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Despite rising geopolitical tensions and governmental change, the landscape for India-related investments looks bright. Vandana Chatlani reports on our choices for the leading foreign law firms involved in India-related work

The past 12 months have been marked by war, political change and new business opportunities. In India, Prime Minister Narendra Modi secured his third term in office, although without the parliamentary majority that was predicted. Instead, the Bharatiya Janata Party has now been pushed back into coalition politics, where concessions may be necessary.

Some analysts say that Modi could be forced to change his domineering leadership style in order to work successfully with other parties in government. Others predict he may demonstrate more aggression, rather than compromise, in order to enact contentious policies and fulfil his political ambitions. What this means for business remains to be seen.

Political change is dominating headlines elsewhere too, with UK voters having been widely predicted to end 14 years of conservative government rule while, in the US, Democrats struggled to prop up President Joe Biden following a disastrous debate with Donald Trump.

Outbound investment by Indian parties in these economies will depend heavily on how their governments move forward.

Heightened geopolitical tensions have also created an atmosphere of instability and uncertainty globally. The Israel-Palestine conflict continues to dominate news, with a rising death toll and no solution foreseeable. In Russia and Ukraine, the war also shows no sign of ending. Both conflicts have had led to supply-chain disruptions, inflationary pressures and unsettled trade relations.

Despite these challenges and brutal realities, things are looking somewhat brighter from a business standpoint. The past 12 months saw emboldened investors closing meaty acquisitions, raising record funds and tackling tricky disputes. Foreign law firms have been a big part of the story.

It was a healthier year for the capital markets. A total of 243 companies went public on 含羞草社区 stock exchanges by the end of last December – the highest annual tally in at least six years, according to figures from S&P Global Market Intelligence. Among them was the USD365 million IPO by Tata Technologies – the first company offering by the Tata Group in two decades.

About 35 companies used qualified institutional placements (QIPs) in 2023 to raise about USD5 billion. Of these, Union Bank of India raised USD600 million in its QIP – the largest issue of equity capital by a state-owned bank in 2023.

Transactions in green energy were also common. Adani Green Energy’s USD1.36 billion senior debt facility secured as follow-on funding for its construction financing pool is intended to help the company develop its renewable energy capacity. KKR invested USD250 million for a stake in green energy developer Serentica Renewables. And Power Finance Corporation committed INR22 billion (USD286 million) in the financing of Vibrant Energy for the construction of wind-solar hybrid projects in Madhya Pradesh and Karnataka states.

Industries such as technology, healthcare, retail, e-commerce and manufacturing have shown equal robustness, giving foreign legal advisers a chance to enjoy a piece of the pie.

METHODOLOGY

Our report, now in its 18th year, draws on an analysis of more than 600 law firms from every continent. Each has handled transactions and disputes with an Indian angle in the past 12 months. Our results are based on meticulous and time-intensive research, deep editorial experience and extensive consultation with corporate counsel and Indian law firms.

As in previous years, we received hundreds of submissions from law firms. These were carefully scrutinised against public and other records, along with reports in Indian and international media, to ensure the accuracy of our information.

Based on this research, India Business Law Journal is pleased to present its selection of the top 15 foreign law firms for India-related work. We also list 20 firms that are considered key players for India-related deals, and an additional 15 firms that are listed as significant players.

Each year we closely examine the work of regional and specialist firms in key economies such as Australia, Canada, Germany, Japan and Singapore, along with regions like sub-Saharan Africa and offshore investment hubs such as Mauritius and the Cayman Islands. We highlight 16 firms in this category that are sophisticated, committed and experienced to attract roles on India-related assignments.

We also identify 20 firms to watch and a further 14 regional firms in the same category. Some are behemoth operations, providing Indian clients with access to multi-jurisdictional services and a wealth of practice area expertise. Others have cultivated specialist knowledge, creating unrivalled capabilities across industries and establishing regional networks to assist India-focused clients. All lists are in alphabetical order.

Beyond deals, Indian clients also have an abundance of legal choice for containing disputes, as illustrated by the growth of litigators and arbitration specialists with Indian experience across all our categories.

Our top 15 law firms showcase multidisciplinary practices. These firms have taken charge of sophisticated matters, complex projects and contentious cases, guaranteeing the loyalty and trust of clients and peers. Hogan Lovells and King & Spalding both earn their places in this category after stellar performances on a plethora of India-focused matters.

Meanwhile, strong performers have secured spots in the key players position because of their dynamic and blossoming practices, not to mention the respect clients show for their India experts. Eversheds Sutherland, Penningtons Manches Cooper and Taylor Wessing impressed Indian corporate counsel with their practice specialisations, outstanding delivery and knowledge of the subtleties and nuances of doing business in India.

Many firms in this report have devoted resources, talent and energy to the Indian market for more than two decades, crafting strong relationships with Indian corporate counsel, senior company executives, financial institutions and law firms.

Indian businesses are increasingly making calculated investments – testing new markets as well as developing products, services and projects, exploring new business verticals, and collaborating with like-minded partners. Their ambition, experience and maturity keeps the floodgates open for any adviser, large or small, that can showcase legal finesse, cultural understanding and business acumen.

This hunger for development, growth and innovation will no doubt keep foreign lawyers on their toes as Indian clients search for the best commercial minds and legal intelligence on offer.

TOP 15

  • 1. A&O Shearman
  • 2. Baker McKenzie
  • 3. Bird & Bird
  • 4. Cleary Gottlieb
  • 5. Clifford Chance
  • 6. Freshfields Bruckhaus Deringer
  • 7. Herbert Smith Freehills
  • 8. Hogan Lovells
  • 9. Jones Day
  • 10. King & Spalding
  • 11. Kirkland & Ellis
  • 12. Latham & Watkins
  • 13. Linklaters
  • 14. Sidley Austin
  • 15. White & Case

A&O Shearman completed its merger in May, creating a firm with nearly 4,000 lawyers, including 800 partners across 47 offices. Last October, A&O Shearman advised the mandated lead arrangers and original lenders on the USD3.5 billion refinancing of the USD4.5 billion senior and mezzanine acquisition facilities for the leveraged buyout of Ambuja Cements and ACC by Adani Group – 含羞草社区 largest M&A transaction in the infrastructure and materials sector to date. It also advised Wipro on its acquisition of Ferretto Automation & Services in Europe. “Prompt responses and availability of senior partners sets them apart,” says one prominent client specialising in capital markets. “Pallavi Gopinath Aney and Alex Stathopoulos are extremely sharp lawyers and ensure critical issues are highlighted up front, allowing us enough bandwidth to process and manage the legal risks.”

Baker McKenzie’s geographical reach and multi-practice capabilities make it a popular choice for India-related work. It advised Affinity Holdings, a private healthcare provider in the Gulf Co-operation Council (GCC) countries and India, on the sale of its GCC healthcare business to Alpha GCC for USD1.01 billion. Jain Irrigation Systems also turned to the firm for advice on the merger of its international irrigation business with Temasek-owned Rivulis. Farida Desai, vice-president of legal at Mahindra & Mahindra, says: “Baker McKenzie is an excellent full-service law firm that understands us very well.” Rupinder Malik, a partner at JSA, appreciates the firm’s “exceptional legal skills and a commercially focused approach to understanding and resolving complex legal issues”. Ashok Lalwani, Aarthi Belani, Mini vandePol and Philippe Reich are highly rated.Farida

Bird & Bird’s reputation on India-related matters across practice areas has earned it a client list that includes Google, JSW Infrastructure, Tech Mahindra, Cipla, Pine Labs and Viacom18. The firm recently advised on a strategic partnership between Infosys and Danske Bank, and the sale of Indian subsidiary Danske IT – with about 1,400 employees – to Infosys. Makarand Karkare, deputy manager and global counsel for trademarks and brand protection at the Serum Institute of India, calls the firm “prompt and very ethical”. Karkare trusts Stefanie Orttmann for her “thoroughness and negotiating skills” on M&A matters, and on corporate law Simon Fielder, who is “cool-headed and has good composure”. Andrew Stobbart is also highly regarded. Subhajit Ghosh, associate director at Cyient, appreciates the firm’s “honest and clear advice”. Ghosh holds Helsinki-based Maria Carlsson in high regard.

Cleary Gottlieb runs a thriving India practice, fielding assignments on both inbound and outbound M&A, private equity, antitrust, anti-corruption, capital markets offerings and dispute resolution. “Cleary Gottlieb is one of the top firms to reckon with for the premium end of the Indian market,” says Rabindra Jhunjhunwala, a partner at Khaitan & Co. “Tihir Sarkar and Nallini Puri are incredible leaders for Cleary’s India practice … and go-to names for MNCs and financial sponsors engaging in transformative deals in India.” This year, the firm served as lead outside counsel to the Walt Disney Company in the combination of its Star India business with Viacom18 to form a strategic joint venture with Reliance Industries, which is expected to be worth USD8.5 billion. It also earned a role as adviser to TPG Capital on a new USD200 million investment in UPL Sustainable Agri Solutions.

