Will green shoots take root?

For many, 2009 will be remembered as the year the world spent trying to get back on its feet

But in India, somewhat shielded from the effects of the annus horribilis, 2009 will be remembered as the year the Congress Party sprang a surprise at the general election, Indian scientists reached out to the moon and the country’s cricketers emerged as the kings of Test cricket. On the business front, 2009 also saw noteworthy developments, albeit less glitzy than those during the highs of the decade.

Our Cover story showcases 18 of the year’s top finance, capital markets and M&A transactions, as well as some of its most significant court cases (Deals of the year, page 25). In so doing we celebrate the innovation and practical expertise of the lawyers and law firms that guided the deals to fruition amid challenging circumstances. A large number of this year’s winning deals were handled solely by domestic firms. Notably only one UK magic circle firm was involved in any of them. “Our experience of high-value and complex international transactions has led clients to trust us as primary legal counsel on substantial deals,” says Rabindra Jhujhunwala, a partner at Khaitan & Co. Other observers feel the trend is symptomatic of the economic malaise in the West. With the spending power of international corporations and financial institutions severely reined in by the financial crisis, many of this year’s winning deals were wholly domestic affairs.

One of India Business Law Journal’s finance Deals of the Year was the US$5.54 billion investment in Indian Oil Corporation’s Paradip refinery project. As highlighted in our coverage, this was a wholly deshi deal, with both the bankers and lawyers involved being from India. Two more power projects make it onto our list of winning finance deals – the Sasan ultra mega power project and the fourth phase of the Mundra thermal power project. Deals such as these, happening as they are in the early days of economic recovery, are particularly significant given the government’s commitment to providing power for all by 2012.