Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

AZB & Partners retains its supremacy in the banking and finance sector this year. Despite the loss of its tie-up with Clifford Chance in January 2011, peers and market observers have noted that the firm could easily overcome this disturbance, with one client saying: “The partners all possess excellent skill and expertise in drafting legal documents.” A notable matter last year was the firm’s representation of Reliance Industries on the Indian law aspects of the client’s issuance of 4.50% guaranteed senior notes due 2020 and 6.25% guaranteed senior notes due 2040. The transaction was valued at US$1.5 billion and was reported as the first transaction of this nature and magnitude by an Indian company. Clients appreciate the high calibre of lawyers at the firm: “Their level of understanding is impressive and they know the requirements demanded by bankers. They’re quick and accurate in their work, which fits seamlessly with our customers.”

“AZB & Partners dominates the market in the country,” says a peer. The firm was involved in the high profile Vedanta-Cairn transaction, which was finally approved in 2011. The Vedanta Group, which comprised Vedanta Resources and Sesa Goa, acquired a controlling interest in Cairn India for an aggregate consideration of about US$9.6 billion. Founding partners Zia Mody and Bahram Vakil are highly praised by clients, with one noting: “With the senior partners on the job, we can rest easily. They have excellent ability and render excellent and prompt opinions.” The firm hopes to ensure that its legacy will continue in the coming years beyond the founders. As a step towards achieving this, it appointed partner Abhijit Joshi as the firm’s CEO in 2011.

AZB & Partners consolidates its position in the rankings this year, with one peer noting: “The firm exerts great influence on the market, and is a standard to which others are measured.” A notable matter in the last year was its representation of Tata Realty & Infrastructure and TRIL Infopark on the latter’s development of a 25.27 acre IT special economic zone in Chennai. This transaction was valued at US$33 million, with partner Sai Krishna Bharathan leading the firm team. Partner Gautam Saha acted for Sun-Apollo India Real Estate Fund in its acquisition of up to 49.9% in Parsvnath Buildwell. This deal was valued at US$23 million.

“These guys at AZB & Partners are the best in the country,” says a competitor. The firm is highly regarded by the market for its versatile one stop service. One client says: “The firm is fast and precise. The lawyers are a seamless match for many of our customers, and we’re very comfortable with them.” The firm is acting for IL&FS in Infinia’s joint venture involving the manufacture of solar power generation products. Another highlight matter is its representation of ICICI Bank and a consortium of 18 banks in Jaiprakash Power Ventures’ securing of a loan facility for the part financing of a thermal power plant. This transaction was valued at US$1.26 billion.

“One cannot have an IT, Telco & Media ranking without considering AZB & Partners in the top tier,” says a peer. Clients and market observers attest to the firm’s supremacy in this area of practice, with one client praising the firm for its “innovation and technical solidness”. A highlight for the firm was its work for Wireless Business Services, a subsidiary of client Qualcomm, on its purchase of broadband wireless access (BWA) spectrum in India via auction from the Department of Telecommunications. The transaction was led by partner Vishnu Jerome, and was valued at US$1 billion. “This is a good firm,” says one client, “and we would rate it among the top tier along with all the other big names.”

“AZB & Partners has a notable presence in the tax market,” says a competitor. The firm maintains an important position in this area of practice and is boosted by the expertise of founder Ajay Bahl, a “recognised authority” in this particular practice. Through its dedication to quality service and maintaining a one stop shop capability, the tax practice at the firm is cited by clients as a “key aspect of the firm’s appeal”. Notable clients for the firm include multinational companies such as Vodafone and Abbott Laboratories. Tax partner Percival Billimoria advised American Tower on its acquisition of Essar Telecom Infrastructure for US$450 million.