India Business Law Journal reveals the standout deals and disputes of 2022 and the law firms that showed their worth in successfully concluding them

Despite concerns of a resurgence in covid-19 cases at the beginning of 2022, the year saw a return of confidence as companies and investors turned their attention to fulfilling domestic and overseas demand, with India overtaking the UK to become the world’s fifth-largest economy.

Deal activity that had astonished market watchers in 2021 continued in 2022, with several bolder and brighter than anything before. A case in point was Life Insurance Corporation’s USD2.7 billion IPO, the largest in India to date. Soon after came the announcement of India’s biggest M&A transaction to date, HDFC Bank’s USD40 billion merger with its parent, HDFC.


Consolidation was also the name of the game in the IT sector, which saw the merger of Mindtree and Larsen & Toubro Infotech – both subsidiaries of Larsen & Toubro – to create a USD3.5 billion IT services provider, LTI Mindtree, as India’s sixth-largest IT services company.

The same went for the media and entertainment industry, with the merger of Zee Entertainment with Sony Pictures Networks India. This deal is yet to close, but is included in Deals of the Year 2022 since the USD10 billion merger was given the go-ahead from the antitrust regulator in October 2022, which had been seen to be a significant hurdle.


The year saw international PE firms continue their quest for significant deals. Ontario Teachers’ Pension Plan’s acquisition of a majority stake in Sahyadri Hospitals was its first control private equity buyout in India.

The e-mobility sector also saw interest from investors. TPG Rise Climate’s USD500 million investment in Tata Passenger Electric Mobility was the first tranche of what will be one of the largest PE investments in the electrical vehicles sector. Electric scooter maker Ather Energy’s USD128 million series E fundraising was the first direct investment in electric mobility by a government-anchored investment platform.


However, rising interest rates and geopolitical tensions – on account of the war in Ukraine and, closer to home, the economic crisis in Sri Lanka – played a part in elevated uncertainty. Debt taken on through private placement of high-yield notes by Continuum Green Energy suggested volatility in debt markets. Absent were the mouth-watering deals of 2021 that resulted in more than 40 startups achieving unicorn status.

While the year saw significant exits such as Holcim’s USD6.4 billion divestment of its business in India, and KKR’s exit from Max Healthcare, there were interesting entrances. Radici’s USD35 million acquisition of the engineering plastics business of Ester Industries was structured as a slump sale, but of a going concern.

Added to this was HSBC Asset Management’s USD425 million “David and Goliath” acquisition of L&T Finance Holdings’ much larger mutual fund business. The year also saw the curtains come down on one of the more remarkable bankruptcy sagas – that of ABG Shipyard, once India’s largest private shipbuilder.

When the company’s troubles began more than a decade ago, lenders were owed nearly INR180 billion (USD2.19 billion). More recently, after five attempts at auctioning, it failed. The liquidator sold some assets in a court-directed private sale, hoping to recover about INR12 billion.

On 14 December 2022, listed textiles company Welspun said it had received possession of ABG Shipyard’s moveable and immovable properties bought in the private sale from the company’s liquidator for INR6.59 billion.


While many of the deals and disputes showcased in our report made headlines, several are low key, but still likely to have interesting consequences. An example is HealthMap Diagnostics’ acquisition of iGenetic Diagnostics, a Mumbai-based company, which was reportedly one of the largest strategic acquisitions in the diagnostic space by a large hospital chain. The deal, pointing to consolidation in India’s fragmented diagnostics sector, makes it worthy of inclusion in our report. These deals and many others of significance are detailed below.


India Business Law Journal selected 50 landmark deals and disputes that closed, or had a significant development, between 1 January 2022 and 31 December 2022, following intensive research and consultation. The deals and cases were chosen subjectively based on transactional data, submissions received from Indian and international law firms, and interviews with India-focused legal and corporate professionals.

In deciding the winning deals and cases, our editorial team evaluated the significance of all shortlisted contenders from a legal and regulatory standpoint. Deals were chosen not only for their size, but for the novelty and complexity of the transaction or case, and for any precedents that may have been established.


Capital marketsDisputesM&AOther

Capital Markets

Reliance’s jumbo bond issue

USD4 billion AZB & Partners
Davis Polk & Wardwell
Shearman & Sterling

Following the largest rights offering by a non-financial services company in 2021, Reliance Industries successfully raised USD4 billion in a three-tranche US dollar bond issue that was priced on 5 January 2022.

The rule 144A/regulation S multi-tranche offering was significant on various counts. It was the largest foreign currency bond issuance to date by an Indian company. Reliance Industries also achieved the lowest coupon rate for benchmark 30-year and 40-year bond issues, and the 40-year bond issue was a first for a BBB-rated private company from Asia, excluding Japan. The proceeds of the bond will be primarily used for refinancing of existing borrowings.

AZB & Partners, with partner Varoon Chandra leading, advised Reliance Industries. Davis Polk & Wardwell, with partner Leo Borchardt leading, was US counsel to the company.

JSA, with partner Dina Wadia leading, and Shearman & Sterling, with partner Kyungwon Lee leading, advised the initial purchasers on the deal.

LIC closes India’s largest IPO

USD2.7 billion Cyril Amarchand Mangaldas
Duane Morris & Selvam
Saraf and Partners
Shardul Amarchand Mangaldas & Co

The largest IPO in India to date closed on 9 March 2022, with the federal government raising INR210 billion (USD2.7 billion) by selling a 3.5% stake in Life Insurance Corporation (LIC). The public issue received bids for 478.3 million shares for the 162 million shares they had on offer. Anchor investors and qualified institutional buyers were allotted 45% of the shares, of which 71% were allocated to 15 different domestic mutual funds. Another 55% was allotted to retail investors, of which 10% and 0.7% were, respectively, reserved for policyholders and employees.

Cyril Amarchand Mangaldas, with managing partner Cyril Shroff providing guidance and partner Yash Ashar leading, acted as legal adviser to LIC and the selling shareholder, the president of India.

Duane Morris & Selvam, with partner Jamie Benson leading, acted as international legal counsel to LIC and the selling shareholder.

Shardul Amarchand Mangaldas & Co was Indian legal counsel to the five bookrunning lead managers while Linklaters, with partner Amit Singh leading, was international legal counsel.

Saraf and Partners, with partner Akshay Nagpal leading, advised the Department of Investment and Public Asset Management and the government of India on various policy and legislative changes required in relation to the IPO.

Tata Consultancy’s record buyback

USD2.19 billion AZB & Partners

Tata Consultancy Services (TCS) announced the largest buyback of equity to date ‒ as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 ‒ by an Indian company.

