Jewels in the crown

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A feature image of the article about best foreign law firms in India on VantageAsia

India Business Law Journal presents its annual coverage of the best foreign law firms for India-related work.

By George W Russell in Bangalore

With the prospect of a slowdown led by the credit crunch in the United States and the tottering banks of the West, international law firms are looking to India’s demand for infrastructure and capital to guide them through the hard times ahead. Indeed, the past 12 months have seen a flurry of capital raising, mergers and acquisitions and project financing that has firmly established India as a vital market for international legal services.

With 8% gross domestic product growth forecast in 2008 by the Asian Development Bank, the Indian economy is outpacing overall growth in developing Asia and is humming not far behind China and Vietnam.

“It is by now a cliché to point out that India has enormous infrastructure and other needs, and one of the world’s youngest, best-educated and fastest-growing middle-class populations,” says Glenn Gerstell, managing partner of the Washington DC office of Milbank Tweed Hadley & McCloy.

“And Indian companies are thus growing both within India and through overseas investments – all of which will generate tremendous levels of activity for international law firms.”

Furthermore, international law firms are counting on India’s growth bucking the trend of a possible global downturn.

“There are three factors that work well for India: lack of exposure to US mortgage securities, availability of liquidity in domestic markets and the possibility that lower capital inflows could help countries such as India with macroeconomic management,” says John Partridge, Herbert Smith’s London-based relationship manager for India and the US.

Lawyers also point to Indian financial institutions’ limited exposure to negative influences. “The banking sector is so regulated that they were kept away from the sub-prime issues in the US,” observes Gauri Advani, a London-based partner who oversees the India practice at Eversheds.

 

Success on foreign soil

Amid such booming confidence and unprecedented deal-making, India Business Law Journal this month identifies 100 law firms around the world – from transcontinental behemoths to relatively obscure emerging-market firms in Asia and the Middle East – that are the leading foreign firms for work on major India-related deals.

The methodology for selecting these firms is unashamedly subjective. It is based on submissions received from hundreds of law firms around the world combined with extensive consultations with Indian and international corporates and the unique market knowledge of India Business Law Journal’s editorial team.

key players list

Ten firms have been selected as this year’s top foreign law firms for India-related work. A further 15 have been highlighted as “key players” and another 15 have been rated “significant players”.
The top 10 firms listFinally, there are 60 “firms to watch”. These firms hail from almost all parts of the globe, although the list reflects both the increasing reach of US law firms into India and the ever more international appeal of the Indian market.

Firms to watch list

Fruitful partnerships

Of the top 10 firms, Allen & Overy has one of the largest India practices, with about 50 lawyers working principally on India transactions: “200 lawyers take an active interest in our India practice within the firm and are signed up to our internal India group, wiki, and blog,” explains Alex Pease, chairman of the firm’s India group. Major recent deals have included the financing of the US$3 billion acquisition of Jaguar and Land Rover by Tata Motors and advising the State Bank of India on its US$4.1 billion rights issue of equity shares.

In January 2008, the firm signed a non-exclusive referral arrangement with Indian firm Trilegal. “This arrangement involves not only referrals, but also a transfer of know-how, precedents, and training,” Pease says. “We see our share of the India legal market increasing as clients see the advantages of our arrangement with Trilegal bearing fruit.”

The firm offered two scholarships to Indian qualified lawyers who would like to take the Qualified Lawyers Transfer Test in Mumbai to re-qualify as solicitors of England and Wales. It also led an international finance course at the National Law School of India University in Bangalore during March and April this year.

Landmark transactions

Herbert Smith bases its India practice group in London with 45 partners across its network heavily involved in M&A, capital markets, projects, energy and infrastructure, technology, media, telecommunications and outsourcing, banking and finance and dispute resolution.

“Herbert Smith’s India practice has had an outstanding year with fees growing by over 100%,” says Partridge. Landmark deals included the Tata Motors–Jaguar/Land Rover deal and Tata Steel’s acquisition of Corus for £6.2 billion (US$12.9 billion). The firm hired 20 trainees from India in 2008 after recruiting six Indian graduates in 2007.

White & Case, meanwhile, continues to bolster its India-related legal services. In February this year, Doug Peel, global head of the India practice, transferred from London to Singapore to strengthen the team. In April, William Kirschner, based in Washington, was elected to the partnership. Kirschner specializes in cross-border private equity and corporate finance transactions involving emerging markets, especially India.

