India

Advaya Legal is a full-service firm with strengths in the aviation sector, IP, employment and corporate advisory and M&A work. This year the firms ascends in the ‘Highly Recommended’ tier for its aviation expertise. Managing partner Ramesh Vaidyanathan is the key contact and a former general counsel of the Mumbai International Airport. Partner Laxmi Joshi is the contact for corporate and M&A matters since the departure of Sharanya Ranga earlier this year. 

Based in New Delhi, KKL Partners is a full-service law firm with strengths in real estate, corporate and M&A and aviation work. The team routinely advises offshore and onshore clients looking to create business synergies through international tie-ups via equity or debt investments or technology alliances. The firm is led by founding partner Aashish Vats.

Client feedback

“Very prompt service and quick turnaround time on the entire transaction. Also, the negotiations on term sheets were superb.” – Private equity

Aashish Vats

“He takes the best interest of the client and has the ability to meticulously negotiate with reason in transactions.”

Work highlights

Advised Quantum Investments in leasing two aircrafts to VSR Corporation.

Acted for Quantum Investments in leasing three aircrafts to Heritage Aviation Private.

Formerly known as PDS Legal, Lumiere Law Partners is a full-service firm that specialises in helping international companies form joint ventures and make entries into India. Its aviation specialty is notable. Managing partner Probal Bhaduri helms the team alongside aviation partner Vihang Virkar. The firm has experienced an uptick in restructuring and insolvency, and labour and employment matters.  

MV Kini & Co is best known for its strong aviation offering. It works with carriers, MRO, ground handlers and assets owners on a range of operational matters, including financing and regulatory concerns related to aircraft and engine leases, sale and lease back of assets, specialised airline IT services, deregistration and export procedures of aircrafts and assets. It counts Air India and its subsidiaries, as well as AIX Connect, as regular clients. The firm also counts capital markets and securities law as among its core practice areas. Managing partner and aviation specialist Ravi Kini is the key contact. Senior adviser BD Bhandary covers the firm’s banking and finance work.  

Seraphic Advisors is a full-service firm with offices in Delhi, Gurugram, Chandigarh and Mumbai. It has notable strength and experience in the aviation sector, with a key client being the Airports Economic Regulatory Authority (AERA). It works closely with the aviation ministry, its departments and the regulator, as well as with other stakeholders in this sector, such as aircraft manufacturers, engine manufacturers, leasing companies, domestic and international airlines and private airports. The key contact is partner KPS Kohli.

Client feedback

“They are timely, and make fair and accurate assessments.” – Media and entertainment

KPS Kohli

“Approachable and kind.”

Work highlights

Advised the AERA on tariff-related issues against the Airports Authority of India.

Represented AERA in an arbitration matter against Vidya Infrabuilt related to the completion of an airport infrastructure project.

Argus Partners offers market-leading practices for banking and finance, and restructuring and insolvency. The firm’s core practices cover banking and finance, corporate and M&A, dispute resolution, and restructuring and insolvency. The team has experienced recent growth in infrastructure and real estate funding, and in special situations investments. On the corporate and M&A side, the firm regularly advises blue-chip clients on governance, structuring and compliance issues. The firm has a pan-India presence with six offices in Ahmedabad, New Delhi, Mumbai, Delhi, Bengaluru, and Kolkata.

Its New Delhi office was launched two years ago and caters specifically to the firm’s corporate clients. Krishnava Dutt, the firm’s managing partner, specialises in banking and finance, corporate and M&A, and restructuring and insolvency. Partners Aastha, Arka Majumdar, Abhinav Bhalaik, Adity Chaudhury and Namitha Mathews are other key contacts. Former senior partner Prakash Panjabi left and established his own firm, P&P Legal.

Work highlights

Advised Dalmia Polypro Industries on raising $30 million external commercial borrowing from DFC for establishing a greenfield recycling facility in Maharashtra.

Acted for HDFC Capital Affordable Real Estate Fund on their investment in the Adarsh Developers group, by way of subscription to listed and unlisted non-convertible debentures.

Atlas Law Partners maintains a strong showing in our banking and finance, corporate and M&A, real estate and private equity rankings. It debuts in the dispute resolution table on the back of a significant addition to the group, prominent disputes specialist and senior partner Ritu Bhalla. She joined from Shardul Amarchand Mangaldas & Co in late 2022. The firm won numerous mandates last year despite the pandemic impact, acting on no less than 20 debt-related and M&A transactions. In the private equity space, the team is particularly specialised in handling startup investments on behalf of both funds as well as target companies. Co-founders and senior partners Harry Chawla and Niti Paul are key contacts.

AZB & Partners is renowned as one of the top full-service law firms in India, with leading practices across every category, including banking, capital markets, corporate and M&A, and private equity. This year, the firm ascends one tier in four tables, showcasing the firm’s continued push for excellence and investment in all areas: aviation, energy, infrastructure and intellectual property.

The firm’s sterling reputation for M&A and private equity makes it a first port of call for heavyweight international and domestic clients hoping to secure its services for big-ticket deals. The firm comprises over 90 partners across six pan-India locations. Founding partners Zia Mody, Ajay Bahl and Bahram Vakil are legends in the market for their corporate and finance specialties. Corporate partners Anil Kasturi and Ashwath Rau are two of the most prominent M&A and private equity lawyers in the country.

Client feedback

“Their understanding of the client's business is outstanding and this is their USP.” – Competition/antitrust

“Responsive, clear communicators and excellent strategic inputs.” – Corporate and M&A

“They are very responsive, accurate, business-oriented and committed.” – Corporate and M&A

“Experts in Indian law.” – Corporate and M&A

“Client-focused, highly committed and thorough in their advice.” – Corporate and M&A

“They are very responsive and provide sound, thorough legal advice. They are used to working with American companies who have subsidiaries in India.” – Labour and employment

“Quick response time, bespoke advice and excellent depth of professionals.” – Private equity

“Strong written work product that was timely delivered and comprehensive.” – Regulatory

Bharat Budolia

“He is client-friendly and takes time and effort to do everything that can give comfort and confidence to the client. His knowledge on the subject and industry is remarkable.”

Srinath Dasari

“Very responsive and results oriented. He takes the lead when necessary and has very good knowledge of the market practice.”

Darshika Kothari

“Highly experienced and deeply committed.”

Aditya Periwal

“Very responsive and client-focused.”

Jatinder Singh Saluja

“He is very responsive and helpful.”

Work highlights

Advised HDFC Capital Advisors and one of its funds in connection with setting up a debt-funded platform for the development and construction of real estate projects in south India with TVS Emerald Realty, the real estate vertical of TVS Motor.

Acted for lenders MUFG Bank, DBS Bank, CTBC Bank and Taipei Fubon Commercial Bank on their syndicated $750 million social loan facility to HDFC for on-lending and sub-lending affordable housing loans in India, under HDFC’s social financing framework.

Key clients

Air India, Kotak Alternate Asset Managers, National Asset Reconstruction Company, Trafigura Group.

With offices in Mumbai, New Delhi and Bengaluru, Bharucha & Partners is an established full-service firm that handles complex, high-level matters. The firm has a stellar reputation in the market for its disputes work, with partners MP Bharucha and DP Singh lauded by peers. In the wake of this consistent recognition, the firms climbs into the top tier for dispute resolution his year. Key partners of the transactions practice group are Alka Bharucha, Justin Bharucha, Vandana Pai, Vishnu Dutt, Swathi Girimaji and Rohit Sharma. The firm welcomed former JSA partner and transaction specialist Sindhu Nayak this year.  

Four-year-old Bombay Law Chambers has offices in Mumbai, Bangalore and New Delhi. The firm has steadily made inroads in banking and finance and private equity, offering clients high-calibre solutions from veteran lawyers. The private equity practice has a stellar roster of regional and international clients, with industry strengths in e-commerce, logistics, gaming, agritech and medical technology, among others. Peers have acknowledged the firm’s “good work” and rise in prominence. Key contacts and founding partners are Karan Kalra and Dipanshu Singhal. Other names to note are partners Abhinav Harlalka, Parag Srivastava and Poonam Sharma.

Work highlights

Acted for Vivifi India Finance on the issuance of secured, unlisted, non-convertible debentures to two FPIs incorporated in the US and registered with the Securities and Exchange Board of India.

Advised Alteria Capital on its subscription to non-convertible debentures and CCPS issued by FPL Technologies.

Cyril Amarchand Mangaldas continues its reign as one of the most recognised full-service law firms in the country, a top-tier choice for its panoply of international and domestic clients. The firm is almost always involved in the most high-profile deals and this year proves its dominance once again by rising into the top tier of the market-hot pharmaceutical and life sciences table. The firm is also 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 RBI and the Securities and Exchange Board of India, to provide an extra layer of expertise.

The firm went on a hiring spree recently and picked up some of the market’s leading names across all areas. In a market-shaking blockbuster move, the firm snagged capital markets rainmaker Manan Lahoty and his 48-member team, including seven other partners, from IndusLaw this summer. Also from IndusLaw, the firm welcomed labour and employment specialist Sowmya Kumar. The corporate department deepened its bench with the addition of M&A partners Mohit Gogia, Jay Parikh, Alok Sonker and Pooranimaa Hariharan from S&R Associates, Luthra and Luthra Law Offices, Krishnamurthy & Co and Trilegal, respectively. The banking team was boosted by the joining of partner Pranav Sharma from Trilegal, while the IP group was strengthened with the arrival of specialist Revanta Mathur from Anand and Anand. The firm launched its new office in Abu Dhabi, recruiting back corporate practitioner Himanshu Chahar to helm the outpost. Chahar spent six years with Cyril Amarchand Mangaldas before spending two years as a legal consultant at a UAE firm. This abundance of lateral hires has pushed the firm’s headcount to over 1,000 lawyers, including 200 partners.

Work highlights

Advised lender Asian Development Bank in relation to a first-of-its-kind deal involving carbon credits financing.

Acted for the holders and advisers in connection with the financing to GMR Goa International Airport for the part refinancing of certain existing senior and subordinated debt availed for capital expenditure for the new international airport in Goa and the creation of certain reserves.

Key clients

Adani Capital, HSBC, ICICI Bank, JPMorgan Chase, Kotak Mahindra Bank, Power Finance, Sumitomo Mitsui Banking

The market holds Dentons Link Legal in high regard for its strengths in aviation, construction, energy and infrastructure work. The firm is a first port of call for infrastructure players due to its vast experience in large-scale, long-term infrastructure projects, regulator relationships, and ability to go beyond transaction basics into extra layers of service like financing insurance. Atul Sharma and Nusrat Hassan are key partners for energy and infrastructure, and corporate and M&A, respectively. Managing partner Anand Srivastava is also a projects and finance contact. Five new partners recently joined the firm to shore up its corporate, disputes and projects practices. This year the firm debuts in the pharmaceuticals and life sciences table and moves up a notch in the labour and employment table.

Client feedback

“Responsive and professional.” – Corporate and M&A

Namita Das

“Professional, friendly and responsive.”

Work highlights

Acted for Serentica Renewables India on loan facilities provided by a coalition of international banks for the financing, construction and operation of a “round the clock” project in India.

Advised the National Bank for Financing Infrastructure and Development and Axis Bank on credit facilities to Hindustan Gateway Container Terminal Kandla to develop a container terminal at Tuna-Tekra, Deendayal Port, on a BOT basis. This is the biggest investment to date under the PPP model for major ports.

Key clients

HDFC Bank, Indian Renewable Energy Development Agency, State Bank of India.

Dhir & Dhir Associates is best known for its restructuring and insolvency, and capital markets practices. The firm was one of the first entrants into the stressed assets advisory space back in the early 1980s. Thus, its long-standing experience of nearly four decades in the insolvency realm makes it a go-to firm with clients appreciating its substantial, well-rounded contentious and non-contentious practice. The firm is currently handling more than a quarter of the non-performing assets insolvencies in the country. The core practices of managing partners Alok Dhir and Maneesha Dhir are in restructuring and insolvency, and corporate and M&A. Alok Dhir is also known for his expertise in real estate and private equity, while Maneesha Dhir is active in telecommunications, media and technology as well as dispute resolution. Another key partner is disputes and restructuring and insolvency specialist Sachin Gupta.

Client feedback

“The firm has good geographical spread and a very knowledgeable team with good experience on various banking-related litigation. That comes handy in all our matters.” – Banking and finance

Sachin Gupta

“Very quick at his work, engages with the team swiftly and addresses client's concern on war footing.”

Work highlights

Represented India Infrastructure Finance company in a takeout financing transaction.

Acted for State Bank of India as lender to a group of SPVs of Enfinity Global.

Full-service firm DSK Legal has a strong reputation in the market for quality work with pockets of top-tier offerings in several areas. It holds steady in the rankings across a number of areas, such as dispute resolution, construction, capital markets, IP, media and entertainment, real estate, and restructuring and insolvency, even bumping up a tier for its competition work. Under the guidance of top-flight real estate partner Sajit Suvarna, the firm’s real estate offering is regarded as one of the strongest in Mumbai. With an added capacity on the corporate side from recent additions, the firm posted a strong showing by closing over 50 sizable M&A deals. The firm’s specialised media and entertainment department is also well-received by the market. It boasts many A-list Bollywood film stars as clients, along with local and international media houses and platforms like Disney and Star India. Key contact and managing partner Anand Desai is a venerable figure in the legal industry for banking and finance, corporate and M&A, disputes, and media and entertainment. Deputy managing partner Suvarna is a banking and real estate specialist.

Client feedback

“Very well-connected, concise and well-drafted work product.” – Competition/antitrust

“Prompt response and reasonable fees for its service and hospitality.” – Dispute resolution

“DSK is prompt in their responses and are commercially-focused, giving not just black letter-of-the-law answers but also how that can be practically applied.” – Labour and employment

“They are prompt and very professional. Always available to solve any doubts or queries.” – Labour and employment

“Experienced, well-connected and professional.” – Media and entertainment

“Hands-on team and approachable even up to the partner level.” – Private equity

“Excellent turnaround time, resolution-oriented, full-service and good partner involvement.” – Restructuring and insolvency

Abhishek Singh Baghel

“Quick responses and polite explanations.”

Gaurav Mistry

“Very approachable and thinks from the client's perspective.”

Chandrima Mitra

“She is experienced, resourceful, wise and committed.”

Ajay Shaw

“Solution-oriented and a problem-solver.”

Suyash Srivastava

“Suyash is very proactive and provides great client service. He also follows up on areas outside his main expertise to make sure we are getting the same level of service from his other partners.”

Akanksha Tiwari

“She is clear in her thoughts and has a very good subject knowledge. She is very approachable and professional.”

Work highlights

Advised Athaang Infrastructure and Kashi Tollway on availing project financing.

Assisted Aditya Birla Finance in relation to the acquisition of certain loans against property which were standard assets in the books of accounts of each transaction.

Key clients

Arka Fincap, Axis Finance, Canara Bank, Chattargarh Renewable Energy, Deutsche Bank, HSBC, Union Bank of India.

Fox Mandal has a full-service offering and is best known for its real estate and IP practices. It is a well-known and trusted law firm with an established history and strong name recognition among multinational corporates and domestic players. Recently, the firm has been busy building up its client portfolio in the healthcare, retail, IT and real estate sectors. Its corporate and M&A practice continues to gain traction on larger matters and it moves up a notch in labour and employment. On the IP side, the firm has been honing its focus on startup players, even offering pro bono advice as their clients work their way up. Key figures for real estate and IP are, respectively, partners Purnima Kamble and Santosh Vikram Singh. Managing partner Shuva Mandal, who is active on numerous transactions and disputes matters, is a respected figure in the market. Other names to note include co-managing partner Shourya Mandal, and senior partners Jeevanandham Rajagopal, Santosh Singh and Sathya Prasad.

Client feedback

“They are responsive.” – Intellectual property

“Competitive and relevant knowledge.” – Real estate

“Provide legal services of the highest standard.” – Real estate

Sudarsana Daw

“Provides a solution to the needs.”

Drishti Kardam

“Prompt responses.”

Shourya Mandal

“Strong legal knowledge and responsiveness.”

Work highlights

Advised Bank of Baroda as the borrower on the security creation and project finance documentation along with registration of the respective securities.

Acted for a consortium of lenders where Punjab National Bank was the lead arranger on existing financing documents in relation to an acquisition.

Key clients

Axis Bank, Bajaj Allianz Life Insurance, Ballarpur Industries, National Investment and Infrastructure Fund, Poonawalla Fincorp.

Founded in 2015 with offices in Delhi and Mumbai, Gravitas Legal offers bespoke, quality representation on projects, investments, M&A, disputes, and real estate matters. Last year, the firm expanded its reach into the insolvency, securities, and white-collar crimes spaces. The firm moves up a notch in the banking and finance rankings this year. It has niche experience advising private equity funds and working on pure fund structuring mandates. In addition to regular project finance and corporate finance documentation, the firm excels in novel and atypical transactions around the 5:25 flexible structuring scheme and SDR. Gravitas is empanelled with several banks and financial institutions including PTC India Financial Services, HDFC Bank, State Bank of India and L&T Infrastructure Finance. Banking and insolvency partner Tanuj Sud is a key contact at the firm. Other notable personnel include corporate partner Varij Sharma and disputes specialists Rajeev Aggarwal and Rahul Gaikwad.

Work highlights

Acted for Alt Mobility as borrower to raise funds from Trifecta Capital by issuing non-convertible debentures and compulsorily convertible preference shares.

Advised Jagatjit Industries on its term loan from SVC Cooperative Bank.

Key clients

Bharat Spirits, Eros Resorts and Hotels, Lalitpur Power Generation Company, Punjab National Bank Housing Finance.

Boutique law firm Hitesh Sanghvi Law Offices was founded in 2010 and is based in Mumbai. It is active in the banking and finance, general corporate, regulatory and construction areas. Its major clients include businesses from a range of sectors, including industrials, electrical equipment, healthcare, medical equipment, financial services, and regulatory bodies. Key contact and eponymous partner Hitesh Sanghvi counts the Reserve Bank of India as a loyal client for regulatory issues and he has rendered honorary advisory services to the World Bank Group on domestic law.

Work highlights

Advised Siemens Healthineers subsidiary on the applicability of Foreign Exchange Management Act Regulations concerning delayed foreign outward remittances.

HSA Advocates has a commanding reputation in the market as a preferred firm for energy, construction and infrastructure work. Sophisticated clients know this is the firm for complex, multi-party, long-term infrastructure projects, as it has decades of experience working with all stakeholders from the beginning to the end of a project life cycle. The firm provides a complete suite of solutions for development, financing, transactions, restructuring and dispute resolution support. The firm is routinely found advising on power, road, port, airport, oil, gas, clean energy and special economic zone projects. Founding partner and projects legend Hemant Sahai is a key contact. The firm welcomed corporate and funds specialist Satish Kumar Anand and real estate partner Himani Singh Sood from SNG & Partners. Banking partner Sharmil Bhushan left for Kochhar & Co.  

IndusLaw is a modern full-service firm that is rapidly coming up the ranks as a challenger to the established order of top legacy firms. This year, it moves up to the top tier in the media and entertainment ranking, and is boosted up a notch for its IP and regulatory offerings. In total, the pan-India coverage includes offices in Bangalore, Chennai, Delhi, Hyderabad, Mumbai and Gurugram. The firm takes pride in its growing prominence among sophisticated clients for its private equity and TMT work. It specialises in working with investors across the full funding lifecycle and on a variety of funds including sector-specific ones such as technology, life sciences, e-commerce, retail and infrastructure. The capital markets team remained active, securing some of this year’s largest mandates for both issuers and bookrunners on more than 24 transactions. While maintaining a secure foothold at the forefront of ECM work, the team is busy diversifying its experience into newer products such as SPACs and business trusts, block deals and debt capital markets work. The key contacts are founding partners Avimukt Dar, Gaurav Dani, Kartik Ganapathy, Srinivas Katta and Suneeth Katarki.

There were a handful of notable inflows and outflows from the firm in the last year. The banking practice welcomed Pritha Chatterjee and Divij Kumar from Shardul Amarchand Mangaldas & Co and Luthra and Luthra Law Offices, respectively. Corporate partner Siddharth Manchanda also joined from Unacademy in January 2024. In addition to Kumar, the dispute resolution department recruited two more experts from Luthra and Luthra, Amrita Tonk and Abhimanyu Kampani, as well as Suadat Ahmad Kirmani from Tatva Legal. Regulatory specialist Shashwat Kumar joined from Shardul Amarchand Mangaldas & Co in July 2023. Three M&A specialists departed for Shardul Amarchand Mangaldas & Co: Manish Gupta, Ashish Ahluwalia and Pratyush Khurana.

Client feedback

“Prompt, responsive and accessible.” – Banking and finance

“Very hands-on and always available to help.” – Corporate and M&A

“Recommended for their quality of work and timelines adherence. Humbleness among their partners and founder is the key.” – Corporate and M&A

“Prompt, responsive and easily accessible.” – Corporate and M&A

“Responsive, can meet all of our needs, and creative thinking.” – Corporate and M&A

“Very flexible, great ideas and very competent.” – Corporate and M&A

“Availability, agility in fees and general ownership.” – Corporate and M&A

“They are very commercially-focused, savvy and efficient. They don't give us long memos rather they give us succinct and acute advice.” – Corporate and M&A

“Excellent time management, clarity in communication and resource management.” – Dispute resolution

“Well-organised, quick responses and client-friendly.” – Dispute resolution

“Appreciate the lawyers’ responsiveness and industry expertise.” – Dispute resolution

“They have subject-matter expertise, are cost-savvy, file prompt and comprehensive petitions, have quick response times, availability, flexibility in approach and open to feedback.” – Dispute resolution

“They are very prompt in executing instructions and in providing updates. They extend all possible assistance in ensuring that the litigations assigned are handled properly.” – Dispute resolution

“IndusLaw is always there for any sort of litigation as well as advisory required by us and has been quite proactive in providing the desired results.” – Dispute resolution

“Creative, user-friendly, diligent and professional.” – Dispute resolution

“In-depth knowledge on critical issues and provides good support in completion of arbitration tribunal proceedings.” – Energy

“They are detailed-oriented, meticulous in their work and provide a composite guideline for the matter.” – Labour and employment

“Very responsive and collaborative.” – Private equity

“Staunch advocate for their clients with an eye toward achieving a positive commercial result. Knowledgeable and up to date on the ever-changing regulatory environment. Incredibly hard-working and client oriented.” – Private equity

“Assurance that the partner has complete attention on the matter, cost-effective and timely turnaround even when the deadlines are tight.” – Private equity

“Prompt responses, holistic advice and accessibility.” – Real estate

“Excellent in-depth analysis of the title flow and they have an updated view of the land laws.” – Real estate

“IndusLaw is responsive to competing time zones and is very commercial in its advice.” – Real estate

“Experienced partners and knowledgeable workforce. Quality of work and inputs around transaction structuring is top notch.” – Real estate

“The partners are well aware of the recent developments and are always eager to learn more. They are well-versed with the laws and the court proceedings. They are great advisers with perfect strategy formulation.” – Regulatory

“They have a quick turnaround time, well-researched and drafted applications and appeals, good advisory skills to clients in matters, and are well-prepared for briefing senior counsels or counsels.” – Restructuring and insolvency

“I appreciate their detailed approach on understanding the issues and giving us precise advice.” – Tax

“Excellent breadth of expertise.” – Tax

Vatsal Agarwal

“Focused, prompt and responsible.”

Neha Balodhi

“Prompt, responsive and easily accessible.”

Ayshwarya Chandar

“She is very approachable and understands the raised concerns and comes up with good resolutions.”

Gaurav Dani

“He is a good listener and keen learner.”

Mayukh Datta

“Collaborative and responsive.”

Sushmita Gandhi

“Prompt, responsive and available.”

“She is extremely professional and excels in dissecting complex legal issues and identifying key points in disputes. She is well-known for her work in international arbitration matters and commercial litigation.”

“Knowledgeable, friendly, appreciative of feedback, and willing to work according to the client's budget.”

“Great in knowledge of the industry, legal practice, client service and ethical standards.”

“Go-getter attitude and result-oriented approach.”

“Creative, user-friendly and goal-orientated.”

“She is very responsive, and the advice given to the clients is very well-researched. She informs her clients of all possible legal implications, if any, of their actions so that the decisions taken by the client are well-informed.”

Anindya Ghosh

“Client friendly, takes a wide perspective and is flexible.”

Shweta Gupta

“Responsive, smart, thoughtful and timely.”

“Clear language, good advice and very flexible.”

“Practical advice, always reachable, timely turnaround, and assertive and polite at the same time, which has worked wonders during the negotiations with counterparty.”

Amit Jajoo

“Amit is highly recommended. Amit develops effective strategies to navigate through legal conflicts, aiming for favourable outcomes for clients.”

Suneeth Katarki

“Highly cerebral, commercially-savvy, and engaging. He is a pleasure to work with and he does deals efficiently.”

Ashwin Krishnan

“Responsive.”

Arun Kumar

“Commericial approach, responsive and calm.”

Minhaz Lokhandwala

“He is always available when you need him. He is also very poised.”

Shashi Mathews

“Very collaborative.”

Mayank Mishra

“Good communications, problem solver, in-depth knowledge and easy access.”

Ashutosh Narang

“Always makes time even if counsel is sought for outside the work they are involved in.”

“He is knowledgeable in real estate and banking and the private equity transaction space.”

Chinnappa Palecanda

“Succinct dissemination of knowledge, depth of information and problem-solving techniques.”

Sunita Rajesh

“She has in-depth knowledge of the subject and a very friendly attitude towards the clients. She is accessible anytime.”

Niket Shah

“Great responsiveness.”

Winnie Shekhar

“She is a hard worker, always available, collaborative and willing to find the middle ground. She stays focused on the material points and overall is a pleasure to work with.”

Work highlights

Acted for Power Finance Corporation on the financing extended to ReNew Photovoltaics to set up and implement solar module manufacturing plants in Jaipur, Rajasthan and Dholera, Gujarat, as well as a solar cell manufacturing plant in Dholera.

Key clients

Bangkok Bank Public Company, DBS Bank, FirstRand Bank, Hampi Expressways, Salarpuria Sattva.

Jerome Merchant + Partners offers a full range of corporate law services, including banking and finance, and corporate and M&A. With a well-respected banking practice, the firm’s real estate offering is worth noting, as it debuts in the rankings this year. It has grown its presence for clients in financial services, media, technology, healthcare and consumer goods. In the M&A space, the firm has deep experience in the automotive and real estate sectors. Partners Sameer Sibal and Vishnu Jerome lead on key deals, while disputes partner Murtaza Somjee handles litigation and arbitration cases.

Work highlights

Advised Amica Financial Technologies in relation to a credit enhancement provided by it to certain debentures purchased by Stride.

Assisted Vardhman Textiles on the issuance of its privately placed non-convertible debentures.

Key clients

Good Fashion Fund CV, Jetapult, Ares SSG TML Smart City.

JSA is a leading, pan-India full-service firm that excels in a number of areas including energy, infrastructure, technology and telecommunications, banking and finance, and construction. Its regulatory practice is well-regarded due to the firm’s strong credentials with telecoms, energy and infrastructure authorities. This year the firm made notable strides in the rankings, rising into the top tier for its real estate, capital markets, private equity and restructuring and insolvency offerings. It additionally ascended a notch in the competition, investment funds and tax rankings. In two recent blockbuster moves that shook the legal industry, the firm recruited competition doyenne Nisha Kaur Uberoi and her 25-strong team from Trilegal, as well as M&A star Iqbal Khan and his 20-member contingent from Shardul Amarchand Mangaldas & Co. The firm was also busy shoring up its dispute resolution group with the additions of partners Shreya Sircar from Luthra and Luthra Law Offices; a four-lawyer team led by up-and-coming partner Padmaja Kaul from IndusLaw; and another four-lawyer group with partner Ayush Agarwala from Krishnamurthy & Co. Former DSK partner, real estate specialist Brijita Prakash, and corporate expert Santosh Vijay from Krishnamurthy & Co, were also welcomed into the fold earlier this summer.