The cash-rich technology company’s intention to buy back 40 million shares, for an aggregate consideration of INR180 billion (USD2.19 billion), was completed on 29 March 2022. This was the company’s fourth buyback in the past five years, topping the previous three share buyback deals of USD1.9 billion each in 2017, 2018 and 2020.

Although the company’s offer price was 21% higher than the stock price, the buyback was 7.5 times subscribed.

AZB & Partners, with partners Varoon Chandra and Lionel D’Almeida, acted as legal counsel to TCS.

AU Small Finance Bank’s record QIP

USD250 million AZB & Partners
Shardul Amarchand Mangaldas & Co
Sidley Austin

AU Small Finance Bank raised INR20 billion (USD250 million) in what was the largest qualified institutional placement (QIP) by a small finance bank in India to date. The issue, which closed on 9 August 2022, was the third equity fundraising in as many years by India’s largest small finance bank.

It saw participation from established investors such as the government of Singapore and the Monetary Authority of Singapore, as well as other large foreign portfolio investors, life insurance companies and mutual funds.

AU Small Finance Bank said it intended to utilise the net proceeds of the QIP for supporting its growth aspirations, enhancing its tier-1 capital base and general corporate requirements.

AZB & Partners, with partners Varoon Chandra and Agnik Bhattacharyya, advised AU Small Finance Bank.

Shardul Amarchand Mangaldas & Co, with partner Prashant Gupta leading, was Indian counsel, and Sidley Austin, with partner Manoj Bhargava leading, was international legal counsel to the four bookrunning lead managers.

Dream IPO for DreamFolks

USD70 million Bharucha & Partners
DSK Legal
Duane Morris & Selvam

DreamFolks, India’s largest airport service aggregator platform, raised INR5.6 billion (USD70 million) in an IPO that closed on 26 August 2022. The IPO was entirely an offer for sale by shareholders. It was oversubscribed 56.68 times and listed at a 56% gain.

Bharucha & Partners, with partner Vishnu Dutt leading, advised DreamFolks. DSK Legal, with partner Ajay Shaw leading, was domestic counsel to the two bookrunning lead managers, while Duane Morris & Selvam acted as their international legal counsel.

Sula Vineyards harvests first wine IPO

USD116 million Clove Legal
Shardul Amarchand Mangaldas & Co

In what was the first public offering of a wine business in India, the country’s largest wine producer and seller, Sula Vineyards, raised INR9.6 billion (USD116 million) in an IPO. With the IPO serving as a platform for partial exits by its existing investors, the promoter stake in the company decreased from 28.44% to 27.33%. The offer was oversubscribed 2.33 times when it closed on 14 December 2022.

Shardul Amarchand Mangaldas & Co, with partner Prashant Gupta leading, advised Sula and the promoter-selling shareholder. Partner Nikhil Naredi led a separate team that advised certain investor-selling shareholders.

Clove Legal advised certain other selling shareholders as to Indian law.

Trilegal, with partner Richa Choudhary leading, advised the three bookrunning lead managers, while Linklaters, with partner Amit Singh leading, was their international legal counsel.

Global Health’s IPO booster for hospital sector

USD275 million Allen & Overy
AZB & Partners
S&R Associates
Saraf and Partners
White & Case

Global Health, which operates five hospitals under the Medanta brand, raised USD275 million (INR22.06 billion) in what was the largest IPO to date in India’s hospital sector. The IPO comprised a fresh issue of shares worth USD61 million, and offer for sale of shares aggregating USD208.5 million. The offer was oversubscribed 9.58 times and the company listed on 16 November 2022 at a 19% premium.

S&R Associates advised Global Health and partners Sandip Bhagat and Juhi Singh were the leads on the issue.

AZB & Partners, with partner Varoon Chandra leading, acted as Indian legal counsel to the four bookrunning lead managers, while Allen & Overy, with partner Pallavi Gopinath Aney leading, acted as their international legal counsel.

Saraf and Partners, with partner Murtaza Zoomkawala leading, advised selling shareholder Anant Investments on Indian law, while White & Case advised on international law.

JSA advised Global Health’s co-founders, Sunil Sachdeva and Suman Sachdeva, on Indian law aspects of the deal.

Macrotech’s largest QIP of the year

USD430 million Cyril Amarchand Mangaldas
Sidley Austin

This qualified institutional placement (QIP) by Macrotech Developers, which operates as Lodha, was the first QIP by way of an offer for sale in India to date. The INR35.47 billion (USD430 million) QIP, which closed on 12 December 2022, was reportedly also the largest QIP of the year.

In the deal, some of the company’s promoters sold about 7.2% of their stake, enabling the company to achieve the stipulated minimum public float of 25%.

Cyril Amarchand Mangaldas advised Macrotech.

IndusLaw, with partner Manan Lahoty leading, was Indian counsel and Sidley Austin, with partner Manoj Bhargava leading, was international counsel to the three bookrunning lead managers.

Delhivery delivers second-largest IPO

USD 676 Million Cyril Amarchand Mangaldas
Khaitan & Co
Latham & Watkins
Morrison Foerster
Samvad Partners
Shardul Amarchand Mangaldas & Co

In the second-largest IPO of the year, Delhivery raised INR52.35 billion (USD676 million) on 19 May 2022. The public issue had a fresh issue of USD516.8 million and an offer for sale of USD159.2 million. The issue was oversubscribed 1.63 times. It was listed at a 2% premium and closed at a 10% premium on listing day.

The offer was downsized from a proposed USD960 million owing to unfavourable market conditions at the time of launch.

Shardul Amarchand Mangaldas & Co, with partner Prashant Gupta leading, was legal counsel with regard to Indian law, and Latham & Watkins, with partner Rajiv Gupta leading, acted as international legal advisers to the company.

Cyril Amarchand Mangaldas, with partner Yash Ashar leading, acted as Indian counsel and Linklaters, with partner Amit Singh leading, was international legal counsel to the four bookrunning lead managers.

Khaitan & Co, with partner Bharat Anand leading, was legal counsel to the investor selling shareholders.

Morrison Foerster, with former partner Amit Kataria leading, was international legal adviser to SVF Doorbell (Cayman), an investor-selling shareholder. Kataria has since moved to King & Spalding.

Samvad Partners, with partner Ashwini Vittalachar leading, was legal counsel to the individual selling shareholders.

Greenko Wind breezes green offshore bond issue

USD750 Million Appleby
Cyril Amarchand Mangaldas
Seward & Kissel
Shearman & Sterling
YKJ Legal

In what was the first green offshore bond for funding an energy storage project in India, Greenko Wind Projects (Mauritius), a subsidiary of Hyderabad-headquartered renewable energy company Greenko Energy Holdings, raised INR57 billion (USD750 million) in March 2022. The three-year secured green bond senior notes priced at 5.5% are due in 2025. The notes were listed on the Singapore Stock Exchange and guaranteed by parent company Greenko Energy Holdings.