In addition to three partners who concentrate solely on India, White & Case has more than 10 other partners who regularly work on India-related transactions. The firm says it has had particular success advising clients on capital markets, M&A, private equity, project finance and real estate. “Investment funds and fund formation are currently areas in which we are experiencing a significant increase in activity,” says Oscar Buitrago, the firm’s Asia practice development manager in Singapore.

White & Case acted as international counsel to DLF International, India’s largest property developer, in connection with its US$2.26 billion IPO. The firm also advised television broadcaster NDTV on the sale of a 26% stake in NDTV Networks to NBC Universal, the broadcasting unit of General Electric, for US$150 million, and represented Oman Investment Fund in its private equity investment in Nimbus Communications, an Indian media and entertainment company.

In 2007, Linklaters displayed its Indian clout by advising the underwriters of the US$2.3 billion IPO of DLF, India’s largest real estate developer. “Our decision to form a dedicated India group is continually being vindicated with our being asked to act on many of the major transactions concerning the region for both inward and outward investment,” says partner Arun Balasubramanian. The firm has an active India hiring unit led by Claire Cherrington, head of graduate recruitment.

Veteran players

London firm Ashurst has been physically present in India since 1994 through a liaison office in Delhi. The firm has approximately 32 India-focused lawyers, all of whom are cross-practice professionals and 20 of whom are partners.

A team based in London and Singapore – made up of English and Indian lawyers – handles most India-related transactions, although Tokyo, Dubai and its European offices are also involved. Earlier this year, the firm advised Vedanta Resources on its acquisition of a US$213.15 million stake in Zambia’s Konkola Copper Mines.

In September 2007, Ashurst hired Murali Neelakantan, formerly a partner and head of the India practice at Arnold & Porter. Ashurst has also hired 12 Indian lawyers in recent months.

Clifford Chance has been active in India for over half a century. During 2007-08, the firm advised on M&A matters, while the securities practice worked for borrowers, banks and fund managers. The projects practice advised on the Mundra power project, which reached financial close in April.

Clifford Chance’s India group members are based in London, Hong Kong, New York, Singapore and Dubai. The firm has also offered scholarships for Indian solicitors or advocates taking the Qualified Lawyers Transfer Test.

Cleary Gottlieb Steen & Hamilton says India has become an increasingly important market for its clients. The firm’s India practice is led out of the London and Hong Kong offices, and includes London-based partners Nikhil Mehta, Tihir Sarkar and Sebastian Sperber, and Hong Kong partners David Hirsch and Filip Moerman.

Cleary Gottlieb advised Tata Steel on its US$2.3 billion global rights offering and acted for Reliance Power on its US$2.93 billion IPO. The firm has strong relationships with companies such as Arcelor Mittal and the Tata Group and represents Texas Pacific Group on its transactions in India.

Varied tasks

Fladgate advises Indian companies looking to raise funds in the international capital markets through listings on the London, Luxembourg and Singapore stock exchanges. “We also act for a diverse range of Indian companies seeking to expand their presence in the UK and in Europe, either through acquisitions or through establishing their own office in the UK,” says Sunil Sheth, a London-based partner.

Recent Fladgate work includes acting for Mumbai-based BSEL Infrastructure Realty for the listing of US$21 million of global depository receipts on the Luxembourg Stock Exchange, and Hyderabad-based XL Telecom & Energy on the raising of US$40 million through the listing of foreign currency convertible bonds on the Singapore Stock Exchange. Sheth warns that a slowdown in the US or other major markets will “inevitably have an effect on India-based transactions”, especially in capital markets and M&A.

Milbank Tweed Hadley & McCloy works across three core practice areas in India: capital markets; private equity/M&A, and project finance.

“Our strategy in India is an extension of our global strategy; namely, to be involved in the largest, most complex and prominent transactions on behalf of leading Indian companies and foreign investors and financial intermediaries,” says Gerstell.

The firm’s recent Indian experience includes HDFC Bank’s US$607 million follow-on American Depository Share offering, HDIL’s US$380 million IPO and the Idea Cellular US$553 million IPO (an India Business Law Journal 2007 Deal of the Year).

Gerstell says the US slowdown is cooling the capital markets and putting some greater constraints on the extension of credit in the international banking sector.

