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

“No firm can compare to Amarchand & Mangaldas & Suresh A Shroff & Co at the moment. The firm has such clout in the market,” says a market observer. Armed with decades of experience from both the client side and the regulatory side, the firm sits at the pinnacle of the rankings this year. One client says: “I’ve worked with the firm for many years, and its advice has always been excellent.” The firm advised Hindalco Industries in the financing and development of its Mahan Aluminium Project. The transaction was completed in March 2011 with the project valued at US$2.29 billion. A peer says: “The firm is technically superb and we have used it for years. I see it being top class for a long time.”

“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.

“The lawyers at Trilegal are an experienced and well oiled group. For energy and natural resources work, they know the sectors. This is the case whether working on waste management or ports, and they who know how to manage the bid process and be globally competitive,” says a client. Key partner Akshay Jaitly has garnered universal praise from peers and clients, with a client saying: “He understands the perspectives of both negotiating sides as well as regulatory concerns. He’s nothing but excellent.” The firm acted for Caparo Energy in an agreement with Gamesa Wind Turbines for the supply and commissioning of wind turbines. This transaction was valued at US$2 billion. It stood out for its departure from standard engineering, procurement and construction (EPC) turnkey models and its structuring of risk and responsibilities between parties for operation and maintenance.

“J Sagar Associates espouses the greatest values and quality in the legal market in the country,” says a peer. The firm allies a solid banking practice with a diverse corporate practice, with one client noting that its “wide range of expertise in legal matters in India is a strong driver for its continued success”. The firm advised BHP Billiton Petroleum on issues relating to its petroleum sharing contracts in India. A high profile transaction for the firm in the past year was its representation of a Morgan Stanley led consortium on its US$425 million investment into Asian Genco’s 4000 MW portfolio.

“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.

Link Legal has established a reputation for “excellent coverage in the projects space”, says a peer. The firm boasts a grounded practice and steady growth in recent years, with one client noting: “The lawyers there are excellent strategists. They single handedly advised us on how to approach this particular case. I would recommend this firm to others.” A notable matter this year was its continuing representation of Water & Power Consultancy Services in disputes arising from the execution of the Salma Dam Project in Heart Province of Afghanistan. The project has been valued at over US$109 million and the disputes are yet to be fully resolved.

MV Kini & Co has developed a strong presence in energy work over the years. A peer comments: “I’ve come across the firm quite often in this area, and the lawyers there have a great sense of regulatory side expectations.” The firm advised Brihan Mumbai Electric Supply & Transport Undertaking on a quadripartite agreement, the government’s restructured accelerated power development and reform programme. Managing partner Ravi Kini took the lead on this matter, with the firm a regular adviser to the client on energy issues.

“Seth Dua & Associates is on some of the most notable transactions in the country,” says one peer. The firm boasts a consistent pedigree of quality deals. A notable transaction for the energy team was its representation of Malaysian entity Genting Group in its acquisition and development of three power projects in India. The transaction was led by partners Sunil Seth, Amit Mehta and Vasanth Rajasekaran, and the projects and transactions were valued at US$600 million.

Dubey & Partners

Dubey & Partners has offices in both Delhi and Pune covering its three main practice areas of corporate, litigation and intellectual property work. The firm advised Spanish client Constructora Sanjose in its set up in the country, and in multiple infrastructure projects. Another notable transaction for the firm was its work for California corporate Green Span Venture in the renewable energy sphere. The continuing matter includes plans to acquire 100MW of solar energy projects in the country.