The capital raised will be used to repay existing debt and finance an energy storage plant Greenko Energy Holdings is constructing in India.

Shearman & Sterling, with partner Andrew Schleider leading, acted as international counsel, while Cyril Amarchand Mangaldas acted as Indian counsel to the issuer. YKJ Legal was counsel in Mauritius to the issuer and the guarantor.

TT&A was Indian counsel and Ashurst was New York counsel to the four initial purchasers.

Seward & Kissel and Appleby advised the trustee to the issue.

WongPartnership advised the Singapore listing agent as well as the issuer with aspects related to listing on the Singapore exchange.

KKR minimises Max Healthcare stake

USD1.1 billion AZB & Partners

In what was the largest single block deal to date by a private equity firm in India, Kohlberg Kravis Roberts & Co (KKR) sold its 27.5% stake in Max Healthcare, held through its affiliate Kayak Investments Holding, on 16 August 2022, and was reclassified from promoter to public. The company sold 260 million shares, for INR94 billion (USD1.1 billion).

This deal was also the largest exit of KKR from an Indian entity, and the first instance of a sell-down of more than 25% by a private equity firm in India. The exit of KKR from Max Healthcare, which started in September 2021, is also the fastest sale to date of a 47.24% stake in a company.

AZB & Partners, with partners Ashwath Rau, Atreya Bhattacharya and Lionel D’Almeida, advised KKR.

Kirin brews beer stake in Bira 91

USD70 million IndusLaw
Khaitan & Co
Wadhwa Law Offices

B9 Beverages, the maker of Bira 91 beer, raised INR57 billion (USD70 million) in a series D funding from Japanese beer company Kirin Holdings in November 2022. The investment increased Kirin’s stake in the company from 10% to nearly 20%.

The company had invested USD30 million early in 2021. B9 will deploy the funds to increase production capacity and its distribution footprint.

Khaitan & Co, led by partner Mayank Singh, advised B9 Beverages.

IndusLaw advised Sequoia Capital, one of the main investors in B9 Beverages, along with Belgium-based investment company Sofina and Kirin Holdings.

Wadhwa Law Offices, led by partner Nitin Wadhwa, advised Kirin Holdings, as investor counsel.

CredAvenue fintech canters into unicorn club

USD70 million Cyril Amarchand Mangaldas
Gunderson Dettmer
Khaitan & Co

Debt marketplace CredAvenue raised USD137 million in March 2022 in a series B funding round led by Insight Partners, B Capital Group and Dragoneer, making the fintech startup the fastest to join the unicorn club in India.

The funding round valued CredAvenue, which since June 2022 operates as Yubi, at USD1.3 billion. Its USD90 million series A funding round in September 2021 had valued the company at USD410 million. The company said the investment raised would fund its operations in India and overseas, as well as build technology solutions.

Cyril Amarchand Mangaldas advised CredAvenue. JSA advised B Capital Group. Khaitan & Co, with partner Mayank Singh leading, advised Insight Venture Management. Gunderson Dettmer, with partner Ryan Purcell leading, advised Dragoneer.

Continuum Energy Aura’s private bond placement

USD400 million Ashurst
Mayer Brown
Shardul Amarchand Mangaldas & Co

In a deal demonstrating the volatility of debt markets on account of rising interest rates and geopolitical tensions, Continuum Green Energy raised USD400 million in July and August 2022 in senior high-yield floating rate notes, through private placement with three international institutional investors.

The bonds were raised through Continuum Energy Aura, a subsidiary of Continuum Green Energy, which is majority-owned by a USD4 billion global infrastructure fund.

Linklaters in Singapore, with partner Amit Singh leading, was international counsel, and Shardul Amarchand Mangaldas & Co was Indian counsel to Continuum Energ

TT&A and Ashurst advised the sole lead manager, Deutsche Bank, with regards to Indian and international law, respectively. Mayer Brown advised the trustee.

Capital marketsDisputesM&AOther


Supreme Court upholds Devas Multimedia wind-up

N/A DMD Advocates
Khaitan & Co

A high-profile 11-year-old dispute between Antrix Corporation, the commercial arm of the India Space Research Organisation (ISRO), and Devas Multimedia, a Bangalore company set up with investors from Mauritius and the US, took a significant turn with the Supreme Court dismissing Devas Multimedia’s appeal against a 2021 order of the National Company Law Tribunal that it should wind up on grounds of fraud.

This dispute has led to two investment treaty claims against the Republic of India and an ICC arbitration award that directed Devas to be paid for termination of its agreement with Antrix. The Supreme Court’s 17 January 2022 ruling is expected to strengthen the Indian government’s case against these awards.

Khaitan & Co, with partners Ajay Bhargava and Arvind Ray leading, advised Antrix Corporation.

DMD Advocates, with senior partner Anuradha Dutt leading, represented Devas Employees Mauritius, a shareholder of Devas Multimedia. Trilegal was counsel for Devas Multimedia.

National Insurance sets insurer-reinsurer precedent

Kapur & Trehan
Tuli & Co

A 31 January 2022 ruling by the National Consumer Disputes Redressal Commission in National Insurance Company v CHUBB & Mitsui has, for the first time, held that in a reinsurance contract an insurer is a consumer under the Consumer Protection Act – and as such an insurer can sue a reinsurer.

The ruling takes on added significance according to Tuli & Co, which represented the plaintiff, National Insurance Company, as there are few reinsurance cases in India that serve as local precedent.

Partner Saurajay Nanda at Tuli & Co led the firm’s team of lawyers.

Kapur & Trehan, with partner Diya Kapur, represented the reinsurers Chubb Insurance Company and MIT Syndicate, which is a part of Mitsui Sumitomo Insurance Group.

JSA, with partner Manish Jha, advised the Lloyds broker, Cooper Gay & Co.

Höegh sets sail from India’s first FSRU contract

N/A Mulla & Mulla & Craigie Blunt & Caroe

A dispute between Höegh LNG Holdings, deploying a floating, storage and regasification unit (FSRU) at Raigarh Port in Maharashtra, and H-Energy – which chartered the FSRU through its subsidiary, Western Concessions – ended in an out-of-court settlement. As a result, Bombay High Court on 8 July 2022 directed Western Concessions to allow the FSRU, Höegh Giant, to depart Indian waters immediately.

Höegh LNG Holdings terminated the contract in India following charterer Western Concessions’ default of contractual terms. The deployment of the FSRU Höegh Giant had been a first for India.