Battling regulatory hurdles

Kelley Drye & Warren’s India practice comprises several experienced Indian lawyers. Talat M Ansari, the firm’s India practice head, led a team representing Global Services in its recent acquisition of Upstream Services, a provider of outsourced customer care.

One of the firm’s specializations is tackling India’s stifling regulatory environment, particularly with regards to the establishment of joint ventures (JVs). “As far as JVs are concerned, Indians understand Indians best,” says Shabbir Wakhariya, managing partner of Wakhariya & Wakhariya, the Mumbai-based law firm that is Kelley Drye’s independent affiliate.

Flourishing equity markets

Davis Polk & Wardwell partner Kirtee Kapoor describes 2007 as a “watershed year in the firm’s commitment to India”. Davis Polk brought together a group of eight partners with significant India experience and constituted the India practice group. Kapoor, a corporate and M&A partner based in New York, moved to Hong Kong to lead Davis Polk’s India practice. The firm advised Morgan Stanley, Citigroup Global Markets and JP Morgan Securities on the Genpact IPO. It also advised Cairn India on arranging a private placement of US$625 million in March this year and ICICI Bank in connection with a recent offering of US$2 billion in notes.

Skadden Arps Slate Meagher & Flom represented Citigroup as financial adviser to Wipro Technologies in its US$569 million acquisition of Infocrossing; counselled Deutsche Bank in the US$130 million IPO by Spice Communications; and advised Deutsche Equities India, SSKI Corporate Finance and UBS Securities India on a US$215 million placement by United Phosphorus. Jonathan Stone, a partner in Hong Kong, says more practice areas are developing in India, including corporate restructuring, environmental law, tax and international arbitration.

Cravath Swaine & Moore focuses on capital markets transactions and M&A, as well as general corporate advice to Indian companies that have US security holdings. Two partners, Timothy Massad in New York and Philip Boeckman in London, lead the India practice. “We do not seek to have a high volume of work,” says Massad. “Rather, we look for a limited number of good opportunities to work with leading companies on their most demanding assignments.” Its work on the IPO and India listing of Fortis Healthcare, one of the largest chains of private hospitals in India, earned it an India Business Law Journal Deal of the Year award in 2007. The firm also advised on the restructuring and US$467 million IPO of Genpact, India’s largest business process outsourcing company.

Berwin Leighton Paisner undertakes India work from its year-old Asian office in Singapore, headed by Paul Supramaniam. The firm recently represented Diligenta, the UK subsidiary of Tata Consultancy Services, on its £100 million outsourcing contract with Sun Life Assurance Company. It also advised Lavasa Corporation on a management contract for a Novotel branded hotel in India. In January 2008, the firm acted for Indian-based DQ Entertainment in its US$100 million IPO.

Project finance prospers

Vinson & Elkins’ India practice group has worked on energy, infrastructure, acquisitions and acquisition financings, arbitration, foreign direct investment, information technology sector agreements, IT services agreements and employment matters. The firm advised Reliance Industries in connection with the US$12 billion development of the largest gas fields in India. The firm’s 20-strong India practice team is located in Dubai, Abu Dhabi, London, Hong Kong, Beijing, Shanghai and the US.

Although Chadbourne & Parke’s Asia practice concentrates on China, Japan and Korea, it has been building up its India project work from its London and Washington offices, with support from Dubai. The firm represented the lenders on the financing of the US$4.25 billion, 4,000-megawatt coal-fired Mundra power project being developed by Tata Power. “The booming Indian market is probably the most significant development for us,” says Rohit Chaudhry, a Chadbourne & Parke partner in Washington. “As the number of large transactions in India continues to multiply, so does our business in India.”

Rohit Chaudhry,Chadbourne & Parke

Led by partners John Chrisman and Rich Baumann in London, Dorsey & Whitney focuses principally on India-related international capital markets and outbound M&A. In 2007 alone, the firm advised on 36 international capital markets transactions out of India, including an India Business Law Journal Deal of the Year: the US$738 million privatization and IPO of Power Grid Corporation of India. Two associates in London, Siddharth Mehta, and Ajit Sharma are Indian-born and each has Indian and US law degrees.

Acquisition fever

Shearman & Sterling is a key capital markets player. Stephen Besen, an M&A partner in New York, led the firm’s advice to Essar Steel Holdings in its US$669 million acquisition of US steelmaker and distributor Esmark, and to Tata Group in Coca-Cola’s US$4.1 billion acquisition of Energy Brands. The firm’s India practice is led by senior partner Rohan Weerasinghe.