Client feedback

“The team is very responsive, super-bright and always raises excellent points. As one of the top competition practices in India, they provide advice in a business-friendly and pragmatic way.”– Competition/antitrust

“The team is excellent. The team offers fresh, dynamic and commercial advice, is clear at explaining the law and very good at understanding our business. When working on massive cases with horrendous deadlines they are able to keep an eye on the bigger picture and maintain a sense of perspective at all times, I would rate them very highly.” – Competition/antitrust

“My experience with the competition team was fantastic and they delivered on every word they promised. The key strengths for me were the fact there were experienced lawyers at all levels, whether you were dealing with associates or partners. They really know their stuff, the intricacies of antitrust regulation and how the process actually works. They are also really responsive.” – Competition/antitrust

“My experience with the team was fantastic and they delivered on every word they promised.” – Competition/antitrust

“The team is very easy to work with and very inclusive in their way of operating. The work is high-quality, and the team is responsive.” – Competition/antitrust

“They have good understanding of the Electricity Act of India and know-how of all regulations, practices of the central and state power sector regulators, etc.” – Energy

“JSA has been one of our go-to firms for banking and finance deals. Aashit Shah has been our relationship partner, and we have been very happy with the depth of the team, the level of service and responsiveness from the team. Their advice is thoughtful, and they are thoroughly dependable.” – Restructuring and insolvency

Vaibhav Choukse

“He is our go-to guy for any competition law advice. I think he is a well-rounded lawyer with the ability to think through problems and find workable and innovative solutions. He invests an enormous amount of time and effort to understand our business and can add lots of pragmatic advice. He's the most talented lawyer in the room in negotiations and he knows the law off the top of his head. His advocacy skills and his strategic thinking and reasoning really set him apart.”

“In the course of my dealings with JSA, I have mostly worked with Vaibhav. I find him to be insightful with a keen understanding of client needs and gives practical advice, which shows his sensitivities to commercial realities. He came up with a unique strategy, he made sure we were protected, and we are now in a much better position than before. He’s a known guy in the competition law circle. I would rate him very highly for his work.”

“He has a strong commercial sense and client-centric approach, which is dominated by practical considerations. He engages with client's senior and local management with ease, but the best part is that he is extremely approachable and grounded. His approach is professional, and the quality is exceptional, all elements of a seasoned antitrust lawyer.”

“He has a strong commercial sense and client-centric approach, which is dominated by practical considerations.”

“I find him to be insightful with a keen understanding of client needs. He gives practical advice, which shows his sensitivities to commercial realities.”

Aashit Shah

“Aashit is very level-headed with great depth of knowledge and experience of the market. He has a great team of partners who are reliable and can provide a very high level of service.”

Vishnu Sudarsan

“Great knowledge of the sector, meets deadlines for delivery and suggests innovative solutions.”

Work highlights

Represented DBS Bank on its financing to the renewable energy companies of Amplus Group.

Acted for Standard Chartered Bank on its construction loan to a warehouse project of Welspun One.

Advised JP Morgan Chase Bank on its $900 million private credit financing alongside Oaktree Capital to Vedanta Group.

Juris Arena was founded in late 2020 by corporate and transactions partner Soumitra Banerjee. The firm specialises in corporate work, with niche focuses on corporate commercial and corporate finance. The team is particularly adept at working with clients in the banking and financial services sector, with offerings including advice on syndication and other loan arrangements, facility letters, security documentation, letter of credit and financial services regulations, project finance, guarantee arrangements, performance bonds and bonding facilities. The corporate department specialises in transactional work, contractual support, real estate and regulatory compliance. Its corporate client base spans various sectors such as FMCG, IT and ITeS, AI, pharmaceuticals, R&D, manufacturing, agro-tourism and digital marketing, among others. This year the firm climbs up a tier in the corporate and M&A rankings. Associate partner Anjali Haridas is the other key contact.

Client feedback

“Well-versed with the knowledge and timely responses.” – Intellectual property

“They advised us correctly to go for arbitration. That worked well. The partners and associates have a good understanding of the Indian legal system.” – Restructuring and insolvency

Soumitra Banerjee

“He is proactive and solution-oriented. He is able to read the undercurrents in an ongoing legal process.”

Work highlights

Advised a leading fund house in securing financing for six different projects.

Acted for Piramal Group in relation to the issuance of secured debentures by two different entities of a renowned conglomerate in real estate in lieu of the finance extended by the client.

Represented a leading financing platform in having its financial facility extended through the issuance of non-convertible debentures.

Key clients

ASQI Advisors, Atul Auto, Axis Finance, Khushbu Auto Finance, Piramal Capital & Housing Finance, Scient Capital.

Full-service firm Juris Corp excels in banking and finance, and capital markets. It features a robust trade and commodity finance practice, a rarity in the market, and is well-regarded for its debt issuance offering. The firm remains steady in the top tier of the banking table for its prowess in this space. In the past 12 months, the banking practice experienced a number of intricate and highly structured cross-border trade and commodity and receivables financing deals. There was also an uptick in real estate and shipping financing work. The firm has worked on more than 150 financing transactions spread across a wide array of sectors and practice verticals, with deal values ranging from $50 million to $3.5 billion.

The capital markets team was busy last year with the rise in debt capital markets work, benefiting from the growth in demand across the country for investment by debt funding. Senior partner Jayesh H is known for his diverse expertise in banking and finance, capital markets, corporate and M&A, private equity, and restructuring and insolvency. The firm has offices located in Mumbai, Delhi and Bangalore.

Client feedback

“Good knowledge on derivatives.” – Capital markets

Mahak Sahoo

“Very helpful.”

Work highlights

Advised a large US-based bank in a first-of-a-kind revolving, uncommitted, true-sale account receivables purchase programme.

Represented a British multinational bank and a financial services firm on the securitisation of PSL receivables.

Assisted DBS Bank India in relation to insurance-backed account receivables financing transactions.

Key clients

Axis Bank, Abu Dhabi Commercial Bank, Bank of India, HSBC, Mizuho Bank Citibank, Rabobank, Reliance Industries, Scotiabank, Vedanta, Standard Chartered Bank.

Kochhar & Co has a pan-India presence and excels in a multitude of practice areas, from dispute resolution to real estate. Its technology and telecommunications practice is lauded as one of the best in the country. Stephen Matthias is a leading technology lawyer who heads the firm’s first-rate team. Managing partner and litigation specialist, Rohit Kochhar is the main contact.

Work highlights

Acted for IndusInd Bank in a deal involving a $50 million bilateral working capital facility to a gems and jewellery business.

Advised multiple domestic banks where one of the banks, ICICI Bank intends to take over the existing facilities from Aditya Birla Finance.

Represented the State Bank of India in relation to the recovery of funds from a large healthcare organisation, NMC Healthcare.

Key clients

Aditya Birla Finance, Canara Bank, ICICI Bank, Punjab National Bank, Sterlite Group

Lex Favios is a full-service firm with a proven track record helping offshore companies with their investments into India. Its core pillars include M&A, private equity and FEMA work. The firm remains consistent in our banking and finance, and corporate and M&A rankings. The firm, the exclusive India member of Legal Netlink Alliance, brandishes industry strengths in financial services, hospitality, real estate, power, renewable energy, oil and gas, and defence. Managing partner Sumes Dewan is a corporate and finance specialist. Senior associate Yashita Gulati joined from the Singhania & Partners in January. 

Majmudar & Partners is a medium-sized, high-quality corporate and financial law firm that excels in corporate and M&A, private equity, and labour and employment areas. On the deal side, the firm is not a volume player as its clients engage the team for sophisticated and complex transactions. Peers acknowledge its labour and employment practice, which is led by Neerav Merchant and Raja Sujith Niruthambath. The firm and its managing partner Akil Hirani are well regarded in the Mumbai market. In the past 12 months, the firm has seen good growth in the non-banking financial company sector on regulatory advice, fintech, finance deals and M&A transactions. In addition, the team’s banking litigation and IP practice continues to develop.

Client feedback

“The team is very responsive and provides elaborate answers to questions. They give clear-cut advice in respect of Indian law.” – Banking and finance

“They are extremely responsive and provide detailed, practical advice.” – Labour and employment

“Recommended for their strategic thinking, deep technical knowledge and ability to help me execute the developed plan.” – Labour and employment

“The Majmudar team was diligent and creative in helping us solve the issues that presented themselves throughout the various iterations that the "role" took.” – Labour and employment

Sinjini Majumdar

“Very responsive, always meets a deadline, provides clear-cut advice and has excellent drafting skills.”

“Sinjini provides extremely quick responses that are detailed and accurate.”

Ravi Raghavan

“Consummate professional.”

“Ravi was focused on getting to the best solution.”

Work highlights

Assisted Nordea Danmark in a sizable cross-financing of a spices business.

Acted for Elementis Holdings to amend its loan agreement with its foreign holding company to revise the interest benchmark rate from US dollar Libor.

Key clients

Axis Bank, Demant, Dhanlaxmi Bank.

MDP & Partners is recognised for its work in the banking and finance, and real estate spheres. It is empanelled with the Securities and Exchange Board of India and has offices in Mumbai and Delhi. Managing partners Nishit Dhruva and Ashok Paranjpe, and senior partner Ashok Mishra are all banking and finance specialists, with the former two also focusing on real estate and disputes. Last year the firm managed to conclude over 20 loan-related transactions. 

Mulla & Mulla & Craigie Blunt & Caroe is a recognisable name in the market for its curated and specialised shipping practice. Its banking and insurance prowess is also well regarded. The firm, which houses over 80 fee earners and has offices in Mumbai, Delhi and Bangalore, has expanded into the areas of subsea, oil and gas exploration and pipeline replacement projects. HDFC Bank is a notable loyal client of the firm. Key partner Shardul Thacker is one of the country’s leading shipping experts.

Client feedback

“They respond fast, provide good legal arguments and reasonable prices.” – Oil and gas

“The lawyers are very professional in their operation and provide elaborate advice. They are knowledgeable concerning the regulations and they stay up-to-date and give fast responses.” – Regulatory

“Strong legal team and responsive.” – Shipping

Shardul Thacker

“Very responsive and an excellent legal strategist.”

“Very skilled, knowledgeable and professional.”

“Focused and attentive.”

Work highlights

Acted for HDFC Bank on its two loans advanced to Seven Islands Shipping.

Advised HDFC Bank on its loan to the Bank of Oceanic Dream.

Assisted Emirates NBD Bank in respect of a corporate guarantee to be issued by Sterling & Wilson Renewable Energy.

Key clients

Chailease International Financial Services, DVB Group Merchant Bank Asia, HSBC, Rabobank.

Phoenix Legal is a full-service firm that is recognised for its banking and finance, infrastructure, insurance, dispute resolution, labour and employment and restructuring and insolvency practices. Specifically, the group has honed its experience in syndicate lending, structured finance and debt capital markets. It boasts an impressive client roster of domestic and offshore banks, financial institutions, multilateral and international financial institutions, export credit agencies, non-banking financial companies, micro financers, small finance banks, universal banks, development finance institutions, foreign portfolio investors, mutual funds, private equity funds, alternative investment funds, and government bodies. The four co-founding partners are the main contacts: Manjula Chawla, Saket Shukla, Abhishek Saxena and Sawant Singh. Other key partners include Aditya Bhargava, Gautam Bhatikar and Harsh Arora.

Client feedback

“They have deep knowledge about the regulatory aspects and the legal provisions. The partners are hands-on and always available for a consultation.” – Banking and finance

“The lawyers go to great lengths to make sure the services they provide are consistent and timely. They have a clear understanding of the subject and a clearly defined strategy for handling the issues. They are thorough about necessary compliances, highly efficient and maintain a great relationship.” – Corporate and M&A

“Provides complete answers in a quick manner and answers emails quickly.” – Corporate and M&A

“Cost-sensitive and responsive.” – Insurance

“Strong communications.” – Regulatory

“Directly communicated with the local authority for us and evaluated the risk of the market.” – Regulatory

Pallavi Bedi

“She possesses great depth of knowledge and ensures to fulfil the requirements of the assignment. Her response is always to the point.”

Aditya Bhargava

“He has deep industry knowledge and offers very practical suggestions due to his deep legal knowledge.”

Gautam Bhatikar

“Experienced and reliable.”

Chandni Chawla

“Solid communications and experienced.”

Vishesh Minocha

“Responsive and knowledgeable.”

Work highlights

Advising the US International Development Finance Corporation on its foreign currency-denominated external commercial borrowing loan to a non-banking financial company.

Acted for RED on its loan advanced to Mundra Solar PV for the upgradation of the borrower’s existing solar photovoltaic manufacturing facility in Gujarat.

Key clients

ADB, ANZ Bank, Bank of India, BlueOrchard Finance, Calvert Impact Capital, Creation Investments, HDFC Bank, ICICI Bank, Microvest Short Duration Fund, Northern Arc Capital, State Bank of India, Union Bank.

Resolut Partners was launched in 2022 by the Mumbai founders of Touchstone Partners, Ruchir Sinha and Shreyas Bhushan. The team is highly regarded in the market for its leading private equity, and banking and finance practices. Since the start of 2023, the firm has advised on over $4.6 billion and tackled the full spectrum of issues that arise for early and late-stage PE players. The banking practice is focused on advising global credit funds and special situation funds on primary and secondary credit investment opportunities in India. The lawyers are skilled and experienced in designing innovative products and structures for large institutional investors and global sponsors investing in structured credit products. The firm is a leader in infrastructure investment trust (InvIT) transactions.

Work highlights

Advised Roadis on $350 million financing.

S&R Associates has market-leading capital markets, and corporate and M&A practices, and is a regular choice for selective clients. Its competition, disputes and insolvency practices are going from strength to strength every year and perform well in their respective categories in our rankings. The firm moves up a tier this year in the banking and financial services, real estate, banking and finance, dispute resolution, investment funds and labour and employment tables. The firm is not a high-volume outfit but features on big-ticket mandates that require sophisticated lawyering. Highly respected partners Sandip Bhagat, Rajat Sethi and Niti Dixit lead the capital markets, M&A and dispute resolution teams, respectively. M&A partner Mohit Gogia departed this summer for Cyril Amarchand Mangaldas.

Client feedback

“They are an experienced team, well-researched and excellent regulatory knowledge.” – Capital markets

“Best-in-class knowledge, advice and guidance on capital markets. They have a dedicated workforce, such as Jabarati Chandra and Mohnish Mathew. They always go beyond their scope to complete the transaction. The team has a positive attitude and demonstrates the best due diligence practices in capital markets transactions.” – Capital markets

“Very knowledgeable and hands-on team. They are very client-friendly and well-versed at helping clients navigate complex regulations and new situations.” – Regulatory

“Thorough research, excellent communications, and they fulfil all promises made.” – Restructuring and insolvency

“Technical, knowledgeable and responsive.” – Tax

“Ajinkya and his team at S&R provide exceptional service as our tax adviser. His team's ability to provide practical solutions to complex issues is invaluable as it enables us to make informed decisions regarding the tax implications of transactions. We greatly appreciate the team's responsiveness and efficiency. The personalised attention they demonstrate has not only made us feel valued but has also fostered a sense of trust. Their commitment to client service is truly commendable. Their depth of knowledge and comprehensive approach coupled with exceptional advocacy skills instil confidence in the accuracy and reliability of their services.” – Tax

“Good and very responsive, on the ball, good execution and overall, highly recommended.” – Tax

Swapneil Akut

“Good knowledge, experience and clear communications.”

Sandip Bhagat

“Sandip is very knowledgeable and hands-on. He is particularly good at helping clients understand nuanced areas of Indian law and regulations and advising on marquee deals and first-of-a-kind transactions.”

Mohnish Mathew

“Excellent knowledge of capital markets. He is the best on the street to advise on capital markets transaction. The top five qualities of Mohnish are (i) positive attitude, (ii) in-depth subject knowledge, (iii) easy to approach, (iv) can get work done before deadlines and, (v) he is a very nice human being.”

Ajinkya Gunjan Mishra

“Ajinkya provides exceptional service as our tax adviser. His ability to provide practical solutions to complex issues is invaluable as it enables us to make informed decisions regarding the tax implications of our transactions. We greatly appreciate his responsiveness and efficiency. The personalised attention that Ajinkya demonstrates has not only made us feel valued but has also fostered a sense of trust. Ajinkya's knowledge of the financial sector and applicable regulations enables him to apply a comprehensive approach to problem-solving. Ajinkya's exceptional advocacy skills have stood us in good stead before the Revenue and Appellate authorities.”

Riyan Vatcha

“Accessible and an active listener. Never avoids any item up for discussion or shirks responsibility. Always gets back with practicable solutions and advice.”

Sumit Bansal

“Good domain knowledge, responsive and good execution.”

Work highlights

Represented Grasim Industries on its issuance of sustainability-linked non-convertible debentures to IFC.

Key clients

Axis Bank, Bharat Hotels, ICICI Bank, IndoSpace Core, JSW Energy, State Bank of India, Yes Bank.

Sagus Legal was founded in early 2020 by ex-Shardul Amarchand Mangaldas & Co corporate partner, Shruti Kanodia. The firm’s core strengths are corporate and M&A, dispute resolution, and energy and infrastructure work. It has offices in New Delhi, Odisha and Gurugram. The key partners are Kanodia, M&A specialist Neha Sinha and disputes expert Anand Shrivastava. Sinha joined in March 2023 from Luthra and Luthra Law Offices.

Client feedback

Shruti Kanodia

“Always available and knowledgeable.”

Work highlights

Advised Petronet LNG on its existing and new trust and retention accounts agreements pursuant to changes in the Indian regulatory framework.

Acted for a leading public listed steel company on its financing requirements from Axis Bank.

Established in the summer of 2021 by a group of partners from Luthra and Luthra Law Offices, Saraf and Partners has established itself well as a highly regarded full-service firm with core strengths in projects, corporate and M&A, private equity and restructuring and insolvency. The team consists of no less than 34 partners and over 180 personnel. By the end of 2022, the teams had executed more than $43 billion worth of transactions and in the spring of 2023, it acquired boutique real estate law firm, SRGR Law Offices and its 20-strong team. Key contacts include founder Mohit Saraf, and senior partners Bikash Jhawar, Vaibhav Kakkar, Manmeet Singh, Vikrant Kumar, Sanjeev Sharma and Saroj Jha. The firm welcomed a trio of R&I specialists: Ankur Khandelwal from Kochhar & Co, Anugrah Robin Frey from Luthra and Luthra Law Offices and Sairam Subramanian from Shardul Amarchand Mangaldas & Co.  

SNG & Partners is known for its sophisticated and experienced handling of banking and finance matters. As a core area of the firm, banking and financial services clients are very comfortable turning to the firm for their legal needs. The firm counts a wide range of lenders and non-financial banking companies as loyal clients, and works on all types of finance-related transactions. It is active in acquisition finance, structured trade finance, leveraged transactions, real estate loans, debt securitisation, debt structuring, structured loans and project financing. The firm also offers advisory services in capital markets and real estate, with the market acknowledging its strength in debt capital markets issuances, particularly for rupee-denominated deals. Two years previously, the firm entered into an exclusive alliance with another full-service law firm, R&P Partners. Together, the two firms have broadened their professional bandwidth, as well as expanded their geographical foothold with offices in New Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Coimbatore, Cochin, Madurai, and Singapore. Managing partners Sanjay Gupta and senior partner Amit Aggarwal are the key contacts.

Work highlights

Advised DBS Bank India on its loan facility to Pluto Business Parks.

Acted for Standard Chartered Bank, HSBC and Axis Bank as the lenders to Prahitha Constructions.

Key clients

Axis Bank, HDFC Capital, ICICI Prudential Asset Management Company, IndusInd Bank, Piramal Enterprises.

Tatva Legal Hyderabad is a sizable, full-service firm with offices in Telangana and Andhra Pradesh. Its core pillars are banking and finance, dispute resolution, labour and employment, investment funds, private equity, R&I and real estate. Managing partner Shailendra Komatreddy is the key contact. The firm welcomed corporate specialist Kaushalya Guduru from Avendus Capital and disputes manager Palash Taing from S&A Law Offices in the past year.  

TT&A has proven its leading firm status by standing strong in the top tier for banking and finance. It moves into the first tier of the banking and financial services table, and ascends a notch for its insurance, private equity and regulatory offerings. Its capital markets practice is highly regarded for its quality, focused specialism in debt issuances, including masala bonds, and structured high-yield transactions. Partners Sonali Mahapatra, Rituparno Bhattacharya, Nidhi Rani and Rahul Gulati form one of the country’s most well-regarded teams for banking and finance, while joint managing partners Kunal Thakore and Gautam Saha maintain a respected high-end corporate M&A and private equity practice.

Client feedback

“TT&A has highly experienced counsel who provide practical and incisive advice. They were effective at negotiations and ensured a quick turnaround.” – Banking and finance

“Focused on getting the right outcome in the interest of all stakeholders.” – Banking and finance

“Provides very sound advice.” – Banking and finance

“TT&A is extremely responsive and helpful in coming to commercial solutions to issues that crop up on our matters, which is similar to how we like to work. They will happily advise on black letter law issues but also provide commercial solutions.” – Corporate and M&A

“Strong team, good leadership and strong ownership. The client support is top notch and there is a good knowledgeable team for different scenarios.” – Corporate and M&A

“I worked closely with Sachin Mehta for the transaction and was thoroughly satisfied with his and the team's contribution. The attention to detail, negotiation with appreciation of business needs along with legal aspects, and ability to navigate complex nuances of multiple agreements are some of the positive attributes.” – Corporate and M&A

Rahul Gulati

“Very helpful, very thorough.”

Punita Gupta

“Extremely responsive and figures out a way to help the client.”

Sonali Mahapatra

“She is a problem-solver, very crafty on documents and offers easy-to-implement solutions.”

Pallavi Meena

“Effective communicator.”

Sachin Mehta

“Deep knowledge and uncanny ability to balance legal and business priorities, with strong negotiation skills.”

Pratika Shankar

“Pratika is very responsive and extremely helpful in getting a deal over the line.”

Work highlights

Advised Deutsche Bank and Standard Chartered Bank as structuring banks in relation to a $1.7 billion financing by way of listed high-yield debentures for Goswami Infratech.

Acted for the agent and security agent and lead arrangers in relation to the refinancing of certain financial indebtedness originally availed by Endeavour Trade and Investment and Xcent Trade and Investment for acquisition of Holderind Investment. The transaction represents one of the largest refinancing transactions in Asia and was supported by a number of leading financial institutions.

Wadia Ghandy & Co is one of the oldest full-service law firms in India, established in 1883. The firm has offices in five cities and houses over 150 fee earners. The firm’s banking and finance offering is widely respected and this year it ascends a tier in the rankings for banking and financial services expertise. The firm also boasts strengths in aviation, disputes and real estate. The key contacts include managing partners Shabnum Kajiji, Ashish Ahuja, Bindi Dave and Dhawal Mehta, aviation specialist Marylou Bilawala, and deputy managing partners Nihas Basheer and Denzil Arambhan.

Client feedback

“The Wadia Ghandy team is very knowledgeable and professional. It has positive relationships with the Indian airlines and regulatory authorities. The lawyers also provide updates based on current affairs in India unprompted as a courtesy. They provide comprehensive advice and are incredibly helpful in bridging gaps with the parties and airlines.” – Aviation

“Business-friendly, reliable team.” – Labour and employment

Priya Desai

“Priya is very knowledgeable and provides helpful feedback in addressing relevant Indian law points.”

Rohini Verma

“Business-friendly.”

Work highlights

Advised Kotak Strategic Situations India Fund II on the issue of non-convertible debentures by Viney Auto Ancillary and VL-Auto Ancillary.

Acted for Kotak Special Situations Fund in relation to Biocon’s issue of non-convertible debentures.

Assisted Axis Bank on the refinancing of existing term loan facilities availed to an SPV set up for the development of the “Crown Project”.

Key clients

ASA International India Microfinance, HDFC Bank, Kotak Data Center Fund.

ZBA is a boutique firm best known for its banking, shipping, dispute resolution and debt capital markets capabilities. The firm specialises in complex commercial disputes, with a focus on maritime law. It works with owners, offshore contractors, banks, mortgagees, charterers, cargo underwriters, insurers and reinsurers, protection and indemnity clubs, shipyards, commodity traders and financial investors. Managing partner Zarir Bharucha is a respected figure for shipping disputes. He is often nominated as an arbitrator for shipping-related arbitrations in the London Court of International Arbitration and he is a member of the maritime sub-committee of the IBA. Partner Niloufer Lam leads the transactional practices.

Client feedback

“Provides timely responses.” – Insurance

“Very proactive and efficient.” – Shipping

Zarir Bharucha

“Intelligent and proactive.”

“Zarir is very experienced, not only in the law but also in a commercial sense, and understands what our member is looking to achieve.”

“Personable, articulate, professional and commercially minded.”

“Very positive and subject-specific knowledge.”

Work highlights

Advised REC on four external commercial borrowing transactions totalling $1.715 billion.

Acted for borrower Power Finance Corporation on its $600 million loan from a bank syndicate.

Key clients

ICICI Bank, IDBI Bank, State Bank of India.

Capital markets-focused Alliance Law Firm has carved out a niche offering seasoned advice on and defence against enforcement actions by financial regulatory bodies such as the Securities and Exchange Board of India and the Insurance Regulatory and Development Authority of India. It also has a lengthy track record working with clients on their IPOs, rights issues, buyback offers and de-listings. The firm is helmed by managing partner RS Loona and partner Ankur Loona. The former is a securities litigation expert. They were joined in April 2024 by associate partner Himanshi Khanna from Sterne India.

Work highlights

Advised Platinum industries on its $30 million IPO on the Main Board.

Acted for Valiant Laboratories on its $18 million IPO on the Main Board.

Key clients

Amal, Global Surfaces, Ratnaveer Precision Engineering, Saraswati Saree Depot.

AZB & Partners is renowned as one of the top full-service law firms in India, with leading practices across every category, including banking, capital markets, corporate and M&A, and private equity. This year, the firm ascends one tier in four tables, showcasing the firm’s continued push for excellence and investment in all areas: aviation, energy, infrastructure and intellectual property.

The firm’s sterling reputation for M&A and private equity makes it a first port of call for heavyweight international and domestic clients hoping to secure its services for big-ticket deals. The firm comprises over 90 partners across six pan-India locations. Founding partners Zia Mody, Ajay Bahl and Bahram Vakil are legends in the market for their corporate and finance specialties. Corporate partners Anil Kasturi and Ashwath Rau are two of the most prominent M&A and private equity lawyers in the country.

Client feedback

“Their understanding of the client's business is outstanding and this is their USP.” – Competition/antitrust

“Responsive, clear communicators and excellent strategic inputs.” – Corporate and M&A

“They are very responsive, accurate, business-oriented and committed.” – Corporate and M&A

“Experts in Indian law.” – Corporate and M&A

“Client-focused, highly committed and thorough in their advice.” – Corporate and M&A

“They are very responsive and provide sound, thorough legal advice. They are used to working with American companies who have subsidiaries in India.” – Labour and employment

“Quick response time, bespoke advice and excellent depth of professionals.” – Private equity

“Strong written work product that was timely delivered and comprehensive.” – Regulatory

Bharat Budolia

“He is client-friendly and takes time and effort to do everything that can give comfort and confidence to the client. His knowledge on the subject and industry is remarkable.”

Srinath Dasari

“Very responsive and results oriented. He takes the lead when necessary and has very good knowledge of the market practice.”

Darshika Kothari

“Highly experienced and deeply committed.”

Aditya Periwal

“Very responsive and client-focused.”

Jatinder Singh Saluja

“He is very responsive and helpful.”

Work highlights

Acted for TCS on its buyback of equity shares on a proportionate basis, by way of the tender offer route, through the stock exchange mechanism.

Assisted the book running lead managers, Kotak Mahindra Capital Company, HSBC Securities and Capital Markets, and IIFL Securities on their qualified institutional placement of equity shares by Cholamandalam Investment and Finance Company.

Advised Bharti Hexacom on its IPO, one of the largest in the telecoms sector.

Key clients

Axis Capital, Cairnhill CGPE, FILA, ICICI Securities, Nuvama Wealth Management.

With offices in Mumbai, New Delhi and Bengaluru, Bharucha & Partners is an established full-service firm that handles complex, high-level matters. The firm has a stellar reputation in the market for its disputes work, with partners MP Bharucha and DP Singh lauded by peers. In the wake of this consistent recognition, the firms climbs into the top tier for dispute resolution his year. Key partners of the transactions practice group are Alka Bharucha, Justin Bharucha, Vandana Pai, Vishnu Dutt, Swathi Girimaji and Rohit Sharma. The firm welcomed former JSA partner and transaction specialist Sindhu Nayak this year.  