ZBA, with managing partner Zarir Bharucha leading, represented Western Concessions.

Mulla & Mulla & Craigie Blunt & Caroe, with senior partner Shardul Thacker leading, was Indian legal adviser to Höegh. Schjødt, with partner Jeremy Biggs leading, was English legal adviser to Höegh.

CCI tightens anti-competition net on Google

USD113 million Chandhiok & Mahajan
Cyril Amarchand Mangaldas
Sarvada Legal
Shardul Amarchand Mangaldas & Co

As Google’s policies come under increased scrutiny in jurisdictions worldwide, the Competition Commission of India (CCI) on 25 October 2022 imposed a penalty of about INR9.36 billion (USD113 million) on Google for abuse of its dominant position in its app store policies. The CCI also issued a cease-and-desist order against Google, and directed it to modify its conduct within a defined timeframe.

The CCI is one of the first competition authorities globally to rule on this issue.

Shardul Amarchand Mangaldas & Co, with senior partner Naval Chopra leading, advised an anonymous informant whose complaint initiated the case.

TT&A, with partner Sonam Mathur leading, represented the complainant, Match Group.

Sarvada Legal, with partner Abir Roy, represented the Alliance of Digital India Foundation, which was also an informant.

The five Google entities on the case were represented by Chandhiok & Mahajan, with partner Karan Chandhiok leading, and Cyril Amarchand Mangaldas.

Tyre companies and ATMA win cartel review

USD218.5 million DMD Advocates
Khaitan & Co
Luthra and Luthra
Shardul Amarchand Mangaldas & Co

Setting aside the INR17.89 billion (USD218.5 million) penalty imposed by the Competition Commission of India (CCI) on five domestic tyre manufacturers and the Automotive Tyre Manufacturers Association (ATMA), the National Company Law Appellate Tribunal on 1 December 2022 remanded the matter back to the CCI for its review.

Ruling in Ceat Ltd v CCI, in what is seen as a rare move, the tribunal said the CCI needed “to re-examine the calculation of arithmetical errors and also consider reviewing the penalty to save the domestic industry”. The CCI’s August 2018 order had found five domestic tyre brands and ATMA guilty of cartelisation.

Luthra and Luthra, with partner GR Bhatia leading, represented the Automotive Tyre Manufacturers’ Association.

DMD Advocates, with partner Vivek Agarwal, represented CEAT.

Shardul Amarchand Mangaldas & Co, with partner Rohan Arora, represented JK Tyres.

Khaitan & Co, with partners Manas Kumar Chaudhuri and Sagardeep Rathi, represented Apollo Tyres.

Crackdown on kraft paper makers

N/A Chandhiok & Mahajan
Lakshmikumaran & Sridharan
Luthra and Luthra
Saikrishna & Associates

Following an investigation into what is said to be the largest cartel that India’s antitrust authority has investigated, the Competition Commission of India issued a cease-and-desist order against four regional kraft paper manufacturing associations and their 115 members for indulging in anti-competitive practices.

Kraft paper is the key ingredient in the manufacture of corrugated boxes. However, the 12 October 2022 order refrained from imposing a monetary penalty on the associations and their members.

Lakshmikumaran & Sridharan, with partner Charanya Lakshmikumaran leading, represented the three informants in the case, which included the Federation of Corrugated Box Manufacturers of India.

Among those representing the kraft paper manufacturers were lawyers from JSA, Luthra and Luthra, Saikrishna & Associates and Chandhiok & Mahajan.

World Sport Group wins cricket board test

N/A Cyril Amarchand Mangaldas
Tuli & Co

In a significant twist to the drawn out tussle between World Sport Group and the Board of Cricket Control in India (BCCI), Bombay High Court set aside a July 2020 arbitral order that upheld the BCCI decision to terminate its March 2009 media rights licence agreement with World Sport Group India, which had paid more than USD1 billion for international media rights to Indian Premier League matches for a 10-year period.

Claiming the agreement “was part of a fraudulent composite transaction”, the BCCI terminated it in 2010. But the Bombay High Court’s 16 March 2022 order said the arbitral tribunal had failed to take into consideration material evidence that would have a bearing on the outcome of the dispute between the parties.

Cyril Amarchand & Mangaldas, with partner Indranil Deshmukh leading, represented the BCCI.

Tuli & Co, with partner Rajat Taimni leading, represented World Sport Group.

Capital marketsDisputesM&AOther


HDFC merger seals India’s largest M&A

USD40 billion Argus Partners
AZB & Partners
Cravath Swaine & Moore
S&R Associates
Singhi & Co
Sullivan & Cromwell
Wadia Ghandy & Co

The merger of India’s largest private sector bank with the country’s largest housing finance company HDFC in a deal valued at USD40 billion was, at the time of its announcement on 4 April 2022, the largest banking sector M&A deal globally since April 2007 – and also India’s largest M&A deal to date. The deal got the go-ahead from the Competition Commission of India on 12 August 2022 and is expected to close in 2024 with HDFC owning a 41% stake in HDFC Bank.

Legal advisers to HDFC were: AZB & Partners, with managing partner Zia Mody and partners Ashwath Rau, Vipul Jain and Aditya Alok; Argus Partners, with managing partner Krishnava Dutt leading; Singhi & Co; Wadia Ghandy & Co; and Cravath Swaine & Moore, with partner Philip J Boeckman leading.

S&R Associates, with partners Rajat Sethi and Jabarati Chandra leading, represented Bank of America Merrill Lynch Securities India, which was financial adviser to HDFC.

Sullivan & Cromwell, with New York-based partner Steve Kotran leading, was international legal counsel to Bank of America Merrill Lynch Securities.

Adani cements Holcim mega M&A

USD6.4 billion Allen & Overy
AZB & Partners
BMR Legal
Cyril Amarchand Mangaldas
Freshfields Bruckhaus Deringer
Latham & Watkins
Madun Gujadhur Chambers
TM&S Gujadhur Chambers

A mega deal in the infrastructure sector, Holcim’s USD6.4 billion divestment of its business in India to the Adani group, saw Adani become the second-largest cement manufacturer in India.

The deal, which closed on 16 September 2022, comprised the sale of Holcim’s entire 63.11% stake in Ambuja Cement, which in turn owns a 50.05% interest in ACC, as well as Holcim’s 4.48% direct stake in ACC. Both Ambuja Cement and ACC are listed entities. It was India’s largest merger and acquisition transaction in the infrastructure and materials segment to date.

The financing of the deal involved both offshore and India elements, and was among the largest acquisition financing transactions for an Indian acquisition to date.