Canadian firm Torys advised on two of India’s 10 largest M&A transactions of 2007, leading to two India Business Law Journal Deal of the Year awards. The firm advised Hindalco Industries in its US$6 billion acquisition of Novelis and represented Algoma Steel in its US$1.85 billion sale to India’s Essar Global. Torys’ India practice group is led by Patricia Koval and Mike Amm.

Associate Sunny Sodhi is involved in the promotion of trade between Canada and India through the Indo-Canada Chamber of Commerce and the Department of International Trade.

Slaughter and May concentrates on inbound and outbound M&A and related financing. “London and Hong Kong are ideally suited to meet India’s international legal requirements,” says partner Simon Hall. Major deals in 2008 included acting for Indiabulls Real Estate, one of the largest listed real estate companies in India, on a recommended offer for Dev Property Development for £138 million (US$273 million).

Australian firms have also become increasingly involved with India deals. Freehills has been able to leverage its Southeast Asian and South Asian experience in such deals as Tata Power’s US$1.3 billion acquisition of a stake in Indonesia’s Kaltim Prima Coal and Arutmin Indonesia. The firm sponsored the Australia India Joint Business Council Summit in Melbourne in May 2008.

Singapore’s Drew & Napier has one of the most active India practices outside the US or Britain. The firm’s five-partner India group focuses on corporate and M&A, regulatory matters and arbitration. The firm acted for a large media conglomerate in its foray into the Indian television market and advised a leading realty company in developing hospitality projects in India.

significant players list

Despite the loss of former India group head Murali Neelakantan to Ashurst, Arnold & Porter’s India practice team continues to thrive with attorneys in five offices across the US and Europe. The team has significant experience in India entry strategies, capital markets, competition, employment law, intellectual property protection, licensing and other commercial transactions, litigation/dispute resolution, private equity, corporate and M&A, real estate and land acquisition, regulatory and tax matters.

At another key firm, Thelen Reid Brown Raysman & Steiner, New York partner Sarah Hewitt struck a deal in March for client Systems Task Group International in its sale to India-based Mastek for US$29 million.

Akin Gump Strauss Hauer & Feld has been representing clients doing business in India for more than a decade. A recent hire, Amita Narielwala Poole, consults principally on Indian government affairs and US government contracting.

Canadian clout

Indian clients utilize Stikeman Elliott’s Canadian and Asia-Pacific expertise in M&A, corporate finance, taxation law, competition and foreign investment issues. The firm advised Tata Motors in the Jaguar/Land Rover deal, Essar Global in its acquisition of Algoma Steel, Mittal Steel (now Arcelor Mittal) in connection with its acquisition of Arcelor, and Rain Commodities in its US$424 million agreement to acquire the assets of Great Lakes Carbon Income Fund. The firm sees growth among Indian clients in private and public acquisitions, capital raising activities in Canada, reverse takeovers, Canadian stock exchange listings and joint ventures with Canadian companies.

Another Canadian firm with a strong all-round India practice is Blake Cassels & Graydon. Blakes, as it is known, acted for Ford Motor in relation to the Jaguar/ Land Rover sale to Tata Motors and for General Chemicals in its US$1 billion sale to Tata Chemicals. “Blakes has a general India practice that encompasses all areas of commercial law,” says Michelle Burns, the firm’s practice group marketing manager in Toronto. The firm’s 10-strong India core team includes lawyers born, educated and called to the bar in India.

Expanding practices

Australia’s Mallesons Stephen Jaques is building an India practice – currently 40 strong – to cover corporate and commercial, capital markets, infrastructure and projects, banking and finance, international arbitration, climate change and clean energy and telecommunications. The firm is acting for Macquarie Bank on the establishment of a proposed A$2 billion (US$1.92 billion) fund – a joint venture arrangement between Macquarie, the State Bank of India and the International Finance Corporation – to invest in Indian infrastructure.

Baker & McKenzie’s India focus group includes more than 200 lawyers. “We have long recognized that India is an important market for clients of Baker & McKenzie,” says David Jacobs, the firm’s Asia Pacific regional chairman as well as head of the focus group. The firm is particularly active in M&A, securities, private equity and banking and finance.