Cyril Amarchand Mangaldas continues its reign as one of the most recognised full-service law firms in the country, a top-tier choice for its panoply of international and domestic clients. The firm is almost always involved in the most high-profile deals and this year proves its dominance once again by rising into the top tier of the market-hot pharmaceutical and life sciences table. The firm is also 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 RBI and the Securities and Exchange Board of India, to provide an extra layer of expertise.

The firm went on a hiring spree recently and picked up some of the market’s leading names across all areas. In a market-shaking blockbuster move, the firm snagged capital markets rainmaker Manan Lahoty and his 48-member team, including seven other partners, from IndusLaw this summer. Also from IndusLaw, the firm welcomed labour and employment specialist Sowmya Kumar. The corporate department deepened its bench with the addition of M&A partners Mohit Gogia, Jay Parikh, Alok Sonker and Pooranimaa Hariharan from S&R Associates, Luthra and Luthra Law Offices, Krishnamurthy & Co and Trilegal, respectively. The banking team was boosted by the joining of partner Pranav Sharma from Trilegal, while the IP group was strengthened with the arrival of specialist Revanta Mathur from Anand and Anand. The firm launched its new office in Abu Dhabi, recruiting back corporate practitioner Himanshu Chahar to helm the outpost. Chahar spent six years with Cyril Amarchand Mangaldas before spending two years as a legal consultant at a UAE firm. This abundance of lateral hires has pushed the firm’s headcount to over 1,000 lawyers, including 200 partners.

Work highlights

Advised Ola Electric Mobility and certain selling shareholders in relation to the company’s IPO. This is the first pure play EV manufacturing company in India, comprising a fresh issue and an offer for sale by inter alia multiple institutional selling shareholders.

Acted for the book running lead managers in the IPO of Mankind Pharma.

Key clients

Azad Engineering, Bajaj Finance, Cyient DLM, Honasa Consumer, Tata Technologies.

IndusLaw is a modern full-service firm that is rapidly coming up the ranks as a challenger to the established order of top legacy firms. This year, it moves up to the top tier in the media and entertainment ranking, and is boosted up a notch for its IP and regulatory offerings. In total, the pan-India coverage includes offices in Bangalore, Chennai, Delhi, Hyderabad, Mumbai and Gurugram. The firm takes pride in its growing prominence among sophisticated clients for its private equity and TMT work. It specialises in working with investors across the full funding lifecycle and on a variety of funds including sector-specific ones such as technology, life sciences, e-commerce, retail and infrastructure. The capital markets team remained active, securing some of this year’s largest mandates for both issuers and bookrunners on more than 24 transactions. While maintaining a secure foothold at the forefront of ECM work, the team is busy diversifying its experience into newer products such as SPACs and business trusts, block deals and debt capital markets work. The key contacts are founding partners Avimukt Dar, Gaurav Dani, Kartik Ganapathy, Srinivas Katta and Suneeth Katarki.

There were a handful of notable inflows and outflows from the firm in the last year. The banking practice welcomed Pritha Chatterjee and Divij Kumar from Shardul Amarchand Mangaldas & Co and Luthra and Luthra Law Offices, respectively. Corporate partner Siddharth Manchanda also joined from Unacademy in January 2024. In addition to Kumar, the dispute resolution department recruited two more experts from Luthra and Luthra, Amrita Tonk and Abhimanyu Kampani, as well as Suadat Ahmad Kirmani from Tatva Legal. Regulatory specialist Shashwat Kumar joined from Shardul Amarchand Mangaldas & Co in July 2023. Three M&A specialists departed for Shardul Amarchand Mangaldas & Co: Manish Gupta, Ashish Ahluwalia and Pratyush Khurana.

Client feedback

“Prompt, responsive and accessible.” – Banking and finance

“Very hands-on and always available to help.” – Corporate and M&A

“Recommended for their quality of work and timelines adherence. Humbleness among their partners and founder is the key.” – Corporate and M&A

“Prompt, responsive and easily accessible.” – Corporate and M&A

“Responsive, can meet all of our needs, and creative thinking.” – Corporate and M&A

“Very flexible, great ideas and very competent.” – Corporate and M&A

“Availability, agility in fees and general ownership.” – Corporate and M&A

“They are very commercially-focused, savvy and efficient. They don't give us long memos rather they give us succinct and acute advice.” – Corporate and M&A

“Excellent time management, clarity in communication and resource management.” – Dispute resolution

“Well-organised, quick responses and client-friendly.” – Dispute resolution

“Appreciate the lawyers’ responsiveness and industry expertise.” – Dispute resolution

“They have subject-matter expertise, are cost-savvy, file prompt and comprehensive petitions, have quick response times, availability, flexibility in approach and open to feedback.” – Dispute resolution

“They are very prompt in executing instructions and in providing updates. They extend all possible assistance in ensuring that the litigations assigned are handled properly.” – Dispute resolution

“IndusLaw is always there for any sort of litigation as well as advisory required by us and has been quite proactive in providing the desired results.” – Dispute resolution

“Creative, user-friendly, diligent and professional.” – Dispute resolution

“In-depth knowledge on critical issues and provides good support in completion of arbitration tribunal proceedings.” – Energy

“They are detailed-oriented, meticulous in their work and provide a composite guideline for the matter.” – Labour and employment

“Very responsive and collaborative.” – Private equity

“Staunch advocate for their clients with an eye toward achieving a positive commercial result. Knowledgeable and up to date on the ever-changing regulatory environment. Incredibly hard-working and client oriented.” – Private equity

“Assurance that the partner has complete attention on the matter, cost-effective and timely turnaround even when the deadlines are tight.” – Private equity

“Prompt responses, holistic advice and accessibility.” – Real estate

“Excellent in-depth analysis of the title flow and they have an updated view of the land laws.” – Real estate

“IndusLaw is responsive to competing time zones and is very commercial in its advice.” – Real estate

“Experienced partners and knowledgeable workforce. Quality of work and inputs around transaction structuring is top notch.” – Real estate

“The partners are well aware of the recent developments and are always eager to learn more. They are well-versed with the laws and the court proceedings. They are great advisers with perfect strategy formulation.” – Regulatory

“They have a quick turnaround time, well-researched and drafted applications and appeals, good advisory skills to clients in matters, and are well-prepared for briefing senior counsels or counsels.” – Restructuring and insolvency

“I appreciate their detailed approach on understanding the issues and giving us precise advice.” – Tax

“Excellent breadth of expertise.” – Tax

Vatsal Agarwal

“Focused, prompt and responsible.”

Neha Balodhi

“Prompt, responsive and easily accessible.”

Ayshwarya Chandar

“She is very approachable and understands the raised concerns and comes up with good resolutions.”

Gaurav Dani

“He is a good listener and keen learner.”

Mayukh Datta

“Collaborative and responsive.”

Sushmita Gandhi

“Prompt, responsive and available.”

“She is extremely professional and excels in dissecting complex legal issues and identifying key points in disputes. She is well-known for her work in international arbitration matters and commercial litigation.”

“Knowledgeable, friendly, appreciative of feedback, and willing to work according to the client's budget.”

“Great in knowledge of the industry, legal practice, client service and ethical standards.”

“Go-getter attitude and result-oriented approach.”

“Creative, user-friendly and goal-orientated.”

“She is very responsive, and the advice given to the clients is very well-researched. She informs her clients of all possible legal implications, if any, of their actions so that the decisions taken by the client are well-informed.”

Anindya Ghosh

“Client friendly, takes a wide perspective and is flexible.”

Shweta Gupta

“Responsive, smart, thoughtful and timely.”

“Clear language, good advice and very flexible.”

“Practical advice, always reachable, timely turnaround, and assertive and polite at the same time, which has worked wonders during the negotiations with counterparty.”

Amit Jajoo

“Amit is highly recommended. Amit develops effective strategies to navigate through legal conflicts, aiming for favourable outcomes for clients.”

Suneeth Katarki

“Highly cerebral, commercially-savvy, and engaging. He is a pleasure to work with and he does deals efficiently.”

Ashwin Krishnan

“Responsive.”

Arun Kumar

“Commericial approach, responsive and calm.”

Minhaz Lokhandwala

“He is always available when you need him. He is also very poised.”

Shashi Mathews

“Very collaborative.”

Mayank Mishra

“Good communications, problem solver, in-depth knowledge and easy access.”

Ashutosh Narang

“Always makes time even if counsel is sought for outside the work they are involved in.”

“He is knowledgeable in real estate and banking and the private equity transaction space.”

Chinnappa Palecanda

“Succinct dissemination of knowledge, depth of information and problem-solving techniques.”

Sunita Rajesh

“She has in-depth knowledge of the subject and a very friendly attitude towards the clients. She is accessible anytime.”

Niket Shah

“Great responsiveness.”

Winnie Shekhar

“She is a hard worker, always available, collaborative and willing to find the middle ground. She stays focused on the material points and overall is a pleasure to work with.”

Work highlights

Acted for the selling shareholders in Brainbees Solutions’ IPO.

Advised the selling shareholders in the IPO of National Securities Depository.

Represented the book running lead manages in the SAMHI Hotels IPO.

JSA is a leading, pan-India full-service firm that excels in a number of areas including energy, infrastructure, technology and telecommunications, banking and finance, and construction. Its regulatory practice is well-regarded due to the firm’s strong credentials with telecoms, energy and infrastructure authorities. This year the firm made notable strides in the rankings, rising into the top tier for its real estate, capital markets, private equity and restructuring and insolvency offerings. It additionally ascended a notch in the competition, investment funds and tax rankings. In two recent blockbuster moves that shook the legal industry, the firm recruited competition doyenne Nisha Kaur Uberoi and her 25-strong team from Trilegal, as well as M&A star Iqbal Khan and his 20-member contingent from Shardul Amarchand Mangaldas & Co. The firm was also busy shoring up its dispute resolution group with the additions of partners Shreya Sircar from Luthra and Luthra Law Offices; a four-lawyer team led by up-and-coming partner Padmaja Kaul from IndusLaw; and another four-lawyer group with partner Ayush Agarwala from Krishnamurthy & Co. Former DSK partner, real estate specialist Brijita Prakash, and corporate expert Santosh Vijay from Krishnamurthy & Co, were also welcomed into the fold earlier this summer.

Client feedback

“The team is very responsive, super-bright and always raises excellent points. As one of the top competition practices in India, they provide advice in a business-friendly and pragmatic way.”– Competition/antitrust

“The team is excellent. The team offers fresh, dynamic and commercial advice, is clear at explaining the law and very good at understanding our business. When working on massive cases with horrendous deadlines they are able to keep an eye on the bigger picture and maintain a sense of perspective at all times, I would rate them very highly.” – Competition/antitrust

“My experience with the competition team was fantastic and they delivered on every word they promised. The key strengths for me were the fact there were experienced lawyers at all levels, whether you were dealing with associates or partners. They really know their stuff, the intricacies of antitrust regulation and how the process actually works. They are also really responsive.” – Competition/antitrust

“My experience with the team was fantastic and they delivered on every word they promised.” – Competition/antitrust

“The team is very easy to work with and very inclusive in their way of operating. The work is high-quality, and the team is responsive.” – Competition/antitrust

“They have good understanding of the Electricity Act of India and know-how of all regulations, practices of the central and state power sector regulators, etc.” – Energy

“JSA has been one of our go-to firms for banking and finance deals. Aashit Shah has been our relationship partner, and we have been very happy with the depth of the team, the level of service and responsiveness from the team. Their advice is thoughtful, and they are thoroughly dependable.” – Restructuring and insolvency

Vaibhav Choukse

“He is our go-to guy for any competition law advice. I think he is a well-rounded lawyer with the ability to think through problems and find workable and innovative solutions. He invests an enormous amount of time and effort to understand our business and can add lots of pragmatic advice. He's the most talented lawyer in the room in negotiations and he knows the law off the top of his head. His advocacy skills and his strategic thinking and reasoning really set him apart.”

“In the course of my dealings with JSA, I have mostly worked with Vaibhav. I find him to be insightful with a keen understanding of client needs and gives practical advice, which shows his sensitivities to commercial realities. He came up with a unique strategy, he made sure we were protected, and we are now in a much better position than before. He’s a known guy in the competition law circle. I would rate him very highly for his work.”

“He has a strong commercial sense and client-centric approach, which is dominated by practical considerations. He engages with client's senior and local management with ease, but the best part is that he is extremely approachable and grounded. His approach is professional, and the quality is exceptional, all elements of a seasoned antitrust lawyer.”

“He has a strong commercial sense and client-centric approach, which is dominated by practical considerations.”

“I find him to be insightful with a keen understanding of client needs. He gives practical advice, which shows his sensitivities to commercial realities.”

Aashit Shah

“Aashit is very level-headed with great depth of knowledge and experience of the market. He has a great team of partners who are reliable and can provide a very high level of service.”

Vishnu Sudarsan

“Great knowledge of the sector, meets deadlines for delivery and suggests innovative solutions.”

Work highlights

Advised IDFC First Bank on its qualified institutional placement (QIP), one of the biggest QIPs in 2023.

Acted for Cello World on its IPO.

Represented the Exim Bank of India on its $10 billion global medium term note programme issuance.

Full-service firm Juris Corp excels in banking and finance, and capital markets. It features a robust trade and commodity finance practice, a rarity in the market, and is well-regarded for its debt issuance offering. The firm remains steady in the top tier of the banking table for its prowess in this space. In the past 12 months, the banking practice experienced a number of intricate and highly structured cross-border trade and commodity and receivables financing deals. There was also an uptick in real estate and shipping financing work. The firm has worked on more than 150 financing transactions spread across a wide array of sectors and practice verticals, with deal values ranging from $50 million to $3.5 billion.

The capital markets team was busy last year with the rise in debt capital markets work, benefiting from the growth in demand across the country for investment by debt funding. Senior partner Jayesh H is known for his diverse expertise in banking and finance, capital markets, corporate and M&A, private equity, and restructuring and insolvency. The firm has offices located in Mumbai, Delhi and Bangalore.

Client feedback

“Good knowledge on derivatives.” – Capital markets

Mahak Sahoo

“Very helpful.”

Work highlights

Acted for Tata Housing Development Company to raise funds for a combination of corporate purposes and debt servicing.

Advised Shriram Finance on raising debt to grow its book assets, for on-lending to increase its asset book, financing of commercial vehicles and the refinancing of existing indebtedness.

Key clients

Akara Capital Advisors, Criss Financial Holdings, Piramal Group, Runwal Group, Star Housing Finance.

Kanga & Co maintains its perch atop the real estate ranking, a respected firm with an enviable client list in this sector. It also excels in the construction space, while remaining steady in the banking and finance and capital markets tables. The firm has a strong practice of helping SMEs list on domestic SME stock exchanges, and in the last nine years has advised more than 70 such companies. On the offshore front, the team acted for ESR Cayman as local counsel on its debut on the Hong Kong Stock Exchange in 2019. Senior partner Preeti Mehta and Chetan Thakkar are key contacts.  

MV Kini & Co is best known for its strong aviation offering. It works with carriers, MRO, ground handlers and assets owners on a range of operational matters, including financing and regulatory concerns related to aircraft and engine leases, sale and lease back of assets, specialised airline IT services, deregistration and export procedures of aircrafts and assets. It counts Air India and its subsidiaries, as well as AIX Connect, as regular clients. The firm also counts capital markets and securities law as among its core practice areas. Managing partner and aviation specialist Ravi Kini is the key contact. Senior adviser BD Bhandary covers the firm’s banking and finance work.  

S&R Associates has market-leading capital markets, and corporate and M&A practices, and is a regular choice for selective clients. Its competition, disputes and insolvency practices are going from strength to strength every year and perform well in their respective categories in our rankings. The firm moves up a tier this year in the banking and financial services, real estate, banking and finance, dispute resolution, investment funds and labour and employment tables. The firm is not a high-volume outfit but features on big-ticket mandates that require sophisticated lawyering. Highly respected partners Sandip Bhagat, Rajat Sethi and Niti Dixit lead the capital markets, M&A and dispute resolution teams, respectively. M&A partner Mohit Gogia departed this summer for Cyril Amarchand Mangaldas.

Client feedback

“They are an experienced team, well-researched and excellent regulatory knowledge.” – Capital markets

“Best-in-class knowledge, advice and guidance on capital markets. They have a dedicated workforce, such as Jabarati Chandra and Mohnish Mathew. They always go beyond their scope to complete the transaction. The team has a positive attitude and demonstrates the best due diligence practices in capital markets transactions.” – Capital markets

“Very knowledgeable and hands-on team. They are very client-friendly and well-versed at helping clients navigate complex regulations and new situations.” – Regulatory

“Thorough research, excellent communications, and they fulfil all promises made.” – Restructuring and insolvency

“Technical, knowledgeable and responsive.” – Tax

“Ajinkya and his team at S&R provide exceptional service as our tax adviser. His team's ability to provide practical solutions to complex issues is invaluable as it enables us to make informed decisions regarding the tax implications of transactions. We greatly appreciate the team's responsiveness and efficiency. The personalised attention they demonstrate has not only made us feel valued but has also fostered a sense of trust. Their commitment to client service is truly commendable. Their depth of knowledge and comprehensive approach coupled with exceptional advocacy skills instil confidence in the accuracy and reliability of their services.” – Tax

“Good and very responsive, on the ball, good execution and overall, highly recommended.” – Tax

Swapneil Akut

“Good knowledge, experience and clear communications.”

Sandip Bhagat

“Sandip is very knowledgeable and hands-on. He is particularly good at helping clients understand nuanced areas of Indian law and regulations and advising on marquee deals and first-of-a-kind transactions.”

Mohnish Mathew

“Excellent knowledge of capital markets. He is the best on the street to advise on capital markets transaction. The top five qualities of Mohnish are (i) positive attitude, (ii) in-depth subject knowledge, (iii) easy to approach, (iv) can get work done before deadlines and, (v) he is a very nice human being.”

Ajinkya Gunjan Mishra

“Ajinkya provides exceptional service as our tax adviser. His ability to provide practical solutions to complex issues is invaluable as it enables us to make informed decisions regarding the tax implications of our transactions. We greatly appreciate his responsiveness and efficiency. The personalised attention that Ajinkya demonstrates has not only made us feel valued but has also fostered a sense of trust. Ajinkya's knowledge of the financial sector and applicable regulations enables him to apply a comprehensive approach to problem-solving. Ajinkya's exceptional advocacy skills have stood us in good stead before the Revenue and Appellate authorities.”

Riyan Vatcha

“Accessible and an active listener. Never avoids any item up for discussion or shirks responsibility. Always gets back with practicable solutions and advice.”

Sumit Bansal

“Good domain knowledge, responsive and good execution.”

Work highlights

Advised the book running lead managers in the Tata Technologies IPO.

Acted for Citigroup Global Markets India and JP Morgan India as the placement agents in the initial offer through a private placement of ordinary units by Cube Highways Trust.

Key clients

Ambit, BNP Paribas, Citigroup, HSBC Securities, IRB InvIT Fund, Kotak Mahindra, Olympus Capital Asia, Suzlon Energy, Timken Singapore, Oravel Stays.

Established in the summer of 2021 by a group of partners from Luthra and Luthra Law Offices, Saraf and Partners has established itself well as a highly regarded full-service firm with core strengths in projects, corporate and M&A, private equity and restructuring and insolvency. The team consists of no less than 34 partners and over 180 personnel. By the end of 2022, the teams had executed more than $43 billion worth of transactions and in the spring of 2023, it acquired boutique real estate law firm, SRGR Law Offices and its 20-strong team. Key contacts include founder Mohit Saraf, and senior partners Bikash Jhawar, Vaibhav Kakkar, Manmeet Singh, Vikrant Kumar, Sanjeev Sharma and Saroj Jha. The firm welcomed a trio of R&I specialists: Ankur Khandelwal from Kochhar & Co, Anugrah Robin Frey from Luthra and Luthra Law Offices and Sairam Subramanian from Shardul Amarchand Mangaldas & Co.  

Shardul Amarchand Mangaldas & Co has a commanding presence in the market with top-tier practices across all practice areas and industry sectors. It is routinely considered one of the best firms in a highly competitive market for transactions and a first port of call for selective international clients. This year the firm climbs up a notch in the IP table. The firm offers the best of all worlds: large capacity, pan-India presence, depth of expertise and experience, and market-leading professionals. It regularly advises the largest multinationals, Indian conglomerates, and private equity players and funds. The capital markets team continues to represent issuers in many of the country’s largest IPOs and the M&A group remains unmatched for its high-stakes, high-value transactions. Pallavi Shroff is well known for her extensive experience in dispute resolution, and Shardul Shroff is renowned for his expertise as a general corporate lawyer. There were multiple notable movements in the course of the last 12 months.

Client feedback

“They find practical solutions in complex capital markets transactions.” – Capital markets

“The firm renders their services to our satisfaction and delivers their performance with promptness and alacrity.” – Construction

“The lawyers are well-versed and have a thorough knowledge in the legal domain, able to put forth points that need company attention in a clear and precise manner, positive attitudes and are very prompt in delivering solutions to key issues.”– Corporate and M&A

“They were incredibly supportive and responsive. SAM was always happy to provide us with the support we needed. The quality of their work was unmatched and has made a tremendous positive impact on our business operations in India.” – Labour and employment

“Excellent quality of work and accessibility of the team.” – Private equity

“The firm provides practical legal solutions that address business needs.” – Regulatory

“Solution-oriented approach.” – Restructuring and insolvency

“Meticulous, professional, sincere and knowledgeable approach.” – Restructuring and insolvency

Sayantan Dutta

“Extremely proactive and open for ideas.”

Abhishek Guha

“The partner Abhishek Guha deserves a special mention. His calm and pleasing manners together with the ability of strongly putting forth his arguments in a convincing manner goes a long way in bringing people together on deals.”

Manish Gupta

“Manish has been the most trusted counsel for our firm and has consistently provided us with the best legal advice. His ability to grasp issues, tailor solutions and render advice in the most cost-efficient manner, are a few of the most important attributes about him.”

Lalan Gupta

“Highly efficient and professional with the ability to provide practical legal solutions.”

Kriti Kaushik

“Incredibly supportive and responsive. She went the extra mile to provide us with the advice and support we needed. Fantastically detailed legal advice that has had a positive impact on our business.”

Jagriti Mohata

“She has good domain knowledge, is very receptive, prompt and keeps to timelines. She is an effective communicator and can lead the team well.”

Pranav Nanda

“Efficient and effective in delivering the services.”

Misha P

“Solution-oriented approach.”

Veena Sivaramakrishnan

“Sound legal knowledge, meticulous, sincere, adept at negotiations, excellent temperament, good administration and team leader.”

Work highlights

Acted for Mankind Pharma on its IPO, India’s largest of 2023.

Represented Samhi Hotels as the issuer on its IPO.

Trilegal ascends to the top tier for its capital markets and restructuring and insolvency practices. It is a preferred choice for heavyweight clients, an alternative to the famous family firms that inhabit the top echelon of legal services providers. Its TMT practice continues to gain traction as a market leader, and its private equity and investment funds offering is growing from strength to strength. The firm’s six-year-old asset management and fund formation practice has rapidly risen to be a power player. The dispute resolution team, led by Shankh Sengupta, has proven its worth with an elite group of litigators acting in high stakes matters for premier clients. In a blockbuster move, antitrust head Nisha Kaur Uberoi moved with her entire team to JSA in July 2024.

Work highlights

Represented the book running lead managers, including ICICI Securities, Jefferies India, SBI Capital Markets and others, in the $2.4 billion further public offer of partly paid shares by Adani Enterprises.

Advised the book running lead managers in JSW Infrastructure’s IPO.

Key clients

HSBC, Kotak Mahindra Capital, Muthoot Finance, SBI Capital, SGBS Unnati Foundation.

ZBA is a boutique firm best known for its banking, shipping, dispute resolution and debt capital markets capabilities. The firm specialises in complex commercial disputes, with a focus on maritime law. It works with owners, offshore contractors, banks, mortgagees, charterers, cargo underwriters, insurers and reinsurers, protection and indemnity clubs, shipyards, commodity traders and financial investors. Managing partner Zarir Bharucha is a respected figure for shipping disputes. He is often nominated as an arbitrator for shipping-related arbitrations in the London Court of International Arbitration and he is a member of the maritime sub-committee of the IBA. Partner Niloufer Lam leads the transactional practices.

Client feedback

“Provides timely responses.” – Insurance

“Very proactive and efficient.” – Shipping

Zarir Bharucha

“Intelligent and proactive.”

“Zarir is very experienced, not only in the law but also in a commercial sense, and understands what our member is looking to achieve.”

“Personable, articulate, professional and commercially minded.”

“Very positive and subject-specific knowledge.”

Work highlights

Represented issuer REC on an update of its $10 billion global medium term note programme.

Advised Bharat Petroleum Corporation on its issue of rated, listed, unsecured, redeemable, non-convertible debentures on a private placement basis.

Founded in 2020 by competition specialists Anu Monga and Rahul Goel, the firm is quickly ascending into the upper echelons as one of the top antirust legal offerings in the country. The team is at the forefront of competition jurisprudence-shaping cases, acting in numerous constitutional challenges to the Competition Act. The team is working towards settling the interpretation with respect to several procedural aspects relating to powers of the Directorate General and the Competition Commission of India (CCI) during investigation and adherence to due process. This involves interpretation of the Competition Act, Code of Civil Procedure and Constitution of India.

Client feedback

“Practical, ethical and efficient.” – Regulatory

“To the point, high quality and good pricing.” – Technology and telecommunications

Rahul Goel

“Ethical, hard-working and commercially aware.”

Anu Monga

“Cool and collected.”

Work highlights

Successfully represented Builders Association of India (BAI) before the Supreme Court and Madras High Court in petitions filed by India Cement and Dalmia Bharat Cement challenging the impleadment of BAI as an interested party in a cement cartel investigation by the CCI. This was the first judgment in competition law jurisprudence to deal with ‘comity of courts’ and ‘territorial jurisdiction’ of the High Court

Acted for the Federation of Indian Publishers as the informant in a cartel case against the courier express parcel industry, which includes DHL, FEDEX, UPS, ARAMEX and other courier companies.

Engaged by Sumitomo Chemical India to challenge the constitutionality of a regulation of the CCI before the High Court of Delhi.

AZB & Partners is renowned as one of the top full-service law firms in India, with leading practices across every category, including banking, capital markets, corporate and M&A, and private equity. This year, the firm ascends one tier in four tables, showcasing the firm’s continued push for excellence and investment in all areas: aviation, energy, infrastructure and intellectual property.

The firm’s sterling reputation for M&A and private equity makes it a first port of call for heavyweight international and domestic clients hoping to secure its services for big-ticket deals. The firm comprises over 90 partners across six pan-India locations. Founding partners Zia Mody, Ajay Bahl and Bahram Vakil are legends in the market for their corporate and finance specialties. Corporate partners Anil Kasturi and Ashwath Rau are two of the most prominent M&A and private equity lawyers in the country.

Client feedback

“Their understanding of the client's business is outstanding and this is their USP.” – Competition/antitrust

“Responsive, clear communicators and excellent strategic inputs.” – Corporate and M&A

“They are very responsive, accurate, business-oriented and committed.” – Corporate and M&A

“Experts in Indian law.” – Corporate and M&A

“Client-focused, highly committed and thorough in their advice.” – Corporate and M&A

“They are very responsive and provide sound, thorough legal advice. They are used to working with American companies who have subsidiaries in India.” – Labour and employment

“Quick response time, bespoke advice and excellent depth of professionals.” – Private equity

“Strong written work product that was timely delivered and comprehensive.” – Regulatory

Bharat Budolia

“He is client-friendly and takes time and effort to do everything that can give comfort and confidence to the client. His knowledge on the subject and industry is remarkable.”

Srinath Dasari

“Very responsive and results oriented. He takes the lead when necessary and has very good knowledge of the market practice.”

Darshika Kothari

“Highly experienced and deeply committed.”

Aditya Periwal

“Very responsive and client-focused.”

Jatinder Singh Saluja

“He is very responsive and helpful.”

Work highlights

Advised Google on its abuse of dominance investigations regarding Android smartphones.

Represented Tata Sons on preparing and filing the notification with the Competition Commission of India (CCI) and subsequently securing an unconditional approval from the CCI for acquisition by Air India of 100% shareholding in Air Asia India.

