Crawford Bayley & Co
The corporate and commercial practice at Crawford Bayley covers corporate advisory, regulatory and compliance, commercial transactions, M&As, joint ventures, technical and financial collaboration, and capital insurance and exchange control regulations. Partner Sanjay Asher is highly recommended and sits on the board of directors at several public companies.
Dave Girish & Co
Dave Girish & Co acts on behalf of numerous international banking and financial institutions, such as IFC, UTI, GIC-HF, DHFI and STCI, and many corporates like AV Birla Group, Premier Mills Group and Apple Group. The practice a diverse range of areas, including derivatives and structured finance, project finance, banking, joint ventures and trade finance. Dave Girish comes highly recommended and can regularly be seen on the speaker circuit.
Desai & Diwanji
Desai & Diwanji advised Avendus as financial and investment banking advisers to Satyam Computers on the sale and restructuring of the infamously troubled Indian computing firm. Asian Development Bank gave important instructions to the firm on the financing of the West Seti Power Project, which was the first multilaterally financed power project developed in Nepal to supply electricity in India. Other work included assisting GECAS in the financing of the first privately financed railway infrastructure project under government policy relating to rail infrastructure, sponsored by Gateway Distriparks.
For capital markets transactions, the firm represented Schroders on an issue of compulsory convertible preference shares issued by Apollo Healthstreet, advised AIG on a convertible bond and equity share offering by Kinetic Engineering, and Greif in the delisting and public offer of Balmer Lawrie Van Leer securities. Important M&A matters for the firm included representing Axon on its purchase by HCL, advising the Government of Singapore on its acquisition of Reid & Taylor India and assisting JP Morgan and AIG to buy NH Hospitals.
DSK Legal
After the Satyam accounting fraud, DSK Legal advised BNP on overall strategy for recovery of their dues of up to Re3.6 billion from Satyam Group including Maytas Infrastructure and Satyam BPO. Acting as Indian legal counsel, the firm assisted in establishing SG India Diversified Fund by Societe Generale Singapore.
Another notable mandate was from India Debt Management to restructure more than US$20 million of debt of Ganesh Benzoplast. In M&A, the firm advised Merrill Lynch International on over US$8 million further investment in compulsorily convertible cumulative preference shares in unlisted public local company Om Logistics.
Other demonstrative M&A roles included assisting Sahara India Commercial on the more than US$3.6 billion demerger and transfer of its Aamby Valley Undertaking business to Aamby Valley (AVL). AVL is engaged in the business of interalia development of an integrated hill station; its infrastructure developments span 7,000 acres in India’s Maharashtra state.
Dubey & Partners
Mid-size firm Dubey & Partners covers both banking and finance and corporate M&A work, primarily for an international client base. Managing partner Raj Dubey heads the 15-lawyer team. Recent work includes advising hotel chain Best Western International on its aggressive development plans to add 100 hotels in India under the leadership of master licensee Cabana Hotel Management. The firm has been engaged on the US$1.6 billion deal since 2007 and is providing due diligence on existing hotels as well as advising on the acquisition of land rights for Greenfield hotels. Other work includes advising California manufacturer Signet Solar on its recent entry into India.
Gagrats
Gagrats is acting as counsel to the Somaiya Group on its potential acquisition of a large chemicals plant in India from a subsidiary of a Swiss multinational. Other representative M&A work for the year included counseling Kirloskar Oil Engines on the disposal of its Valves division to a subsidiary of Eaton in the US, and acting as legal adviser to the Elder Group on acquiring a majority stake in the UK’s Neutrahealth. Important matters on the banking side included assisting United Health Group and its Indian subsidiaries on co-branded card schemes and external commercial borrowings.
KR Chawla
Acting for clients such as Maars Software and Flex Industries, KR Chawla specialises in helping local funds raise capital overseas. The firm’s San Francisco office is an asset in this regard.
Lex Counsel
Originally a breakaway firm from Titus & Co, Delhi-based Lex Counsel has developed into a corporate practice to be reckoned with. The firm’s key lawyers include Seema Jhingan, and the firm’s recent work includes advising long-standing education client Educomp on its recent US$17.5 million joint venture with the UK’s Pearson Group.
Majmudar & Co
Majmudar & Co has kept an active corporate finance practice, frequently advising banks and financial institutions. The firm is also known to provide cross-border banking and securities regulatory advice, and recent fund clients include AQR, Black Ant Group, Millennium and Olympus Funds. Recently, the firm acted on a Re17 billion (US$357 million) external commercial borrowing (ECB) transaction by United Phosphorous, advising Bank of Baroda in a consortium. Earlier this year, the firm advised Bank of Baroda Dubai as part of a consortium on a Re1.4 billion ECB facility to Godawari Power & Ispat.
In addition, the firm represented SKS Microfinance on a US$75 million financing, part of a fourth round of equity fundraising, with much of the total value coming from Sandstone Partners. Majmudar also advised WW Grainer in its acquisition of a 49.9% stake in Asia Pacific Brands, one of India’s largest industrial and electrical wholesale distributors. Another US-listed company Varian Medical Systems instructed the firm on its purchase of Bangalore and Pune-based Cedara Software Services. Akil Hirani is a leading lawyer at Majmudar & Co.
P&A Law Offices
P&A Law Offices represented Daiichi Sankyo, one of the largest pharmaceutical companies in Japan, in its US$4.8 billion acquisition of a majority equity interest in Ranbaxy Laboratories. The deal was the largest foreign direct investment in a publicly-listed company in India.
Another promising role saw the firm representing SAIF Partners – an Asian private equity firm established with strategic commitments from Cisco and Softbank of Japan – in respect of its US$125 million acquisition in the National Stock Exchange (NSE).
Rajani Associates
Rajani Associates has been built on the back of founding lawyer Prem Rajani’s highly reputable name in the market. Rajani’s firm has been seen lately acting on the local IPOs of Somi Conveyor Beltings and Chemcel Biotech, for Re220 million and Re250 million respectively. Other recent capital markets deals included advice on a US$30 million Global Depository Receipt (GDR) for listed company Vishal Information Technologies.
Seth Dua & Associates
The corporate M&A practice at Seth Dua & Associates comes recommended. It covers joint ventures and share purchase agreements as well as regulatory work. Key clients include Aristocrat Technologies, Audi AG and Mitsui.