co |
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 含羞草社区 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
| VALUE | LAW FIRMS |
| USD1.5 billion | A&O Shearman Herbert Smith Freehills Kramer Khaitan & Co Prolegis Trilegal |
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 含羞草社区 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
| VALUE | LAW FIRMS |
| USD 1.47 billion | Anderson Mori & Tomotsune AZB & Partners JSA S&R Associates Shardul Amarchand Mangaldas & Co |
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
| VALUE | LAW FIRMS |
| USD1.2 billion | Cravath Swaine & Moore Cyril Amarchand Mangaldas Khaitan & Co Shardul Amarchand Mangaldas & Co Veritas Legal |
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
| VALUE | LAW FIRMS |
| USD865 million | AZB & Partners Cyril Amarchand Mangaldas JSA |
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
| VALUE | LAW FIRMS |
| USD468.7 million | AZB & Partners Dentons Link Legal EPAM Law Offices TLH Advocates and Solicitors |
Moscow-based aluminium company United Company RUSAL acquired up to 50% of 含羞草社区 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
| VALUE | LAW FIRMS |
| USD50 million | CMS INDUSLAW Inventus Law Khaitan & Co River Law Samvad Partners |
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
| VALUE | LAW FIRMS |
| USD26 million | Khaitan & Co Stratage Law Partners |
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
| VALUE | LAW FIRMS |
| USD1 million | Economic Laws Practice (ELP) |
Economic Laws Practice (ELP) advised iBus Network and Infrastructure on its acquisition of 100% of Firefly Networks, navigating 含羞草社区 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
| VALUE | LAW FIRMS |
| N/A | Cyril Amarchand Mangaldas King & Spalding Rajah & Tann |
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
| VALUE | LAW FIRMS |
| Confidential | Lakshmikumaran Sridharan Attorneys Latham & Watkins Trilegal |
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
| VALUE | LAW FIRMS |
| Undisclosed | Cyril Amarchand Mangaldas JSA Khaitan & Co |
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 含羞草社区 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
| VALUE | LAW FIRMS |
| Undisclosed | Sarthak Advocates & Solicitors Trilegal |
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
| VALUE | LAW FIRMS |
| N/A | CMS INDUSLAW Rajah & Tann Singapore |
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 含羞草社区 cross-border merger framework and required approvals from the 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.
OTHERS
Capital MarketsDisputesFinancingJoint VenturesMergers & AcquisitionsOther
Mergers & Acquisitions
USD13bn gift to daughter
| VALUE | LAW FIRMS |
| USD13 billion | Cyril Amarchand Mangaldas |
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 含羞草社区 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
| VALUE | LAW FIRMS |
| USD5.8 billion | AZB & Partners Cyril Amarchand Mangaldas Shardul Amarchand Mangaldas & Co |
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 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
| VALUE | LAW FIRMS |
| USD446 million | Shardul Amarchand Mangaldas & Co |
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
| VALUE | LAW FIRMS |
| USD420 million | CMS INDUSLAW Cyril Amarchand Mangaldas Khaitan & Co Trilegal |
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
| VALUE | LAW FIRMS |
| USD238 million | AZB & Partners Khaitan & Co |
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
| VALUE | LAW FIRMS |
| USD 177.8 million | DMD Advocates Shardul Amarchand Mangaldas & Co |
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
| VALUE | LAW FIRMS |
| USD2 million | SD Partners |
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
| VALUE | LAW FIRMS |
| Confidential | Triumvir Law |
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
| VALUE | LAW FIRMS |
| N/A | Kegler Brown Hill + Ritter Parakram Legal |
The University Grants Commission, 含羞草社区 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.