Chandhiok & Mahajan is recognised by the market for its competition and antitrust expertise and is growing in prominence in the restructuring and insolvency sphere. The firm is active for its big tech and e-commerce clients, for example representing Google before the competition regulator. Another highlight is the firm’s extensive experience in leniency mandates, powered by its win for a client in the first-ever decision by the Competition Commission of India (CCI) in relation to leniency where 100% immunity was granted. The firm also has numerous seminal antitrust law achievements under its belt. It is at the forefront of competition policy development, with name partner Karan Chandhiok as the co-chair of the Assocham National Council on Competition Law. Chandhiok and co-founder Pooja Mahajan are key figures at the firm. Other names to note are antitrust partners Deeksha Manchanda and Avinash Amarnath.

In the past 12 months, the firm made a series a high-profile recruitments to bolster its M&A and disputes groups, including M&A partner Shafaq Uraizee Sapre and capital markets expert Niruphama Ramakrishnan from JSA, contentious insolvency partner Himanshu Vidhani from Khaitan & Co, new head of disputes and advocate-on-record Rahul Narayan, corporate counsel Mitesh Shah from Krishnamurthy & Co, and disputes counsel Zubin Poovathinkal from Karavadi & Co.

Client feedback

“The team is very good. Sujoy's always a phone call away to ideate and provide in-depth legal insight, commercial guidance or practical inputs. With Sujoy on board, you can rest assured that your international clients are in safe hands.” – Corporate and M&A

“Chandhiok & Mahajan consistently demonstrates several positive attributes that enhance our collaboration. Their legal team is known for providing thorough and strategic legal advice, which is crucial for navigating complex real estate transactions and disputes. They excel in offering timely and proactive solutions, which helps in making informed decisions efficiently. Additionally, the firm has shown a strong commitment to understanding the specifics of the real estate sector, tailoring their advice to fit not only legal requirements but also commercial realities. Their attentiveness to changes in regulations and their impact on our business is particularly noteworthy. This combination of industry knowledge, timely advice, and professional integrity makes them a valuable asset to any real estate business.” – Dispute resolution

Sujoy Bhatia

“He brings a wealth of experience, a lot of market knowledge, legal insights and practicality in deal making.”

Mehul Parti

“Mehul consistently exhibits several commendable attributes as a counsel at Chandhiok & Mahajan. Additionally, Mehul demonstrates excellent communication skills. He articulates legal strategies clearly and effectively, ensuring that all parties are well-informed and that there is a clear understanding of the course of action. This skill is particularly crucial in maintaining transparency and trust with clients. Mehul's dedication to his clients is evident in his thorough preparation and persistent approach to achieving the best possible outcomes for them. He is also known for his professionalism and integrity, maintaining high ethical standards in all his dealings, which fosters trust and respect from clients and colleagues alike.”

Work highlights

Acting for Google in an anonymous information filed against the GPay app and Google’s Play Store as well as two additional complaints filed regarding the client’s Play Store.

Representing Asianet in an abuse of dominance investigation by the CCI against Star India and its group companies.

Successfully represented Vifor Pharma and obtained a favourable order at the preliminary stage in an investigation related to alleged anti-competitive activity and abuse of dominance by the client.

Key clients

Bookmyshow, GBL, Goodyear, Honda, Hyundai, JCB, Intel, Panasonic, UFO.

Cyril Amarchand Mangaldas continues its reign as one of the most recognised full-service law firms in the country, a top-tier choice for its panoply of international and domestic clients. The firm is almost always involved in the most high-profile deals and this year proves its dominance once again by rising into the top tier of the market-hot pharmaceutical and life sciences table. The firm is also 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 RBI and the Securities and Exchange Board of India, to provide an extra layer of expertise.

The firm went on a hiring spree recently and picked up some of the market’s leading names across all areas. In a market-shaking blockbuster move, the firm snagged capital markets rainmaker Manan Lahoty and his 48-member team, including seven other partners, from IndusLaw this summer. Also from IndusLaw, the firm welcomed labour and employment specialist Sowmya Kumar. The corporate department deepened its bench with the addition of M&A partners Mohit Gogia, Jay Parikh, Alok Sonker and Pooranimaa Hariharan from S&R Associates, Luthra and Luthra Law Offices, Krishnamurthy & Co and Trilegal, respectively. The banking team was boosted by the joining of partner Pranav Sharma from Trilegal, while the IP group was strengthened with the arrival of specialist Revanta Mathur from Anand and Anand. The firm launched its new office in Abu Dhabi, recruiting back corporate practitioner Himanshu Chahar to helm the outpost. Chahar spent six years with Cyril Amarchand Mangaldas before spending two years as a legal consultant at a UAE firm. This abundance of lateral hires has pushed the firm’s headcount to over 1,000 lawyers, including 200 partners.

Work highlights

Represented IMCD India in relation to the acquisition of equity of Signet Excipients. This merger notification will be the first ever combination in which the excipients market is being identified as a separate market.

Key clients

Adani Group, Axis Bank, CDPQ, NTPC, Siemens, Blackstone Group, Warburg Pincus.

As one of the top law firms in India, Economic Laws Practice is highly ranked across the banking and finance, competition/antitrust, dispute resolution, regulatory and tax practices. This year is moves up in the pharmaceuticals and life sciences, real estate and labour and employment categories. It has seven offices across India, in Mumbai, New Delhi, Pune, Chennai, Bangalore, Ahmedabad and GIFT City. The firm’s renowned tax group is acknowledged by peers as a market leader. This practice is led by tax specialists Rohit Jain, Nishant Shah, Harsh Shah, Kumar Visalaksh and Gopal Mundhra. Firm managing partner and main contact Suhail Nathani is often a lead partner in competition cases, as well as on private equity and M&A deals.

Client feedback

“Very thorough in legal aspects of the issue. Very knowledgeable and efficient team.” – Competition/antitrust

“They are very committed to the plans and its action.” – Corporate and M&A

“They are recommended for their practical legal advice, promptness and clarity. Lawyers are easy to collaborate with and always time-sensitive.” – Corporate and M&A

“They understand our business extremely well and are always available to support us at very short notice. They are technically very sound and provide us with practical guidance.” – Dispute resolution

“ELP is very sensitive to the expectations of a MNC like ours and continues to provide a very high-quality deliverable. ELP has very experienced partners who lead a very promising and competent team of lawyers. It pays special attention in ensuring that the working team correctly understands the business nuances and complexities of the matter.” – Dispute resolution

“The counsel here can carry out both solicitor and counsel practice.” – Dispute resolution

“Solid advice.” – Dispute resolution

“Extremely well-versed in what they do. Strong knowledge of the field.” – Media and entertainment

“Economic Laws Practice justified each and every head of claim far beyond out internal project team could visualise. They did it very well.” – Oil and gas

“Excellent partner engagement, and solid follow-up and response timeframe.” – Private equity

“Very good conceptual knowledge of law and practical approach on complex industry issues.” – Real estate

“Sincere, detail-oriented and practical.” – Real estate

“ELP is a leading full-service Indian law firm specialising in economic laws, including tax, trade, competition, and international economic law. Overall, the firm is respected for its expertise, client focus, innovative approach, and commitment to excellence in the field of economic laws.” – Tax

Mumtaz Bhalla

“She is a very sharp thinker and there's nothing that she cannot solve if you go to her. She has a solution to everything. Her agility coupled with the fact that she can draft in a matter of hours is just the tip of the iceberg and one must see her in court. She tears apart the opponent and ensures that the client is satisfied, no matter the outcome. Mumtaz is one of the best brains of the country and I say this with a sense of responsibility after having worked with her for over eight years, initially at her previous firm and now at Economic Laws Practice. Mumtaz also stands out because she is equally good with arbitration, civil trial, criminal trial and appellate issues. We have a battery of lawyers handling our cases and one Mumtaz is equal to all of them.”

Heena Chheda

“Knowledgeable, detail-oriented, practical, efficient and reliable.”

Rohit Jain

“Rohit is technically very good and understands our business and requirements well. He comes up with great practical and easy-to-implement guidance.”

“Very good knowledge of GST and allied laws, the real estate industry's complex issues and innovative approach.”

Alok Jain

“Good communication and advice.”

“Positive attitude towards problem-solving.”

Parthsarathi Jha

“Good listener, goes deep into the issue. Finds alternative solutions. Consults others if he has any doubts.”

Vinod Joseph

“Excellent engagement, quick response times and an excellent team builder.”

Yashojit Mitra

“Professional, approachable, knowledgeable and provides extremely sound solutions.”

Suhail Nathani

“Very soft and kind.”

Gourav Sogani

“Gourav's most positive attribute is his very deep problem-solving abilities.”

Sujjain Talwar

“Extremely accessible and solution-oriented, he is our go-to person. He provides advice which is practical and has wide-based experience.”

Naresh Thacker

“Naresh offers a wealth of experience on the table and helps to provide tailor-made solutions for the problem. His involvement is crucial in building the client’s confidence and his strategic inputs add immense value.”

Work highlights

Acted for Google before the Supreme Court of India in defending allegations against some of Google’s business practices.

Represented the National Egg Coordination Committee before the Supreme Court. In one of the first of its kind, the Competition Commission of India (CCI) recognised that price fixations and their dissemination may not always be harmful, especially when there is an underlying object of a common good.

Assisting Ericsson in three ongoing investigations before the CCI.

Key clients

Geep Industries, INOX Leisure, IREL, United Breweries.

P&A Law Offices is a legacy corporate, commercial, financial and litigation law firm with an admirable list of market firsts. Founded in 1996, the firm has a stellar reputation among top Indian conglomerates, Fortune 500 companies, household-name multinationals, and government and multilateral organisations. This year, the firm scales up in the competition table for its market-leading work. The team is helmed by eight partners who advise on all types of transactions and disputes across the entire spectrum of industry sectors. Untethered to a particular niche, the lawyers are focused on assisting their renowned clients in all types of high-level, complex, and high-stakes matters. Its competition practice is well regarded in the market with the firm’s practitioners helping draft the current competition rules. An interesting statistic pegs its deals as having a combined value of more than $75 billion. Managing partner Anand Pathak has been the chairman of the task force on competition law of the Federation of Indian Chambers of Commerce and Industry, was a member of India’s government-appointed committee on national competition policy and investment, and he is currently the vice chair of the IPBA on Indian competition law. Other key partners include antitrust experts Shashank Gautam and Sreemoyee Deb, and dispute resolution experts Gaurav Mahajan and Vijay Purohit.

Touchstone Partners was formed as a splinter from Platinum Partners in late 2020. Corporate specialist Karam Daulet-Singh is the managing partner, and he helms a team of 35 lawyers including six partners. The firm and its senior leaders have always been highly-regarded in the market for high end, complex M&A and private equity work.

Boutique firm Legacy Law Offices is a top choice for disputes in connection with infrastructure projects. Its leadership team of five are experienced counsels in construction arbitrations that have worked on numerous landmark mandates in the past. The firm has an enviable track record of arbitration success, winning 98% of cases on behalf of claimant clients. Managing partner Gagan Anand and senior partner Sadiqua Fatma are the key contacts. Other names to note for construction work are co-managing partner Shalini Munjal and partners Amarendra Gogoi and Eshjyot Walia. Disputes partners include Parveen Moudgil, Roopali Chaturvedi, Ishan Khanna and Ramanjit Singh.

Client feedback

“Their depth of knowledge in the construction industry is marvellous.” – Dispute resolution

“Transparent and clear communications.” – Dispute resolution

“Legacy is a well-managed law firm with high-ranking legal professionals, all of whom have tremendous skills in handling construction arbitrations. The services offered by Legacy are of an impeccable quality and are extremely competitive, as compared to other law firms. We are highly satisfied with the kind of services offered by Legacy and its lawyers.” – Construction

“The law firm has great diversity in terms of their practice areas and sectors and has rendered high-quality services on the projects undertaken by us on a time-to-time basis. I appreciate the value addition done by the lawyers of the firm, which has been quite beneficial to us and has helped in upholding the rights of the company in many contracts. The firm also provides practical legal advisory for dispute avoidance, which saves a great deal of time and money for the company.” – Construction

“Lawyers of the firm have a professional attitude and believe in maintaining communication throughout the case, which provides us with a sense of confidence and puts the clients at ease. The manner in which the lawyers prepare documents and argue cases is also commendable and has helped the company in achieving a number of highly fruitful results.” – Construction

“One of the most intriguing factors about working with the team of Legacy is their working style, characterised through different client service groups that have expertise and experience in different fields of law. This helps reassure the client of best-in-class legal services from the team.” – Construction

Gagan Anand

“Good listener and gives an apt solution to the issue.”

“Gagan holds extensive expertise in providing legal inputs on construction projects and has the ability to handle complex issues in the most practical and efficient manner. His work in the sector is incredible and has also been widely appreciated by many companies and clients. Having worked with Gagan for a great number of projects, I am impressed with his arduous nature.”

“Mr. Anand is a proficient lawyer with wide experience and an ability to handle complex issues relating to construction projects. He has been instrumental to the company and has been our legal expert for the various projects undertaken across India. He is a great orator and is also proficient in liaising with relevant stakeholders, which is an appreciable quality in a lawyer.”

“Mr. Anand is a highly knowledgeable lawyer and holds an unimpeachable reputation in the domain. His expertise has always proven to be beneficial to the company and has provided us with the desired outcomes at all times. It is also commendable how Mr. Anand remains accessible, even considering that he manages the entire firm.”

“Mr. Gagan Anand is an extremely proficient legal professional having intrinsic experience and expertise in different fields of law. He has rendered legal services to different government and governmental authorities to assist in the development of different PPP projects taken up in different jurisdictions and has also assisted in the development of related legislations for different countries, with a specific niche in the construction sector.”

Jitender Kumar

“Prompt responses and transparency in discussions pertaining to the case.”

Work highlights

Advised the Ministry of Yemen for the United Nations Development Programme project to set up photovoltaic solar power plants in the Abyan and Al-Mahra governorates of Yemen.

Assisted Deloitte Touche Tohmatsu in drafting agreements and policies for the World Bank-funded asset monetisation and recycling programme for the state of Odisha.

Key clients

CBRE South Asia, Department of Industries of Government of Himachal Pradesh, Himachal Pradesh Eco-Tourism Society, Nippon Koei India.

Former JSA partner Vishnu Nair set up Aarambh Legal three years ago. The corporate and commercial boutique is based in Bangalore, and has a focus on fintech, data privacy and technology matters. Core practice areas of the firm include M&A, private equity, venture capital, advisory and employment. Since the firm’s inception, the team has been busy assisting companies across various stages of growth and industry sectors, as well as servicing social impact funds and private investors. Apart from Nair, partner Aishwarya H is a key contact.

Client feedback

“Aishwarya and Vishnu are quite seasoned lawyers who are able to quickly drill down to the essential issues, even when there are multiple moving pieces. They also do not lose track of the many issues and were completely on top of the whole transaction.” – Corporate and M&A

“Hard-working, firm, knowledgeable and accessible.” – Investment funds

“Mature and balanced outlook, thorough analysis and work. High responsiveness.” – Investment funds

“They are a small nimble outfit that is extremely responsive to client's needs.” – Regulatory

“Good professionalism, timeliness and proactive communication.” – Technology and telecommunications

Aishwarya H

“Able to stay completely on top of complex transactions. Knew the ins and outs of every single document, and was able to patiently work towards a consensus, and suggest potential solutions to bring together parties who had very different viewpoints.”

“Excellent knowledge and communication skills.”

“Puts the customer first. Communicates well. Understands legal intricacies.”

Vishnu Nair

“Very confident. Wins points on logic. Well-read and well-respected.”

Work highlights

Acted for Oikocredit in their investment in Avanti Finance.

Advised Tanglin Venture Partners on its investment into Trusource Technology.

Agama Law Associates has a well-rounded offering that provides legal and regulatory support to corporations that are setting up, operating and growing in India. Its two practice area pillars are corporate and M&A and dispute resolution, with a strong private client service ranging from business advisory to succession and estate planning. The M&A department has developed a strong focus on startup clients such as advising e-commerce entities, marketplace sellers, service delivery partners, and ISPs on online contracts, terms of use and privacy obligations. The team has utilised innovative deal structures for acquisitions in the healthtech and fintech startup sectors.

Two partners are the key contacts: corporate practitioner Archana Balasubramanian and disputes specialist Nitin Jain.

Client feedback

“Recommended for their clarity of legal advice, business orientation, and quick and personalised service.” – Corporate and M&A

“Always very professional and precise.” – Corporate and M&A

“Puts our interest at the centre with transparency while dealing with them.” – Privacy and data protection

“Experienced, responsive and quality work.” – Privacy and data protection

Archana Balasubramanian

“Her knowledge about corporate law as well as M&A is impeccable and her ability to understand business needs and connecting them with legal solutions is really good.”

“She is an active listener. Whenever we seek advice, she has interacted proactively and with excellent problem-solving ability. She looks at issues from a holistic point of view and then advises us on the course of action.”

“Good listener and problem-solver.”

Work highlights

Acted for Cellestial E-Mobility on its sale of a 30% controlling stake to Tube Investments.

Advised Sarla Performance Fibers to address manufacturing and export-related issues and navigating complexities in polyester and nylon textured yarn production.

Represented the State Bank of India in navigating legal matters within the banking and finance industry.

Assisted India Gateway Terminal on legal issues in the shipping and logistics sector.

New Delhi-based AKS Partners covers a range of corporate and commercial matters, such as dispute resolution, intellectual property, labour and employment and project finance. Clients occupy a vast swathe of sectors such as telecoms, travel, insurance, healthcare, technology, retail and government. Managing partner Sonal Kumar Singh is a corporate advisory and dispute resolution specialist. M&A partner Anish Jaipuriar and disputes specialist Gunjan Gupta are other individuals to note. In the past year, the firm has expanded to meet the demand of its clients by adding seven new associates.  

Alaya Legal was established over two decades ago by Divjyot Singh and Suniti Kaur. The firm’s core areas are corporate transactions and advisory, and dispute resolution. Sectoral focuses include energy, infrastructure and oil and gas. Its boutique energy practice covers areas such as upstream, midstream and downstream, gas infrastructure, refineries, petrochemical operations and marketing, crude oil, gas, LNG and petroleum products sales, and aviation fuel farms. The litigators have a deep bench of experience in multiple Indian jurisdictions and at all levels of court, fora and tribunals.

Client feedback

“Quick response and quality assessment.” – Aviation

“Quick turnaround, domain knowledge and access to partners.” – Banking and finance

Suniti Kaur

“Knowledgeable, problem-solving approach and domain expertise.”

“Strong knowledge and attendance.”

Work highlights

Advised a VC-backed fintech startup on the deployment of its product, incorporating a hybrid model that merges private and public cloud functionalities.

Assisted a digital health platform for patients and caregivers on creating a comprehensive legal risk assessment protocol and framework for terms and conditions preparation for a caregiver-centric platform.

Full-service law firm ALMT Legal has a wide range of practices including banking and finance, capital markets, corporate and M&A, dispute resolution, labour and employment, and private equity. Its disputes offering covers all commercial litigation and arbitration, and handles criminal matters. Senior partners Sameer Tapia, Aliff Fazelbhoy, S Arun, Ryna Karani, Statira Ranina, Dhanya Menon, and Prashant Popat preside over two offices in Mumbai and Bangalore. The firm moves up one place in the shipping table this year.

Client feedback

“They are fast and very exact, managing matters down to the smallest details.” – Dispute resolution

“All ALMT partners like Sameer Tapia and Komal Joshi were very friendly and their team are very active in our every matter. All are not handling matters just to complete the task, they are involved in the matter personally and resolved the issues very nicely.” – Dispute resolution

“Personal touch and knowledge on the subject.” – Real estate

Vaishakh Kapadia

“He is a very responsible and organised person, a good manager.”

Sameer Tapia

“Appreciate his personal touch.”

Work highlights

Advised Zulekha Healthcare Group UAE on the sale of Alexis Hospital to Max Healthcare, India’s leading healthcare group.

Founded in 2012, Alpha Rajan & Partners is a full-service law firm with offices in New Delhi and Bengaluru. It has a corporate and commercial focus, with much work centred on M&A, restructuring and insolvency, dispute resolution, real estate and private equity. The key contacts are managing partners and co-founders Rajan Gupta and Akshat Vikram Pande. The firm has friendly firm collaborations with European law firm Bajer and Bajerova Advokati and Vietnamese firm ALB & Partners.

Work highlights

Advised HT Media on a plethora of issues related to its acquisition of VCCircle shares.

Acted for the promoter of POPxo and its investors with respect to their exit from POPxo and acqsuition of a stake in MyGlamm.

Represented Oagri Farm on its acquisition of Dhara Foods.

Key clients

Geniemode Global, New Delhi Centre for Sight, Scholar Alley

Leading employment specialist Manishi Pathak founded Anhad Law in early 2021 after his departure from IndusLaw. The firm is one of the few law firms in the country to house a dedicated and standalone labour and employment practice. It covers the full spectrum of services for companies and employees, from advisory to mediation and litigation.

In addition to its employment pillar, the firm has branched out into offering a full suite of services on all legal aspects of real estate and construction. The team covers non-contentious and contentious real estate matters, ranging from litigation, large-scale real estate project investments and financing, to purchase-sale, leasing and conducting detailed land title due diligence. The firm recently launched its IP practice, covering prosecution, transactional and contentious matters. Partners Ranjan Jha, Sumit Kalra and Dhruv Gandhi are also key contacts.

Client feedback

“Extremely responsive, especially considering the time difference, and provides practical advice that we can put to use easily.” – Labour and employment

“Very responsive.” – Labour and employment

Manishi Pathak

“Very responsive and he provides usable, practical advice that the businesspeople can understand.”

“Very personable and knowledgeable.”

Work highlights

Advised Fieldfisher in complying with Securities and Exchange Board of India requirements and retain its FPI status.

Advised Marsh McLennan Global Services India on director’s liability and on CSR compliance.

Established in late 2019 by a founding partner of Trilegal, Anand Prasad, AP & Partners aims to service clients in sophisticated, high-stakes and high-value matters. Its corporate expertise rests in M&A, particularly those that are complex, distressed or contentious, and it has a growing expertise in technology matters. The department provides a full suite of services to clients that include domestic and international public and private companies, entrepreneurial startups, mature multinational corporations, as well as significant financial institutions, insurance companies, pension funds, and venture capital funds. The team frequently acts for Indian companies, their founders, and management in M&A deals as well as other corporate transactions such as joint ventures, equity and debt financing, mergers and business transfers. It is also kept busy advising a number of major corporations on their corporate governance matters.

On the dispute resolution side, the firm regularly represents Indian and multinational clients in complex commercial litigations, international and domestic arbitrations and all aspects of corporate criminal defence and enforcement-related litigation.

The New Delhi-based firm currently has seven partners and nearly 20 fee earners. Apart from Prasad, the key contacts at the firm are corporate and private equity partners Arjun Sinha, Harshit Anand, Dushyant Kumar and Moksha Bhat. Kumar was hired in September 2023 from the International Finance Corporation. Other names to note include disputes-focused partners, advocate-on-record Sandeep Das and Vipin Tyagi.

Client feedback

“They are bunch of super-specialised professionals who are quick on their feet with quality advisory and quick turnaround on transaction documents. Their advisory is top notch and their practical solutions help close the deal efficiently.” – Banking and finance

“Recommended for the partner-led attention and commercially-savvy responses.” – Corporate and M&A

“They are prompt, professional, business-friendly and incredibly great to work with. They are a lot less stuffy than many other law firms.” – Privacy and data protection

Harshit Anand

“Excellent negotiation skills on commercial contracts and deals.”

Dushyant Kumar

“Quick turnaround with superb quality work.”

Arjun Sinha

“Arjun is a go-getter, incredibly business-friendly and understands issues very quickly. It’s his talent of understanding an issue quickly that helps provide us with quick, easy and efficient business solutions. He has helped provide innovative solutions to many unique issues we've faced in recent times.”

Work highlights

Advised Situs AMC on its $250 million business transfer to Altus Group.

Represented Happily Unmarried Marketing on its acquisition by a VLCC.

Full-service law firm Archer & Angel is headquartered in New Delhi with offices in Bangalore, Mumbai, Hyderabad and Pune. It counts both domestic and international companies as clients and offers the full spectrum of commercial and corporate advice, including IP and real estate. Senior partner Sanjay Chhabra leads the team that includes partner Bharti Ahuja.  

Aretha Legal brings M&A, private equity and venture capital expertise to clients across Delhi, Mumbai, Bangalore, Hyderabad and Cochin. The firm was launched in late 2022 by the founding partner of Grey Matter Legal and a former Luthra and Luthra partner. Corporate and private equity specialists Nitin Gera and Ray Vikram Nath helm the firm’s corporate teams. Its energy and infrastructure group was bolstered by the arrival of partner Rahul Bhattacharjee from an in-house role. The young firm is also growing its dispute resolution, employment and IPR practices. Key clients include Ark Impact Asset Management, Stellaris Venture Partners India, Metro Cash & Carry India, Roto Pumps, Sequoia Capital and Dealshare.  

Argus Partners offers market-leading practices for banking and finance, and restructuring and insolvency. The firm’s core practices cover banking and finance, corporate and M&A, dispute resolution, and restructuring and insolvency. The team has experienced recent growth in infrastructure and real estate funding, and in special situations investments. On the corporate and M&A side, the firm regularly advises blue-chip clients on governance, structuring and compliance issues. The firm has a pan-India presence with six offices in Ahmedabad, New Delhi, Mumbai, Delhi, Bengaluru, and Kolkata.

Its New Delhi office was launched two years ago and caters specifically to the firm’s corporate clients. Krishnava Dutt, the firm’s managing partner, specialises in banking and finance, corporate and M&A, and restructuring and insolvency. Partners Aastha, Arka Majumdar, Abhinav Bhalaik, Adity Chaudhury and Namitha Mathews are other key contacts. Former senior partner Prakash Panjabi left and established his own firm, P&P Legal.

Work highlights

Advised HDFC on its $60 billion merger with HDFC Bank, India’s largest ever M&A transaction.

Represented Tata Steel on its agreement with Tata Power Renewable Energy to establish one of the largest captive power projects in India.

Atlas Law Partners maintains a strong showing in our banking and finance, corporate and M&A, real estate and private equity rankings. It debuts in the dispute resolution table on the back of a significant addition to the group, prominent disputes specialist and senior partner Ritu Bhalla. She joined from Shardul Amarchand Mangaldas & Co in late 2022. The firm won numerous mandates last year despite the pandemic impact, acting on no less than 20 debt-related and M&A transactions. In the private equity space, the team is particularly specialised in handling startup investments on behalf of both funds as well as target companies. Co-founders and senior partners Harry Chawla and Niti Paul are key contacts.

AZB & Partners is renowned as one of the top full-service law firms in India, with leading practices across every category, including banking, capital markets, corporate and M&A, and private equity. This year, the firm ascends one tier in four tables, showcasing the firm’s continued push for excellence and investment in all areas: aviation, energy, infrastructure and intellectual property.

The firm’s sterling reputation for M&A and private equity makes it a first port of call for heavyweight international and domestic clients hoping to secure its services for big-ticket deals. The firm comprises over 90 partners across six pan-India locations. Founding partners Zia Mody, Ajay Bahl and Bahram Vakil are legends in the market for their corporate and finance specialties. Corporate partners Anil Kasturi and Ashwath Rau are two of the most prominent M&A and private equity lawyers in the country.

Client feedback

“Their understanding of the client's business is outstanding and this is their USP.” – Competition/antitrust

“Responsive, clear communicators and excellent strategic inputs.” – Corporate and M&A

“They are very responsive, accurate, business-oriented and committed.” – Corporate and M&A

“Experts in Indian law.” – Corporate and M&A

“Client-focused, highly committed and thorough in their advice.” – Corporate and M&A

“They are very responsive and provide sound, thorough legal advice. They are used to working with American companies who have subsidiaries in India.” – Labour and employment

“Quick response time, bespoke advice and excellent depth of professionals.” – Private equity

“Strong written work product that was timely delivered and comprehensive.” – Regulatory

Bharat Budolia

“He is client-friendly and takes time and effort to do everything that can give comfort and confidence to the client. His knowledge on the subject and industry is remarkable.”