AZB & Partners, with partners Ashwath Rau and Kashish Bhatia leading, advised Holcim Group, Ambuja Cements and ACC. Freshfields Bruckhaus Deringer, with Dubai-based partner Rob Cant leading, was offshore adviser to Holcim. BMR Legal, with partner Mukesh Butani leading, was tax adviser to Holcim.

Cyril Amarchand Mangaldas, with managing partner Cyril Shroff leading, was Indian legal adviser to Adani. Latham & Watkins, with partners Sam Newhouse and Rajiv Gupta leading, was international adviser to Adani. Madun Gujadhur Chambers was Mauritius legal adviser to Adani.

Allen & Overy, with partner Gautam Narasimhan leading, was English and Hong Kong legal adviser to the mandated lead arrangers and bookrunners (MLABs) in relation to the debt financing. TT&A, with partner Sonali Mahapatra leading, was Indian legal adviser to MLABs.

TM&S Gujadhur Chambers was Mauritius legal adviser to MLABs.

Biocon Biologics on India’s outbound pharma march

USD3.33 billion Allen & Overy
Arthur Cox
Cravath Swaine & Moore
Goodwin Procter
Hogan Lovells
Krishnamurthy & Co
Saraf and Partners
Shardul Amarchand Mangaldas & Co
Zaid Ibrahim & Co

In one of the largest outbound acquisitions by an Indian pharmaceutical company, Biocon Biologics acquired the global biosimilars business of Nasdaq-listed Viatris in a USD3.33 billion deal that closed on 29 November 2022. The deal required National Stock Exchange of

India and BSE-listed Biocon Biologics to seek debt funding of USD1.2 billion. It also required numerous approvals, including that of the Competition Commission of India.

Shardul Amarchand Mangaldas & Co, with partner Iqbal Khan leading, advised Biocon Biologics on Indian law aspects of the deal. Goodwin Procter, with partner Graham Defries leading, advised Biocon Biologics.

Viatris used Cravath Swaine & Moore, Hogan Lovells and Saraf and Partners. While partners Mark Greene and Aaron Gruber led Cravath’s team, Saraf and Partners founder and managing partner, Mohit Saraf, led his team on the deal.

TT&A, with partners Sonali Mahapatra and Nidhi Rani, was Indian legal adviser to three arrangers of a term loan facility availed by a UK subsidiary of Biocon Biologics. Allen & Overy was international counsel to the lead arrangers.

While Matheson acted as borrower counsel in Ireland, Zaid Ibrahim & Co acted as lender and borrower counsel in Malaysia. Arthur Cox acted as lender counsel in Ireland.

Krishnamurthy & Co, with partner Shwetambari Rao leading, conducted vendor due diligence for Biocon Biologics.

Infosys grows Scandinavia footprint

USD110 million BianchiSchwald
Bird & Bird
DLA Piper
Sheppard Mullin

In a significant cross-border tech M&A transaction, Infosys acquired Danish technology and consulting firm, BASE life sciences, on 1 September 2022. The USD110 million acquisition signals the Indian IT heavyweight’s interest in the life sciences industry, while also expanding its footprint in the Nordic countries.

Infosys used the services of Bird & Bird, BianchiSchwald and Sheppard Mullin, with partner Casper Moltke-Leth leading Bird & Bird’s team of lawyers.

DLA Piper advised BASE life sciences.

Green investor speeding into Tata EVs

USD500 million Cleary Gottlieb Steen & Hamilton
Khaitan & Co
Shardul Amarchand Mangaldas & Co

In the first tranche of what will be one of the largest PE investments in the electrical vehicle (EV) sector, TPG Rise Climate invested INR3.75 billion (USD500 million) on 30 March 2022 in Tata Passenger Electric Mobility, a newly incorporated subsidiary of Tata Motors.

TPG Rise Climate, the climate investing arm of TPG Rise, said its intended USD1 billion investment in the joint venture with Tata Motors (which is valued at USD9.1 billion) was “to lead the electrification of passenger mobility in India”. TPG Rise Climate and its co-investor, Abu Dhabi-based ADQ, will have an 11-15% stake in Tata Passenger Electric Mobility.

Khaitan & Co, with partners Haigreve Khaitan, Zakir Merchant and Ashraya Rao, advised Tata Motors.

Shardul Amarchand Mangaldas & Co, with partner Iqbal Khan leading, advised TPG Rise on Indian law aspects of the deal.

Cleary Gottlieb Steen & Hamilton, with partner Michael Preston leading, advised TPG Rise and ADQ on international aspects of the deal.

Mindtree merger creates massive IT server

USD3.5 billion AZB & Partners
Cyril Amarchand Mangaldas
Sullivan & Cromwell
S&R Associates

In what was one of the largest mergers in the Indian IT sector, two listed companies, Mindtree and Larsen & Toubro Infotech – both subsidiaries of Larsen & Toubro – merged to create a USD3.5 billion IT services provider, LTI Mindtree, which began operating as a merged entity on 14 November 2022. The merger creates India’s fifth-largest IT services company in current market capitalisation, and sixth-largest in revenue.

Shareholders of Mindtree were issued 73 shares of L&T Infotech for every 100 shares of Mindtree.

AZB & Partners, with co-founder and managing partner Zia Mody, and partners Ashwath Rau and Kashish Bhatia, advised Larsen & Toubro.

Cyril Amarchand Mangaldas, with partner Shishir Vayttaden leading, advised L&T Infotech.

JSA, with partner Aarthi Sivanandh leading, and Sullivan & Cromwell, with New York-based partner Stephen Kotran, advised Mindtree.

S&R Associates, with partners Rajat Sethi and Sudip Mahapatra leading, represented Goldman Sachs (India) Securities in connection with delivery of a fairness opinion on the share exchange ratio to Mindtree.

KKR seeds Advanta Enterprises

USD300 million AZB & Partners
Jones Day

Private equity firm KKR invested INR24.74 billion (USD300 million) in a 13.33% stake in Advanta Enterprises, a global seed business subsidiary of UPL. KKR made the investment from its Global Impact strategy, which invests in businesses delivering solutions to address critical global challenges, contributing towards UN sustainable development goals.

The deal closed on 16 December 2022. It followed a corporate realignment exercise within UPL, one of the world’s largest agrochemical companies, intended to create distinct businesses.

AZB & Partners, with partners Nandish Vyas and Bharat Budholia leading, advised KKR.

Jones Day, with partners Sushma Jobanputra and Dennis Barsky leading, advised UPL.

Wipro acquires German IT star Rizing

USD540 million AZB & Partners
DLA Piper
Hughes Hubbard & Reed
Khaitan Legal Associates

The New York Stock Exchange, National Stock Exchange of India and BSE-listed Wipro acquired Rizing, an SAP-focused IT company, in a INR41 billion (USD540 million) deal that closed on 20 May 2022. Rizing was owned by private equity firm One Equity Partners.