The 56-strong Latham & Watkins India practice advises governments, foreign investors, lenders and corporations in the areas of project finance, corporate finance, debt restructuring, telecommunications, outsourcing, and information technology transactions. In 2007, the firm advised Deutsche Bank, Merrill Lynch and Goldman Sachs on the US$2 billion bond offering for ICICI Bank.

In October 2007, Steptoe & Johnson announced the addition of six lawyers to serve Indian clients. The new lawyers are experienced in cross-border finance, M&A, tax and bankruptcy. The firm is guiding the effort by the US-India Business Council to launch a comprehensive initiative to deepen two-way trade and investment between the United States and India.

Strategic alliances and investments

London-based Lawrence Graham (LG) specializes in corporate finance, M&A, inward investment, joint ventures, strategic alliances, private equity and real estate investments, and fund structures. Corporate partner Sunil Kakkad heads LG’s India group and advises Indian companies on M&A, disposals and capital-raising in Europe. “We’ve advised six of the top 10 Indian technology companies over the past year,” he says.

Paul Hastings Janofsky & Walker includes Reliance Communications among its clients, having advised on its largest acquisition to date in 2007, the US$300 million purchase of San Francisco-based Yipes Holdings. The firm has also acted on some of the first leveraged buyouts to be successfully completed in India.

The Paul Weiss Rifkind Wharton & Garrison India practice focuses on the firm’s traditional core corporate practice areas, such as private equity investments, cross-border M&A and joint venture transactions, capital markets transactions, and investment funds involving Indian businesses.

Clyde & Co has a subcontinent practice, led by Abhi Jalan in Dubai, focusing on foreign direct investment in India. The firm is globally recognized in litigation, shipping, insurance and aviation. It recently acted for Bombay Rayon Fashions on a US$70 million listing and advised SpiceJet in connection with aircraft acquisitions. “We believe that from an international perspective, law firms who are able to assist Indian clients in specialist areas and provide such assistance from a location and time zone close to India will be more successful,” says Jalan.

DLA Piper advised Sony Entertainment Television on its purchase of television rights in the Indian Premier League cricket tournament held during April and May.
Wilmer Cutler Pickering Hale and Dorr (WilmerHale) offers cross-border transactional, regulatory, government relations, litigation and arbitration capabilities, while Sidley Austin advises on private equity financing and cross-border M&A.

Infrastructure opportunities

Simmons & Simmons conducts India related work from its London and Hong Kong offices as well as, more recently, the UAE. “We have noticed over the last few years Indian entities increasingly looking to Dubai to source legal services,” says Abu Dhabi-based partner George Booth. The firm acted for Reliance Industries on two upstream development projects off the east coast of India. “We have built in a very short period of time, a very strong oil and gas practice acting for Indian corporates and government authorities on domestic and overseas projects,” says Booth.

The India practice group at Mayer Brown advises on capital markets, fund formation, M&A, intellectual property (IP), outsourcing and project finance. “We have been particularly active in advising our international real estate fund clients in connection with structuring real estate investments,” says Sonia Baldia, a partner in Washington. Mayer Brown is representing Walton Street Capital and Starwood Capital Group in a US$1.23 billion township development in Kolkata and acted for Dow Chemical on the sale of its Dowpharma Small Molecules division to Dr Reddy’s Laboratories.

Blossoming Indian practices

Most firms to watch are, unsurprisingly, from the US or UK. Boston, with its large population of Indian immigrants, is emerging as a major centre for India transactions. Brown Rudnick Berlack Israels has an India practice group led by Rahoul Roy focusing on technology and business processes, debt and equity financings, AIM flotations, M&A and IP. Gaytri Kachroo, head of the India practice group at Burns & Levinson sees a boom in retailing, while Foley Hoag advised a large US bank on creating an Indian company to develop software.

Among other US firms, Fulbright & Jaworski’s expertise is in financial institutions and funds in connection with investments in India. “The Indian investment environment has become particularly challenging with the limitations imposed by the external commercial borrowing guidelines,” says Jeremy Hushon, a Washington partner.

Lobbying is a major issue in the US. Anurag Varma, an attorney in Patton Boggs international business practice, focuses on public policy. He is also counsel for the US-India Business Council, an advocacy arm of the US Chamber of Commerce, while the Indian government has retained politically connected firm Venable in connection with policy matters in the US.