Srinath Dasari

“Very responsive and results oriented. He takes the lead when necessary and has very good knowledge of the market practice.”

Darshika Kothari

“Highly experienced and deeply committed.”

Aditya Periwal

“Very responsive and client-focused.”

Jatinder Singh Saluja

“He is very responsive and helpful.”

Work highlights

Advised HDFC on its landmark amalgamation with HDFC Investments, HDFC Holdings and HDFC Bank.

Represented Tata Sons on preparing and filing the notification with the CCI and subsequently securing an unconditional approval from the CCI for acquisition by Air India of 100% shareholding in Air Asia India.

Acted for API Holdings, Citibank and Citicorp Finance on Citibank’s sale of its India consumer business to Axis Bank.

Key clients

Avaada Ventures, KKR, Qatar Investment Authority, SATS Investments, Siemens Energy Holding, TA Associates.

With offices in Mumbai, New Delhi and Bengaluru, Bharucha & Partners is an established full-service firm that handles complex, high-level matters. The firm has a stellar reputation in the market for its disputes work, with partners MP Bharucha and DP Singh lauded by peers. In the wake of this consistent recognition, the firms climbs into the top tier for dispute resolution his year. Key partners of the transactions practice group are Alka Bharucha, Justin Bharucha, Vandana Pai, Vishnu Dutt, Swathi Girimaji and Rohit Sharma. The firm welcomed former JSA partner and transaction specialist Sindhu Nayak this year.  

Based in Chennai, Calibre Legal is a full-service law firm founded by corporate specialist Mohammed Shadaan Saipillai. The firm covers a broad range of practice areas like M&A, real estate, general corporate advisory, dispute resolution and both direct and indirect tax. In addition to Saipillai, another key contact is partner Arun Kurian Joseph.

Client feedback

“Calibre Legal's professionalism and the ability to provide timely responses to client requirements stand out.” – Corporate and M&A

“Well-organised and efficient in providing service.” – Corporate and M&A

“Quick response time and quality work.” – Dispute resolution

“We appreciate their advisory, calmness, patience and ability to direct questions to scout for answers.” – Labour and employment

“They were able to advise us and bring to our notice clauses which were detrimental to us. They also provided us insights on what the various points in the contract. Most importantly they were able to provide us with additional points to safeguard our interests which we also didn’t think of. They helped us create a fair and watertight contract.” – Private client

Shadaan Saipillai

“He is intelligent, proactive and provides value for money.”

“All was good from him and he did well in all aspects of our requirements.”

“Accommodating to our ad-hoc schedule calls and patience in explaining the pros and cons.”

“Shadaan is highly professional and ensures timelines are met.”

“He thinks ahead and has the best in mind for the clients.”

Work highlights

Represented Intersea Maritime on its investment from Elan Maritime, by producing and finalising the share subscription and shareholders agreement, as well as providing regulatory advice.

Advised The Chennai Angels, Native Angel Network and Keiretsu on their investment in start-up Shriven Agritechs Private.

Chadha & Co is a mid-sized full-service corporate and commercial law firm based in New Delhi. Its client base spans SMEs to international Fortune 500 companies from all business sectors, such as automotive, food and beverage, and hardware and electronics. The partners are involved in every matter, working for the client in a hands-on manner to ensure high-quality delivery throughout. A unique offering is that the firm has several foreign desks with Japanese and European staff. Managing partners Rahul Chadha and Namita Chadha, and corporate partner Neeraj Prakash and labour specialist Savita Sarna are key contacts.

Client feedback

“They are most knowledgeable and truly service-minded.” – Corporate and M&A

Ashish Gupta

“He is extremely knowledgeable, tenacious and always safeguards our best interests.”

Work highlights

Advised for Pajoara Industria E Comercio in relation to a prospective joint venture and joint development deal with the client’s proposed Indian counterparts, focusing on the production of animal feed products, which would be a first-of-its-kind venture in India.

Acted for Cognivity AI Sweden on its collaboration with an Indian company for the joint development of technology and software in the EV batteries sector.

Represented Hitachi on its joint venture partner’s issues and insolvency.

Key clients

Agardsdotter & Co., Ciena International, Denso, DFS Group, DIAB, DSM Nutritional Products, Electronic Arts, GE Industrial Systems, Hitachi, Honda, Italferr, JETRO, JICA, Kawasaki, KIABI, Kobelco, L’Occitane, Long Arc Capital, BASF Group, Mitre, Mitsubishi Corporation, NSG, Oppo, Panasonic, Pinkerton, Roland, Sacyr, Savills, DB Schenker, SEB, Securitas, Shindengen, Skyworth, STMicroelectronics, Sumitomo Electric, Talgo, Toyota Material Handling, Vestergaard, William Grant & Sons.

Chandhiok & Mahajan is recognised by the market for its competition and antitrust expertise and is growing in prominence in the restructuring and insolvency sphere. The firm is active for its big tech and e-commerce clients, for example representing Google before the competition regulator. Another highlight is the firm’s extensive experience in leniency mandates, powered by its win for a client in the first-ever decision by the Competition Commission of India (CCI) in relation to leniency where 100% immunity was granted. The firm also has numerous seminal antitrust law achievements under its belt. It is at the forefront of competition policy development, with name partner Karan Chandhiok as the co-chair of the Assocham National Council on Competition Law. Chandhiok and co-founder Pooja Mahajan are key figures at the firm. Other names to note are antitrust partners Deeksha Manchanda and Avinash Amarnath.

In the past 12 months, the firm made a series a high-profile recruitments to bolster its M&A and disputes groups, including M&A partner Shafaq Uraizee Sapre and capital markets expert Niruphama Ramakrishnan from JSA, contentious insolvency partner Himanshu Vidhani from Khaitan & Co, new head of disputes and advocate-on-record Rahul Narayan, corporate counsel Mitesh Shah from Krishnamurthy & Co, and disputes counsel Zubin Poovathinkal from Karavadi & Co.

Client feedback

“The team is very good. Sujoy's always a phone call away to ideate and provide in-depth legal insight, commercial guidance or practical inputs. With Sujoy on board, you can rest assured that your international clients are in safe hands.” – Corporate and M&A

“Chandhiok & Mahajan consistently demonstrates several positive attributes that enhance our collaboration. Their legal team is known for providing thorough and strategic legal advice, which is crucial for navigating complex real estate transactions and disputes. They excel in offering timely and proactive solutions, which helps in making informed decisions efficiently. Additionally, the firm has shown a strong commitment to understanding the specifics of the real estate sector, tailoring their advice to fit not only legal requirements but also commercial realities. Their attentiveness to changes in regulations and their impact on our business is particularly noteworthy. This combination of industry knowledge, timely advice, and professional integrity makes them a valuable asset to any real estate business.” – Dispute resolution

Sujoy Bhatia

“He brings a wealth of experience, a lot of market knowledge, legal insights and practicality in deal making.”

Mehul Parti

“Mehul consistently exhibits several commendable attributes as a counsel at Chandhiok & Mahajan. Additionally, Mehul demonstrates excellent communication skills. He articulates legal strategies clearly and effectively, ensuring that all parties are well-informed and that there is a clear understanding of the course of action. This skill is particularly crucial in maintaining transparency and trust with clients. Mehul's dedication to his clients is evident in his thorough preparation and persistent approach to achieving the best possible outcomes for them. He is also known for his professionalism and integrity, maintaining high ethical standards in all his dealings, which fosters trust and respect from clients and colleagues alike.”

Work highlights

Advised Phasorz Technologies on its 100% acquisition of the Indian Health Organization from the existing shareholders.

Acted for Refex Group on its acquisition of KS Oils.

Clasis Law, with offices in Delhi and Mumbai, is a full-service Indian law firm that works with domestic and international clients on various aspects of law across industry sectors and practice areas. The firm has recently been active in corporate, labour, disputes and restructuring and insolvency matters. It moves up a tier in the corporate and M&A table. Managing partner Vineet Aneja and litigation partner Mustafa Motiwala are key contacts.  

Bangalore-based Counselence boasts deep industry know-how in the TMT sector. It was set up to provide business legal services to corporate clients by two former senior in-house counsel at a major IT company. The firm is full-service with notable specialties in advisory, M&A, and labour and employment within the technology industry. Founding partners Biju Varghese and Padmanabhan Ananth are the key contacts. Varghese is a corporate, disputes and regulatory specialist, while Ananth’s practice focuses on labour, corporate and disputes.

Client feedback

“They are extremely attentive to the client's needs and are quick to provide their expertise and recommendations if needed.” – Intellectual property

“Extremely responsive and works well with clients. They take a pragmatic and collaborative approach with their clients and the counterparties with whom they negotiate.” – Labour and employment

“Recommended for their responsiveness, granularity, extensive evidence searches, ease of access and always maintaining calm, not creating panic.”– Labour and employment

“Quick and detailed resolution, responsiveness and depth of knowledge.” – Labour and employment

“They gathered adequate data from us, made a complete analysis and gave us recommendations. They took our feedback and made amendments in recommendations based on our requirement within the legal framework.” – Labour and employment

“They were well-prepared and had quick turnaround times, which is crucial for emergency arbitrations.” – Labour and employment

“Very professional, providing timely support and well-articulated responses.” – Labour and employment

“Counselence has deep expertise in corporate and commercial matters, and their advice is practical and geared to resolving issues with minimal risks to the client. They helped us take informed decisions on crucial areas where the counterparty had taken a firm position during negotiation. Biju Varghese, a partner at Counselence, carries significant experience and brings in a much-valued commercial perspective to transactions and blends this experience well with his legal expertise during review and negotiation of documents. We also appreciated their attention to detail and timely response to queries and review of documents, particularly when we were working in different time zones and under time pressure.” – Private equity

“Counselence teams are professional and on the top of their job. Their timely intervention and advice assisted us to save monetary sanctions from regulators.” – Regulatory

“Excellent attention to details, technical knowledge and customer orientation.” – Regulatory

“Very clear, articulate and thoughtful approach. Strong knowledge of law and practice that helps us from time to time.” – Regulatory

“The team is client-focused, gives a well-researched opinion and is prompt with their response.” – Regulatory

“Recommended for their subject-matter expertise, responsiveness and strong negotiation skills.” – Technology and telecommunications

Padmanabhan Ananth

“I appreciate his ability to analyse large amounts of information, discern relevant facts, and devise logical solutions to complex problems. His effective communication, both in writing and speaking, is crucial. While it’s important to be objective, understanding and empathising with your client’s situation is key. He helps in providing personalised legal solutions and makes you more approachable. He pays attention to meticulous details. The law is constantly evolving: he stays updated with legal developments.”

“Personalised approach to client's problems and solution-based approach to professionally discharge his duties. Highly diligent, great ability to listen and understand the gravity of the problem and helps to find the right solution.”

“Easy to work with and talk to.”

“Experienced, he understands the client’s perspective and needs. He is solution-oriented.”

“I have worked with Paddy over the years. He has a calm demeanour, and it is always reassuring to have him negotiating on your behalf.”

“Paddy is a go-to lawyer for all our legal challenges. He is very professional and his ability to provide apt solutions to addressing legal issues is the reason we have been retaining his firm.”

“Paddy – as we refer to him – is approachable, offers very detailed analysis of issues and also suggestions on risk mitigation.”

“Strong subject-matter expertise, out of the box thinking and relationship management.”

“We rely on him for his responsiveness, understanding of our business and queries, communications and empathy.”

“Very professional and articulate, always has a good grasp on the subject-matter.”

Biju Varghese

“He is very responsive, always ready to help, and extremely knowledgeable in the domain.”

“Biju provides sharp, business-oriented approach to legal matters, particularly in commercial and PE investment matters where tough negotiations are involved with the funding organisations. He addresses risks in a comprehensive manner and offers options to me as the CEO for taking informed decisions. Even before engaging Counselence on the current matter, in my earlier employment Biju was on the board of directors of the company where I was CEO, and I found his independent thinking and risk assessment invaluable.”

Work highlights

Advised a global Canadian tech company acquiring a multinational UK tech company with respect to post-acquisition activities in India.

Acted for a specialist risk consultancy in executing a project as a vendor for outsourced security operations and services for a financial institution client in India.

Cyril Amarchand Mangaldas continues its reign as one of the most recognised full-service law firms in the country, a top-tier choice for its panoply of international and domestic clients. The firm is almost always involved in the most high-profile deals and this year proves its dominance once again by rising into the top tier of the market-hot pharmaceutical and life sciences table. The firm is also 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 RBI and the Securities and Exchange Board of India, to provide an extra layer of expertise.

The firm went on a hiring spree recently and picked up some of the market’s leading names across all areas. In a market-shaking blockbuster move, the firm snagged capital markets rainmaker Manan Lahoty and his 48-member team, including seven other partners, from IndusLaw this summer. Also from IndusLaw, the firm welcomed labour and employment specialist Sowmya Kumar. The corporate department deepened its bench with the addition of M&A partners Mohit Gogia, Jay Parikh, Alok Sonker and Pooranimaa Hariharan from S&R Associates, Luthra and Luthra Law Offices, Krishnamurthy & Co and Trilegal, respectively. The banking team was boosted by the joining of partner Pranav Sharma from Trilegal, while the IP group was strengthened with the arrival of specialist Revanta Mathur from Anand and Anand. The firm launched its new office in Abu Dhabi, recruiting back corporate practitioner Himanshu Chahar to helm the outpost. Chahar spent six years with Cyril Amarchand Mangaldas before spending two years as a legal consultant at a UAE firm. This abundance of lateral hires has pushed the firm’s headcount to over 1,000 lawyers, including 200 partners.

Work highlights

Advised IDFC and IDFC Financial Holding Company on their amalgamation with IDFC First Bank. This was the second largest transaction ever in the private banking space in India.

Key clients

Bharti AXA General Insurance Company, Canara Bank, Escorts, GVK Group, Jindal Steel & Power, Mitsui Sumitomo Insurance Company, Signify, Tata Sons.

The market holds Dentons Link Legal in high regard for its strengths in aviation, construction, energy and infrastructure work. The firm is a first port of call for infrastructure players due to its vast experience in large-scale, long-term infrastructure projects, regulator relationships, and ability to go beyond transaction basics into extra layers of service like financing insurance. Atul Sharma and Nusrat Hassan are key partners for energy and infrastructure, and corporate and M&A, respectively. Managing partner Anand Srivastava is also a projects and finance contact. Five new partners recently joined the firm to shore up its corporate, disputes and projects practices. This year the firm debuts in the pharmaceuticals and life sciences table and moves up a notch in the labour and employment table.

Client feedback

“Responsive and professional.” – Corporate and M&A

Namita Das

“Professional, friendly and responsive.”

Work highlights

Advised Aquapharm Chemicals and the lead promoter group on its 100% sale to PCBL.

Acted for Indip Industrial Parks on its sale to Aikya Logistics.

Represented MarketStar on its acquisition of Regalix.

Key clients

International Chemical Investors Group, Mercer, Navkar Corporation, Sistema Asia.

Full-service firm DSK Legal has a strong reputation in the market for quality work with pockets of top-tier offerings in several areas. It holds steady in the rankings across a number of areas, such as dispute resolution, construction, capital markets, IP, media and entertainment, real estate, and restructuring and insolvency, even bumping up a tier for its competition work. Under the guidance of top-flight real estate partner Sajit Suvarna, the firm’s real estate offering is regarded as one of the strongest in Mumbai. With an added capacity on the corporate side from recent additions, the firm posted a strong showing by closing over 50 sizable M&A deals. The firm’s specialised media and entertainment department is also well-received by the market. It boasts many A-list Bollywood film stars as clients, along with local and international media houses and platforms like Disney and Star India. Key contact and managing partner Anand Desai is a venerable figure in the legal industry for banking and finance, corporate and M&A, disputes, and media and entertainment. Deputy managing partner Suvarna is a banking and real estate specialist.

Client feedback

“Very well-connected, concise and well-drafted work product.” – Competition/antitrust

“Prompt response and reasonable fees for its service and hospitality.” – Dispute resolution

“DSK is prompt in their responses and are commercially-focused, giving not just black letter-of-the-law answers but also how that can be practically applied.” – Labour and employment

“They are prompt and very professional. Always available to solve any doubts or queries.” – Labour and employment

“Experienced, well-connected and professional.” – Media and entertainment

“Hands-on team and approachable even up to the partner level.” – Private equity

“Excellent turnaround time, resolution-oriented, full-service and good partner involvement.” – Restructuring and insolvency

Abhishek Singh Baghel

“Quick responses and polite explanations.”

Gaurav Mistry

“Very approachable and thinks from the client's perspective.”

Chandrima Mitra

“She is experienced, resourceful, wise and committed.”

Ajay Shaw

“Solution-oriented and a problem-solver.”

Suyash Srivastava

“Suyash is very proactive and provides great client service. He also follows up on areas outside his main expertise to make sure we are getting the same level of service from his other partners.”

Akanksha Tiwari

“She is clear in her thoughts and has a very good subject knowledge. She is very approachable and professional.”

Work highlights

Advised Stelis Biopharma in relation to the sale of business and operations pertaining to Unit III of Stelis, including the factory and the solvent yard, by way of slump sale, to Syngene International.

Represented Kotak Investment Advisors in relation to the first closure of its maiden datacentre fund, Kotak Data Center Fund IFSC.

Acted for ReNew Solar on the sale of 100% of its shareholdings.

Key clients

Bharat Innovation Fund, Neuberger Berman, Paine Schwartz Partners, PSA India Intermodal, SBI Life Insurance Company.

Founded a decade ago, Ediplis Counsels has its roots in intellectual property. Since then, it has slowly added multiple verticals including general corporate and M&A, insurance, private equity and dispute resolution. This year the firm debuts in the corporate and M&A, and technology and telecommunications tables. Four senior partners lead the firm: IP specialists Nishant Kewalramani, Ashima Chalia, Vishal Jain, and Aditi Verma Thakur. The firm has four offices in Bangalore, Mumbai, Delhi and Jaipur.

Client feedback

“Prompt responsiveness, high quality of deliverable and great commitment towards the project.” – Corporate and M&A

“They take a professional approach to even the tiniest bit of information. They communicate on time and educate the clients at every step of the process.” – Infrastructure

“Transparent and clear advice. Quick action on urgent matters.” – Intellectual property

Nishant Kewalramani

“Friendly, reassuring, responsive, transparent and direct.”

Namratha Krishnan

“She was very responsive. Excellent in problem-solving. She delivered the work within the deadline.”

Rohini Kumar

“Great communication skills and patience to explain each and every process.”

Work highlights

Advised leading entity engaged in research and experimental development on natural sciences and engineering on strategising its employee stock option plan.

Assisted domestic client, an entity engaged in technology and secure printing activity, on strategy relating to the acquisition of another local entity engaged in software development.

Key clients

Autometers Energitec, Mahendra Educational, Metropolis Healthcare, Telenity Systems Software India.

Launched one year ago, multi-service firm Emerald Law Offices has offices in Delhi and Bengaluru. Its leadership comprises partners who have years of experience at other top-tier domestic law firms. The firm witnessed exponential growth in the past 12 months, expanding its practice area offerings and its client base, along with the deal sizes and complexities of cases. The firm has advised clients in deals worth more than $477 million. In particular, the team’s real estate strength is noted. Managing partner and real estate specialist Sachit Mathur is the key contact. Other names to note include real estate partners Ajay Bhadu, Astha Singh Trehan and Aditi Lodha, and corporate partner Madhavan Srivatsan. The firm bolstered its litigation capacity with the hiring of partners Varun Pareek and Rahul Malhotra last year, from SkipperSeil and KNM & Partners respectively, as well as corporate experts Srivatsan and Hitesh Tara, the latter joining from Suri & Co.

Client feedback

“Knowledgeable, pragmatic, approachable, personable and good negotiators.” – Infrastructure

Madhavan Srivatsan

“Madhavan is very knowledgeable, approachable and likeable, pragmatic, and great at negotiating. He is also very good at problem-solving.”

Work highlights

Advised Emtex Engineering on the sale of its 26% stake to IndiaMart in the JV with MonotaRO.

Acted for Medicentre Sonography and Clinical Lab on the sale of its entire diagnostic lab business to Redcliffe Labs.

Fox Mandal has a full-service offering and is best known for its real estate and IP practices. It is a well-known and trusted law firm with an established history and strong name recognition among multinational corporates and domestic players. Recently, the firm has been busy building up its client portfolio in the healthcare, retail, IT and real estate sectors. Its corporate and M&A practice continues to gain traction on larger matters and it moves up a notch in labour and employment. On the IP side, the firm has been honing its focus on startup players, even offering pro bono advice as their clients work their way up. Key figures for real estate and IP are, respectively, partners Purnima Kamble and Santosh Vikram Singh. Managing partner Shuva Mandal, who is active on numerous transactions and disputes matters, is a respected figure in the market. Other names to note include co-managing partner Shourya Mandal, and senior partners Jeevanandham Rajagopal, Santosh Singh and Sathya Prasad.

Client feedback

“They are responsive.” – Intellectual property

“Competitive and relevant knowledge.” – Real estate

“Provide legal services of the highest standard.” – Real estate

Sudarsana Daw

“Provides a solution to the needs.”

Drishti Kardam

“Prompt responses.”

Shourya Mandal

“Strong legal knowledge and responsiveness.”

Work highlights

Advised InSemi Technology Services on its sale of shares to Infosys.

Acted for the founders of Testbook Edu Solutions on their sale of shares to Classplus.

Key clients

Demopolis Equity Partners, Kaar Technologies India, NCL Buildtek, Northern Tools & Equipment Global.

HSA Advocates has a commanding reputation in the market as a preferred firm for energy, construction and infrastructure work. Sophisticated clients know this is the firm for complex, multi-party, long-term infrastructure projects, as it has decades of experience working with all stakeholders from the beginning to the end of a project life cycle. The firm provides a complete suite of solutions for development, financing, transactions, restructuring and dispute resolution support. The firm is routinely found advising on power, road, port, airport, oil, gas, clean energy and special economic zone projects. Founding partner and projects legend Hemant Sahai is a key contact. The firm welcomed corporate and funds specialist Satish Kumar Anand and real estate partner Himani Singh Sood from SNG & Partners. Banking partner Sharmil Bhushan left for Kochhar & Co.  

IC Universal Legal is an 31 partner-strong firm that excels in private equity and investment funds work. It is consistently lauded as the go-to firm for fund formation work with peers, and clients giving strong market reviews of its dominance in this niche space. It has offices in Bangalore, Chennai, Delhi, Mumbai, Chandigarh and Ahmedabad, and extends its reach to the US and Brazil via its affiliation with US firm Chugh. Apart from its private equity, venture capitalist, credit fund and hedge fund clients, the firm is active among startup companies as well. Industry-wise, the firm has expertise in banking, financial services, insurance, healthcare, industrial engineering, media, pharmaceuticals, IT, real estate and private clients. The firm boasts the highest market share of all the Indian law firms at nearly a third of the Indian investment funds establishment space. This includes private equity, venture capital, credit and hedge fund structuring. Last year, the firm was involved in no less than 45 transactions across different verticals. Joint managing partners Kavitha Vijay and Tejesh Chitlangi, and senior partners Sameena Chatrapathy and Sambhav Ranka are key contacts.

Client feedback

“Highly recommended for their very prompt response time, very crisp advice and approachability of the partner and team working on the project.” – Investment funds

Sameena Chatrapathy

“Very approachable, clear communications and solution mindset.”

Work highlights

Advised Kinam Engineering Studios on its sale of a majority stake to HLE Glascoat.

Acted for Lendingkart Technologies (LT) and Lendingkart Finance (LF) in relation to a composition transaction that involved a slump sale of Upwards Financial Services to LT and a slump sale of Upwards Capital into LF.

Key clients

Congruent Solutions, Hindustan Foods, Rich Prints, Sustainplus Rise.

IndusLaw is a modern full-service firm that is rapidly coming up the ranks as a challenger to the established order of top legacy firms. This year, it moves up to the top tier in the media and entertainment ranking, and is boosted up a notch for its IP and regulatory offerings. In total, the pan-India coverage includes offices in Bangalore, Chennai, Delhi, Hyderabad, Mumbai and Gurugram. The firm takes pride in its growing prominence among sophisticated clients for its private equity and TMT work. It specialises in working with investors across the full funding lifecycle and on a variety of funds including sector-specific ones such as technology, life sciences, e-commerce, retail and infrastructure. The capital markets team remained active, securing some of this year’s largest mandates for both issuers and bookrunners on more than 24 transactions. While maintaining a secure foothold at the forefront of ECM work, the team is busy diversifying its experience into newer products such as SPACs and business trusts, block deals and debt capital markets work. The key contacts are founding partners Avimukt Dar, Gaurav Dani, Kartik Ganapathy, Srinivas Katta and Suneeth Katarki.

There were a handful of notable inflows and outflows from the firm in the last year. The banking practice welcomed Pritha Chatterjee and Divij Kumar from Shardul Amarchand Mangaldas & Co and Luthra and Luthra Law Offices, respectively. Corporate partner Siddharth Manchanda also joined from Unacademy in January 2024. In addition to Kumar, the dispute resolution department recruited two more experts from Luthra and Luthra, Amrita Tonk and Abhimanyu Kampani, as well as Suadat Ahmad Kirmani from Tatva Legal. Regulatory specialist Shashwat Kumar joined from Shardul Amarchand Mangaldas & Co in July 2023. Three M&A specialists departed for Shardul Amarchand Mangaldas & Co: Manish Gupta, Ashish Ahluwalia and Pratyush Khurana.

Client feedback

“Prompt, responsive and accessible.” – Banking and finance

“Very hands-on and always available to help.” – Corporate and M&A

“Recommended for their quality of work and timelines adherence. Humbleness among their partners and founder is the key.” – Corporate and M&A

“Prompt, responsive and easily accessible.” – Corporate and M&A

“Responsive, can meet all of our needs, and creative thinking.” – Corporate and M&A

“Very flexible, great ideas and very competent.” – Corporate and M&A

“Availability, agility in fees and general ownership.” – Corporate and M&A

“They are very commercially-focused, savvy and efficient. They don't give us long memos rather they give us succinct and acute advice.” – Corporate and M&A

“Excellent time management, clarity in communication and resource management.” – Dispute resolution

“Well-organised, quick responses and client-friendly.” – Dispute resolution

“Appreciate the lawyers’ responsiveness and industry expertise.” – Dispute resolution

“They have subject-matter expertise, are cost-savvy, file prompt and comprehensive petitions, have quick response times, availability, flexibility in approach and open to feedback.” – Dispute resolution

“They are very prompt in executing instructions and in providing updates. They extend all possible assistance in ensuring that the litigations assigned are handled properly.” – Dispute resolution

“IndusLaw is always there for any sort of litigation as well as advisory required by us and has been quite proactive in providing the desired results.” – Dispute resolution

“Creative, user-friendly, diligent and professional.” – Dispute resolution

“In-depth knowledge on critical issues and provides good support in completion of arbitration tribunal proceedings.” – Energy

“They are detailed-oriented, meticulous in their work and provide a composite guideline for the matter.” – Labour and employment

“Very responsive and collaborative.” – Private equity

“Staunch advocate for their clients with an eye toward achieving a positive commercial result. Knowledgeable and up to date on the ever-changing regulatory environment. Incredibly hard-working and client oriented.” – Private equity

“Assurance that the partner has complete attention on the matter, cost-effective and timely turnaround even when the deadlines are tight.” – Private equity

“Prompt responses, holistic advice and accessibility.” – Real estate

“Excellent in-depth analysis of the title flow and they have an updated view of the land laws.” – Real estate

“IndusLaw is responsive to competing time zones and is very commercial in its advice.” – Real estate

“Experienced partners and knowledgeable workforce. Quality of work and inputs around transaction structuring is top notch.” – Real estate

“The partners are well aware of the recent developments and are always eager to learn more. They are well-versed with the laws and the court proceedings. They are great advisers with perfect strategy formulation.” – Regulatory

“They have a quick turnaround time, well-researched and drafted applications and appeals, good advisory skills to clients in matters, and are well-prepared for briefing senior counsels or counsels.” – Restructuring and insolvency

“I appreciate their detailed approach on understanding the issues and giving us precise advice.” – Tax

“Excellent breadth of expertise.” – Tax

Vatsal Agarwal

“Focused, prompt and responsible.”

Neha Balodhi

“Prompt, responsive and easily accessible.”

