"AZB & Partners is a top tier firm for banking and finance," says one competitor. The firm retains its rankings this year, as it maintained a steady flow of work from both domestic and international clients....
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"AZB & Partners is a top tier firm for banking and finance," says one competitor. The firm retains its rankings this year, as it maintained a steady flow of work from both domestic and international clients. Despite the collapse of its best friend's tie-up with Clifford Chance in January 2011, the firm has continued to garner the top mandates in the country. One client says: "The partners all possess excellent skill and expertise in drafting legal documents."
The firm advised Reliance Industries on Indian law aspects on its issuance of 4.5% guaranteed senior notes due 2020 and 6.25% guaranteed senior notes due 2040. This was the first transaction of this nature and magnitude undertaken by an Indian company. The transaction was valued at $1.5 billion
Clients praise the quality of the firm's lawyers: "They continue to impress with the level of understanding and they know the requirements that bankers demand. They're speedy and accurate in their work, which fits to a tee with our customers."
In a notable transaction this year, the firm acted for Wireless Business Services Private, a subsidiary of Qualcomm, in obtaining a facility of Re49 billion ($1.1 billion) from certain lenders.
The firm was the legal advisor to underwriters, which included Kotak Mahindra Capital, Citigroup Global Markets India, Deutsche Equities (India), HSBC Securities and Capital Markets (India), RBS Equities (India), SBI Capital Markets, Standard Chartered Securities (India), Kotak Securities and SBICAP Securities, in Tata Steel's further public issue of equity shares. This $772 million valued transaction was led by partner Shameek Chaudhuri.
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AZB & Partners continues to sit atop the rankings this year. The firm "dominates the market in the country," says one peer....
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AZB & Partners continues to sit atop the rankings this year. The firm "dominates the market in the country," says one peer. Rivals admit the firm "very rightly and clearly belong up there" in the rankings. The firm has sought to ensure that its legacy will continue beyond the founding partners, and with the appointment of partner Abhijit Joshi as CEO in 2011, the firm has taken steps to develop its management structure.
Clients recommend the firm for its excellent service: "The lawyers there understand what we want and are very engaged. They're reasonably fast with their work and accurate. The firm is a natural fit for our culture, and it's a comfortable arrangement.
The firm was involved in the high profile Vedanta - Cairn transaction, which was finally approved in 2011. The transaction involved Vedanta Group, which comprised Vedanta Resources and Sesa Goa, acquiring a controlling interest (51-60%) in Cairn India for an aggregate consideration of about $8.5 to 9.6 billion.
Founding partners Zia Mody and Bahram Vakil continue to be highly praised by clients, one says: "With these [senior partners] on the job, we can rest easily. They have excellent ability and render excellent and prompt opinions."
A notable transaction was the firm's representation of Tata Power in its sale of shares for a stake in Bhira Investments and Bhivpuri Investments Coal special purpose vehicles (SPVs) to Olympus Capital. The transaction was valued at $300 million.
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