Hughes Hubbard & Reed, Wipro’s lead external counsel on the deal, said it was “notable” on account of the multiple jurisdictions in which Rizing operated. Partners Kenneth Lefkowitz and Charles Samuelson led the firm’s team of lawyers.

DLA Piper was non-US counsel for Wipro.

AZB & Partners, with senior partner Srinath Dasari and partner Bharat Budholia leading, advised Wipro on Indian law aspects of the acquisition.

Dechert, with partners Derek Winokur and Allie Wasserman, advised Rizing and One Equity Partners. Khaitan Legal Associates, with senior partner Sakate Khaitan leading, advised Rizing.

Wipro’s head corporate counsel, Nils Vernooij, led the Wipro legal team and co-ordinated the company’s outside counsel.

Tata scoops state-owned steel enterprise

USD1.4 billion AZB & Partners
Saraf and Partners

The National Stock Exchange of India and BSE-listed Tata Steel Long Products acquired 93.71% of the shareholding of Neelachal Ispat Nigam from certain government-controlled entities in a INR121 billion (USD1.4 billion) deal that closed on 4 July 2022. Tata Steel Long Products is a subsidiary of Tata Steel.

Saraf and Partners, which advised the Department of Disinvestment & Public Asset Management, within the Ministry of Finance, on the sale, said it was “the first instance of privatisation of a public sector steel manufacturing enterprise in India, which has been non-operational for number of years”.

Managing partner Mohit Saraf led Saraf and Partners’ team.

AZB & Partners, with partners Shameek Chaudhuri, Nilanjana Singh, Qais Jamal and Nikunj Maheshwari, advised Tata Steel.

Investment mounts in ShareChat social media

USD520 million AZB & Partners
Goodwin Procter
Khaitan & Co
Ropes & Gray
Shardul Amarchand Mangaldas & Co

On 16 June 2022, Mohalla Tech, which operates as ShareChat, announced the closure of its multi-tranche funding rounds G and H, in which it raised a total of USD520 million, reaching USD5 billion in valuation. This is a significant development for ShareChat, which is India’s largest homegrown social media company.

In its series G round, ShareChat had raised USD266 million from Alkeon Capital, Temasek, HarbourVest, Moore Strategic Ventures and India Quotient. Its series H round, which followed a significant acquisition by the company, added Google and Times Group as new investors, while Temasek participated yet again. Since 2021, ShareChat has cumulatively raised USD1.2 billion.

IndusLaw, with partner Manish Gupta leading, advised Sharechat. JSA, with partner Probir Roy Chowdhury, advised Google. Shardul Amarchand Mangaldas & Co, with partners Nikhil Sachdeva and Mayank Malhotra, advised Times Group.

Khaitan & Co, with partners Radhika Agarwal and Amulya Sharma, advised Temasek. Linklaters advised Moore Strategic Ventures. Goodwin Procter advised Alkeon Capital.

AZB & Partners, with partner Divya Mundra leading, advised HarbourVest on Indian aspects of the deal. Ropes & Gray also advised HarbourVest.

HealthMap diagnoses iGenetic acquisition

Not disclosed Quillon Partners
Samvad Partners

This deal is an example of consolidation happening in India’s fragmented diagnostics sector. HealthMap Diagnostics and its shareholders, Manipal Health Enterprises and North Haven India Infrastructure Fund, acquired iGenetic Diagnostics, a Mumbai-based diagnostics company. The deal closed on 30 June 2022, and was said to be one of the largest strategic acquisitions in the diagnostic space by a large hospital chain.

Samvad Partners, with partner Vineetha MG leading, advised HealthMap Diagnostics and its shareholders.

Quillon Partners advised iGenetic Diagnostics, its founders and certain existing shareholders.

IPL auction creates second-richest sports league

USD6.2 billion Anagram Partners
Argus Partners
AZB & Partners

This headline grabbing deal made the Indian Premier League the second-richest sports league in the world, with the Board of Control for Cricket in India (BCCI) selling television and digital rights for matches in the Indian subcontinent to Disney Star and Viacom18 Media for INR483.9 billion (USD6.2 billion). The sale of rights for the 2023-2027 Indian Premier League cricket season happened in the course of a three-day auction that closed on 15 June 2022.

Argus Partners, with managing partner Krishnava Dutt leading, advised the BCCI.

AZB & Partners, with co-founder and managing partner Zia Mody and partner Roxanne Anderson leading, advised Disney Star.

Anagram Partners, with partner Ankit Mishra leading, advised Viacom18 Media.

NIIF backs electric scooter maker Ather

USD128 million Desai & Diwanji
Economic Laws Practice
Khaitan & Co

In a deal that is indicative of the growing power of the electric mobility sector, Bengaluru-based electric scooter maker Ather Energy announced a USD128 million series E fundraise. National Investment and Infrastructure Fund’s (NIIF) Strategic Opportunities Fund led the round that included Hero MotoCorp, an existing investor in Ather Energy.

The deal closed on 12 May 2022 and was NIIF’s first direct investment in the manufacturing sector, and in electric mobility. NIIF is an investment platform for international and Indian investors anchored by the federal government.

Khaitan & Co advised Ather Energy. Economic Laws Practice (ELP), with partner Aakanksha Joshi leading, advised NIIF.

JSA advised Hero MotoCorp. Desai & Diwanji advised Caladium Investment, an affiliate of Singapore based sovereign fund GIC.

Canadian pension fund acquires Sahyadri Hospitals

USD660 million Allen & Overy
Khaitan & Co
Latham & Watkins
White & Case

In what Ontario Teachers’ Pension Plan (OTPP) said was its first control private equity buyout in India, the Canadian fund acquired a significant majority stake in Sahyadri Hospitals from PE fund Everstone Group. Sahyadri Hospitals is the largest private hospital chain in Maharashtra. OTPP said Everstone Group, along with key management and founders, will retain minority stakes in the company. The deal closed on 30 November 2022.

Trilegal, with its former partner Harsh Pais and partner Sanjam Arora leading, advised OTPP. Pais has since moved to Allen & Overy, which also advised OTPP. Latham & Watkins, with partner Sidharth Bhasin leading, also advised OTPP.

Khaitan & Co, with partner Bharat Anand leading, advised Everstone and key promoters of Sahyadri Hospitals.

White & Case, with partner Alexander McMyn leading, represented arrangers of a USD110 million debt financing for the acquisition.