Clifford Chance’s India Group is led by a core team of partners from each of its major practice areas: litigation and disputes, financing, corporate, and energy and projects. On the contentious front, the firm is defending allegations of defects by an owner against a leading wind turbine manufacturer in an Indian-seated arbitration spanning four different wind turbine projects. In addition, it is representing two group companies of an American international energy technology company in an ad-hoc, New Delhi-seated international arbitration. On the transactional side, it was counsel to the international lenders on a USD213 million senior debt facility to finance AdaniConneX’s data centre asset portfolio in Noida and Chennai – the largest data centre financing deal in India. It also advised the lenders on a USD400 million financing for State Bank of 含羞草社区 GIFT City branch.

In January, Freshfields Bruckhaus Deringer appointed Gautam Agarwal as counsel and head of the firm’s India finance practice. Hong Kong-based Agarwal moved from Kirkland & Ellis, and brings more than 13 years of experience on cross-border financing deals across Asia, including advising private equity sponsors on financings for their investments in India and Southeast Asia. Last year, the firm advised the Emirates Investment Authority, the sovereign wealth fund of the United Arab Emirates (UAE) government, on its co-investment for a 65% stake of Aster Healthcare for USD1.01 billion. Excelra, a global life science-focused data analytics company founded in India, also turned to Freshfields when it acquired bioinformatics service provider BISC Global. This year, the firm advised Zurich Insurance Group on its acquisition of a majority stake in Indian insurer Kotak Mahindra General Insurance Company for USD488 million.

Herbert Smith Freehills has a robust practice advising clients with Indian interests on complex, high-value cross-border mergers, joint ventures and greenfield projects. The firm’s expertise in automotive, banking and consumer sectors, as well as energy and renewables, infrastructure, pharmaceuticals, and technology, media and telecommunications also add to its credentials. Recent highlights include acting for: JSW on its acquisition of a 35% stake in MG Motors India; for Zydus Pharmaceuticals UK on its purchase of UK-headquartered LiqMeds group; and for India-headquartered UPL on its joint venture with Masarrah Investment Company to set up a manufacturing complex in the Kingdom of Saudi Arabia. Previously based in Australia and Malaysia, respectively, Malika Chandrasegaran and Glynn Cooper have joined the India practice based in the Singapore office. Both partners have a wealth of experience in private capital and corporate M&A in the Asia-Pacific region.

Hogan Lovells earns a place in the top 15 after a stellar performance on India-related matters over many years. The firm picked up roles on numerous headline deals including: advising Flipkart on its fundraising of USD600 million by way of a pre-emptive offer of shares to its shareholders; advising Samvardhana Motherson International on its acquisition of an 81% stake in Yachiyo Industry, a subsidiary of Honda Motors; and serving as the lead manager on Cholamandalam’s USD480 million QIP and compulsorily convertible debentures. Clients also seek out Hogan Lovells for advice on investigations, white-collar crime and fraud. The firm has helped companies strengthen their compliance networks, review whistleblower policies and investigate internal misconduct. From its Tokyo office, Hogan Lovells is promoting and facilitating investments between Japan and India as it foresees the growth of a political and commercial regional alliance between the two countries.

Jones Day’s geographic presence is a huge draw for Indian companies seeking counsel on outbound investment to fulfil their global ambitions. Last September, the firm advised UPL on its entry into a USD200 million facility with Co?peratieve Rabobank and MUFG Bank as mandated lead arrangers, underwriters and bookrunners. The following month, it acted for a global manufacturer in a post-acquisition internal investigation into allegations of corruption and employee misconduct in India, China and South Korea. “Jones Day Singapore provides an outstanding value proposition,” says David Peters, senior vice president in the corporate transactions group at Hyatt Hotels in Chicago. It offers “a superlative level of client service – among the best I’ve ever experienced – and steadfast focus on practical, outcome-based solutions”.David

King & Spalding soars into the top 15 on account of the breadth of its portfolio on India-related mandates. The firm’s India experts spread across London, the US, Singapore, Tokyo and the Middle East have scooped up interesting matters in the past year, including acting for ArcelorMittal on the sale of its shares in JSC ArcelorMittal Temirtau and JSC NGT Holding to JSC Qazaqstan Investment Corporation, an entity controlled by the government of Kazakhstan. The sale involved complicated issues of law, sovereign powers, immunity and multi-jurisdictional structuring. The firm has also shown its might on disputes as it continues to counsel Reliance Industries on various high-profile arbitration matters led by Thomas Sprange KC, and Sajid Ahmed. Other key India contacts are Rahul Patel, Amit Kataria, Andrew Brereton and Sunandini Das.

Kirkland & Ellis’ clout in private equity, litigation and investigations earns it roles on prestigious deals. The firm represented Bain Capital on a number of matters including the sale of its equity stake in JM Baxi Ports & Logistics, a diversified maritime logistics player, to Germany’s Hapag-Lloyd. It also acted for Lupin Pharmaceuticals and Sun Pharmaceuticals in multidistrict antitrust litigation regarding an alleged anti-competitive reverse-payment settlement with Jazz Pharmaceuticals involving the sale of the generic form of Xyrem. “Kirkland & Ellis is one of the best and top-tier law firms in the world,” says Yanyan Cai, associate general counsel for Asia private equity at Bain Capital. “We have worked closely with them for a decade. They take ownership and they are very savvy.” Cai recommends partners Pierre-Luc Arsenault, Srinivas Kaushik and Manas Chandrashekar.Yanyan

Latham & Watkins enjoyed another stellar year on transactions with an Indian nexus, acting on private equity, M&A and joint ventures, and working on numerous IPOs. Alta Capital, headquartered in Mumbai, put its faith in the firm on four of its recent structured equity investments in India. It poured USD325 million into Table Space, 含羞草社区 largest managed office space operator; USD200 million into Crimson Education, a school operating platform created by industry veterans; USD200 million into Good Host Spaces, 含羞草社区 largest student housing platform; and USD200 million into warehousing developer Pragati Group. The firm was also selected to advise the bookrunning lead managers on the USD365 million IPO by Tata Technologies, as well as advise Adani Green Energy RG1 on its issue of USD409 million senior secured notes due 2042.

Linklaters is consistently at the forefront of high-value capital markets deals as it showed when it was the sole international legal counsel on Bajaj Finance’s QIP and JSW Infrastructure’s IPO. But while the firm’s capital markets practice often takes centre stage, particularly in relation to India, it has also demonstrated its clout in other areas. Linklaters recently acted for a subsidiary of British Petroleum in a multibillion-dollar UNCITRAL arbitration seated in New Delhi concerning a production cost dispute under the terms of a contract with the government. And when Belgium’s Proximus acquired a majority stake in 含羞草社区 Route Mobile, it called on Linklaters for advice. The deal included the following mandatory takeover offer in India and subsequent reinvestment of the founding shareholders in a subsidiary of Proximus, for a total of EUR1.2 billion (USD1.3 billion).

Samir Gandhi and Manoj Bhargava spearhead the India practice at Sidley Austin, which is renowned for its high-value capital markets track record. This year the firm celebrated a number of firsts: advising on the first IPO of a health insurance third-party administrator company (Medi Assist); the first IPO of a healthcare product distributor (Entero Healthcare); and the largest India follow-on public offer (Vodafone Idea). In addition, Sidley acted for the lead managers on PNB Housing Finance’s USD305 million rights issue of equity shares. It also attracted new Indian clients to the fold, among them Tata Consumer Products, Adani Energy, Meesho and Karbon United. Prakash Chellam, managing director at Premji Invest, often reaches out to Sidley for IPO-related advice. Bhargava “takes personal and direct ownership of each assignment, has an eye for detail, and is available to management”, he says.

White & Case strengthened its India team this year with the arrival of Savi Hebbur in May. Hebbur joins the firm from Linklaters, where he headed the firm’s India corporate offering. In the past year, White & Case acted for Think and Learn, an online education business headquartered in India, on the proposed restructuring of its USD1.2 billion term loan B financing; EMK Capital in its USD74 million acquisition of a majority interest in 含羞草社区 Servion Global Solutions; and the Republic of India in ongoing enforcement proceedings brought by Deutsche Telekom, relating to a cancelled satellite deal. Alok Misra, COO of General Atlantic India, says when it comes to international legal counsel on Indian IPOs, White & Case is “far superior to the others we have used”. Adds Misra: “Rahul Guptan’s knowledge of the subject matter, attention to detail, responsiveness and turnaround time is second to none.”

