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

Luthra & Luthra enjoyed a superb year and, as a result, is promoted to the top tier of the rankings this year. One client says: “It’s one of the good law firms to work with and the lawyers there turn around things very quickly. They have quick understanding and respond efficiently.” A high profile capital markets transaction last year was its work for the Ministry of Coal and Coal India in the IPO of Coal India, which was the largest IPO to date in India. It was valued at US$3.4 billion and closed in November 2010. Peers and clients note the firm’s successful efforts to boost this area of its practice, with one client saying: “The firm has good technical ability, and is definitely hungrier and willing to work that much more for it.” Another client says: “We’ve seen the firm take on more work in this area in the last few years.”

Luthra & Luthra grew its practice over the past year, which has led to, among other things, a larger presence in Mumbai. One international client says: “The firm has experience and exposure with international clients so the lawyers understand our concerns and how we want things done a certain way. We will definitely continue to use this law firm.” The firm represented Abbott Laboratories in its acquisition of Piramal’s healthcare solution business. With complex corporate and tax issues, this transaction was one of the largest in India particularly for the pharmaceutical industry. The deal was valued at US$3.8 billion and completed in September 2010.

“Luthra & Luthra is a top tier firm in this market. The lawyers there have the required experience and exhibit great ability,” says one client. The firm “dominates” the market, adds a peer. A firm team, comprising Amaresh K Singh, Sachit Mathur, Vaibhav Suri and Amrita Tonk, acted for the Godrej Group in the setting up of a group housing colony in Gurgaon. This included due diligence work, the drafting of transaction documents, and the drafting of agreements documents. This matter completed in February 2011. The firm is highly regarded by competitors, with one saying: “We respect the firm’s experience in the field, and it’s always a joy to see it across the table.”

Luthra & Luthra represented Etisalat DB Telecom in the 2G spectrum allocation case, which has received widespread media attention in the last year in India. The firm is acting for the client in continuing investigations and related concerns before multiple authorities. The transaction has been valued at US$1 billion with the firm’s team consisting of HS (Bobby) Chandhoke, Siddhartha Datta, Tarun Dua and Divyakant Lahoti.

“Luthra & Luthra is a fixture in the market, and I would even see it in the top tier,” says one competitor. The firm is a known high achiever in the area of project finance, and its work in the energy sector maintains similar standards of quality. One client says: “The firm is one of the top firms to work with. The lawyers have quick turnaround times and consistently get back to us very quickly.” A highlight for the firm was its role as lenders’ counsel in the construction and development of a coal-based supercritical power plant. This matter was valued at US$1.38 billion and completed in December 2010.

“Luthra & Luthra has tremendous capacity. For the matter we instructed it on, the firm was able to mobilise resources at a short notice across over 20 districts,” says one client. “Very few firms in India would be able to handle work of this magnitude with such efficiency,” says one client. The firm advised PVR on its alliance with IMAX, which involved striking a balance between parties for both the commercial objectives as well as the maintenance contract.

“Luthra & Luthra has grown its capabilities across the board,” says one peer. The tax practice at the firm has expanded in the last year, with two new senior associates, in a bid to take advantage of increasing tax demands from clients. The firm represented LVMH Watch & Jewellery India in its response to the Central Excise authorities on issues regarding the valuation of watches imported into India.