US e-commerce rollup Thrasio enters India

USD150-200 million AZB & Partners
Khaitan & Co
Majmudar & Partners
Rajaram Legal

In a significant development in the e-commerce rollup segment, where India already has a couple of home-grown unicorns, US e-commerce rollup Thrasio acquired a majority stake in Lifelong Online Retail, for between USD150–200 million. Lifelong is backed by Tanglin Venture Partners and Hero Enterprise Venture Partners, which exited with this deal when it closed on 13 January 2022.

Majmudar & Partners, with managing partner Akil Hirani leading, advised Thrasio on Indian law aspects of the deal. Cooley advised on US law aspects.

Rajaram Legal, with partner Parag Srivastava leading, advised Lifelong and its founders. AZB & Partners, with partners Anil Kasturi and Ashish Pareek leading, advised Hero Enterprise Venture Partners.

Khaitan & Co, with former partner Arun Scaria, advised Tanglin Venture Partners.

UK’s Cinesite pockets animation studio Assemblage

Khimani & Associates

In possibly the biggest deal in the Indian animation industry, UK visual effects and animation company Cinesite acquired a majority stake in Assemblage for an undisclosed amount. As part of the deal, Mumbai-based Assemblage, one of Asia’s leading computer-generated imagery animation companies, will continue to serve its global clientele independently.

Khimani & Associates, with partner Priyanka Khimani leading, advised Assemblage. JSA, with partner Probir Roy Chowdhury leading, advised Cinesite.

Dream Sports lead scorer in cricket NFT platform

USD120 million Cyril Amarchand Mangaldas
Drew & Napier
Lex Consult
Shook Lin & Bok

In one of the biggest deals involving non fungible tokens (NFTs), showcasing the growing clout of what was India’s first sports tech unicorn, Dream Sports led a USD120 million series A investment in Rario, a cricket NFT platform. The 21 April 2022 deal also saw the involvement of private equity player Alpha Wave Global.

Lex Consult, with partner Naresh Pareek leading, advised Rario on Indian law aspects of the deal, while Shook Lin & Bok was Singapore counsel to Rario.

Drew & Napier was Singapore counsel to Dream Sports, while Cyril Amarchand Mangaldas was Indian counsel to the company.

Google stake in Bharti Airtel

USD700 million AZB & Partners

In a deal slated to hasten India’s digital transformation, Google acquired a 1.28% equity stake in Bharti Airtel for USD700 million. The acquisition, which closed on 14 July 2022, is part of a USD1 billion partnership between Google and Bharti Airtel under which Google has also committed an additional USD300 million towards potential multi-year commercial agreements.

AZB & Partners, with partners Anil Kasturi and Ashish Pareek, advised Bharti Airtel. JSA, with partner Anand Lakra leading, advised Google.

Radici acquires Ester’s EP business

USD35 million AZB & Partners
LCA Law Firm
Ravi Prakash Law Advisors
Wadhwa Law Offices

The INR3 billion (USD35 million) sale of the engineering plastics business of the National Stock Exchange of India and BSE-listed Ester Industries, through a slump sale to Italian chemical manufacturer RadiciGroup, is significant in being sold as a going concern. The deal closed on 15 September 2022, and structuring it in this manner is expected to unlock value for Ester’s public shareholders, while also releasing capital for its core businesses.

Wadhwa Law Offices, with partner Deepayan Das leading, advised Ester, while Ravi Prakash Law Advisors advised Ester on tax matters.

AZB & Partners, with partner Srinath Dasari and five other partners, advised Radici Plastics India, through which the acquisition was completed. LCA, with Riccardo Sismondi leading, advised RadiciGroup in Italy.

HSBC chomps L&T’s mutual fund business

USD425 million Cyril Amarchand Mangaldas

The USD425 million acquisition of the mutual fund business of L&T Finance Holdings by HSBC Asset Management (India) is the largest buyout in India’s fund industry to date. It is also one of the only deals where a foreign fund house bought a much larger Indian fund.

In September 2021, HSBC Asset managed USD1.6 billion, while L&T Investment Management, the investment manager of L&T Mutual Fund, managed more than USD10.65 billion during the same period. The deal closed on 25 November 2022.

TT&A, with partner Kunal Thakore leading, advised HSBC. Cyril Amarchand Mangaldas advised L&T Mutual Fund.

JC says ‘yes’ to Yes Bank’s stressed assets

USD1.4 billion Cyril Amarchand Mangaldas
Khaitan & Co
Ropes & Gray
Veritas Legal
Wadia Ghandy & Co

In what was the single largest non-performing asset sale ever in India, JC Flowers Asset Reconstruction acquired a portfolio of them with a principal balance of INR480 billion (USD6 billion) from Yes Bank at USD1.4 billion (INR112 billion). The deal closed on 17 December 2022.

Veritas Legal, with managing partner Abhijit Joshi leading, advised JC Flowers Asset Reconstruction and JC Flowers, a stakeholder in JC Flowers Asset Reconstruction, on various aspects of the overall deal. Wadia Ghandy & Co advised the company on the creation of trusts that were used to acquire the non-performing assets, and other matters.

Ropes & Gray in New York also advised JC Flowers Asset Reconstruction.

Cyril Amarchand Mangaldas, with partner L Viswanathan leading, advised Yes Bank. Khaitan & Co advised all three lenders – Orion Capital Asia, Kotak Mahindra Bank and IndusInd Bank – providing debt financing for partly funding the purchase.

Trilegal advised Eight Capital, which sold its stake in JC Flowers Asset Reconstruction as part of the deal.

Sony Zee merges two giant media networks

USD10 billion Benoit Chambers
Shardul Amarchand Mangaldas & Co
White & Case

In a deal expected to change the contours of India’s media and entertainment sector, the Competition Commission of India (CCI) on 4 October 2022 approved the merger of Sony Pictures Networks India and Zee Entertainment Enterprises.

The approval came after the companies agreed to structural modifications to the merger, and without the CCI doing a detailed scrutiny of the merger in phase II investigations. The CCI had initially said the merger of what is two of India’s largest media network businesses “is likely to result in an appreciable adverse effect on competition”.

The deal involves a reverse merger of BSE and the National Stock Exchange of India-listed Zee Entertainment Enterprises and Sony Group subsidiary Bangla Entertainment with and into a second Sony Group subsidiary, Culver Max Entertainment, which operates as Sony Pictures Networks India. The USD10 billion media and entertainment company expected to result from the merger will be listed in India.

A 13-partner team from Shardul Amarchand Mangaldas & Co (SAM), with partners Gunjan Shah and Karun Prakash leading, advised Culver Max Entertainment and Bangla Entertainment. An 11-partner team from Trilegal, with partners Nishant Parikh and Harsh Maggon leading, advised Zee Entertainment Enterprises. Both SAM and Trilegal represented their respective clients before the CCI as lead counsel.