KEY PLAYERS

  • 1. Ashurst
  • 2. Cooley
  • 3. Covington & Burling
  • 4. Cravath Swaine & Moore
  • 5. DLA Piper
  • 6. Eversheds Sutherland
  • 7. Gibson Dunn & Crutcher
  • 8. Goodwin Procter
  • 9. Gunderson Dettmer
  • 10. K&L Gates
  • 11. Mayer Brown
  • 12. Milbank
  • 13. Norton Rose Fulbright
  • 14. Penningtons Manches Cooper
  • 15. Reed Smith
  • 16. Ropes & Gray
  • 17. Simpson Thacher & Bartlett
  • 18. Skadden
  • 19. Stephenson Harwood
  • 20. Taylor Wessing

Ashurst has played a role on India-focused deals for more than three decades. Last June, the firm acted for a syndicate of 12 banks on ReNew Energy’s USD400 million high-yield green bond issuance. A few months later, it advised Liberum Capital on the sale of Superdry’s IP assets to Reliance Retail including specific trademarks in India, Bangladesh and Sri Lanka. And in January, it assisted Jubilant Foodworks on its acquisition of DP Eurasia, the exclusive master franchisee of Domino’s Pizza in Turkey, Azerbaijan and Georgia. Last month, Ashurst appointed former Khaitan & Co partners Kalpana Unadkat and Shishir Mehta to co-head its India practice in London. The hires are part of the firm’s ambition to grow its India offering globally. Geoffrey Picton-Turbervill chairs the India group.

Cooley advises innovative and disruptive Indian emerging companies including Groww, Freshworks, Mobile Premier League, Moglix, PhonePe and Zepto on their financings, M&A and joint ventures, IPOs, de-SPACs and other strategic transactions. A recent highlight saw the firm advise ChrysCapital on its USD700 million continuation fund, and a complex simultaneous sale and purchase of its stake in 含羞草社区 National Stock Exchange. The firm also advised Zepto on its USD200 million series E financing, bringing Zepto’s valuation to USD1.4 billion, and making it 含羞草社区 first 2023 unicorn. “Compared to other international law firms, Cooley offers a more collaborative, personalised and industry-specific approach,” says one client, adding: “Rishab Kumar excels in corporate transactions and strategic advisory services”, and “has deep connections within the startup ecosystem”.

Covington & Burling has represented US, European and Indian clients on a variety of India-related projects, including M&A, project financing, joint ventures, trade and regulatory matters, and investigations. The firm prides itself on a track record of working with Indian companies, rather than focusing only on inbound transactions, thus ensuring its deep understanding of 含羞草社区 business and regulatory environment. Covington’s blue-chip clients include names such as Reliance Industries, Piramal Enterprises, Balkrishna Industries, Big Tree Entertainment, Axis Bank, Novi Digital and OmniActive Health Technologies. This year, the Walt Disney Company turned to the firm for advice on its USD8.5 billion merger with Reliance Industries. The deal will see Reliance controlling more than 60% of the merged operations, 47% of which will be through its subsidiary Viacom18 Media. Disney will own a 37% stake in the joint venture.

Cravath Swaine & Moore is often appointed on complex, high-value deals involving Indian parties. At the end of last year the firm advised Tata Technologies as international counsel on its INR30.4 billion 144A/Reg S IPO of equity shares. It is currently representing Viatris in its pending divestiture of its active pharmaceutical ingredients business in India to IQuest Enterprises, and its Women’s Healthcare business to Insud Pharma. The divestures are worth around USD3.58 billion. Srinivasan Vaidyanathan, CFO at HDFC Bank, says Cravath “has great responsiveness” and is “proactive in covering matters and anticipating the next steps”. Imtaiyazur Rahman, managing director and CEO at UTI Asset Management, says the firm “offered excellent services” led by Philip Boeckman, who is “an extremely competent professional”.

In March, DLA Piper achieved a significant arbitration victory on behalf of client UpHealth Holdings, a global digital health company, in the International Court of Arbitration of the International Chamber of Commerce (ICC) against Glocal Healthcare Systems, a healthcare tech company based in India. The ICC tribunal, seated in Chicago, unanimously found that Glocal and five of its shareholders (three of whom are also its directors) – had breached the terms of their share purchase agreement with UpHealth. The tribunal awarded specific relief as well as up to USD110 million in damages. DLA’s primary contacts for India include Kit Burden (London), Daniel Sharma (Frankfurt), Meraj Noor (Singapore), Joywin Mathew (Dubai), Gitanjali Bajaj (Sydney), Philip Lee (Singapore) and Benjamin Parameswaran (Hamburg).

Clients frequently seek out Eversheds Sutherland for assistance on large, high-value multi-jurisdictional transactions. Rabindra Jhunjhunwala, a partner at Khaitan & Co, works with Eversheds on various M&A, competition, restructuring, joint venture, funding, data and tax advisory matters. “Eversheds delivers superior India-related legal services characterised by their in-depth expertise, client-focused approach, effective communication and extensive network, he says. The firm is a “one-stop-shop”, adds Jhunjhunwala, commending its “highly specialised sector-based approach and international reach”. In the past 12 months, the firm advised Air Vistara on a trademark infringement dispute, ReNew Power on the development of energy projects in Egypt, and PCBL, the largest carbon black manufacturer in India, on its USD455 million purchase of Pune-headquartered Aquapham Chemicals.

Gibson Dunn & Crutcher’s India practice is led by Jai Pathak, who brings 35 years of experience on India matters. The firm’s key achievements of the past year include assisting Vahanna Tech Edge Acquisition I Corp in its USD965 million business combination with Roadzen, an automotive insurance technology provider, and assisting Houghton Mifflin Harcourt in its greenfield investment and expansion of operations in India in the technology services sector. In another highlight, the firm advised Colombo West International Terminal as the borrower in relation to financing by the US International Development Finance Corporation and India Exim Bank for the development, construction and operation of the strategic Colombo port’s Western Container Terminal. The terminal is being developed by Adani, its local partner John Keells Holdings, and the state-owned Sri Lanka Ports Authority.

Goodwin Procter has an impeccable reputation when it comes to private equity, corporate and M&A matters and fund formation. The firm has advised on investments in the most disruptive businesses – such as Byju’s, Cardekho, Flipkart and PayTM – representing investors in the various financing stages of these companies. Goodwin recently advised Lumos Capital Group on in its investment in Chennai-headquartered enterprise skilling startup Disprz as part of its USD30 million series C funding round. “Goodwin has one of the strongest India teams and corporate services amongst all international law firms in the region,” says Jenny Xie, deputy general counsel at B Capital in Singapore. Xie consulted the firm for M&A and minority equity stake investments and divestments. “The team is top-notch, and has deep substantive knowledge on India-related matters,” she says.

Gunderson Dettmer is consistently at the forefront of venture capital activity thanks to its exclusive focus on the innovation economy. The firm assisted Lightspeed Venture Partners as an investor on the USD340 million series E financing of India-based unicorn Udaan, Goodwater as an investor in the USD200 million series E financing of Indian grocery delivery startup Zepto, and Prosus Ventures on the USD46 million series C financing of Vegrow, an Indian B2B marketplace for fruits. “We would rank them the highest, as compared to other international firms we have seen acting on India-related matters,” says Vinayak Mishra, general counsel at Lightspeed Venture Partners. Mishra commends Jonathan Pentzien, “because of his grasp, clarity of thoughts and ability to achieve a win-win for all parties involved”.Vinayak

K&L Gates boasts a rigorous IP practice which this year attracted a number of Indian pharmaceutical clients seeking assistance in abbreviated new drug application (Hatch-Waxman) litigation and advice on other matters in the US courts. Among the plethora of IP cases, the firm also won a role as counsel to an Indian pharmaceutical company in a London Court of International Arbitration (LCIA) case against a US counterparty regarding a contract dispute governed by English law with claims of about USD500 million. The case was staffed by a highly specialised team of patent law litigators and international arbitration practitioners from the firm, as it involved both commercial and tricky technical issues. Another standout matter saw the firm advise the Asian Infrastructure Investment Bank on its investment in the NIIF Private Markets Fund, which was set up to support the development of 含羞草社区 private equity and venture capital markets.

Mayer Brown has represented Indian companies on complex outbound transactions and disputes for many years. The firm recently acted for Shriram Finance on its successful Rule 144A/Reg S offering of USD750 million 6.625% senior secured notes due in 2027. “Mayer Brown’s capital markets and finance group has become my go-to law firm over the past decade and I’d highly recommend them in a number of areas of expertise,” says Jonathan Grebinar, Roosevelt Management’s chief legal officer. Raphael Dawson, managing director at Walton Street Capital, has worked with Mayer Brown for almost two decades and says: “The firm has played a critical role in the implementation of our India strategy.” Dawson speaks highly of David Carpenter: “His understanding of the overlap of the legal and investment environment in India is a distinct advantage.” Carpenter co-chairs the India practice with Paul de Bernier and Soumitro Mukerji.

Milbank has provided counsel to Indian clients for more than 20 years in the fields of power and energy, oil and gas, finance, and telecoms, among others. Last April, the firm secured a role as adviser to Manipal Hospitals on what was then the largest private equity deal in the healthcare sector in India. The firm was international counsel for Manipal and its promoters in connection with Temasek’s acquisition of a significant stake in Manipal Health, which also involved a partial exit to TPG and a full exit to National Investment and Infrastructure Fund – II. In another deal, Milbank advised EPIC Group Holdings on its USD100 million debt financing to expand its sustainable textile manufacturing operations in Bangladesh and India. The financing comprised a USD70 million sustainability-linked loan and a USD30 million green loan.