Ayshwarya Chandar

“She is very approachable and understands the raised concerns and comes up with good resolutions.”

Gaurav Dani

“He is a good listener and keen learner.”

Mayukh Datta

“Collaborative and responsive.”

Sushmita Gandhi

“Prompt, responsive and available.”

“She is extremely professional and excels in dissecting complex legal issues and identifying key points in disputes. She is well-known for her work in international arbitration matters and commercial litigation.”

“Knowledgeable, friendly, appreciative of feedback, and willing to work according to the client's budget.”

“Great in knowledge of the industry, legal practice, client service and ethical standards.”

“Go-getter attitude and result-oriented approach.”

“Creative, user-friendly and goal-orientated.”

“She is very responsive, and the advice given to the clients is very well-researched. She informs her clients of all possible legal implications, if any, of their actions so that the decisions taken by the client are well-informed.”

Anindya Ghosh

“Client friendly, takes a wide perspective and is flexible.”

Shweta Gupta

“Responsive, smart, thoughtful and timely.”

“Clear language, good advice and very flexible.”

“Practical advice, always reachable, timely turnaround, and assertive and polite at the same time, which has worked wonders during the negotiations with counterparty.”

Amit Jajoo

“Amit is highly recommended. Amit develops effective strategies to navigate through legal conflicts, aiming for favourable outcomes for clients.”

Suneeth Katarki

“Highly cerebral, commercially-savvy, and engaging. He is a pleasure to work with and he does deals efficiently.”

Ashwin Krishnan

“Responsive.”

Arun Kumar

“Commericial approach, responsive and calm.”

Minhaz Lokhandwala

“He is always available when you need him. He is also very poised.”

Shashi Mathews

“Very collaborative.”

Mayank Mishra

“Good communications, problem solver, in-depth knowledge and easy access.”

Ashutosh Narang

“Always makes time even if counsel is sought for outside the work they are involved in.”

“He is knowledgeable in real estate and banking and the private equity transaction space.”

Chinnappa Palecanda

“Succinct dissemination of knowledge, depth of information and problem-solving techniques.”

Sunita Rajesh

“She has in-depth knowledge of the subject and a very friendly attitude towards the clients. She is accessible anytime.”

Niket Shah

“Great responsiveness.”

Winnie Shekhar

“She is a hard worker, always available, collaborative and willing to find the middle ground. She stays focused on the material points and overall is a pleasure to work with.”

Work highlights

Advised PhonePe on its full ownership separation from Flipkart.

Assisted Axis Energy Ventures India on its joint venture with Brookfield.

Acted for Mahanagar Gas on its 100% shareholding acquisition in Unison Enviro.

Key clients

Addverb Technologies, Bharat Oman Refineries, Bharti Airtel, Kalaari Capital Partners, Mayfield India, Patel Infrastructure, Paragon Advisor Partners, Robosoft Technologies, Samara Capital.

JSA is a leading, pan-India full-service firm that excels in a number of areas including energy, infrastructure, technology and telecommunications, banking and finance, and construction. Its regulatory practice is well-regarded due to the firm’s strong credentials with telecoms, energy and infrastructure authorities. This year the firm made notable strides in the rankings, rising into the top tier for its real estate, capital markets, private equity and restructuring and insolvency offerings. It additionally ascended a notch in the competition, investment funds and tax rankings. In two recent blockbuster moves that shook the legal industry, the firm recruited competition doyenne Nisha Kaur Uberoi and her 25-strong team from Trilegal, as well as M&A star Iqbal Khan and his 20-member contingent from Shardul Amarchand Mangaldas & Co. The firm was also busy shoring up its dispute resolution group with the additions of partners Shreya Sircar from Luthra and Luthra Law Offices; a four-lawyer team led by up-and-coming partner Padmaja Kaul from IndusLaw; and another four-lawyer group with partner Ayush Agarwala from Krishnamurthy & Co. Former DSK partner, real estate specialist Brijita Prakash, and corporate expert Santosh Vijay from Krishnamurthy & Co, were also welcomed into the fold earlier this summer.

Client feedback

“The team is very responsive, super-bright and always raises excellent points. As one of the top competition practices in India, they provide advice in a business-friendly and pragmatic way.”– Competition/antitrust

“The team is excellent. The team offers fresh, dynamic and commercial advice, is clear at explaining the law and very good at understanding our business. When working on massive cases with horrendous deadlines they are able to keep an eye on the bigger picture and maintain a sense of perspective at all times, I would rate them very highly.” – Competition/antitrust

“My experience with the competition team was fantastic and they delivered on every word they promised. The key strengths for me were the fact there were experienced lawyers at all levels, whether you were dealing with associates or partners. They really know their stuff, the intricacies of antitrust regulation and how the process actually works. They are also really responsive.” – Competition/antitrust

“My experience with the team was fantastic and they delivered on every word they promised.” – Competition/antitrust

“The team is very easy to work with and very inclusive in their way of operating. The work is high-quality, and the team is responsive.” – Competition/antitrust

“They have good understanding of the Electricity Act of India and know-how of all regulations, practices of the central and state power sector regulators, etc.” – Energy

“JSA has been one of our go-to firms for banking and finance deals. Aashit Shah has been our relationship partner, and we have been very happy with the depth of the team, the level of service and responsiveness from the team. Their advice is thoughtful, and they are thoroughly dependable.” – Restructuring and insolvency

Vaibhav Choukse

“He is our go-to guy for any competition law advice. I think he is a well-rounded lawyer with the ability to think through problems and find workable and innovative solutions. He invests an enormous amount of time and effort to understand our business and can add lots of pragmatic advice. He's the most talented lawyer in the room in negotiations and he knows the law off the top of his head. His advocacy skills and his strategic thinking and reasoning really set him apart.”

“In the course of my dealings with JSA, I have mostly worked with Vaibhav. I find him to be insightful with a keen understanding of client needs and gives practical advice, which shows his sensitivities to commercial realities. He came up with a unique strategy, he made sure we were protected, and we are now in a much better position than before. He’s a known guy in the competition law circle. I would rate him very highly for his work.”

“He has a strong commercial sense and client-centric approach, which is dominated by practical considerations. He engages with client's senior and local management with ease, but the best part is that he is extremely approachable and grounded. His approach is professional, and the quality is exceptional, all elements of a seasoned antitrust lawyer.”

“He has a strong commercial sense and client-centric approach, which is dominated by practical considerations.”

“I find him to be insightful with a keen understanding of client needs. He gives practical advice, which shows his sensitivities to commercial realities.”

Aashit Shah

“Aashit is very level-headed with great depth of knowledge and experience of the market. He has a great team of partners who are reliable and can provide a very high level of service.”

Vishnu Sudarsan

“Great knowledge of the sector, meets deadlines for delivery and suggests innovative solutions.”

Work highlights

Advised Temasek on acquiring a controlling stake in Manipal Hospitals, the largest healthcare PE deal in India.

Acted for GAIL on its acquisition of a controlling stake in a Cyprus entity engaged in the business of chartering LNG carriers.

Represented Oil India on its strategic equity investment in an entity engaged in the green hydrogen business in India.

Key clients

Clearlake Capital Group, DuPont, Ford Motors, Google, Microsoft, Mobiv Acquisition, Pepsico India, Singapore Telecommunications.

Juris Arena was founded in late 2020 by corporate and transactions partner Soumitra Banerjee. The firm specialises in corporate work, with niche focuses on corporate commercial and corporate finance. The team is particularly adept at working with clients in the banking and financial services sector, with offerings including advice on syndication and other loan arrangements, facility letters, security documentation, letter of credit and financial services regulations, project finance, guarantee arrangements, performance bonds and bonding facilities. The corporate department specialises in transactional work, contractual support, real estate and regulatory compliance. Its corporate client base spans various sectors such as FMCG, IT and ITeS, AI, pharmaceuticals, R&D, manufacturing, agro-tourism and digital marketing, among others. This year the firm climbs up a tier in the corporate and M&A rankings. Associate partner Anjali Haridas is the other key contact.

Client feedback

“Well-versed with the knowledge and timely responses.” – Intellectual property

“They advised us correctly to go for arbitration. That worked well. The partners and associates have a good understanding of the Indian legal system.” – Restructuring and insolvency

Soumitra Banerjee

“He is proactive and solution-oriented. He is able to read the undercurrents in an ongoing legal process.”

Work highlights

Advised a lead generation company in its acquisition of shares in a Dubai-based entity.

Acted for an innovative sports startup on the establishment of a subsidiary in India and the set-up of its business structure.

Represented a public listed company in their series of investments in the partnership interest of multiple identified partnership firms engaged in manufacturing of active pharma ingredients.

Kanga & Co maintains its perch atop the real estate ranking, a respected firm with an enviable client list in this sector. It also excels in the construction space, while remaining steady in the banking and finance and capital markets tables. The firm has a strong practice of helping SMEs list on domestic SME stock exchanges, and in the last nine years has advised more than 70 such companies. On the offshore front, the team acted for ESR Cayman as local counsel on its debut on the Hong Kong Stock Exchange in 2019. Senior partner Preeti Mehta and Chetan Thakkar are key contacts.  

Established in 1911, Khaitan & Co remains in the ‘Outstanding’ tier for most core practice areas, such as banking and finance, capital markets, corporate and M&A, dispute resolution and private equity. Its IP and labour and employment teams are also renowned in the market for their depth, breadth and size. The firm is a reliable top-tier choice for its many international and domestic clients, part of the fraternity of the country’s largest, most famous corporations. It has a pan-India presence with offices in Mumbai, Bengaluru, Delhi and Kolkata. In particular, the firm’s investment funds practice is extolled by peers as a true pioneer for fund formation and structuring work. The corporate practice features luminaries such as Haigreve Khaitan, Bharat Anand and Rabindra Jhunjhunwala.

Client feedback

“Prompt, helpful and cost-effective.” – Banking and finance

“Very prompt, solution-oriented and has good understanding of the market sectors.” – Banking and finance

“Excellent quality and partner attention.” – Banking and finance

“The team is professional, informative and has guided the company through their immense knowledge of all regulatory requirements. They are best in all aspects of legal matters governing the regulations of SEBI, exchanges, MCA and legal.” – Capital markets

“Adequate team strength, good network and comprehensive team knowledge and expertise.” – Competition/antitrust

“Extensive experience in dealing with complex transactions in the energy and infrastructure sector. Great understanding of the sector dynamics, regulatory issues and challenges.” – Corporate and M&A

“Their approach to work assigned to them is very professional and they deliver high-quality service within the shortest possible time. They do extensive research before giving their opinions.” – Dispute resolution

“Hands-on approach, easy accessibility and competent teams.” – Dispute resolution

“Extremely responsive and thorough.” – Labour and employment

“Prompt, effective and has a business-focused approach.” – Labour and employment

“Their advice is always on point. It’s an extremely knowledgeable team. Their ability to cover tax, trust, foreign exchange and M&A is well known.” – Private client

“Good knowledge about real estate regulatory laws and excellent drafting skills of important documents.” – Real estate

Bijal Ajinkya

“Bijal is the go-to person for all trust and tax matters in the private client space.”

Vaibhav Bhardwaj

“Vaibhav has in-depth knowledge of the labour and employment issues. He was able to guide us and provide a step-wise solution to resolve the issue.”

Akhil Bhatnagar

“Great understanding of the industry, complex situations and transactions, fully understands the needs of the company and provides practical solutions to deal with critical issues.”

Manas Chaudhari

“Great with competition law.”

Smita Jha

“Smart lawyer who understands the market dynamics well. She is solution-focused and very updated on the changing regulatory landscape.”

Deepak Kumar

“Fabulous, responsive and very professional with excellent communication skills, especially conveying complex concepts in writing – which is essential!”

Harsh Parikh

“Hands-on approach and easy accessibility.”

Suman Prabhu

“She has been a good listener and gave apt solutions with regulations and solutions.”

Anshul Prakash

“Business-focused and good knowledge of risk governance.”

Manisha Shroff

“Very helpful and responsive.”

Dibyanshu Sinha

“His response time is very fast. Analysis of issues posed to him is very good. Drafting of documents is excellent.”

Siddharth Srivastava

“His experience in banking and insolvency is very deep. He is a hands-on lawyer who is always ready and available to help out clients. He has a solid knowledge of law and his great attitude places him as one of our preferred lawyers in the banking and insolvency industry.”

Work highlights

Represented Reliance Industries and Viacom18 on its strategic JV with The Walt Disney Company.

Advised Brookfield Asset Management on the sale of two large commercial assets in Mumbai and Gurgaon to a partnership of GIC and Brookfield India Real Estate Trust.

Key clients

Nirma, PCBL, Siemens, Tata Consumer Products, Ultratech Cement.

Khurana & Khurana’s most prominent vertical is its intellectual property offering. It also covers corporate and commercial, banking, labour, real estate and tax law, and debuts in several of these rankings tables this year. The firm employs more than 200 professionals across its 10 offices in India, seven in southeast Asia, and two branch offices in the UAE and the US. The firm is proud of its top-tier status as being the number one PCT filer from India over the past three years. The firm welcomed 10 new associates to add further bench strength to its IP and real estate teams. Managing partner Vinod Khurana, and partners Tarun Khurana, Abhishek Pandurangi and Vinod Khurana are key contacts.

Based in New Delhi, KKL Partners is a full-service law firm with strengths in real estate, corporate and M&A and aviation work. The team routinely advises offshore and onshore clients looking to create business synergies through international tie-ups via equity or debt investments or technology alliances. The firm is led by founding partner Aashish Vats.

Client feedback

“Very prompt service and quick turnaround time on the entire transaction. Also, the negotiations on term sheets were superb.” – Private equity

Aashish Vats

“He takes the best interest of the client and has the ability to meticulously negotiate with reason in transactions.”

Work highlights

Advised Agio Image, an investment entity holding investments across sectors, on its $21 million sale of equity stake in Medanta Group of Hospitals.

Acted for Daryaganj, a chain of restaurants in India, in acquiring an equal stake in setting up its outlet in Pacific Mall, New Delhi.

Kochhar & Co has a pan-India presence and excels in a multitude of practice areas, from dispute resolution to real estate. Its technology and telecommunications practice is lauded as one of the best in the country. Stephen Matthias is a leading technology lawyer who heads the firm’s first-rate team. Managing partner and litigation specialist, Rohit Kochhar is the main contact.

Work highlights

Assisted Finicity Technologies on the Indian elements of its global complete sale to Mastercard for $825 million.

Advised state-run energy firm Gas Authority of India on swapping its shares in Ratnagiri Gas and Power with NTPC.

Acted for technology giant, Tech Mahindra on its acquisition of the assets of TransSys Group, a global consulting and technology services company with presence in Asia, the Middle East and Africa.

Key clients

Aspire Systems, Cardinal Healthcare, Eze Castle, FEdex, FGVT Holdings, Maruthi Technologies, Oracle, Xpitax, Zebra Technologies

Mid-sized firm Krishnamurthy & Co offers full corporate and commercial transactional services. It is best known for its intellectual property practice, but has corporate and M&A and private equity practices that are growing in prominence. This year the firm advances up the infrastructure and dispute resolution ranking tables. The firm boasts a roster of elite clients. Senior partner Nikhil Krishnamurthy chairs the intellectual property department and he is a key contact. Other leaders at the firm include founding partner Naina Krishnamurthy, managing partner Shwetambari Rao, senior partners Ayush Agarwala and Rashmi Deshpande, and partner Rukmini Roychowdhury. Dispute specialist Aditi Mittal departed for Kochhar & Co in December.

Best known in the market for its leading tax and IP practices, Lakshmikumaran & Sridharan also provides in-depth advisory and representation in competition, corporate, real estate, and restructuring and insolvency matters. It has 13 offices across 11 cities and opened a new office in Kochi three years ago. The firm’s growth in corporate and M&A, and private equity is reflected in its bump up in the tiers this year. The firm also debuts for technology and telecommunications, as well as its restructuring and insolvency offering. It is famed for its contentious patent know-how where the subject-matter requires deep and detailed knowledge. The firm is a market leader in plant genomics and plant variety protection. The firm’s robust and historical tax practice specialises in goods and services tax, income tax, customs and litigation. The firm’s key contacts are IP practice head Malathi Lakshmikumaran, who is a specialist in the biotechnology, chemistry and pharmaceuticals sectors. Managing partner V Lakshmikumaran is a go-to name for tax matters. Notable clients in the arbitration arena are based in the steel, power, consumer goods, hospitality and tourism, and infrastructure sectors.

Client feedback

“Recommended for their service levels, and practical and actionable legal advice.” – Corporate and M&A

“They promptly keep track of all our IP and timelines. The advice given is appropriate and thought out. They pay individual attention to the case.” – Intellectual property

“The team has very strong expertise in corporate law and transactions. Gaurav Dayal and his team were always reachable when we needed them. They also have a strong understanding of underlying commercial objectives.” – Private equity

“The firm has high ethics and correct advisory about the position of law. It spends quality time on litigation and tax matters, and demonstrates a fair bit of understanding about our business and the technology involved in running the business.” – Tax

“Clarity in thoughts and expertise on subject-matter.” – Tax

“Promptness and attention to detail. Accessibility across all levels of the hierarchy.” – Tax

Kunal Arora

“I appreciate his responsiveness, ability to think from first principles and his resourcefulness.”

Gaurav Dayal

“He is affable and approachable, possesses a deep knowledge in corporate law, has a strong understanding of underlying commercials and offers innovative solutions.”

Rohan Muralidharan

“Rohan is excellent in his legal acumen and research capabilities. He prefers understanding the matter thoroughly before arguing it, which is always helpful in doing justice to a brief.”

Raghav Sarda

“Good communications. Prompt and accessible. Very good at his work.”

Work highlights

Advised Kent Corporation in connection with the global acquisition of the entire shareholding of Frosty Boy Holdings.

Acted for Premion on its global equity and asset purchase of Octillion Media.

Key clients

ETS Assessment Services, Divo TV, Ginni Global.

Formerly known as PDS Legal, Lumiere Law Partners is a full-service firm that specialises in helping international companies form joint ventures and make entries into India. Its aviation specialty is notable. Managing partner Probal Bhaduri helms the team alongside aviation partner Vihang Virkar. The firm has experienced an uptick in restructuring and insolvency, and labour and employment matters.  

Luthra and Luthra Law Offices is a well-rounded full-service firm that has been a market leader in multiple practice areas over the past two decades. Since the passing of founder Rajiv Luthra, the firm has been rebuilding its ranks over the past year. The firm is proud of its market-leading clean energy practice, prioritising niche deals that have a positive environmental or social impact. Key contacts for the corporate side include managing partner Harry Chawla and partner Niti Paul. Both joined in the summer of 2023 from Atlas Law Partners. The firm’s famed projects and infrastructure team is led by partners Deepak Kumar Thakur, Girish Rawat and Karan Mitroo. Partner Avirup Nag departed for Saraf and Partners at the end of 2023.

Client feedback

“Recommend the firm for its knowledge base and the quality of partners leading the firm.” – Banking and finance

“Great commercial sense.” – Corporate and M&A

“Provides solutions within the legal framework.” – Dispute resolution

“They provide amazing support and have deep legal knowledge. They think from the client's perspective, and not just to maximise their fees.” – Private equity

“The lawyers are very prompt and thorough, have excellent strategy and deliver quality legal advice.” – Tax

Karan Mitroo

“Excellent industrial knowledge and vast experience.”

Anshul Sehgal

“Provides excellent support.”

Work highlights

Advised Novo Holdings on its acquisition of a majority stake in Manipal Health Enterprises for $3.6 billion alongside Temasek, the California Public Employees’ Retirement System and TPG Asia.

Represented Pocket Aces Pictures in relation to its acquisition by Saregama India.

Key clients

Rath AG, Shriram Pistons & Rings, Silveredge Technologies, Upwards Fintech.

Maheshwari & Co offers the full range of commercial legal services to onshore and offshore clients. In particular, its strengths are in the banking and finance, manufacturing, telecommunications, infrastructure and energy sectors. The firm operates three core offices in New Delhi, Mumbai and Lucknow and has network offices in Ahmedabad, Bangalore, Chandigarh, Chennai, Goa, Gurugram, Hyderabad, Kochi, Kolkata, Pune, Surat and Shimla. Managing partner Vipul Maheshwari is a corporate specialist and he heads the leadership team of six partners that includes head of corporate Jyotsna Chaturvedi.

Work highlights

Prepared a legal opinion for Propeler concerning the voting privileges of preference shareholders.

Advised Italian construction company Adicomp on the establishment of a joint venture with a domestic Indian company.

Dispute resolution firm Mansukhlal Hiralal & Co was established over 110 years ago and has offices in Mumbai and Delhi. In addition to a full array of transactional practices, the firm is known for handling the complete spectrum of contentious work from civil and criminal litigations up to the Supreme Court to international arbitrations. The Securities and Exchange Board of India is a key client, trusting the firm for many of its litigations. Managing partner Rajendra Shah, commercial disputes partner Bhushan Shah and real estate disputes specialist Purvi Asher are the firm’s key contacts. This year the firm jumps up a notch in the corporate and M&A table and debuts in the restructuring and insolvency ranking.

Naik Naik & Co basks in its reputation as one of the foremost specialist firms for media and entertainment matters. It homes one of the largest dedicated teams in the country to this growing industry and is well regarded for the range of services it offers, such as media convergence, Internet of Things and content-related issues for digital and OTT broadcasting platforms. This year the firm moves up in the corporate and M&A table. It formed a unique alliance with IP behemoth Anand and Anand to cover IP litigation in western India. Founder and managing partner Ameet Naik is recognised by the market as one of the premier experts in the media and entertainment practice area. He is supported by partners Bharat Sharma, Abhishek Kale and Madhu Gadodia. This year the firm welcomed no less than 13 new fee-earners for its non-contentious media practice.  

Tax specialist firm Nangia Andersen has recently diversified its offering beyond tax and transfer pricing to include other verticals such as ESG and advisory in the IT, defence, power, cybersecurity and forensics sectors. The team boasts over 800 professionals in India alone, and it is a member firm of Andersen Global in India. It has eight offices in Noida, New Delhi, Gurugram, Bengaluru, Mumbai, Chennai, Dehradun, and Pune. The team is led by chairman and founder Rakesh Nangia. He is an international tax and litigation specialist. Five new partners joined last year from various firms including Capgemini, KPMG and Grant Thornton.  

Nishith Desai Associates prides itself as being a domestic firm with an international presence. It has market-leading labour and employment, media and entertainment, private equity, regulatory, tax, and technology and telecommunications practices. This year it moves up into the top tier for its pharmaceuticals and life sciences prowess. In the frontier space of technology, the firm has been a pioneer and cultivated a leading presence in privacy and data protection, crypto-assets and blockchain, payments, media, education, life sciences, and gaming and gambling. Deepti Thakkar heads the labour and employment practice, while Vaibhav Parikh and Nishchal Joshipura are key partners for technology and private equity, respectively. The team’s corporate team was bolstered by the arrival of team lead Ayushi Pandey, who joined from JSA.  

Boutique law firm NovoJuris Legal specialises in private equity work, while its intellectual property and M&A offerings continue to gain momentum. In the past seven years, the team – led by two partners – has executed more than 270 private equity-related transactions for both investor and company clients. According to Venture Intelligence reports, the firm is India’s 15th most active legal counsellor in the M&A space. The firm has four mainstays of expertise: Indian startups going the IPO route, alternative investment funds, externalisations and internalisations of entities, and business digital transformations. The firm recently hired IP specialist Varalakshmi Makyam to bolster its IP offering. Founder Sharda Balaji and partner Ashwin Bhat are the key contacts.

Client feedback

“Solution-driven, high involvement from the founder, client-friendly and delivers on time. The team helped us in networking with various other companies.” – Corporate and M&A

“NovoJuris Legal has been very prompt in answering all my queries. Their solution-oriented approach consistently provides strategic and pragmatic guidance tailored to my business needs.” – Intellectual property

Sharda Balaji

“Client-focused, solution-focused and timely delivery of projects.”

“She is a seasoned expert and has always been available whenever I needed guidance from her.”

Work highlights

Advised Aurum Softwares and Solutions on its acquisition of Myre Tech.

Acted for Nordic Kolektive on its acquisition of Koovs Marketing Consulting.

Key clients

CIEL, Cyllid Technologies, NAB Ventures, SWC Global Fund.

Obhan & Associates is a five-partner firm with strengths in corporate and M&A, IP, and media and entertainment. The corporate practice specialises in joint ventures, acquisitions, foreign direct investment, regulatory compliance and contracts, among other matters, and its private equity workflow is steadily increasing. It has an impressive client roster of international publishers and media houses. The firm moves up a tier in the IP rankings for its well-regarded strength in handling contentious IP matters. As data protection and General Data Protection Regulation compliance take centre-stage for many corporates, the firm has been active advising clients on this front. Senior partner Ashima Obhan is the main contact for corporate and media matters, while managing partner Essenese Obhan is the contact for IP, and technology and telecommunications.

Client feedback

“I highly recommend Obhan & Associates for these reasons: 

Expertise: they possess a deep understanding of various legal domains, including intellectual property, corporate law and litigation, enabling them to offer comprehensive legal services.
Professionalism: the firm demonstrates professionalism in all aspects of their work, from client communication to legal representation, fostering trust and confidence among their clients.
Thoroughness: their meticulous approach ensures that legal matters are thoroughly reviewed and analysed, minimising risks and maximising opportunities for their clients.
Strategic advice: Obhan & Associates provides strategic legal advice tailored to the unique needs and objectives of each client, helping them make informed decisions and achieve their goals effectively.  Client-centric approach: they prioritise client satisfaction and strive to deliver personalised and responsive service, building long-term relationships based on trust and reliability.                                       Innovation.” – Dispute resolution

“Gave clear advice that wasn't sugar-coated but had constructive remedy suggestions. Where the law could have multiple interpretations, they reached out for more guidance and were clear in the explanations of the impact on our business.” – Media and entertainment

“They are extremely competent and clear in their communications. We feel they really understand the practical aspects of what we are trying to achieve and they always offer clear advice.” – Media and entertainment

“Great understanding of our business. Pragmatic advice provided on a timely basis.” – Regulatory

Ashima Obhan

“She is problem-solver, intelligent, diligent and has the great knowledge of her field.”

“Ashima always has a constructive approach to any legal issues facing us and her advice is always well thought through, substantiated and clear.”

“She knows her stuff and has always gotten us the result that we wanted.”

“Ashima possesses a wealth of experience, and understands our business well and the risks we experience. She is always very available to us.”

Work highlights

Advised Delinian with the corporate restructuring of its Indian subsidiaries, as well as its entities in the UK and the US.

Acted for Chemical Construction International Group on the establishment of a joint venture company in Indonesia with Singapore-based Kaltimex Energy.

Represented Spectacom Global on the exit of certain investors.

Key clients

Mountain Valley Springs India, Neblio Technologies, Octillion Energy Holdings, Synergistic Financial Networks, Tip Tales.

P&A Law Offices is a legacy corporate, commercial, financial and litigation law firm with an admirable list of market firsts. Founded in 1996, the firm has a stellar reputation among top Indian conglomerates, Fortune 500 companies, household-name multinationals, and government and multilateral organisations. This year, the firm scales up in the competition table for its market-leading work. The team is helmed by eight partners who advise on all types of transactions and disputes across the entire spectrum of industry sectors. Untethered to a particular niche, the lawyers are focused on assisting their renowned clients in all types of high-level, complex, and high-stakes matters. Its competition practice is well regarded in the market with the firm’s practitioners helping draft the current competition rules. An interesting statistic pegs its deals as having a combined value of more than $75 billion. Managing partner Anand Pathak has been the chairman of the task force on competition law of the Federation of Indian Chambers of Commerce and Industry, was a member of India’s government-appointed committee on national competition policy and investment, and he is currently the vice chair of the IPBA on Indian competition law. Other key partners include antitrust experts Shashank Gautam and Sreemoyee Deb, and dispute resolution experts Gaurav Mahajan and Vijay Purohit.

