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

“S&R Associates is the top capital markets firm in the country,” says one satisfied client. The firm is expanding beyond this specialty into other areas. Another client praises the depth at the firm: “The associates at the firm are more thorough than other firms. As a whole, the outfit takes on fewer deals, and the leverage ratio is much better. You get partner attention and you get experienced advice from practitioners.” The firm represented MakeMyTrip in its US$134.1 million follow-on public offering on the Nasdaq. Founding partner Sandip Bhagat headed the team on this transaction, and Bhagat is respected by peers and clients. “He is a very experienced partner who’s very quality conscious,” says one partner at a rival firm. “He is a US trained lawyer and understands Indian law as well, which is a rare and valuable combination to have in India.”

S&R Associates is better known for its capital markets expertise, but the firm is making gains in the corporate area. One corporate client says: “It is far and away the best Indian law firm I’ve worked with, and I’ve worked with quite a few. The firm is good at anticipating problems and giving nuanced advice.” A high profile transaction for the firm includes acting for Vodafone Group on its US$4.2 billion purchase of a 22% stake in Essar Communications. It also advised on Vodafone’s US$1.26 billion purchase of approximately 11% of the shares of Vodafone Essar from ETHL Communications Holdings.