Penningtons Manches Cooper runs a robust India practice from its London office. In the past 12 months the firm has handled a variety of assignments, from assisting an Indian pharmaceutical company on a number of patent-related product clearances for the UK market to acting for an Indian bank on regulatory and dispute matters. In addition, the firm is a trusted counsel for UK companies seeking a footprint in India. Penningtons recently advised a UK AI-enabled telephony and cloud communications provider for its Indian operations. “With deep experience and knowledge of India … they are best suited to handle any complex issue which has any connection with the country,” says Mahesh Agarwal, the managing partner at Agarwal Law Associates. Agarwal endorses Phillip D’Costa, who “has mastered the art of understanding clients’ needs and delivering results”.

Norton Rose Fulbright snapped up roles on a string of interesting deals involving Indian parties in the past 12 months. Last year, it advised the Asian Development Bank on INR7.5 billion (USD89.7 million) in loan facilities to five subsidiaries of SAEL Industries, one of 含羞草社区 leading renewable energy companies. The funds will be used to set up biomass power plants in Rajasthan. Last month, the firm was engaged by Heads Group, a global contract research organisation (CRO) that specialises in clinical trials in haemato-oncology, on its sale to Veeda Group. Veeda is an Ahmedabad-based independent CRO with rich experience in bioequivalence along with early and late-phase clinical trials. Raj Karia, Zubair Mir, Shabnam Karim and Purvi Maniar are key contacts for India.

Reed Smith is a magnet for high-profile matters involving Indian parties. It is presently acting for ICICI Bank and four other Indian banks in obtaining a judgment for more than USD2.2 billion in the UK Commercial Court, against 10 entities in the GVK Group. It is also advising an Indian pharmaceuticals company in its defence of a USD1 billion LCIA arbitration brought against it by a US pharmaceuticals entity. “Reed Smith is excellent in resolving issues in the interest of deal closure while protecting our interests,” says Samrat Mitra, general manager for corporate, finance and M&A at GMR Group. “Both Sarah Caldwell and Nathan Menon are very good listeners who understand the requirements and appropriately provide us with solutions.” Another client praises Gautam Bhattacharyya, who “has excellent knowledge of the Indian legal system and is very well connected in India”.

Ropes & Gray’s prominent anti-corruption and international risk practice has worked tirelessly to assist clients on white-collar crime, corruption, sanctions and money-laundering risks. The firm is conducting a comprehensive, multi-year compliance risk assessment of the assets of one Indian client to evaluate and pressure test the client’s compliance programme, policies and procedures, training, and potential corruption and bribery risks. Meanwhile, for an international client, Ropes & Gray is investigating allegations of bribery at an Indian technology company in which the client invests. The firm also has vast experience leading on global impact investing transactions across a variety of sectors, including sustainable agriculture, renewable energy, conservation, microfinance, health, education and the provision of basic goods and services. Ryan Rohlfsen, Amanda Raad, María González Calvet, Andrew Dale and Geoffrey Atkins are key members of the India practice.

Simpson Thacher has been active in India since the early 1990s, and has a wealth of experience advising on private equity and direct investment, capital markets, asset management and project finance transactions. Key achievements in the past year include advising KKR on India Grid Trust’s proposed acquisition of Virescent Renewable Energy Trust for about USD483 million in August. In the same month, Blackstone consulted the firm when it sold a minority stake in IBS Software to funds advised by Apax Partners for USD450 million. The firm was also KKR’s counsel for its acquisition of Healthium Medtech, an Indian medical devices company, and its USD250 million follow-on investment into Reliance Retail Ventures. “They are best in class and very reliable,” says one private equity client. “Ian Ho is very commercial and is a trusted adviser.”

Skadden has been a trusted legal counsel to corporate acquirers, sellers and investors in M&A and international joint ventures involving Indian companies for more than 25 years. It has also assisted multinational companies in restructurings and divestitures involving Indian companies. In March, Skadden scored a role as adviser to Reliance Industries on its USD8.5 billion joint venture with Viacom18 Media and the Walt Disney Company. The deal will see Viacom18 and Star India merge their respective digital streaming and television assets in India. In May, the firm acted for Hexaware Technologies in its purchase of Softcrylic, a data consulting company headquartered in Minneapolis. In another prominent matter, Skadden was engaged to advise Taro Pharmaceutical on a USD348 million purchase by Sun Pharmaceutical of the remaining stake in Taro that it does not already own.

Stephenson Harwood has built a solid reputation for itself as an adviser to Indian companies operating in Dubai and across the Middle East. The firm is currently acting for ICICI Bank in the Dubai International Financial Centre Courts in its claim against Bavaguthu Raghuram Shetty, the founder of NMC Healthcare, one of the largest private healthcare networks in the UAE. “I would rate Stephenson Harwood very highly compared to others we have used in the GCC region,” says Sujeet Jain, chief legal and regulatory affairs officer at Nykaa. “They have been able to provide practical advice given local regulatory requirements, and are very prompt in their responses.” Jain relies on Diwakar Agarwal, whom he describes as “very impressive, prompt, practical, committed, efficient, well networked in the Middle East, and extremely trustworthy”.

Taylor Wessing’s India practice focuses on four key practice areas: life sciences, technology, private wealth and real estate. When Ola Cabs needed legal advice in defending a high-profile class action by its drivers for various workers’ rights, and certain issues concerning its licence with Transport for London, it called on Taylor Wessing. A Canadian pharmaceutical company also relied on the firm in a USD160 million ICC arbitration with its contractual counterparty, an Indian generics pharmaceutical company. Rrahul Upadhyay, legal head at MGF Developments in Delhi, praises the firm for its arbitration record. “The outcome of the litigation has been much beyond what we had expected and were slated to achieve.” He adds that Nick Storrs “was like one amongst us”, and that the firm “has been very patient with us, understanding our work cultures, payment timelines, etc.”.

SIGNIFICANT PLAYERS

  • 1. Addleshaw Goddard
  • 2. CMS
  • 3. Fieldfisher
  • 4. Foley Hoag
  • 5. Kelley Drye & Warren
  • 6. Kilpatrick Townsend & Stockton
  • 7. McDermott Will & Emery
  • 8. Morgan Lewis & Bockius
  • 9. Morrison Foerster
  • 10. Orrick
  • 11. Pinsent Masons
  • 12. Sheppard Mullin Richter & Hampton
  • 13. Stewarts
  • 14. Three Crowns
  • 15. Trowers & Hamlins

Nikhil Chary and Jaya Gupta drive Addleshaw Goddard’s India practice from the firm’s office in London. The firm is well positioned to assist clients in India and across Southeast Asia on their cross-border investments using its global infrastructure, retail, healthcare and financial services offerings. On the transactions front, Addleshaw recently represented Veeda Clinical Research on its acquisition of the Heads Research Group, a pan-European contract research organisation with headquarters in Ireland. It also took on a mandate for 含羞草社区 PropertyShare, a real estate investment platform, on the expansion of its business model into the UK and Europe. On the contentious front, the firm is acting for the Shapoorji Pallonji Group on risk management and disputes relating to the design, construction and operation of several energy-from-waste projects in Europe.

CMS recently expanded its global India desk to support its Austrian team, based in Vienna. In February, CMS Austria was the sole law firm as part of a high-level Austrian business delegation to India, led by the country’s federal minister of labour and economy. The visit was designed to explore the economic potential of the subcontinent and to strengthen business ties. CMS has continued to support India-focused clients this year, advising the Singapore holding company of Indian fintech unicorn KrazyBee on various corporate and commercial matters; an Indian multinational on its joint venture with the venture capital arm of a global financial services institution; and a Singapore entity on its acquisition of an Indian engineering, procurement and construction contractor, in conjunction with its broader strategy to establish a renewables business focused on the Indian market.

Fieldfisher’s commercial litigation and arbitration practice holds great appeal for Indian clients. Priyanka Kapoor recently led a team that secured a victory for its client in IIFC v Reliance Naval Engineering, Bhavesh Gandhi, Naresh Gandhi and SKIL Infrastructure. This was a case in which the provisions of the Indian Bankruptcy Code and powers of an insolvency resolution process appointed under the code were tested in the English court for the first time. Aside from its contentious work, Fieldfisher offered export control advice to a multinational aeronautics company regarding the supply of Indian-made aircraft parts, advised an Indian global logistics provider on EU General Data Protection Regulation compliance, supported an Indian life sciences company on a Dutch acquisition, and assisted on the restructuring of the Indian arm of a multinational company with a view to a potential third-party sale.