Pioneer Legal was established in 2019 by Satish Kishanchandani, Narendra Dingankar and Pritha Jha. Now, the numbers stand at six partners and over 35 lawyers, with the firm rapidly gaining recognition for its high-quality corporate and private equity work. The firm moves up a tier in the technology and telecommunications table. The Pioneer team works across a swathe of sectors like education, advertising, healthcare, pharma, financial services and logistics. Apart from the corporate focus, the firm is also active in employment, insurance, IP, infrastructure, project finance and TMT matters. The firm has national expansion plans and will soon start its commercial litigation and arbitration practice in Mumbai. Other key partners and corporate specialists are Shoubhik Dasgupta, Anupam Shukla and Sanket Jain. M&A partner Mayank Mehta departed last year for DSK Legal.

Client feedback

“Flexible, supportive beyond just their technical work, and provides commercial and practical advice.” – Corporate and M&A

“They are good with legal requirements in respect of preparing resolution plans, legal due diligence and resolving legal issues. The team is knowledgeable.” – Corporate and M&A

“They support us in understanding and protecting us in using the IPR and the joint venture agreement and the technical licence agreement. They helped in getting the sign-off on the JV with a partner in Turkey.” – Intellectual property

Shoubhik Dasgupta

“Very professional.”

Pritha Jha

“Responsive, supportive, knowledgeable and flexible.”

Satish Kishanchandani

“Good subject knowledge and application of the knowledge.”

Work highlights

Advised Blend360 on its acquisition of a 100% stake of FutureproofAI Holdings.

Represented Havas Worldwide India on its acquisition of a 51% stake in PR Pundit Public Relations.

Key clients

DEPT Holding, Isprava Vesta, Synokem Pharmaceuticals, Kirloskar Ferrous Industries.

Formerly known as Singh & Associates, S&A Law Offices was established in 2002 by Manoj Singh. The full-service law firm is recognised for its corporate and M&A and dispute resolution offerings. The firm now houses over 300 legal professionals across its four offices in Delhi, Gurgaon, Mumbai and Bangalore. Sector experience includes infrastructure, real estate, green energy, power, oil and gas, shipping, mining, manufacturing and transportation. Transportation government authorities are loyal clients. Key contacts are disputes specialist Singh, joint managing partners Daizy Chawla and Gunita Pahwa, and senior partners Vijay Singh and Nilava Bandyopadhyay.

Client feedback

“Their legal knowledge and process-oriented arbitration process stand out among several other qualities they possess.” – Infrastructure

“Nimble, good understanding of the business of infra and excellent knowledge of legal matters. The lawyers have good experience.” – Restructuring and insolvency

Daizy Chawla

“Accessible, responsive and trustworthy.”

Manoj Singh

“Proactive and tops in legal knowledge.”

Work highlights

Advised India Coke and Power throughout IMR Group’s diverse acquisition endeavours spanning different sectors domestically in India and internationally.

Engaged by BN Group for comprehensive legal due diligence on all companies within its group.

Key clients

Ingeteam Power Technology, Centific Global Technologies India, Gupshup Technology, Unifii Global Holdings.

S&R Associates has market-leading capital markets, and corporate and M&A practices, and is a regular choice for selective clients. Its competition, disputes and insolvency practices are going from strength to strength every year and perform well in their respective categories in our rankings. The firm moves up a tier this year in the banking and financial services, real estate, banking and finance, dispute resolution, investment funds and labour and employment tables. The firm is not a high-volume outfit but features on big-ticket mandates that require sophisticated lawyering. Highly respected partners Sandip Bhagat, Rajat Sethi and Niti Dixit lead the capital markets, M&A and dispute resolution teams, respectively. M&A partner Mohit Gogia departed this summer for Cyril Amarchand Mangaldas.

Client feedback

“They are an experienced team, well-researched and excellent regulatory knowledge.” – Capital markets

“Best-in-class knowledge, advice and guidance on capital markets. They have a dedicated workforce, such as Jabarati Chandra and Mohnish Mathew. They always go beyond their scope to complete the transaction. The team has a positive attitude and demonstrates the best due diligence practices in capital markets transactions.” – Capital markets

“Very knowledgeable and hands-on team. They are very client-friendly and well-versed at helping clients navigate complex regulations and new situations.” – Regulatory

“Thorough research, excellent communications, and they fulfil all promises made.” – Restructuring and insolvency

“Technical, knowledgeable and responsive.” – Tax

“Ajinkya and his team at S&R provide exceptional service as our tax adviser. His team's ability to provide practical solutions to complex issues is invaluable as it enables us to make informed decisions regarding the tax implications of transactions. We greatly appreciate the team's responsiveness and efficiency. The personalised attention they demonstrate has not only made us feel valued but has also fostered a sense of trust. Their commitment to client service is truly commendable. Their depth of knowledge and comprehensive approach coupled with exceptional advocacy skills instil confidence in the accuracy and reliability of their services.” – Tax

“Good and very responsive, on the ball, good execution and overall, highly recommended.” – Tax

Swapneil Akut

“Good knowledge, experience and clear communications.”

Sandip Bhagat

“Sandip is very knowledgeable and hands-on. He is particularly good at helping clients understand nuanced areas of Indian law and regulations and advising on marquee deals and first-of-a-kind transactions.”

Mohnish Mathew

“Excellent knowledge of capital markets. He is the best on the street to advise on capital markets transaction. The top five qualities of Mohnish are (i) positive attitude, (ii) in-depth subject knowledge, (iii) easy to approach, (iv) can get work done before deadlines and, (v) he is a very nice human being.”

Ajinkya Gunjan Mishra

“Ajinkya provides exceptional service as our tax adviser. His ability to provide practical solutions to complex issues is invaluable as it enables us to make informed decisions regarding the tax implications of our transactions. We greatly appreciate his responsiveness and efficiency. The personalised attention that Ajinkya demonstrates has not only made us feel valued but has also fostered a sense of trust. Ajinkya's knowledge of the financial sector and applicable regulations enables him to apply a comprehensive approach to problem-solving. Ajinkya's exceptional advocacy skills have stood us in good stead before the Revenue and Appellate authorities.”

Riyan Vatcha

“Accessible and an active listener. Never avoids any item up for discussion or shirks responsibility. Always gets back with practicable solutions and advice.”

Sumit Bansal

“Good domain knowledge, responsive and good execution.”

Work highlights

Acted for Glenmark Pharmaceuticals on its sale of 75% of equity shares of a subsidiary to Nirma.

Key clients

ArcelorMittal Nippon Steel, Brookfield, BW LPG, Ennov, Global Health, Hitachi Payment Services, Penguin Random House, UPS, Zscaler.

Eight-year-old firm Saga Legal offers legal services across the full scope of practice areas. One of its core areas is dispute resolution, where is represents domestic and international clients in arbitration and litigation. Its strong relationships with briefing counsels in Delhi have made it a trusted partner to several other domestic firms that don’t have a presence in the national capital region. Saga teams up with them and provides assistance in briefing counsels and jointly representing their clients in Delhi forums and the Supreme Court. Managing partner and disputes practitioner Gaurav Nair, alongside co-managing partner and corporate partner Sanika Mehra are the key contacts. M&A specialist Neeraj Vyas joined in October 2023 from Samvad Partners.

Work highlights

Acted for UnScript.ai on its latest round of funding of over $1.25 million.

Assisted PEP Technologies on its end-to-end IP enforcement and trademarks filing.

Advised Yamuna International Airport on developing the upcoming Noida International Airport.

Key clients

Florworks.ai, Guardians EMS, Vivi5 Studios.

Sagus Legal was founded in early 2020 by ex-Shardul Amarchand Mangaldas & Co corporate partner, Shruti Kanodia. The firm’s core strengths are corporate and M&A, dispute resolution, and energy and infrastructure work. It has offices in New Delhi, Odisha and Gurugram. The key partners are Kanodia, M&A specialist Neha Sinha and disputes expert Anand Shrivastava. Sinha joined in March 2023 from Luthra and Luthra Law Offices.

Client feedback

Shruti Kanodia

“Always available and knowledgeable.”

Work highlights

Advised on the $2.5 billion merger of Jindal Stainless and four other group companies into Jindal Stainless. This is a rare merger where two companies both having their shares listed on stock exchanges in India and their GDRs listed overseas are merging together.

Samvad Partners is a multi-specialist law firm with market-approved corporate and dispute resolution offerings. The firm’s core litigation areas encompass commercial, employment, competition, intellectual property and financial disputes. The team regularly appears in high-stakes cases before the High Court, Supreme Court and all relevant tribunals. The litigation and arbitration team comprises four partners and nearly 20 associates spread across the firm’s five offices in Bengaluru, Chennai, Hyderabad, Mumbai and New Delhi. The corporate M&A and private equity teams are helmed by 10 partners, including Vineetha MG, Ashwini Vittalachar, Natasha Mahajan and Ekta Bahl. The dispute resolution group includes top litigators Poornima Hatti, Arjun Krishnan, Rohan George, Savani Gupte, Aditya Bhattacharya and Ankur Singh. The firm’s commercial and tax disputes practice was bolstered with the arrival of partner Bhattacharya from Lakshmikumaran & Sridharan in September 2023, while the corporate M&A team welcomed Manu Varghese from White and Brief in February 2023.

The firm’s client stable includes Delhivery, Edelweiss Asset Reconstruction, Healthmap Diagnostics, MGH Group, Phasorz Technologies, QD Seatoman Designs, Society for Informal Education and Development Studies, Tata Projects, Yes Bank and Zetwerk Manufacturing Businesses.

Client feedback

“They understand the industry and the issues involved.” – Intellectual property

“Extremely prompt, diligent, client-friendly and always available. They get into the nitty gritty and nuances of every clause.” – Private equity

“Lawyers have a deep understanding of corporate law. They understand the perspectives of all stakeholders and will suggest a solution that works for all. They strike the right balance between theory and practical application.” – Private equity

Rohan George

“He's very knowledgeable and friendly.”

Natasha Mahajan

“Makes the effort to explain legal jargon in simple terms. Always available and supportive.”

“Very good legal knowledge, always accessible, and good client handling.”

Work highlights

Advised ICICI Bank on entering into a shareholders’ agreement to incorporate a public company which will act as an intermediary for residential mortgage-backed securities in India.

Established in the summer of 2021 by a group of partners from Luthra and Luthra Law Offices, Saraf and Partners has established itself well as a highly regarded full-service firm with core strengths in projects, corporate and M&A, private equity and restructuring and insolvency. The team consists of no less than 34 partners and over 180 personnel. By the end of 2022, the teams had executed more than $43 billion worth of transactions and in the spring of 2023, it acquired boutique real estate law firm, SRGR Law Offices and its 20-strong team. Key contacts include founder Mohit Saraf, and senior partners Bikash Jhawar, Vaibhav Kakkar, Manmeet Singh, Vikrant Kumar, Sanjeev Sharma and Saroj Jha. The firm welcomed a trio of R&I specialists: Ankur Khandelwal from Kochhar & Co, Anugrah Robin Frey from Luthra and Luthra Law Offices and Sairam Subramanian from Shardul Amarchand Mangaldas & Co.  

Sarthak Advocates & Solicitors has extensive experience working on energy and infrastructure projects and is noted for its corporate and M&A, dispute resolution, and restructuring and insolvency practices. This year the firm moves up a tier for its energy work. The firm is empanelled with public sector undertakings Bharat Heavy Electricals, Engineers India and Shipping Corporation India. Managing partner Abhishek Nath Tripathi leads the firm’s corporate and M&A, projects, infrastructure and project finance, and bankruptcy and insolvency practices, while senior partner Mani Gupta oversees the dispute resolution team.

Work highlights

Advised Air Works India on its sale to Adani Group for $48 million.

Acted for a leading logistics company on its collaboration with a third-party travel and tourism service provider.

Key clients

Reading Pup, S Chand & Company, Squadgain Techlabs.

Shardul Amarchand Mangaldas & Co has a commanding presence in the market with top-tier practices across all practice areas and industry sectors. It is routinely considered one of the best firms in a highly competitive market for transactions and a first port of call for selective international clients. This year the firm climbs up a notch in the IP table. The firm offers the best of all worlds: large capacity, pan-India presence, depth of expertise and experience, and market-leading professionals. It regularly advises the largest multinationals, Indian conglomerates, and private equity players and funds. The capital markets team continues to represent issuers in many of the country’s largest IPOs and the M&A group remains unmatched for its high-stakes, high-value transactions. Pallavi Shroff is well known for her extensive experience in dispute resolution, and Shardul Shroff is renowned for his expertise as a general corporate lawyer. There were multiple notable movements in the course of the last 12 months.

Client feedback

“They find practical solutions in complex capital markets transactions.” – Capital markets

“The firm renders their services to our satisfaction and delivers their performance with promptness and alacrity.” – Construction

“The lawyers are well-versed and have a thorough knowledge in the legal domain, able to put forth points that need company attention in a clear and precise manner, positive attitudes and are very prompt in delivering solutions to key issues.”– Corporate and M&A

“They were incredibly supportive and responsive. SAM was always happy to provide us with the support we needed. The quality of their work was unmatched and has made a tremendous positive impact on our business operations in India.” – Labour and employment

“Excellent quality of work and accessibility of the team.” – Private equity

“The firm provides practical legal solutions that address business needs.” – Regulatory

“Solution-oriented approach.” – Restructuring and insolvency

“Meticulous, professional, sincere and knowledgeable approach.” – Restructuring and insolvency

Sayantan Dutta

“Extremely proactive and open for ideas.”

Abhishek Guha

“The partner Abhishek Guha deserves a special mention. His calm and pleasing manners together with the ability of strongly putting forth his arguments in a convincing manner goes a long way in bringing people together on deals.”

Manish Gupta

“Manish has been the most trusted counsel for our firm and has consistently provided us with the best legal advice. His ability to grasp issues, tailor solutions and render advice in the most cost-efficient manner, are a few of the most important attributes about him.”

Lalan Gupta

“Highly efficient and professional with the ability to provide practical legal solutions.”

Kriti Kaushik

“Incredibly supportive and responsive. She went the extra mile to provide us with the advice and support we needed. Fantastically detailed legal advice that has had a positive impact on our business.”

Jagriti Mohata

“She has good domain knowledge, is very receptive, prompt and keeps to timelines. She is an effective communicator and can lead the team well.”

Pranav Nanda

“Efficient and effective in delivering the services.”

Misha P

“Solution-oriented approach.”

Veena Sivaramakrishnan

“Sound legal knowledge, meticulous, sincere, adept at negotiations, excellent temperament, good administration and team leader.”

Work highlights

Advised Reliance Industries on its strategic $8.5 billion JV with Disney, combining the businesses of Viacom18 and Star India.

Acted for Suven Pharmaceuticals on its $3 billion merger with Cohance Lifesciences.

Singh & Associates was established in 2002 by Manoj Singh. The full-service law firm is recognised for its corporate and M&A and dispute resolution offerings. Sector experience includes infrastructure, real estate, green energy, power, oil and gas, shipping, mining, manufacturing and transportation. Key contacts are disputes specialist Singh and managing partner Daizy Chawla. The firm moves up in corporate and M&A this year and welcomed corporate partner Neeraj Dubey from Lakshmikumaran & Sridharan. The disputes group experienced an influx of senior level talent from leading peers. Partners Reeta Mishra, Neeraj Dubey, Smita Singh, Jyoti Kumar Chaudhary and Apporve Vashistha joined from Kochhar & Co, Lakshmikumaran & Sridharan, Ashok Dhingra Associates, Hammurabi & Solomon and L&L Partners, respectively.  

Singhania & Co brings a well-rounded offering to the table, its team covering disputes and transactional work such as corporate and M&A, investment funds, private equity and restructuring and insolvency. Helming the teams are managing partners Rohit Jain and Pradeep Kumar Jain. The M&A team was bolstered by the arrival of four new partners last year.

Client feedback

“They provided detailed information to us.” – Corporate and M&A

“Very professional and have an extremely rare combination of knowledge on law, which made our life easier.” – Dispute resolution

“They understand the problem and give effective advice.” – Dispute resolution

“Extremely clear articulation of the vision and committed execution.” – Investment funds

“Recommended for adhering to timelines, patience, transparency and being supportive.” – Investment funds

“Deep understanding of the law coupled with strong customer empathy.” – Investment funds

“They’re very professional and punctual with their work and have clear communication.” – Investment funds

“All the lawyers are professional.” – Investment funds

“I appreciate their awareness of legal and regulatory nuisances.” – Investment funds

“Prompt, effective and cooperative.” – Private equity

“Constructive mindset, systematic approach and creative solutions to get things done.” – Regulatory

“They have always been prompt and quick to answer.” – Regulatory

“Their understanding of the subject-matter is good. They have the ability to comprehend the problem and suggest appropriately.” – Regulatory

Anushka Agarwal

“Well-organised, responsive and looks for a solution.”

Aslam Ahmed

“He listens to our issues in detail and provides legal assistance.”

Diviay Chadha

“Good communications and patience, provides support to startups and innovative solutions.”

“Very strong problem-solving orientation and their strong subject-matter knowledge helps build trust. Very approachable and friendly demeanour.”

“Diviay has a clear communication style and is very professional with his approach.”

“Clear understanding of principles and good command over team.”

Ambuja Jain

“Professional.”

Rohit Jain

“In-depth knowledge in all matters and areas.”

“Very approachable and an active listener.”

“Proactive, polite and knowledgeable.”

“Knowledgeable.”

Nalini Mishra

“She is pleasant to deal with.”

Work highlights

Represented Pioneer Jellice India on its cross-border acquisition and takeover of Narmada Gelatines.

Acted for Goyal Group on its acquisition of a wind power project.

Key clients

Epiroc Mining India, Rehau Polymers.

Singhania & Partners is particularly noted by market insiders for its experience in infrastructure-related disputes, with its lawyers known for their roads, highways, railways, energy and infrastructure specialties. The firm is empanelled by the National Highways Infrastructure Development Corporation, Security Printing and Minting Corporation of India, RailTel Corporation of India, and National Hydropower Corporation. It recently expanded its office space in Bangalore and aims to recruit more for its corporate and disputes groups. Managing partner Ravi Singhania is a respected name in the market. Key contacts include Singhania, senior partners Dipak Rao and Shilpa Shah and disputes partner Vikas Goel.

Client feedback

“Professional, thorough, up-to-date, responsive, timely and efficient, among others.” – Dispute resolution

“Punctual, competent, cordial and prompt.” – Private client

Gunjan Gupta

“Always available, respectful, competent and assertive.”

Shivani Khandekar

“Shivani is a subject-matter expert, and her insights are deep. She tailors her advice and strategies to effectively address the concerns and legal issues of her clientele.”

Work highlights

Advised Husch Blackwell on American Airlines’ advertising strategy analysed for legality under Indian regulations on bait advertising.

Assisted Shibolet & Co with respect to its Indian subsidiary on the leave policies for its employees.

Key clients

Cooper Turner Beck Green Energy India, Recreations Lab, RedBeryl Lifestyle Services, Semtech Advanced Systems India.

Mumbai-headquartered Solomon & Co is a full-service law firm that was founded in 1909. The team has a reputed real estate practice, with its senior specialist Jonathan Solomon active for over 55 years in this space. Its practice has deep roots in the state of Maharashtra, where it has long-forged relationships with several of the largest real estate developers in and around Mumbai. Over half of the real estate group speak the local language of Marathi and they cover all manners of real estate law and advisory. Solomon and managing partner Aaron Solomon are the key contacts.

Work highlights

Acted for Shapoorji Pallonji Infrastructure Capital Company on the sale of its solar photovoltaic power project located in Karnataka, by way of a 100% stake sale in Radiance Solar Private.

Advised an Indian rail electrical manufacturing company on its bidding for a project with a global rolling stock manufacturer and transfer of technology arrangement.

Represented a domestic sustainable sanitisation company on its acquisition of a water treatment and recycling solutions company.

Established in 2016, Spice Route Legal continues to rise in prominence in the technology and telecommunications space, with one of the largest dedicated fintech and data practices in the country. It has four offices in Mumbai, Bangalore, Delhi and Kochi. The firm is also an active player in the mid-market M&A and private equity segment. The firm houses multiple generalist lawyers who have expertise in technology and telecommunications, media and entertainment, energy and healthcare. Key contacts include founding partners Mathew Chacko and Praveen Raju, who each have spent numerous years practising law outside of India. Their experience is the backbone of the firm’s ‘border agnostic’ deal perspective. The firm moves up to the top tier in the media and entertainment rankings.

Work highlights

Advised Ohmium Operations on multiple corporate and commercial matters, including a successful bid in response to the Solar Electricity Corporation of India tender for the selection of electrolyser manufacturers in India under the SIGHT scheme.

Assisted MB Fund and its affiliate entities on the strategic sale of identified assets to the US-based multinational investor services company, IQ-EQ.

Mumba-headquartered Stratage Law Partners set up shop in August 2020 and it specialises primarily in private equity, venture capital, corporate and M&A and real estate matters. Its dispute resolution offering has grown steadily in the past few years. Managing partner Darshan Upadhyay and senior partners Shyam Pandya and Bhavin Gada are the key contacts.

Client feedback

“Recommended for their thoughts, knowledge and providing the winning solution for the parties involved.” – Banking and finance

“They do their job exceedingly well.” – Corporate and M&A

“The team is responsive, takes a practical approach and knows the subject-matter well.” – Technology and telecommunications

Bhavin Gada

“Solution-oriented in a time-bound manner.”

Darshan Upadhyay

“Excellent M&A knowledge.”

Work highlights

Advised Mahindra and Mahindra on its proposed investment into Classic Legends alongside other new investors.

Acted for the promoters of Coromandel Engineering on the sale of equity shares of a target company.

Key clients

HBL Power Systems, Marengo Asia Healthcare, Mayfield, Nuvama Asset Management, Samara Capital Markets.

Tag & Bench is the newest iteration of Ray Menon Law that is helmed by corporate specialist Shraddha Ray Menon, who has over two decades of legal practice. The firm is primarily focused on dispute resolution, and corporate and commercial matters. It has experienced an uptick of growth recently on advising its corporate clients on retrenchment laws pan India, and working on food and beverage regulatory matters. The firm was empanelled by the NCDEX, a national commodities exchange that interfaces with farmers and bulk commodity purchasers. The firm has also expanded its offering to cover policy and legal risk, and specifically hired principal associate Neil Dawes Bhutani from Airbus earlier this year to dedicate his time to this growing area.

ThinkLaw was established in early 2021 in Mumbai and bills itself as a “new age law firm”. Over the span of a few years it has quadrupled from a team of five lawyers to now stand at over 20. It focuses on corporate and commercial transactions, dispute resolution, IP and IT, and employment matters. Managing partner Tushar Ajinkya and partner Ankita Kashyap are the key contacts.

Client feedback

“ThinkLaw is a firm led by a passion to resolve to solve a problem with the best possible outcome. The knowledge base and the team are extremely professional and we will now be signing with them for a section 8 company that we have set up in India.” – Shipping

Sukanya Sehgal

“She is a sound listener, quick on the uptake and looks for solutions. Very sound knowledge base.”

Work highlights

Advised Manipal Utility Packaging Solutions Private (MUPSP) and Manipal Technologies in relation to sale of the latter’s 100% shareholding in MUPSP to JK Paper.

Touchstone Partners was formed as a splinter from Platinum Partners in late 2020. Corporate specialist Karam Daulet-Singh is the managing partner, and he helms a team of 35 lawyers including six partners. The firm and its senior leaders have always been highly-regarded in the market for high end, complex M&A and private equity work.

Triumvir Law was established in 2018 and has offices in Bangalore, Mumbai, New Delhi and Kolkata. Its full-service offering spans corporate M&A, disputes, employment, private equity, real estate and TMT laws. The firm routinely works with a range of clients from multinational corporations to early-stage startups. Managing partner Anubhab Sarkar is the key contact. In November 2023 the firm welcomed disputes associate partner Paras Joshi, who was previously with Kochhar & Co.

Client feedback

“Their biggest strength is speed. Their turnaround time is very fast and they are reachable at all times. They also have all relevant legal knowledge.” – Corporate and M&A

“Lawyers I have interacted with at Triumvir Law have shown impressive dedication to their craft, as well as a remarkable sense of professionalism. It has made me feel like I was in good hands and the firm has been a huge source of relief and assurance on the legal and regulatory front for us. Their advice has always prioritised keeping my organisation away from any legal risks.” – Regulatory

Anubhab Sarkar

“Quick and fast with good knowledge.”

“Anubhab's dedication to his law firm, to his craft and to his clients is simply impressive. Anubhab always answers you within just a few minutes and truly knows how to point towards the most reassuring and most efficient legal solution to your challenges.”

Work highlights

Represented WLDD on its funding round, successfully raising $1.25 million from Negen Capital.

Advised Landcraft Retail on securing funds for a newly incorporated venture and facilitating the acquisition of premium luxurious premises owned by Salman Khan on a leave and licence basis.

Key clients

Allevarev Labs, Amber Internet Solutions, Mave Health, Stark Enterprises.

TT&A has proven its leading firm status by standing strong in the top tier for banking and finance. It moves into the first tier of the banking and financial services table, and ascends a notch for its insurance, private equity and regulatory offerings. Its capital markets practice is highly regarded for its quality, focused specialism in debt issuances, including masala bonds, and structured high-yield transactions. Partners Sonali Mahapatra, Rituparno Bhattacharya, Nidhi Rani and Rahul Gulati form one of the country’s most well-regarded teams for banking and finance, while joint managing partners Kunal Thakore and Gautam Saha maintain a respected high-end corporate M&A and private equity practice.

Client feedback

“TT&A has highly experienced counsel who provide practical and incisive advice. They were effective at negotiations and ensured a quick turnaround.” – Banking and finance

“Focused on getting the right outcome in the interest of all stakeholders.” – Banking and finance

“Provides very sound advice.” – Banking and finance

“TT&A is extremely responsive and helpful in coming to commercial solutions to issues that crop up on our matters, which is similar to how we like to work. They will happily advise on black letter law issues but also provide commercial solutions.” – Corporate and M&A

“Strong team, good leadership and strong ownership. The client support is top notch and there is a good knowledgeable team for different scenarios.” – Corporate and M&A

“I worked closely with Sachin Mehta for the transaction and was thoroughly satisfied with his and the team's contribution. The attention to detail, negotiation with appreciation of business needs along with legal aspects, and ability to navigate complex nuances of multiple agreements are some of the positive attributes.” – Corporate and M&A

Rahul Gulati

“Very helpful, very thorough.”

Punita Gupta

“Extremely responsive and figures out a way to help the client.”

Sonali Mahapatra

“She is a problem-solver, very crafty on documents and offers easy-to-implement solutions.”

Pallavi Meena

“Effective communicator.”

Sachin Mehta

“Deep knowledge and uncanny ability to balance legal and business priorities, with strong negotiation skills.”

Pratika Shankar

“Pratika is very responsive and extremely helpful in getting a deal over the line.”

Work highlights

Advised American Tower Corporation (ATC) on the proposed sale of 100% of the equity interests in ATC Telecom Infrastructure to Data infrastructure Trust for $2.5 billion.

Represented Burman Hospitality on its $254 million open offer on Religare Enterprises.

Key clients

Brookfield Infrastructure, Carrier Global Corporation, Genus Power Infrastructures, Vitesco Group.

Founded in 2015, Veritas Legal’s bread and butter are its corporate and M&A and private equity practices, with its dispute resolution offering rapidly rising in prominence. This year, it moves up in the banking and finance ranking. For its size, the firm punches above its weight, amassing an impressive deal flow and volume last year. It consistently placed within the top 10 of all Indian law firms in respected M&A and PE league tables. Sector-wise, it is deepening its footprint in pharmaceuticals and life sciences, real estate, and technology and telecommunications. Founder and managing partner Abhijit Joshi is a highly respected M&A and private equity lawyer, and partners Rahul Dwarkadas and Neveille Mukerji specialise in dispute resolution. Other key partners include Kunal Doshi, Tushar Raut and Manav Raheja. The corporate group welcomed M&A partner Shubhangi Pathak from Tuli & Co in April 2023.

Client feedback

“They give an overall perspective to the subject-matter. They highlight the legal and regulatory ramifications so well on any transaction. They also give a perspective on the business aspect for us to decide on the key points. They help us to achieve closure on open points with the counterparty by giving alternate options in such a way that are acceptable to the counterparty.” – Private equity

Kunal Doshi

“Kunal has always been on top of our assignments and up to date with the relevant industry practices to advise us on our PE transaction documents. He is quick to give alternative options whenever there is a deadlock with the counterparty on any particular point. He brings a holistic perspective. Always gives pros and cons of an aspect with respect to its ramifications on the points under negotiation with the counterparty.”

