Nishant Singh has joined Shardul Amarchand Mangaldas & Co (SAM) as a partner, accompanied by his longstanding core team of 12 lawyers. He joins from Luthra and Luthra Law Offices.
India Business Law Journal spoke to Singh, whose move comes shortly after Luthra and Luthra lost another important member of the firm, partner Karan Mitroo.
Singh said he was not a new face at SAM given his career started at Amarchand Mangaldas in 2002. During his career, he has worked at two international firms – Perkins Coie (San Francisco) and Dewey & LeBoeuf (New York) in the US, and after he returned to India, he rejoined Amarchand Mangaldas for a brief stint.
Later, he moved on as a partner at noted law firms Khaitan & Co, IndusLaw, and Luthra and Luthra. Singh was also part of the management committee at Luthra & Luthra for two successive terms.
Singh, who has worked with his team for the past decade, said, “We have been [working] on multibillion-dollar deals, like the Manipal Hospital acquisition. Also, we were acting for Paytm, and Paytm sold its ticketing and events business to Zomato for 2,000-odd crores [INR20 billion]”, apart from a variety of other marquee transactions.
Singh added that the team’s move was driven by growing client needs. “There was a demand and pressure on us to be at a platform which can offer them a true one-stop shop,” he said.
Crediting Luthra for the firm’s consistent support, Singh said, “Luthra was great, as I had full independence. However, as a corporate transaction team, we needed deeper support from competition law, tax, disputes, and other specialist practices.”
Singh believes that Shardul Amarchand Mangaldas & Co is better positioned to support such complex M&A and PE mandates. All clients have transitioned alongside them to SAM — a reflection, Singh says, of the trust built over years of collaborative work.
He sees the move as critical to the team’s long-term goals. “SAM has full stack super top- notch capabilities in all practice areas, that just perfectly fits into our own growth strategy in a longer time horizon,” Singh told IBLJ when asked about how his move aligns to his vision for the future.
He added that the timing is particularly significant, “as India sets its sights on becoming a USD30 trillion economy — it’s essential to be at a platform that can scale with that ambition”.
“SAM is the place where our practice will actually pivot to the next level.”
He observed, “In India, major global PE players like KKR, Blackstone, Warburg Pincus, General Atlantic and CVC have been active for over a decade. Initially focused on minority investments, they’ve shifted towards control transactions, which is where the market is now heading. These deals now require robust management and are structured with a clear path to exit in five to seven years — it’s a different ballgame.”
Singh adds that the Indian IPO market remains active, with companies aiming to “bulk up” and go public. Despite global geopolitical tensions and market volatility, and with “valuations being pretty expensive”, bankers believe the IPO pipeline “still looks pretty bright”.
He notes that strategic players are “fairly active, both internationally and domestically”. Many are bringing in financial sponsors for “more dry powder” or opting for acquisition financing, which is “cheaper than putting in their own equity”.
Looking ahead, he expects a strong year for Indian M&A: “We’ll likely see 10 to 15 deals crossing the billion-dollar mark, with 20 to 25 in the USD500 million range, and another 30 to 40 between USD300 and USD500 million. Sub-USD100 million deals will be even more common.”
Citing his previous international experience, Singh believes his team is well-positioned for this market evolution. “Our clients expect an international, market-level finish — whether it’s documentation, negotiation, or structuring. We’ve been fortunate to have had exposure to such standards over the years, and SAM’s platform aids us to deliver that seamlessly.
“We’re excited for this new chapter and grateful for the support of clients, colleagues and mentors who’ve been part of the journey so far,” Singh said.
