Cyril Amarchand Mangaldas (CAM) continues its reign as one of the most recognised full-service law firms in India, a top-tier choice for its panoply of international and domestic clients, with a longstanding reputation for handling the country’s most complex, high-value and innovative transactions and disputes. CAM operates from offices across India’s major cities – Mumbai, Delhi NCR, Bangalore, Chennai, Hyderabad, Ahmedabad and Noida – as well as international locations in Singapore, Abu Dhabi and at the International Financial Services Centre in GIFT City. This broad presence enables the firm to serve a diverse client base, including large Indian conglomerates, multinationals, global investment funds, banks, financial institutions, and fast-growing technology and digital businesses.
CAM is especially recognised for its bench strength in banking and finance, corporate and M&A, private equity, competition (antitrust), dispute resolution, technology and telecommunications, real estate, pharmaceuticals and life sciences, and regulatory and financial services. The firm is regularly sought out to advise on market-defining deals and cases, and is known for being the first call for “first of their kind” transactions in India. Clients trust the firm not only to execute deals but to help create new legal and business structures that often become industry standards.
The firm has been deepening its expertise in distressed asset M&A and bid-side insolvency resolution, and has established a specialised corporate governance practice. The firm houses elite partners and leaders in their fields like Cyril Shroff, L Viswanathan, Reeba Chacko, Avaantika Kakkar, Namrata Kolar and Yash Ashar. The firm also has a unique bench of retired senior bureaucrats from key Indian regulators, such as Reserve Bank of India and Securities and Exchange Board of India, to provide an extra layer of expertise.
The firm’s banking and financial services team routinely advises both Indian and international lenders and borrowers on project finance, corporate finance, external commercial borrowings, debt restructurings, high-yield bonds, securitisation and derivatives. Notable clients include State Bank of India, ICICI Bank, Bank of Baroda, and major infrastructure and energy companies. CAM has recently advised on several of the largest refinancings and infrastructure financings in India, such as the Re110 billion ($1.26 billion) lease discounting facilities for Brookfield’s real estate group companies and a $1.59 billion cross-border financing for Adani Group’s acquisition of Ambuja Cements warrants. The firm also played a key role in complex transactions involving InvITs, renewable energy projects, and bond issuances, working with a mix of Indian and global financial institutions.
The competition law team, led by Avaantika Kakkar, is widely recognised for handling high-profile merger control filings and antitrust investigations. CAM regularly advises on some of the most significant antitrust matters in India, including multi-jurisdictional deals for global funds like Warburg Pincus, Advent International and Blackstone, as well as large corporates such as Google, Reliance, Tata and Thyssenkrupp. The team handled over 30% of merger notifications filed in India last year, and has been instrumental in precedent-setting cases involving digital markets, pharmaceuticals, and new sectors like green hydrogen and AI. The practice is also involved in cutting-edge issues such as big tech platform investigations, and recently secured India’s first unconditional competition clearance for a genAI investment by Google in Flipkart.
In dispute resolution, CAM is the go-to firm for large corporates and financial institutions facing high-stakes litigation, arbitration and regulatory proceedings. The disputes team, led by Indranil Deshmukh and international arbitration specialist Shaneen Parikh, regularly acts before the Supreme Court, High Courts, and key tribunals. They have recently advised on headline disputes such as the shareholder battle at Byju’s, restructuring and insolvency-related litigation for Blackstone and Max Estates, and regulatory investigations for the Adani and Jindal groups. CAM also represented clients in precedent-setting cases, including Supreme Court clarifications on certified copies for appeals, cross-border asset tracing and insolvency, and high-profile family and shareholder disputes.
The technology, media and telecommunications practice, led by Arun Prabhu, is highly regarded for advising on transactions, regulatory compliance and strategic issues facing India’s digital economy. The firm is regularly engaged by global tech giants like Meta, Google, Amazon and Microsoft, as well as Indian unicorns and startups. Key work includes advising on data-protection compliance, cross-border tech investments, fintech platforms, and evolving issues in online marketplaces, AI and blockchain. The TMT team is also recognised for policy work, having advised the Government of India on drafting landmark digital and data privacy legislation.