Work highlights

Advised Leela Palaces and Hotels on its partnership with Sibin Ventures in relation to a hotel resort complex in Sikkim.

Acted for Resilient Innovations in relation to an acquisition of a 51% shareholding of fintech Trillionloans.

Key clients

Excel Telesonic India, Glenmark Pharmaceuticals, Nova Medical Centers, Saurin Patel and Michigan Engineers.

Wadia Ghandy & Co is one of the oldest full-service law firms in India, established in 1883. The firm has offices in five cities and houses over 150 fee earners. The firm’s banking and finance offering is widely respected and this year it ascends a tier in the rankings for banking and financial services expertise. The firm also boasts strengths in aviation, disputes and real estate. The key contacts include managing partners Shabnum Kajiji, Ashish Ahuja, Bindi Dave and Dhawal Mehta, aviation specialist Marylou Bilawala, and deputy managing partners Nihas Basheer and Denzil Arambhan.

Client feedback

“The Wadia Ghandy team is very knowledgeable and professional. It has positive relationships with the Indian airlines and regulatory authorities. The lawyers also provide updates based on current affairs in India unprompted as a courtesy. They provide comprehensive advice and are incredibly helpful in bridging gaps with the parties and airlines.” – Aviation

“Business-friendly, reliable team.” – Labour and employment

Priya Desai

“Priya is very knowledgeable and provides helpful feedback in addressing relevant Indian law points.”

Rohini Verma

“Business-friendly.”

Work highlights

Advised HDFC Bank on its merger with HDFC. This was the largest merger in Indian corporate history and it resulted in the creation of India’s second largest bank.

Acted for CarTrade Tech in relation to its acquisition of 100% of the share capital of Sobek Auto India from OLX India BV.

Key clients

CEVA Corporate Services SAS, PNP Maritime Services, Robertet.

Agama Law Associates has a well-rounded offering that provides legal and regulatory support to corporations that are setting up, operating and growing in India. Its two practice area pillars are corporate and M&A and dispute resolution, with a strong private client service ranging from business advisory to succession and estate planning. The M&A department has developed a strong focus on startup clients such as advising e-commerce entities, marketplace sellers, service delivery partners, and ISPs on online contracts, terms of use and privacy obligations. The team has utilised innovative deal structures for acquisitions in the healthtech and fintech startup sectors.

Two partners are the key contacts: corporate practitioner Archana Balasubramanian and disputes specialist Nitin Jain.

Client feedback

“Recommended for their clarity of legal advice, business orientation, and quick and personalised service.” – Corporate and M&A

“Always very professional and precise.” – Corporate and M&A

“Puts our interest at the centre with transparency while dealing with them.” – Privacy and data protection

“Experienced, responsive and quality work.” – Privacy and data protection

Archana Balasubramanian

“Her knowledge about corporate law as well as M&A is impeccable and her ability to understand business needs and connecting them with legal solutions is really good.”

“She is an active listener. Whenever we seek advice, she has interacted proactively and with excellent problem-solving ability. She looks at issues from a holistic point of view and then advises us on the course of action.”

“Good listener and problem-solver.”

Work highlights

Represented a group of real estate shareholders in disputes related to the removal of directors, handling operation and mismanagement cases within the real estate company.

Agrud Partners is a commercial firm with a core disputes practice helmed by managing partner Sajid Mohamed, and partners Sumit Raghani and Meghna Talwar. It was formerly known as PDS & Associates. On the corporate advisory side, the firm works with public and private companies in structuring, documenting and negotiating on a wide variety of corporate finance, capital raising, recapitalisations and corporate debt restructuring transactions. On the litigation front, the team is experienced at all levels of courts in the country. Agrud’s client base encompasses a diverse range of clients, including development and investment financial institutions, ultra-high net-worth individuals, non-banking financial companies, public sector banks, brokerage firms, technology and outsourcing businesses, as well as biotech and manufacturing companies.

Work highlights

Defended an individual for alleged fraudulent transfer of shares of Juhu Hotels.

Acted for Zee Entertainment Enterprises in an arbitration proceeding. This case is significant as it raises fundamental questions about the interpretation and enforcement of third-party rights within such agreements, which are essential in a complex industry where multiple stakeholders collaborate. Furthermore, it has potential to set a benchmark for the handling of similar disputes and contractual practices within the industry. The legal determination of the contractual obligations and entitlements of third parties within this context can have far-reaching implications.

Representing Dabur India in a suit filed for seeking declaration that certain provisions of “the code for self-regulation of advertising content in India” are illegal, null and void.

Key clients

Bank of Baroda, Hindustan Oil Exploration Company, Reckitt Benckiser India, Vihaan Direct Selling.

New Delhi-based AKS Partners covers a range of corporate and commercial matters, such as dispute resolution, intellectual property, labour and employment and project finance. Clients occupy a vast swathe of sectors such as telecoms, travel, insurance, healthcare, technology, retail and government. Managing partner Sonal Kumar Singh is a corporate advisory and dispute resolution specialist. M&A partner Anish Jaipuriar and disputes specialist Gunjan Gupta are other individuals to note. In the past year, the firm has expanded to meet the demand of its clients by adding seven new associates.  

Full-service law firm ALMT Legal has a wide range of practices including banking and finance, capital markets, corporate and M&A, dispute resolution, labour and employment, and private equity. Its disputes offering covers all commercial litigation and arbitration, and handles criminal matters. Senior partners Sameer Tapia, Aliff Fazelbhoy, S Arun, Ryna Karani, Statira Ranina, Dhanya Menon, and Prashant Popat preside over two offices in Mumbai and Bangalore. The firm moves up one place in the shipping table this year.

Client feedback

“They are fast and very exact, managing matters down to the smallest details.” – Dispute resolution

“All ALMT partners like Sameer Tapia and Komal Joshi were very friendly and their team are very active in our every matter. All are not handling matters just to complete the task, they are involved in the matter personally and resolved the issues very nicely.” – Dispute resolution

“Personal touch and knowledge on the subject.” – Real estate

Vaishakh Kapadia

“He is a very responsible and organised person, a good manager.”

Sameer Tapia

“Appreciate his personal touch.”

Work highlights

Assisted Damas as plaintiff in a suit against Deepu Jewellers in relation to defaulted banking facilities.

Established in late 2019 by a founding partner of Trilegal, Anand Prasad, AP & Partners aims to service clients in sophisticated, high-stakes and high-value matters. Its corporate expertise rests in M&A, particularly those that are complex, distressed or contentious, and it has a growing expertise in technology matters. The department provides a full suite of services to clients that include domestic and international public and private companies, entrepreneurial startups, mature multinational corporations, as well as significant financial institutions, insurance companies, pension funds, and venture capital funds. The team frequently acts for Indian companies, their founders, and management in M&A deals as well as other corporate transactions such as joint ventures, equity and debt financing, mergers and business transfers. It is also kept busy advising a number of major corporations on their corporate governance matters.

On the dispute resolution side, the firm regularly represents Indian and multinational clients in complex commercial litigations, international and domestic arbitrations and all aspects of corporate criminal defence and enforcement-related litigation.

The New Delhi-based firm currently has seven partners and nearly 20 fee earners. Apart from Prasad, the key contacts at the firm are corporate and private equity partners Arjun Sinha, Harshit Anand, Dushyant Kumar and Moksha Bhat. Kumar was hired in September 2023 from the International Finance Corporation. Other names to note include disputes-focused partners, advocate-on-record Sandeep Das and Vipin Tyagi.

Client feedback

“They are bunch of super-specialised professionals who are quick on their feet with quality advisory and quick turnaround on transaction documents. Their advisory is top notch and their practical solutions help close the deal efficiently.” – Banking and finance

“Recommended for the partner-led attention and commercially-savvy responses.” – Corporate and M&A

“They are prompt, professional, business-friendly and incredibly great to work with. They are a lot less stuffy than many other law firms.” – Privacy and data protection

Harshit Anand

“Excellent negotiation skills on commercial contracts and deals.”

Dushyant Kumar

“Quick turnaround with superb quality work.”

Arjun Sinha

“Arjun is a go-getter, incredibly business-friendly and understands issues very quickly. It’s his talent of understanding an issue quickly that helps provide us with quick, easy and efficient business solutions. He has helped provide innovative solutions to many unique issues we've faced in recent times.”

Work highlights

Acted for Talent Unlimited Online Services in enforcement proceedings before the Delhi High Court in a case against Affle India. The matter is of significance as it involves the issue of determinable agreements and specific relief thereof of such agreements. The matter further involves complex questions of jurisdiction of the arbitral tribunal and the decision on jurisdiction, which has been deferred. The matter involves determining the legality of interim measures before determining preliminary issue of jurisdiction, which goes to the root of the matter.

Represented SMS before the Supreme Court in a special leave petition filed by Rail Vikas Nigam challenging the order of the Delhi High Court constituting an arbitral tribunal.

Assisted the Council for the Indian School Certificate Examinations (CISCE) in civil proceedings regarding inter-member disputes over membership and functioning of the CISCE.

Key clients

Elevation Capital, Mohalla Tech, Religare Group of Companies.

Atlas Law Partners maintains a strong showing in our banking and finance, corporate and M&A, real estate and private equity rankings. It debuts in the dispute resolution table on the back of a significant addition to the group, prominent disputes specialist and senior partner Ritu Bhalla. She joined from Shardul Amarchand Mangaldas & Co in late 2022. The firm won numerous mandates last year despite the pandemic impact, acting on no less than 20 debt-related and M&A transactions. In the private equity space, the team is particularly specialised in handling startup investments on behalf of both funds as well as target companies. Co-founders and senior partners Harry Chawla and Niti Paul are key contacts.

AZB & Partners is renowned as one of the top full-service law firms in India, with leading practices across every category, including banking, capital markets, corporate and M&A, and private equity. This year, the firm ascends one tier in four tables, showcasing the firm’s continued push for excellence and investment in all areas: aviation, energy, infrastructure and intellectual property.

The firm’s sterling reputation for M&A and private equity makes it a first port of call for heavyweight international and domestic clients hoping to secure its services for big-ticket deals. The firm comprises over 90 partners across six pan-India locations. Founding partners Zia Mody, Ajay Bahl and Bahram Vakil are legends in the market for their corporate and finance specialties. Corporate partners Anil Kasturi and Ashwath Rau are two of the most prominent M&A and private equity lawyers in the country.

Client feedback

“Their understanding of the client's business is outstanding and this is their USP.” – Competition/antitrust

“Responsive, clear communicators and excellent strategic inputs.” – Corporate and M&A

“They are very responsive, accurate, business-oriented and committed.” – Corporate and M&A

“Experts in Indian law.” – Corporate and M&A

“Client-focused, highly committed and thorough in their advice.” – Corporate and M&A

“They are very responsive and provide sound, thorough legal advice. They are used to working with American companies who have subsidiaries in India.” – Labour and employment

“Quick response time, bespoke advice and excellent depth of professionals.” – Private equity

“Strong written work product that was timely delivered and comprehensive.” – Regulatory

Bharat Budolia

“He is client-friendly and takes time and effort to do everything that can give comfort and confidence to the client. His knowledge on the subject and industry is remarkable.”

Srinath Dasari

“Very responsive and results oriented. He takes the lead when necessary and has very good knowledge of the market practice.”

Darshika Kothari

“Highly experienced and deeply committed.”

Aditya Periwal

“Very responsive and client-focused.”

Jatinder Singh Saluja

“He is very responsive and helpful.”

Work highlights

Successfully represented HSBC PI Holdings Mauritius in ‘first of its kind’ enforcement proceedings and contempt proceedings which laid down the law on bias against arbitrators in enforcement of a foreign award in India, and arbitrability and fraud.

Represented Google in successfully defending 14 suits, and subsequently 13 appeals before the Madras High Court, filed by various app developers who challenged the terms of payment and service fee charged by Google on its Play Store.

Acted for the Singapore International Arbitration Centre in proceedings before the Supreme Court of India which dealt with critical issues of arbitration law such as the scope of judicial intervention and the doctrine of severability.

With offices in Mumbai, New Delhi and Bengaluru, Bharucha & Partners is an established full-service firm that handles complex, high-level matters. The firm has a stellar reputation in the market for its disputes work, with partners MP Bharucha and DP Singh lauded by peers. In the wake of this consistent recognition, the firms climbs into the top tier for dispute resolution his year. Key partners of the transactions practice group are Alka Bharucha, Justin Bharucha, Vandana Pai, Vishnu Dutt, Swathi Girimaji and Rohit Sharma. The firm welcomed former JSA partner and transaction specialist Sindhu Nayak this year.  

Chadha & Co is a mid-sized full-service corporate and commercial law firm based in New Delhi. Its client base spans SMEs to international Fortune 500 companies from all business sectors, such as automotive, food and beverage, and hardware and electronics. The partners are involved in every matter, working for the client in a hands-on manner to ensure high-quality delivery throughout. A unique offering is that the firm has several foreign desks with Japanese and European staff. Managing partners Rahul Chadha and Namita Chadha, and corporate partner Neeraj Prakash and labour specialist Savita Sarna are key contacts.

Client feedback

“They are most knowledgeable and truly service-minded.” – Corporate and M&A

Ashish Gupta

“He is extremely knowledgeable, tenacious and always safeguards our best interests.”

Work highlights

Representing a Japanese multinational in an arbitration proceeding before the ICC Arbitral Tribunal pertaining to an infrastructure project.

Acting for a BVI company in a money recovery suit filed before the Indian court. The dispute is the first of its kind where a foreign bankruptcy trustee, also director of the client company, has initiated a civil recovery suit in order to secure the assets of the bankrupt.

Clasis Law, with offices in Delhi and Mumbai, is a full-service Indian law firm that works with domestic and international clients on various aspects of law across industry sectors and practice areas. The firm has recently been active in corporate, labour, disputes and restructuring and insolvency matters. It moves up a tier in the corporate and M&A table. Managing partner Vineet Aneja and litigation partner Mustafa Motiwala are key contacts.  

Cyril Amarchand Mangaldas continues its reign as one of the most recognised full-service law firms in the country, a top-tier choice for its panoply of international and domestic clients. The firm is almost always involved in the most high-profile deals and this year proves its dominance once again by rising into the top tier of the market-hot pharmaceutical and life sciences table. The firm is also 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 RBI and the Securities and Exchange Board of India, to provide an extra layer of expertise.

The firm went on a hiring spree recently and picked up some of the market’s leading names across all areas. In a market-shaking blockbuster move, the firm snagged capital markets rainmaker Manan Lahoty and his 48-member team, including seven other partners, from IndusLaw this summer. Also from IndusLaw, the firm welcomed labour and employment specialist Sowmya Kumar. The corporate department deepened its bench with the addition of M&A partners Mohit Gogia, Jay Parikh, Alok Sonker and Pooranimaa Hariharan from S&R Associates, Luthra and Luthra Law Offices, Krishnamurthy & Co and Trilegal, respectively. The banking team was boosted by the joining of partner Pranav Sharma from Trilegal, while the IP group was strengthened with the arrival of specialist Revanta Mathur from Anand and Anand. The firm launched its new office in Abu Dhabi, recruiting back corporate practitioner Himanshu Chahar to helm the outpost. Chahar spent six years with Cyril Amarchand Mangaldas before spending two years as a legal consultant at a UAE firm. This abundance of lateral hires has pushed the firm’s headcount to over 1,000 lawyers, including 200 partners.

Work highlights

Represented Essar Exploration and Production India to initiate Singapore International Arbitration Centre arbitration proceedings against Nayara Energy for misuse of funds in breach of the agreement between the parties.

Key clients

Essar Bulk Teriminal, Navi Technology, Saura International, Zomato.

Established in 2018, D&T Juris is a full-service law firm that offers clients an expansive range of services that encompasses legal advisory, business formation, corporate compliance, intellectual property, real estate, and dispute resolution. The team prioritises rapid responsiveness, ensuring its senior partners are actively involved in the majority of client matters. Managing partner Nishant Datta is the key contact. His primary focus is on real estate and private client disputes.

Client feedback

“The firm is highly recommended for these reasons:

Diligence – they studied my case well and helped me to compile all documents that were needed to build and file the case.
Clarity – at the outset, they discussed how the overall case was going to proceed and what the certainties and the uncertainties are. That helped me set the expectations for myself.

Documentation – all the documentation for the filing of the case and other follow-ups were of the highest standard. They gave me ample time and opportunity for my review and incorporated necessary changes in time before submission.
Communication – they sent me formal communications of the proceedings after every court date and what needs to be done for the next one. That helped me in effectively preparing for the next action.
Counselling – they guided me through the progress and helped me when I was losing my patience and was becoming restless because of slow progress of the case. They gave me clarity on some dos and don'ts which helped me to hold on to my case with care and patience.

Effective remote working management – I am remote and do not have in-person interactions with them or with the court. They ensured me that I could trust them and was comforted to know that despite all the limitations of remoteness, my case was handled carefully.
Personal touch – they always kept a personal touch beyond the normal course of transactions. I regularly receive pleasantries on local festivals and other events of social relevance.
Guiding beyond the contract – when I wanted help from them for supporting me in the Supreme Court of India because the defendant had taken the case there, they supported me by introducing me to a senior lawyer and helped in fees negotiations etc., which helped me to get a favourable verdict in that court. Similarly, they helped me in putting up a police case in my local police authorities to bolster my ongoing case. I did that and got a formal police complaint, and a suit filed against the builder.

Fees – their fee structure is simple with no ambiguity and that helped me in planning my cash outflow over a period of time.” – Dispute resolution

Nishant Datta

“Knowledge on the subject-matter, clarity in communications, quality of documentation, personal touch with his clients, non-ambiguous fee structure and responsiveness.”

Work highlights

Successfully won an appeal filed by the client appellant under a section of the insolvency code.

Successfully obtained a desired order for the housing company client on the very first date in a contempt petition filed for violation of order of the Delhi High Court.

DMD Advocates is a full-service firm that is heralded for its strong tax expertise. The other core areas of the firm are dispute resolution, corporate, regulatory, competition and IP rights. The pan-India firm houses more than 120 lawyers, including 26 partners, across its principal offices in New Delhi and Mumbai, and associate offices in Ahmedabad, Bangalore, Chennai, Cochin, Kolkata and Bhubaneswar. Founders Anuradha Dutt, Fereshte Sethna and Vijayalakshmi Menon are the key contacts for transactional work. Other names to note in the tax department include senior director Rupak Saha, and partners Shashank Shekhar and Tushar Jarwal. The firm welcomed contentious indirect tax specialist Shekhar from Trilegal in September 2023.

Client feedback

“DMD Advocates came out as a dynamic team of legal experts with a steadfast commitment to its clientele. All deliverables were provided much in advance. The team was very attentive with respect to details during our interaction with them.” – Aviation

“The lawyers at DMD are very diligent, easy to work with and ensure that deal timelines are met. Also, since they are a full-service aviation firm, we get legal, regulatory, tax and dispute resolution advice within the same firm.” – Aviation

“Recommend them for their ethical nature, cost control, responsiveness and quality of advice.” – Capital markets

“Extremely competent and professional. Their competition head, Vivek Agarwal, is a subject-matter expert with extensive experience with the CCI and the European Commission. They have the ability to deliver high-quality work product consistently and in a timely manner.” – Competition/antitrust

“Subject-matter experts with good resources to manage high-stakes matters.” – Competition/antitrust

“Teams are extremely competent and closely knit. Can deliver good quality within a good budget. Values relationships and are highly resourceful.” – Competition/antitrust

“DMD Advocates provide quick and detailed legal advice, and give support in implementing the advice.” – Competition/antitrust

“They have a highly sophisticated team of subject-matter experts which is managed very professionally by Vivek. The team functions in an organised manner and is responsive.” – Competition/antitrust

“They are very knowledgeable, responsive and professional.” – Competition/antitrust

“It is a good and reliable law firm which is approachable.” – Competition/antitrust

“Highly competent team of lawyers covering all scopes of business.” – Corporate and M&A

“Recommended for its litigation and IPR laws.” – Intellectual property

“Highly appreciate the team due to our successful litigation. They offered well-considered legal arguments and had a deep knowledge of the legal process.” – Tax

Vivek Agarwal

“Vivek is a competition law expert in a true sense. He has a deep understanding of the competition law and the CCI procedures. He is organised and ethical. He is also very professional and keeps his word on timelines and quality. He is one of the best in competition law in India and highly recommended.”

“I have been working with Vivek since 2011. He is my go-to person for competition law. I regard him as a reliable and competent competition lawyer. He is highly respected in the competition circuit in India. Well-trained internationally, highly knowledgeable, organised, ethical and known to put his skin in the game and deliver. He is well-placed to manage high-stakes matters, and is very resourceful and accessible.”

“Deep knowledge of competition law, excellent communication and drafting skills, sharp business acumen with an ability to interact directly with business folks. He is practical, solution-oriented and efficient. I recommend him strongly.”

“Vivek is a highly skilled competition lawyer who has a command over the Indian competition law and the EU law. He is extremely resourceful in India and is known for his thinking and long-term strategy. He is well-read, hard-working and very effective. He is a highly reliable competition lawyer in India.”

“Sophisticated antitrust lawyer who understands technology. Has the ability to understand our business and suggest commercially tenable solutions. Effective communication skills and responsive.”

“He is a smart lawyer who is hard-working and reliable.”

“Vivek listens to the client patiently and helps clients to understand legal scenario and risk associated to business in case of noncompliance.”

Saiyam Chaturvedi

“Accessible, commercial and friendly.”

Monika Deshmukh

“Highly competent with strong negotiation skills.”

Rashi Dhir

“Excellent knowledge of law, responsive and good and clear communicator.”

Sachit Jolly

“Clear, concise and to-the-point advice.”

Atishree Sood

“She is a thorough professional, highly attentive to details and always delivers in a timely manner.”

“She has a strong work ethic, effective communications, problem-solving skills, positive attitude and leadership qualities.”

Vihang Virkar

“Vihang is an asset to every deal team. His understanding of the aviation market in India, the laws that apply and the commercial issues that arise, is very impressive. He is great in negotiations and is able to come up with novel solutions to otherwise complex issues.”

Work highlights

Defended IL&FS in appeals filed by HDFC in the Supreme Court of India. This dispute involves a complex question of debt transfer and its impact on the sale of the property in pursuance of the restructuring process of the client.

Acted for ICICI Bank against several writ petitions that sought redress in instances where the builder failed to hand over possession, prompting the client to commence recovery proceedings against the petitioners.

Full-service firm DSK Legal has a strong reputation in the market for quality work with pockets of top-tier offerings in several areas. It holds steady in the rankings across a number of areas, such as dispute resolution, construction, capital markets, IP, media and entertainment, real estate, and restructuring and insolvency, even bumping up a tier for its competition work. Under the guidance of top-flight real estate partner Sajit Suvarna, the firm’s real estate offering is regarded as one of the strongest in Mumbai. With an added capacity on the corporate side from recent additions, the firm posted a strong showing by closing over 50 sizable M&A deals. The firm’s specialised media and entertainment department is also well-received by the market. It boasts many A-list Bollywood film stars as clients, along with local and international media houses and platforms like Disney and Star India. Key contact and managing partner Anand Desai is a venerable figure in the legal industry for banking and finance, corporate and M&A, disputes, and media and entertainment. Deputy managing partner Suvarna is a banking and real estate specialist.

Client feedback

“Very well-connected, concise and well-drafted work product.” – Competition/antitrust

“Prompt response and reasonable fees for its service and hospitality.” – Dispute resolution

“DSK is prompt in their responses and are commercially-focused, giving not just black letter-of-the-law answers but also how that can be practically applied.” – Labour and employment

“They are prompt and very professional. Always available to solve any doubts or queries.” – Labour and employment

“Experienced, well-connected and professional.” – Media and entertainment

“Hands-on team and approachable even up to the partner level.” – Private equity

“Excellent turnaround time, resolution-oriented, full-service and good partner involvement.” – Restructuring and insolvency

Abhishek Singh Baghel

“Quick responses and polite explanations.”

Gaurav Mistry

“Very approachable and thinks from the client's perspective.”

Chandrima Mitra

“She is experienced, resourceful, wise and committed.”

Ajay Shaw

“Solution-oriented and a problem-solver.”

Suyash Srivastava

“Suyash is very proactive and provides great client service. He also follows up on areas outside his main expertise to make sure we are getting the same level of service from his other partners.”

Akanksha Tiwari

“She is clear in her thoughts and has a very good subject knowledge. She is very approachable and professional.”

Work highlights

Represented Red Chillies Entertainment in a suit filed before the Delhi High Court against multiple defendants from committing infringement in relation to the client’s forthcoming film Jawan.

Acted for the Confederation of Real Estate Developers Association before the Supreme Court of India in relation to a memorandum issued by the Ministry of Environment, Forest and Climate Change.

Key clients

Bharti International, Hitachi Rail STS India, Larsen & Toubro, Sterlite Technologies.

Eshwars is a boutique firm based in Chennai that focuses on IP, corporate and commercial advisory, and dispute resolution. On the IP side, its specialties include trademark, copyright, industrial design, patent, semiconductor layout, domain name protection, and distribution and franchising. It has also assisted domestic businesses in their outbound ventures into the US, Middle East and China, for example. It has offices in Bangalore, Hosur and Kerala. Managing partner Eshwar Sabapathy and partner NV Saisunder lead the firm.  

Fox Mandal has a full-service offering and is best known for its real estate and IP practices. It is a well-known and trusted law firm with an established history and strong name recognition among multinational corporates and domestic players. Recently, the firm has been busy building up its client portfolio in the healthcare, retail, IT and real estate sectors. Its corporate and M&A practice continues to gain traction on larger matters and it moves up a notch in labour and employment. On the IP side, the firm has been honing its focus on startup players, even offering pro bono advice as their clients work their way up. Key figures for real estate and IP are, respectively, partners Purnima Kamble and Santosh Vikram Singh. Managing partner Shuva Mandal, who is active on numerous transactions and disputes matters, is a respected figure in the market. Other names to note include co-managing partner Shourya Mandal, and senior partners Jeevanandham Rajagopal, Santosh Singh and Sathya Prasad.

Client feedback

“They are responsive.” – Intellectual property

“Competitive and relevant knowledge.” – Real estate

“Provide legal services of the highest standard.” – Real estate

Sudarsana Daw

“Provides a solution to the needs.”

Drishti Kardam

“Prompt responses.”

Shourya Mandal

“Strong legal knowledge and responsiveness.”

Work highlights

Represented an Indian payments company in an international commercial arbitration case initiated by the client’s investors before the Singapore International Arbitration Centre.

Acted for a domestic real estate and construction company in proceedings initiated by tenants obstructing the redevelopment of the subject property. The firm helped its client obtain a favourable outcome, leading to resumption of the redevelopment project.

Key clients

Mphasis, Rashtriya Ispat Nigam, Reserve Bank of India, Valentino Garavani.

Founded in 2015 with offices in Delhi and Mumbai, Gravitas Legal offers bespoke, quality representation on projects, investments, M&A, disputes, and real estate matters. Last year, the firm expanded its reach into the insolvency, securities, and white-collar crimes spaces. The firm moves up a notch in the banking and finance rankings this year. It has niche experience advising private equity funds and working on pure fund structuring mandates. In addition to regular project finance and corporate finance documentation, the firm excels in novel and atypical transactions around the 5:25 flexible structuring scheme and SDR. Gravitas is empanelled with several banks and financial institutions including PTC India Financial Services, HDFC Bank, State Bank of India and L&T Infrastructure Finance. Banking and insolvency partner Tanuj Sud is a key contact at the firm. Other notable personnel include corporate partner Varij Sharma and disputes specialists Rajeev Aggarwal and Rahul Gaikwad.

Work highlights

Successfully represented Commissioner of Entertainment and Luxury Tax in a Delhi High Court case against Delhi Gymkhana Club.

Acted for the Commissioner of VAT in Delhi against Amway India Enterprises.

Key clients

Heligo Helicopters, IndianOil Adani Ventures.

Founded by two qualified Advocates on Record (AoR), GSL Chambers is a young disputes boutique that is registered as an AoR firm. The firm is centred in Delhi, but it also has secondary offices in Indore and Bengaluru. The firm has sectoral experience in the banking and financial services, real estate and infrastructure. The partners are also well-versed in insolvency-related matters. The key contacts are founders Arjun Garg and Abhinav Shrivastava.