Foley Hoag has built a solid reputation on India-related matters with a US element, advising on disputes, IP, corporate finance, venture capital, employment and immigration. A core strength for the firm lies in representing investment managers with Indian investment strategies. Foley Hoag continues to act for Bay Capital Partners, White Oak Capital Partners and Avendus Capital on their India-focused investment funds. “Foley Hoag is extremely hands-on and knowledgeable,” says Jay Thakkar, designated partner and compliance officer at Chanakya Capital Partners, who consults the firm for US Securities and Exchange Commission compliance matters, its India-focused accounts and a commingled fund. “They are subject matter experts, which provides us with confidence when working with them.” Thakkar recommends partner Meredith Haviland and associate Ayah Zaidi.

Kelley Drye & Warren has advised Indian companies on complex cross-border transactions, litigation and regulatory matters in the US for close to 50 years. In 2023, the India practice, spearheaded by Deepak Nambiar, opened 123 new matters, many of them in the technology sector. In the past 12 months, the firm advised Indian clients on litigation, M&A deals, bankruptcy filings, regulatory and compliance matters, employment law and IP matters in the US. “Deepak Nambiar is a trusted adviser, level-headed and does the work expected of him and his team,” says Satish Raman, chief strategy officer at Fractal Analytics, who has worked with the firm on cross-border M&A matters, particularly between India and the US. Other key contacts are Philip Robben, Rob Steiner, Eric McClafferty and Mark Konkel.

Kilpatrick Townsend & Stockton (KTS) runs an active India practice advising companies across industries from energy, technology and healthcare to manufacturing, construction and wealth management. In the past year, the firm has assisted Indian companies on their market entry, acquisitions and joint ventures, contract negotiations, compliance requirements, IP protection, and litigation. Parimal Deuskar, head of compliance and legal at Marcellus, worked with the firm on the company’s US Securities and Exchange Commission licence application. “KTS understood the nuances of the securities markets in India and the regulations around it very swiftly as compared with the other international law firms,” says Deuskar. “Wherever US and Indian regulations were in conflict, we could find a win-win solution fast.” Deuskar recommends Jeffrey Skinner and Skyler Shields. “Jeffrey’s grasp is top-class,” he says.

Ranajoy Basu heads the India practice at McDermott Will & Emery (MWE), which offers clients expertise across a spectrum of practice areas. Its recent standout deals include acting for Innovative International Acquisition Corp on its merger agreement with Zoomcar, Saison as minority investor in a US and India data analytics business, and ReNew Energy Global on a variety of matters related to its day-to-day business operations. “MWE is a cut above the rest,” says Kimberly Caesar, director for global health at Hackensack Meridian Health (HMH), who hired the firm to assist with HMH’s oncology partnerships in India. “They are a true blue-chip law firm that provides clients with exceptional service. They have a more extensive knowledge base of Indian and other international law than other law firms we have engaged.”Kimberly

Morgan Lewis & Bockius expanded its India team last year with the appointment of two new partners: George Cyriac, a corporate and private equity specialist who joined from Stephenson Harwood; and Vishnu Shankar, an expert in regulatory enforcement and cybersecurity who most recently served as legal head at the UK’s Information Commissioner’s Office. The firm stepped up to assist Contract Pharmacal when it sold its 85% stake in FPP Holding to Indian active pharmaceutical manufacturer Indoco Remedies. In another key matter, it advised AIGF Advisors on the sale of Restaurants Development, a franchisee of KFC Thailand, to Devyani International DMCC, a subsidiary of India-listed Devyani International. Morgan Lewis also capitalised on its strengths in aviation, and assisted SpiceJet on its settlement discussions with various aircraft lessors as part of its entire fleet restructuring and debt restructuring exercise.

Morrison Foerster’s broad suite of services has contributed to its presence on notable deals with an India nexus. The firm advised on the formation of IndoSpace Logistics Parks IV, a fund that will develop, acquire, own, manage and operate a diversified portfolio of industrial real estate assets across India under a build-to-core investment strategy. On the venture capital side, Morrison Foerster was counsel to MUFG Bank and MUFG Innovation Partners Company in a series B investment in Indian cloud lending platform Lentra AI. The firm also took up opportunities in the energy sector, advising on an investment in a platform established for the development, construction and operation of solar and wind projects in India.

Orrick presents Indian clients with a compelling offer of specialisation in four major sectors: energy and infrastructure; technology and innovation; financial services; and life sciences. Among its recent achievements, the firm advised Aditya Birla Group’s company Thai Acrylic Fibre on the purchase of IP assets from Dolan, a synthetic fibre producer based in Germany. Focusing on tech, Orrick picked up a role as legal counsel to advise Acumen Fund in its investment in the pre-series A financing of India-based Oorja Development Solutions, which developed a farming-as-a-service company designed to boost rural livelihoods in emerging markets. Orrick also advised Macquarie on its first investment into an electric vehicle charging platform in India known as ChargeZone, a deal involving a primary investment through a subscription of shares and a secondary acquisition of shares from certain founders.

Pinsent Masons strengthened its India offering with the arrival of partner Harjeet Lall, who joined the firm from Mayer Brown last September and now serves as its India practice co-head along with Frederic Gillion. The firm’s rich experience on infrastructure and energy projects has landed it roles on complex and critical matters affecting India, and its current portfolio is a testament to this expertise. In the past year, Pinsent Masons advised an oil and gas company on its investment in a carbon offset platform in India by way of a convertible loan note agreement, and assisted an international consortium providing construction services and technology solutions to the developer of the 1,506-kilometre Western Dedicated Freight Corridor in India. The firm has also been active on construction disputes, project financing, fund-related work and corporate matters.

Sheppard Mullin Richter & Hampton is often sought after by technology companies because of its grasp of software, IT and outsourcing ecosystems. Clients in the firm’s roster include Tech Mahindra, eClerx, Tata Consultancy Services, HCL Technologies and L&T Technology Services. The team secured a win for client Wipro following arbitration proceedings against former media and broadcasting giant Vice Media. The dispute centred on Vice Media’s failure to pay outstanding invoices relating to five contracts it had executed with Wipro prior to the covid-19 pandemic. The final award dismissed all of Vice Media’s counterclaims and awarded Wipro all of the damages it sought, plus pre-judgment interest. The case also resulted in Vice Media filing for bankruptcy. Robert Friedman heads the India group with support from James Hays, Valérie Demont, Jeff Kern, Fatema Merchant and Ann O’Brien.

Stewarts is the largest disputes-only firm in the UK and has offices in London and Leeds. Last November, Sherina Petit departed Norton Rose Fulbright and joined the firm as its head of international arbitration. The firm is acting for InterGlobe Aviation on its claim for USD28 million in damages for fraudulent misrepresentation and unlawful means conspiracy. Sujeet Anand, senior vice president at DBS Bank, consulted Stewarts on an enforcement action relating to the UK as jurisdiction. “Stewarts was very responsive and worked on a very tight timeline given the sensitivity of the matter,” says Anand. “The team was flexible, taking into consideration the commercial aspect while formulating a litigation strategy and its execution.” Petit and Nishant Nath have shown “a fine balance of legal acumen coupled with commercial insight”, he says.

International arbitration specialists Three Crowns (3C) celebrated its 10th anniversary this year. The firm frequently secures roles on large commercial and investment treaty claims with an Indian connection. Star India is banking on the firm for advice on a London-seated LCIA arbitration against Zee Entertainment in relation to a cricket broadcasting deal worth USD1.4 billion. The firm is also acting for an Indian conglomerate in a New York-seated ICC arbitration arising under a technology licence agreement. “Over my career, I have been involved in a number of cases with 3C on complex cross-border matters, often involving hundreds of millions of dollars,” says Montek Mayal, partner and practice head for Asia and the Middle East at Osborne Partners. “3C is user-friendly, detail-oriented and intellectually plugged in. It’s one of the leading firms in the arbitration space.” Manish Aggarwal, Constantine Partasides KC and Ga?tan Verhoosel KC are highly recommended.

Although established only a year ago, the India desk at Trowers & Hamlins has seen a steady stream of activity linked to the India-GCC corridor. Standout deals in the past year have included acting for Malaysia Airports Holdings on the disposal of its entire stake in GMR Hyderabad International Airport for USD100 million and acting for Bahrain Development Bank on the USD1 billion restructuring of JBF RAK, a multinational plastics manufacturer forming part of the listed Indian polyester manufacturing group JBF Industries, via a UAE onshore restructuring plan. In another standout deal, the firm represented various lenders of a syndicate in relation to a series of three onshore INR-denominated syndicated facilities granted to seven special purpose vehicles of the Brookfield group incorporated in India to finance solar power projects in Rajasthan. Debopam Dutta heads the India desk from Oman.