In real estate, CAM has a nationwide presence with specialists in every major office and an extensive track record in large commercial, residential and industrial projects. The team, led by Namrata Kolar, Rishiraj Bhatt and others, routinely handles title diligence, project development, transactions, and regulatory issues for both domestic and international clients. Recent transactions include multi-crore land and building acquisitions for global investors, India’s largest branded residential developments, and substantial warehousing deals with institutional investors such as Blackstone and Hillhouse.
CAM’s pharmaceuticals and life sciences practice, headed by Ashwin Sapra and Biplab Lenin, is a standout for regulatory, transactional and litigation work in this specialised sector. The team advises on product approvals, clinical trials, pricing, compliance and major M&A deals, and is regularly engaged by leading global and Indian pharma companies. Recent highlights include advising on the $5.08 billion merger of Aster DM Healthcare with Blackstone-backed Quality Care, one of the largest hospital sector deals in India, and representing Johnson & Johnson in significant product liability litigation.
Regulatory and financial services work is another core strength. The firm’s Financial Institutions Group, led by L. Viswanathan and Anu Tiwari, offers deep experience in regulatory strategy, M&A, enforcement, fintech and policy matters. CAM’s close connections with former regulators and policy experts allow it to advise on new market entry, licensing, compliance and regulatory challenges for banks, NBFCs, fintechs and payment system operators.
Over the past year, CAM has expanded with key partner hires, notably strengthening its capital markets, disputes and real-estate teams with senior laterals from top rival firms. For example, the blockbuster addition of capital markets guru Manan Lahoty and his massive team of 48 from IndusLaw rattled the Indian legal space last summer. The firm has also deepened its coverage in regulatory and fintech, and opened new offices in India’s emerging business hubs.
Work highlights
Represented L&T in two writ petitions challenging amendments to tender documents issued by Mumbai Metropolitan Region Development Authority for major infrastructure projects.
Successfully represented JPMorgan Services India in a dispute regarding the leasing of built-to-suit premises in Bengaluru.
Key clients
Essar Bulk Terminal, Navi Technology, Saura International, Zomato
Work highlights
Represented Warburg Pincus on its investment in Shriram Housing Finance, managing the competition law aspects of the transaction.
Advised Advent International on its acquisition of a stake in Apollo Healthco, successfully navigating the competition law landscape to secure Competition Commission of India approval.
Key clients
Adani Group, Axis Bank, CDPQ, NTPC, Siemens, Blackstone Group, Warburg Pincus
Work highlights
Advised Insurance Regulatory and Development Authority of India on regulatory reforms, including the implications of the Digital Personal Data Protection Act on the insurance sector.
Work highlights
Advised Niva Bupa Health Insurance Company in its IPO, providing critical regulatory advisory and drafting necessary documentation. The successful IPO marked a significant milestone in the Indian insurance sector under the new regulatory framework.
Represented Bima Sugam India Federation in establishing a digital platform for insurance services, guiding the organisation through the complexities of regulatory compliance.
Work highlights
Represented Tata Communications Payment Solutions in the 100% sale of its subsidiary, providing comprehensive legal support throughout the transaction.
Advised Binance Holdings on its entry strategy into India, successfully navigating regulatory engagements and securing the resumption of operations.
Key clients
Adani Group, Alvarez & Marsal, Eight Capital, ICICI Bank, JSW Group, Reliance Industries, State Bank of India, Union Bank of India
Work highlights
Advised Power Finance Corporation in the refinancing of Hinduja National Power Corporation 's existing debt.
Acted for the State Bank of India in financing facilities for Cube Highways Trust, facilitating a comprehensive refinancing plan. The transaction involved complex security structures and extensive documentation to ensure alignment with the concession agreements.
Key clients
Adani Capital, HSBC, ICICI Bank, JPMorgan Chase, Kotak Mahindra Bank, Power Finance, Sumitomo Mitsui Banking
