IFLR 1000
The Guide to the World's Leading Financial Law Firms

"S&R Associates is without doubt the number one capital markets firm in the country," says a client. The firm has continued to expand its areas of expertise beyond this market-acknowledged specialty, with clients noting that the firm "has considerable capability in depth and in other practice areas."

Another client also recommends the firm: "The associates at the firm are more thorough than other firms. As a whole the outfit takes on fewer deals, and the leverage ratio is much better. You get partner attention and get experienced advice from practitioners."

This year, the firm advised MakeMyTrip in its $134 million follow-on public offering of 5.5 million shares on the Nasdaq Global Market. Founding partner Sandip Bhagat was the lead counsel on this transaction.

Clients recommend Bhagat: "He is a very experienced partner. He is a US-trained lawyer and understands Indian law, which is a very good combination to have, and not easy to get in India. He's a hands-on partner who's very quality-conscious."

A notable matter for the firm was its advising of the underwriters, led by Enam Securities, Kotak Mahindra, Morgan Stanley and RBS, in the Re3.5 billion ($79 million) IPO by Eros International Media.

Another client recommends the firm's quality of service: "The firm possesses an international standard of service. It has become a favourite of banks, because the bankers have come to expect this quality, which only the firm provides."

S&R Associates continues to expand its competency beyond its capital markets expertise. Having secured mandates on attention-grabbing transactions such as the delayed Vedanta - Cairn for the seller's side, the firm is definitely making its name known in this area.

Another high profile transaction for the firm was its representation of Vodafone Group in its $4.2 billion purchases of approximately 22% from subsidiaries of Essar Communications, and its $1.26 billion proposed purchases of approximately 11% from ETHL Communications Holdings of the shares of Vodafone Essar and the settlement of all outstanding claims between the parties.

A corporate client praises the firm: "They are by far and away the best Indian law firm I've worked with, and I've worked with quite a few. They're very proactive - with quite a few Indian law firms, you ask a question and they give an answer, but with them they give you an answer and tell you about the other stuff too. It tends to be quite literal in the Indian market, there's a whole host of things about India that I don't know. Basically they're good at anticipating that and giving nuanced advice."

Another notable deal for the firm was its representation of General Atlantic Partners in its Re11.5 billion ($258 million) sale of shares in Patni Computer Systems Limited to iGate.