REGIONAL & SPECIALIST

  • 1. Appleby (Mauritius)
  • 2. Bowmans (Kenya, Mauritius, Tanzania, South Africa, Zambia)
  • 3. Corrs Chambers Westgarth (Australia)
  • 4. Dentons Rodyk & Davidson (Singapore)
  • 5. Drew & Napier (Singapore)
  • 6. Duane Morris & Selvam (Singapore, Myanmar)
  • 7. Elias Neocleous & Co (Cyprus)
  • 8. ENS (Kenya, Mauritius, South Africa)
  • 9. Gianni & Origoni (Italy)
  • 10. Heuking (Germany)
  • 11. Mori Hamada & Matsumoto (Japan)
  • 12. Nishimura & Asahi (Japan)
  • 13. Rajah & Tann (Singapore)
  • 14. Shook Lin & Bok (Singapore)
  • 15. TLT (UK)
  • 16. WongPartnership (Singapore)

Appleby has served issuers, private equity investors and investment banks on a host of complex capital markets deals over many years. The firm acted as Mauritius legal counsel on a structured finance deal of USD300 million in 5.85% senior secured notes due 2030, issued by Mauritius-based India Vehicle Finance, an orphan special purpose vehicle. A portion of the proceeds from the notes will be used to purchase INR-denominated senior pass-through certificates to be issued by Sansar Vehicle Finance Trust Dec 2022, a trust established under Indian law. Sansar will then use the proceeds from the sale of the senior pass-through certificates to subscribe to local asset-backed securities issued by Indian financial institution Shriram Finance in a first-of-its-kind bond deal by an Indian issuer. Malcolm Moller is a principal contact for India matters.

Bowmans’ familiarity with the legal and regulatory nuances across specific African jurisdictions is invaluable to Indian multinationals investing in the region. The firm is currently counsel to Africa50 and Power Grid Corporation of India following a mandate by the government of Kenya to develop, structure, finance and build certain high-priority transmission lines on a public-private partnership basis in collaboration with the Kenya Electricity Transmission Company. Other key assignments include advising Africa Capitalworks SSA 3 on its acquisition of a 51.18% stake in Cipla Quality Chemical Industries, Godrej on the sale of its business in Kenya and Tanzania, and Manipal Industries in relation to the tax structuring of their business in Kenya.

Corrs Chambers Westgarth focuses on business ties between Australia and India in the key practice areas of technology, media and telecoms, corporate and M&A, infrastructure, energy and resources, and education. The firm continues to advise National Australia Bank on the establishment and ongoing operation of its technology capability centre in India. The centre operates as a base to execute digital, technical and IT functions for the bank. Other matters on the firm’s roster include assisting Ramco on a contractual dispute with a customer; assisting Persistent Systems on various Australian employment-related matters; and prosecuting the Australian and New Zealand applications to register the Basmati geographical indication as a certification trademark. Arvind Dixit and Shabarika Ajitkumar chair the India group.

Dentons Rodyk & Davidson is a respected name on the Singaporean legal circuit, made even more prominent among Indian clients following Dentons’ formal combination with Indian firm Link Legal last year. A team led by Kirindeep Singh handled a dispute for Quippo, an Indian oil and gas exploration and production company, in the enforcement of an arbitral award in Singapore. The company had successfully obtained an arbitral award relating to a contract for the sale of a jack-up drilling rig in Egypt. The arbitration was conducted in India before a sole tribunal member. Singh was also the lead partner to Indian digital lending platform Stashfin when it terminated its consultancy agreement with a US investment banking firm. Meanwhile, partners Ray Chiang and Lee Kee Min acted for Indian unicorn Mensa Brands in its USD40 million debt funding from EvolutionX Debt Capital.

Drew & Napier’s India practice is led by CEO and renowned litigator Cavinder Bull. Bull and director Foo Yuet Min successfully acted for Shanghai Electric in resisting a challenge to a Singapore International Arbitration Centre (SIAC) award mounted by Reliance Infrastructure. Reliance’s challenge was based on allegations that the underlying agreement, which contained the arbitration agreement, was forged. In addition to dispute resolution, the firm routinely works with Indian clients on corporate and IP matters. Key achievements in the past 12 months include acting for IBS Software when Blackstone sold a significant minority stake in the company to funds managed by Apax Partners for about USD450 million, advising Yokogawa Electric on the series B fundraising for Ideation3X, and representing DL E&C (formerly Daelim Industrial) on a dispute concerning an aborted L+EPC contract for the construction of the Dahej Petrochemicals plant complex.

Duane Morris & Selvam has robust experience on capital markets, corporate matters and dispute resolution. The firm acted for the book running lead managers on IDFC First Bank’s USD361 million QIP, and advised Indraprastha Gas on its concession documentation with New Yangon City Development in Myanmar. India practice head Priyank Srivastava is very popular with clients. Alvin Kwek, business planning manager at Iceberg Holdings in Singapore, describes Srivastava as “versatile and culturally sensitive to different nuances associated with different nationalities”. Adds Kwek: “He is earnest and forthcoming with advice … we trust him completely. He belongs to a different league of lawyers.” Sushmita Gandhi, a partner at IndusLaw, says Srivastava is “an excellent lawyer, a great human being, understands every aspect of handling and retaining a client, and is very easy to work with”.

Elias Neocleous & Co is a preferred choice for Indian clients with offshore interests in Cyprus. The firm enjoys a strategic relationship with several Indian law firms, chartered accountants and a custodian bank. Recent activity includes assisting a Cyprus-based corporate client with its investment in a national food and grocery retail chain in India, and assisting an Indian e-commerce home décor business on the redomiciling of a Cyprus entity to Mauritius. The team is “fantastic”, says Debasish Roy, a consultant solicitor at David Wyld & Co. Motaher Chowdhury and Fabian Cabeza “are efficient in providing spot-on, effective, and pragmatic assistance in corporate and commercial transactions, including complex cross-border deals,” he says. Marina Joud is “a shrewd commercial litigator and I would recommend her highly”, he adds.

ENS prides itself on being an “intrinsically African firm” and its recent rebranding sought to emphasise the firm’s African roots. Indian clients profit from this deep knowledge as they seek partners to help them navigate local and regional laws. Dr Reddy’s Laboratories has relied on the firm for many years for assistance with trademark clearance searches, as well as trademark filing services in South Africa and several other countries across the African continent. Havells, Greenlight India and Cricket South Africa have also called on the firm’s IP expertise. Outside the IP practice, ENS is representing Gokaldas Exports, a large Indian manufacturer and exporter of apparel, in its proposed acquisition of certain assets of the Atraco Group, an apparel manufacturer with a market position across the US and Europe.

Gianni & Origoni has built a solid reputation as an adviser to Indian clients making acquisitions in the Italian technology, automotive, energy and infrastructure sectors. Mumbai-based textile manufacturer Raymond reached out to Italian firm Gianni & Origoni to assist with the dissolution of the joint venture Raymond Luxury Cottons, which it had established with Cotonificio Honegger in 2005. The transaction involved the sale of Cotonificio’s entire stake in Raymond Luxury Cottons, representing about 24% of the share capital, resulting in Raymond owning the entire company. The firm also acted for Titagarh group in a new injection of investment in Titagarh Firema, a Caserta-based company that designs, constructs and repairs railway equipment, and for Control Print on its purchase of a business unit of V-Shapes, an Italian company that produces single-dose packaging.

German commercial firm Heuking advises clients across industries from steel and automotive to IT, health, agriculture, logistics and fashion. In one recent highlight, the firm represented BGR Investment Holdings on the acquisition of a majority stake in Chennai-based Enexio Power Cooling Solutions India. As a subsequent part of the transaction, it advised Enexio (India) on its purchase of Enexio Germany’s ACC, which included the acquisition of IP assets and the relocation of Enexio China’s production facilities to India. “Their understanding of Indian law is quite exhaustive,” says Rudra Pandey, a partner at Shardul Amarchand Mangaldas & Co. Martin Imhof “has vast experience on India-related matters”, adds Pandey. “He understands Indian regulations well … and provides commercial legal solutions to German companies in deadlock situations.”

Mori Hamada & Matsumoto set up its India practice in 2000, following now partner Chisako Takaya’s secondment at Indian law firm Kochhar & Co. Since then, the firm has worked to cement ties with Indian law firms and clients supporting Indo-Japanese investments. From its bases in Tokyo and Singapore, MHM’s India team assisted Mizuho Bank in the USD150 million acquisition of a 15% stake in Credit Saison’s Indian subsidiary Kisetsu Saison Finance (India). The team also attracted a string of other mandates, advising Shinagawa Refractories in the purchase of a 49% stake in its Indian joint venture with Grindwell Norton and assisting a Japanese company on the cancellation of shares in an Indian company following the Indian insolvency and bankruptcy process.

Nishimura & Asahi has had a busy year handling India-related matters, having worked on large-scale internal investigations of Indian subsidiaries of Japanese companies; advising on compliance, labour, insolvency, tax and regulatory matters; and resolving cross-border joint venture and commercial disputes. Recent achievements include assisting Sumitomo Realty & Development on its acquisition of a 7.2 hectare plot of land in Worli, Mumbai, from the Wadia Group; Mitsubishi Estate on its investment in CapitaLand’s business park in Chennai; and Toyota Tsusho on the setup of a new joint venture company with Musashi Auto Parts India and Delta Electronics. The joint venture will establish a motor assembly factory and a drive unit assembly factory in Musashi’s Bangalore plant. Taeko Suzuki heads Nishimura’s India practice, with Isha Shah and Varsha Bhattacharya as lead Indian lawyers.