Ralph Voltmer, a corporate partner based at Covington & Burling in Washington, led a team advising ICICI Bank and Standard Chartered Bank for US$925 million in project financing for Reliance Ports and Terminals and Reliance Utilities.

Neil Hirshman at Kirkland & Ellis in Chicago advised Mumbai-based Firstsource Solutions and its US subsidiary, Firstsource Solutions USA, on a five-year outsourcing deal for Barclay’s credit card operations in the US.

Trans-Atlantic giant Reed Smith recently advised Everest Kanto Cylinder, a listed Indian-based manufacturer of high-pressure cylinders, on its acquisition of CP Industries for US$66.3 million. “This deal is yet another example of the increasing outward investment from India,” says Jeff Rodwell, a London partner.

The English return

Regional English firms are also taking note. David Birch, a partner at Birmingham-based Wragge & Co, acts as “a roving ambassador” for his firm in India, while fellow partner Richard Ellison helped HSBC set up its commercial recoveries team in Kolkata. English firm Hammonds has advised Indian firms such as Applabs on its acquisitions in the UK from its Manchester office.

Meanwhile, major firms are continuing to create India practice groups. In April 2008, Bird & Bird launched its India practice group with the appointment of partner Nipun Gupta from White & Case, where she was a partner specializing in advising international clients on inbound and outbound M&A and disposals, with a particular focus on metals, mining, and financial services within emerging markets.

Among other English firms, Olswang acted for new Indian client Dr.Reddy’s Laboratories on the acquisition of two UK sites and an associated business of the Dowpharma Small Molecules division from Dow Chemical. London corporate partner David Roberts administers the India practice and led the team on the deal.

Travers Smith advised India Hospitality Corporation on its US$110 million acquisition of India-based Mars Restaurants and SkyGourmet Catering. The firm also advised Evolution Securities on its AIM IPO of Dhir India Investments, an Isle of Man-registered company investing in distressed assets.

Grundberg Mocatta Rakison’s Indian business group acted for the India Inflexion Fund on a proposed investment into a leading Indian restaurant group.

Stephenson Harwood’s expanding India practice focuses on AIM listings, cross-border acquisitions, joint ventures, and private equity. At the end of 2007, the firm advised on the first “Bollywood” AIM listing, the £55 million (US$107 million) Indian Film IPO.

Asian interest grows

The Asia-Pacific region is another source of interest in India. Crispin Rapinet, Lovells’ Asia regional managing partner, says the firm advised a Chinese contractor in relation to a major India infrastructure project, and on the launch of AIM-listed Ishaan, investing in Indian real estate.

In the wake of the departure of India specialist Jai Pathak to Gibson Dunn & Crutcher, Jones Day boosted its Asian practice by relocating partners Arman Galledari, John Perugini and Iain Seow to Singapore. Seow says Singapore has become an important dispute resolution centre among South Asian clients. Meanwhile, Jones Day continues its association with Delhi-based firm P&A Law Offices, which is headed by Jai’s brother, Anand Pathak.

Gibson Dunn & Crutcher’s Singapore office – opened in May 2008 – has US, English and Indian law capabilities. Jai Pathak and three partners from Jones Day’s Singapore office – Emad Khalil, John Viverito and Saptak Santra – head the operations.

Among domestic firms in Singapore, WongPartnership’s India practice head Nish Shetty sees Indian clients using Singapore as a bridgehead to China. The firm acted for an international institutional investor on a US$600 million investment in the Mapletree India-China Fund managed by Mapletree Investments.

The focus of firms in neighbouring Malaysia, such as Azmi & Associates, is foreign direct investment into India. “The growing number of Malaysian companies venturing into India is very encouraging,” says senior partner Azmi Mohd Ali, who is assisting a Malaysian automotive company with a joint venture.

All eyes on India

India also tempts firms in civil law jurisdictions. Beirut-based Badri & Salim El Méouchi Law Firm acted for a Lebanese company negotiating to establish an Indian joint venture. Michel El Méouchi, a senior associate in the firm’s Doha office, sees a future in Islamic finance and project finance related to the Kyoto Protocol to the United Nations Framework Convention on Climate Change.

Offshore firms, such as Cains on the Isle of Man are also expressing interest in India. “About 75% by market capitalization of all Indian businesses listed on AIM are incorporated in the Isle of Man and as a firm we have acted for around 75% of those that are domiciled here,” says Douglas-based partner Mike Edwards.

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