White & Case in the US, Benoit Chambers in Mauritius and McMillan in Canada were international due diligence counsel to the two Sony Group companies.

Mahindra acquires Zip Zap Logistics

Not disclosed AK Law Chambers
Dua Associates

In stock exchange filings on 8 April 2022, Mahindra Logistics said it had acquired a 36% stake in tech-enabled last-mile delivery logistics company Zip Zap Logistics, which operates as Whizzard. The acquisition is representative of a race to expand technology-based services in the logistics industry. It was also the first tranche of a INR717 million (USD9.5 million) acquisition of a 60% stake in Zip Zap Logistics, announced on 28 February 2022.

AK Law Chambers, with partner Goda Raghavan leading, advised Zip Zap. Dua Associates advised Mahindra Logistics, which is part of the Mahindra Group.

Capital marketsDisputesM&AOther


CCI dismisses complaint against Vifor

N/A Anand and Anand
Chandhiok & Mahajan

In an order showcasing the co-existence of India’s intellectual property and competition law regimes, Swiss pharmaceutical company Vifor was cleared of contravening laws with respect to anti-competitive practices and abuse of dominance in the course of commercialisation of the patented active pharmaceutical ingredient ferric carboxymaltose.

The Competition Commission of India’s 24 October 2022 order did this while also acknowledging its right “in appropriate cases” to assess the conduct of intellectual property rights holders alleged to have caused an appreciable adverse effect on competition.

Anand and Anand, with managing partner Pravin Anand and partner Vaishali Mittal leading, represented Vifor. Chandhiok & Mahajan strategised the CCI defence for Vifor, including the proceedings before the high court.

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Amitabh Bachchan granted personality rights

N/A Anand and Anand
Naik Naik & Co

In a first for India, Delhi High Court passed an interim order restraining the infringement of personality and publicity rights of Bollywood actor Amitabh Bachchan. The 25 November 2022 order restrains not just the defendants but also the world at large from using the well-known actor’s name, face and voice for promoting their own activities.

The order is a significant addition to the jurisprudence on protecting the personality of a celebrity, as personality or celebrity rights have not been codified under any law in India.

Anand and Naik represented Bachchan with founders Pravin Anand and Ameet Naik leading. Anand is the managing partner of Anand and Anand and Naik is the managing partner of Naik Naik & Co.

Adobe evicts cyber squatter

N/A Fidus Law Chambers

In a significant win for intellectual property rights owners, Delhi High Court awarded US software company Adobe exemplary damages of a little more than USD245,000. This substantial award was made in a 29 November 2022 order in Adobe, Inc v Namase Patel & Ors, which permanently restrained “an inveterate and habitual” cyber squatter and domain name infringer from registering domain names that incorporated or used trademarks of US software company Adobe.

Fidus Law Chambers, with founding partner Shwetasree Majumder leading, represented Adobe.

Liquidation of ABG Shipyard

N/A Cyril Amarchand Mangaldas
Link Legal
Wadia Ghandy & Co

One of the longest running bankruptcy sagas drew to a close with the National Stock Exchange of India and BSE-listed Welspun announcing on 14 December 2022 that it had received possession of moveable and immoveable properties of ABG Shipyard from its liquidator.

ABG Shipyard, once India’s largest private shipbuilders, owed lenders nearly USD2.2 billion and was among the first 12 companies that the Reserve Bank of India identified in June 2017 for corporate insolvency resolution.

When insolvency resolution was unsuccessful, the company went into liquidation. That, too, failed and Welspun bought the properties in a USD75 million court-directed private sale of assets under provisions of the Insolvency and Bankruptcy Code, 2016.

Link Legal, with partner Nidhi Patania leading, advised the resolution professional during the corporate insolvency resolution process and the liquidator in the liquidation process.

Wadia Ghandy represented Welspun. Cyril Amarchand Mangaldas advised the financial creditors of ABG Shipyard.

Suzlon refinances existing debt

USD513.5 million Cyril Amarchand Mangaldas
Dhir & Dhir
Khaitan & Co

The Rural Electrification Corporation (REC) and Indian Renewable Energy Development Agency (IREDA) provided wind turbine maker Suzlon Energy and its subsidiaries with USD513.5 million in term loans. With it the two lenders replaced a 16-lender consortium led by the State Bank of India, reaching a settlement that included an allotment of equity for the USD1.7 billion debt held by five Suzlon group companies.

The 24 May 2022 deal allowed the State Bank of India and the consortium of lenders to clear their books from a longstanding account, while also softening the terms struck as part of the National Stock Exchange of India and BSE-listed Suzlon’s 2020 debt restructuring plan.

Dhir & Dhir Associates, with partner Purusharth Singh leading, advised REC and IREDA. Singh has since joined Kochhar & Co.

Khaitan & Co, with senior partner Haigreve Khaitan leading, advised the 16-lender consortium.

While Cyril Amarchand Mangaldas, with partner Amey Pathak leading, advised Suzlon, the company’s general counsel, Anoop Khatry, negotiated the transaction documents.

SBI extends Sri Lanka credit

USD1 billion JSA
Stephenson Harwood

Even as Sri Lanka was in talks with its lenders and the IMF to ease a foreign exchange crisis that enveloped the country in early 2022, the State Bank of India extended a USD1 billion credit facility to the island nation.

This facility, signed on 17 March 2022, was for importing food, medicine, fuel and other essential items from India for a period of 12 months, and was backed with a guarantee by India’s government.

JSA, with partner Nand Gopal Anand, and Stephenson Harwood, with partner Gregory Xu, advised the State Bank of India.

Jain Irrigation restructures debt

USD500 million approximately AZB & Partners
Clifford Chance
Cyril Amarchand Mangaldas
Solomon & Co

Following one of India’s more complex debt restructurings on account of the number of lenders and legacy issues involved, Jain Irrigation Systems announced on 30 March 2022 that normalcy had been restored to its loan accounts, and all past irregularities and defaults were cured.

The National Stock Exchange of India and BSE-listed company had restructured debt of USD500 million, which included overseas bonds of USD200 million, 40% of which had been converted into long-term non-convertible debentures. The restructuring was implemented according to the Reserve Bank of India’s June 2019 Framework for Resolution of Stressed Assets.

Solomon & Co, with partner Aaron Solomon leading, advised Jain Irrigation Systems. Cyril Amarchand Mangaldas advised the domestic lenders.

AZB & Partners, with partner Gautam Saha leading, represented the International Finance Corporation and three European lenders on Indian aspects of the deal. Saha and his team moved to TT&A while work on the deal was ongoing, and worked on the matter there.

Clifford Chance was external adviser to the same lenders.