Rajah & Tann showcased its capabilities on both contentious and non-contentious matters, advising banks, funds and asset managers, property developers, shipowners, and companies raising money through private equity. Among its transactional achievements were roles as adviser to SentinelOne on its acquisition of PingSafe, a Bangalore-based cloud-native application protection platform; and adviser to Blue Chandra on the INR1.06 billion (USD12.7 million) sale of 8.4 million equity shares in the IPO of Samhi Hotels. On the disputes front, the firm is representing Vedanta in two matters relating to a Singapore-seated treaty arbitration under the UNCITRAL rules. The case concerns claims, valued at more than USD3 billion, against the Republic of India under the UK-India Bilateral Investment Treaty, arising from 含羞草社区 retrospective use of legislation to impose capital gains taxes and interest in relation to certain sale proceeds.

Shook Lin & Bok’s dedicated India practice assists clients with both inbound and outbound matters using its core strengths in banking and finance, corporate law and dispute resolution. A recent highlight saw the firm act as Singapore counsel for an Indian non-banking financial institution in relation to its INR4.5 billion project finance facilities to a player in the green energy and decarbonisation space in India. It also acted for a syndicate of lenders on their INR8.57 billion and INR1.83 billion project finance to set up a large solar power project in Rajasthan. Karan Mitroo, a partner at Luthra and Luthra, endorses the work of Clement Khoo and Aditi Mathur. “Working with each of them has been a delightful experience,” says Mitroo. “They are adept at identifying the potential issues that can derail such transactions and provide effective solutions to the satisfaction of parties involved.”

TLT has developed strong relationships with Indian banks and other clients on account of its litigation and enforcement work, and expertise in corporate lending, restructuring and refinancing, financial crime and regulatory matters. In a recent assignment, TLT acted for Punjab National Bank, claiming repayment of loan and overdraft facilities totalling about EUR15 million (USD16.3 million) plus interest, relating to a failed cruise ship business with obligors in multiple jurisdictions. Another standout case saw the firm act for IDBI Bank on the recovery of a USD85 million loan from a British Virgin Islands borrower and its Indian corporate parent, who issued a letter of comfort in support of the lending. The firm is currently advising a consortium of 13 Indian banks on the enforcement of an Indian judgment in England and Wales against Vijay Mallya, and working to obtain a freezing injunction against him.

WongPartnership specialises in M&A, joint ventures, real estate, hospitality-related investment and strategic alliances. The firm has a strong disputes practice and is also adept at handling regulatory matters as a result of leading on government-led and internal investigations into white-collar fraud, employee misconduct and data breach issues. WongPartnership secured a recent win for Deutsche Telekom in enforcement proceedings before the Singapore International Commercial Court, and successfully resisted the Republic of 含羞草社区 appeal to the Singapore Court of Appeal. The firm is working on a case on behalf of the Raffles Group in Singapore against Indian and Singapore individuals connected to the Educomp Group for loss and damages arising from the individuals’ alleged conspiracy to injure Raffles through fraudulent misrepresentations.

FIRMS TO WATCH

  • 1. Akin Gump
  • 2. Al-Tamimi
  • 3. Arnold & Porter
  • 4. BakerHostetler
  • 5. Davis Polk
  • 6. Debevoise & Plimpton
  • 7. Dechert
  • 8. DFDL
  • 9. Foley & Lardner
  • 10. Gowling WLG
  • 11. Hill Dickinson
  • 12. Howard Kennedy
  • 13. Hughes Hubbard & Reed
  • 14. Macfarlanes
  • 15. Nixon Peabody
  • 16. Ogier
  • 17. Osborne Clarke
  • 18. Slaughter and May
  • 19. Watson Farley & Williams
  • 20. Weil Gotshal & Manges

BakerHostetler assists Indian companies seeking to protect and monetise their IP, invest in cross-border M&A and devise effective tax strategies to manage global assets. BakerHostetler “are in the top tier of firms”, says Amit Singh, a partner at Boudhik IP. The firm served as lead tax counsel in Moore v United States, a high-profile tax refund action filed by US-based clients who had invested in KisanKraft, an Indian manufacturer, designer, importer and distributor of affordable farm equipment. The clients had contested the mandatory repatriation tax (MRT) they were required to pay on KisanKraft’s profits, which were not distributed to them. On 27 June, the US Supreme Court, in a narrow ruling, upheld the MRT, a decision that is now being hotly discussed.

Davis Polk was selected as an adviser to Reliance on three separate transactions last year. A team, led by Leo Borchardt, advised Reliance on three injections of cash into Reliance Retail Ventures: the first, a funding of INR82.78 billion by the Qatar Investment Authority; the second, an investment of INR20.7 billion by KKR; and the third an infusion of INR49.66 billion by the Abu Dhabi Investment Authority. The firm also acted for Sun Pharmaceutical Industries on its acquisition of all the outstanding ordinary shares of Taro Pharmaceutical not already held by Sun Pharma or its affiliates.

Debevoise & Plimpton is well known among Indian clients for its excellence in private equity and dispute resolution. Last October, the firm advised healthcare delivery platform Evercare Group on the equity and debt financing in connection with its sale of a majority holding in CARE Hospitals to private equity funds managed by Blackstone. Evercare is owned by the Evercare Health Fund, which is managed by TPG and backed by the Rise Fund. In a related transaction, CARE Hospitals signed an agreement to acquire a majority stake in KIMSHEALTH, creating one of 含羞草社区 largest hospital platforms with 23 facilities across 11 cities in India. TPG, through its Evercare Health Fund, will retain a significant minority stake in the combined platform. Geoffrey Burgess and Peter Goldsmith KC possess a depth of experience on India-related matters.

Dechert’s global reach and local knowledge create an attractive proposition for Indian companies looking for legal advice overseas. This year, Dechert advised Bengaluru cybersecurity startup PingSafe on its acquisition by SentinelOne, an AI-powered security company listed on the NYSE. PingSafe is the only cloud-native application protection platform powered by attacker’s intelligence. Its offensive security engine helps businesses address critical and exploitable vulnerabilities at speed and scale. SentinelOne hopes to enhance the value and security it brings to customers through the acquisition of this technology. Partners Timothy Goh and Siew Kam Boon in Singapore led the transaction.

Hill Dickinson is a commercial law firm known for its specialisation in maritime law. The firm has more than 200 partners and legal directors, spanning operations across the UK, Hong Kong, Limassol (Cyprus), Monaco, Piraeus (Greece) and Singapore. The firm recently advised the JSW Group on a vessel consumption dispute, and Reliance on a cargo shortage dispute. While shipping is still a core focus area, Hill Dickinson has proved its clout in other practices, too. It was appointed by a Singapore-based trading house in an SIAC arbitration against an India-based producer involving the sale and purchase of iron ore pellets, advised an Indian tech startup on negotiations with a Malaysian entity relating to the development and sale of a medical and health insurance app, and instructed HDFC on a multimillion-dollar term loan facility. Shantanu Sinha heads the India desk.

Partner Arish Bharucha heads the India group at Howard Kennedy, a London-based full-service firm that specialises in energy, investment funds, media and entertainment, private wealth, real estate, retail and leisure, and sport. The firm’s India group has grown from 13 to 19 members in the past year. The team has been busy on contentious matters, acting for the UK arm of a global business process management group with headquarters in India on a dispute involving a major bank and other parties. It went on to advise an African subsidiary of a multibillion-dollar Indian conglomerate in a USD25 million ICC arbitration against a project company relating to the development of national railway infrastructure. And it is also representing ArcelorMittal Nippon Steel in a USD50 million claim against Liberty IQS on a case concerning the supply of steel.

Hughes Hubbard & Reed’s strengths on India deals stem from its global M&A, private equity and venture capital practices. Loyal client Wipro engaged the firm when it acquired a 60% stake in US-based insurance software company Aggne Global and its India-based affiliate, Aggne Global IT Services, for USD66 million. In another deal, the firm was counsel to Stanadyne and its subsidiary, Pure Power, on their section 363 asset sale to S-PPT Acquisition Company, which included equity in their subsidiaries located in China, India, Italy and the UAE for USD205 million. “I would recommend partner Ken Lefkowitz without question for our clients requiring assistance in the US, due to his vast experience and understanding of the laws,” says Abhijit Joshi, the managing partner of Veritas Legal. Joshi also highly regards partner Chuck Samuelson.

With almost 100 partners, Macfarlanes operates from two offices – London, its main office, and Brussels, where the firm focuses on EU law. It specialises in three key areas: major transactional matters; litigation and investigations; and private client work. Last October, Macfarlanes advised Superdry on an IP joint venture agreement with Reliance Brands Holding UK. The deal included agreements for the sale of Superdry’s IP assets, including the Superdry brand, and related trademarks in India, Sri Lanka and Bangladesh to the joint venture vehicle. Reliance Brands Holding UK and Superdry will own 76% and 24% of the joint venture, respectively. Will Sykes, head of the firm’s derivatives and trading practice, has extensive knowledge of local requirements in markets such as India and China.

Much of Osborne Clarke’s Indian client base operates in sectors such as technology and pharmaceuticals, however, the firm also represents European and American clients in India across a broad range of industries. The firm assisted an Indian IT services company on various commercial contract matters with listed and unlisted companies across Europe, assisted KPIT in a joint venture with a German DAX-listed company, and worked on the acquisition of a German research and development company by a large Indian digital services client. In March, Osborne Clarke welcomed the arrival of construction and engineering disputes expert Rupa Lakha in the London office. Lakha moved from Charles Russell Speechlys, where she was previously a partner and head of the firm’s India desk. Edward Persse and Ulrich B?umer co-head the India group.

REGIONAL FIRMS TO WATCH

  • 1. Allen & Gledhill (Singapore)
  • 2. Anderson Mori & Tomotsune (Japan)
  • 3. Atsumi & Sakai (Japan)
  • 4. Clyde & Co Clasis (Singapore)
  • 5. Collyer Law (Singapore)
  • 6. Frost Brown Todd (US)
  • 7. Gleiss Lutz (Germany)
  • 8. Hengeler Mueller (Germany)
  • 9. Irwin Mitchell (UK)
  • 10. Kegler Brown Hill + Ritter (US Midwest)
  • 11. Levy & Salamao (Brazil)
  • 12. Nagashima Ohno & Tsunematsu (Japan)
  • 13. Oon & Bazul (Singapore)
  • 14. PD Legal (Singapore)

Allen & Gledhill brings years of experience acting for and against Indian parties in international arbitration in Singapore. The firm represented an Indian entity focused on real estate investment in the biotechnology sector against a Singapore incorporated fund management company and its related entities. It is currently assisting an Indian international construction company in its dispute with the employer of a project for the construction of a peat-fired power plant. “We have worked extensively with partners Christian Chin on M&A matters, and Ankit Goyal on contentious issues,” says Nishant Parikh, a partner at Trilegal in Mumbai. “We have a great working relationship with them. They are super responsive and helpful.”

Anderson Mori & Tomotsune offers extensive experience in handling Indo-Japanese investments and disputes. This year, the firm advised NittoSeiko on its acquisition of Vulcan Forge, and acted on Sumitomo Wiring Systems’ divestment of shares in Shriram Automall India. Ryo Kotoura is praised by one client for his “long experience with Indian M&A and deep insight on how to negotiate”. Another client, Masazumi Tanaka, executive vice president at Nippon Life Asia Pacific, speaking in a personal capacity, says Kotoura and his team have provided “extensive knowledge of the Indian market, explaining the differences between India and other countries, as Indian laws are quite unique from a Japanese point of view”.

Atsumi & Sakai has worked on numerous partnerships and collaborations between Indian and Japanese companies across sectors from manufacturing, healthcare and technology to energy, resources and environment. The firm regularly reviews and negotiates contracts between Japanese and Indian businesses, and helps Indian companies navigate Japan’s employment laws. Miho Niunoya, Ashish Jejurkar and Kentaro Minato are primary contacts for India work.

Collyer Law runs an active corporate practice in the India-Singapore corridor, particularly in relation to Indian tech companies. Recently, the firm was Singapore counsel to Serentica Renewables in relation to the follow-on investment of USD250 million from KKR. It also advised Power Finance Corporation on an INR22 billion financing of Vibrant Energy for the construction of wind-solar hybrid projects in Madhya Pradesh and Karnataka. Karan Mitroo, a partner at Luthra and Luthra, relies on the firm for its assistance to banks and financial institutions acting as lenders in domestic financing transactions where foreign sponsors based in Singapore provide support to secure the borrowings of their Indian subsidiaries. Collyer Law is “top-notch, both in the quality of the work product as well as the turnaround time,” says Mitroo, who recommends Vincent Bu.

Clyde & Co Clasis attracts clients in need of support on contentious matters in Singapore’s courts. Anand Desai, the managing partner of DSK Legal, works with the firm on arbitration and litigation in Singapore. “Prakash Pillai is very responsive and practical,” he says. The firm represented a Dubai-based international energy and natural resources company in an application to set aside an arbitral award under the Singapore Chamber of Maritime Arbitration rules, arguing that there had been a breach of the rules of natural justice that was prejudicial. The dispute, contested in the Singapore courts, concerned a contract between the Dubai entity and a division of an Indian steel conglomerate. The sole arbitrator found that the Dubai entity had breached its contractual obligations and awarded the counterparty damages and costs.

Frost Brown Todd counsels clients on a spectrum of legal issues from corporate and commercial finance to labour and employment, and international trade. The firm hopes its expertise in manufacturing, healthcare and IP will generate further interest from Indian clients. Recent assignments have included advising a US-based oilfield services company on its joint venture in India, and assisting an India-based bank on a USD40 million external commercial borrowing facility with the US subsidiary of a listed Indian company. “Bobby Majumder is my most preferred counsel to work with for US law matters,” says Shilpa Nautiyal, vice president of legal at HDFC Bank. “He is an excellent lawyer with in-depth knowledge about his field, as well as the market and industry.”

Hengeler Mueller is a trusted adviser in the Indo-German corridor. A key achievement saw the firm advise Siemens on its EUR2.1 billion (USD2.28 billion) purchase of an 18% stake in Siemens Energy to facilitate the unbundling of the business activities of its Indian subsidiaries. It also acted for an Indian IT consulting and service provider on the acquisition of a German digital engineering company. The Hinduja Group relies on the firm for M&A, insurance and other commercial matters, in Germany and elsewhere. “I find Hengeler Mueller a very professional and sector-orientated international law firm with good practical knowledge in their domain areas,” says Abhijit Mukhopadhyay, the group’s president of legal, and general counsel. Mukhopadhyay recommends partners Carsten van de Sande and Daniela Favoccia.

Founded in Sheffield, Irwin Mitchell is staffed by more than 900 lawyers located in 20 offices across the UK. Personal law and wealth management are dominant verticals at the firm, but partners also offer capabilities in other areas such as banking and finance, commercial litigation and dispute resolution, employment, environmental and social governance, IP, tax and real estate. In the past year, the firm closed a significant number of large US dollar-denominated finance transactions for Indian companies and their subsidiaries including Bharat Petroleum, Lupin Pharmaceuticals, Indian Oil, Indian Railway Finance Corporation, Vedanta Resources and Power Finance Corporation. In February, the firm appointed Richard Baigent as an international trade consultant and member of the India team following a career in both the financial services industry and the UK’s Department of Business and Trade. Akhil Sharma spearheads the India practice.

Kegler Brown Hill + Ritter is a trusted adviser to US companies with interests in India and Indian companies seeking a foothold in the US Midwest. The firm has created an independent alliance outreach office in Delhi through a partnership with Team India Global Services. The office helps Kegler Brown connect with its clients and with commerce groups to keep abreast of the country’s evolving legal landscape. The firm continues to support companies such as Copper Run, Toast, CTL Engineering and Optimum Technology on their Indian operations. Vimal Dangri, chief legal and compliance officer at Mastek, highly regards Vinita Mehra for being “most enterprising”, with “unique capabilities of finding and ensuring the stickiness of a client”. Mehra’s “flexibility in solutions, proactive advice and seeing the event through is a delight for an in-house counsel”, he adds.Vimal Dangri

Oon & Bazul is quickly cementing its reputation as a force for dispute resolution in Singapore and beyond. The firm regularly appears for clients before the Singapore courts and in international arbitrations in Singapore, London and New York. It is currently representing the shipping subsidiary of a national oil company in a multimillion-dollar dispute with an Indian public sector undertaking. “My experience with Oon & Bazul has been by far the best compared to other legal teams and lawyers I’ve worked with in Singapore,” says Bikram Chaudhuri, a partner at Shardul Amarchand Mangaldas & Co in Mumbai. “Prakaash Silvam offers useful solutions and insightful advice. He has a good mind for strategy with an eye on the ball at all times.”

Singapore firm PD Legal capitalises on its strengths in dispute resolution and shipping to win mandates from Indian clients. Recently, the firm acted for Pune-based Forbes Marshall, providing employment law advisory, drafting and reviewing confidential contracts, and advising on data protection laws. It also represented one of 含羞草社区 largest cashew exporters in an international arbitration administered by the SIAC. Niyathi M, a partner at Uday Shankar Associates, consulted PD Legal for arbitration matters before the SIAC, and when incorporating companies in Singapore. “They are excellent and provide top-notch quality and timely advice,” she says. “Peter Doraisamy and Pranav Kamnani played a very active and hands-on role in the arbitration proceedings and were extremely efficient.”

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