Founded in 2004, AZB & Partners is a household name in the Indian legal market and has solidified its reputation as a top-notch corporate law firm. The firm has offices in Mumbai, New Delhi, Bangalore, Pune and Chennai.
Focusses / specialisms
The firm performs consistently well in banking and finance, capital markets, corporate and M&A, private equity, and restructuring and insolvency.
The banking team’s capabilities include advising both lenders and borrowers on matters such as project finance, acquisition finance, real estate finance and structured finance.
The capital markets team has notably acted on significant mandates and is particularly sought after for advising on landmark QIPs.
The firm’s corporate and private equity teams have built an impressive reputation with roles on marquee mandates. Their experience covers a wide range of matters, including domestic and international acquisitions, joint ventures, leveraged and unleveraged buyouts, control deals and distressed investments.
The firm is also a formidable player in the restructuring and insolvency areas. Bahram Vakil, one of the firm’s founding partners, was notably a member of the Bankruptcy Law Reforms Committee set up by India’s Ministry of Finance.
The firm takes on clients from a diverse range of sectors, including banking and financial services, energy, transport, oil and gas, automotive, technology and telecommunications, insurance, and food and beverage.
Key clients
Notable clients include Goldman Sachs, Credit Suisse, Bank of America, Citibank, Anand Rathi Wealth, Aptus Value Housing Finance India, Allied Blenders & Distillers, Deltatech Gaming, Nazara Technologies, Zifo Technologies, Amazon and Tata Sons.
Research period review: 33rd edition (2022/2023)
The banking team was acting for lenders and borrowers in asset finance, leveraged finance, real estate finance and project finance transactions during the research period. It also provides regulatory counselling to financial institutions along with increased restructuring and refinancing advice to borrowers.
In the capital markets area, the firm advised on debt and equity transactions. On the debt side it did a mix of issuer and arranger-side work on private placement of bonds and debenture Issue. On the equity side it worked for issuers on IPOs.
In M&A and private equity, the clients of the firm include market leaders from financial services, healthcare, and oil and gas. The deals also created great impact. Eye-catching mandates include the India’s largest-ever merger and acquisition transaction in the infrastructure and materials space. On the private equity front, the firm also worked on several marquee deals.
In the projects space, the team was involved in various sectors such as energy, transport, and industrials and manufacturing.
In staffing changes, Karthik Mudaliar and Shivanand Nayak from the banking and finance team got promoted to partners. Senior partner Gautam Saha and Pallavi Meena departed the firm.
The firm also recruited senior partner Nandish Vyas, counsel Abhilash Chandran and Kritika Agarwal into the corporate and M&A team.
Deal highlights: 33rd edition (2022/2023)
API Holdings’ structured debt financing
Housing Development Finance Corporation’s $400 million term loan facility.
IHC’s acquisition of a minority stake in Adani Transmission, Adani Energy and Adani Enterprises.
Petronas Chemicals Group’s $2.3 billion acquisition of Perstorp Holding.
TMF Group’s non-convertible debt issuance.
Client feedback: 33rd edition (2022/2023)
Capital markets
“They offer accessibility, problem-solving ability and responsiveness.”
Leveraged finance
“The AZB team understands the private equity sponsor clients and facilitates navigating their investment in India.”
M&A
“AZB is highly dependable, has excellent subject knowledge and is very practical when it comes to ensuring timely closure of deals.”
“High responsiveness, full attention and dedication, quick turnaround times, top-notch advice, strong negotiation qualities, pragmatic approach and excellent communication. A fully integrated law firm.”
“They are absolutely business orientated, provide super-fast turnarounds of SPA drafts and are 24/7 available. Very good value for money, perfect service.”
Private equity
“AZB & Partners guides us on the documentation and helps in negotiating the critical clauses at the right stage of our journey.”
“Responsive, thoughtful and knowledgeable in all areas of their advice.”
Rahul Agarwal
“Rahul offers responsiveness, knowledge and accountability.”
Ajay Bahl
“Ajay offers knowledge, communication, responsiveness and accountability.”
Agnik Bhattacharya
“Agnik displays responsiveness, accountability and problem-solving ability.”
Ishan Handa
“Very personable and hard-working.”
Darshika Kothari
“Darshika is very focused, pragmatic and has in-depth knowledge.”
Divya Mundra
“She is business and problem-solving orientated, always available, perfect service.”
Devika Nayak
“A strong deal and team leader, with full focus on transaction and client demands, seamless integration between client and adviser, and focused and high-quality output, thinking of client’s priorities first.”
“She is business and problem-solving orientated; a very good negotiator; 24/7 available; and provides perfect service.”
Ashish Pareek
“Ashish Pareek is a very diligent and learned professional. He is able to bring to attention specifics that may save us future trouble and he guides us very well on matters of importance.”
Suharsh Sinha
“Excellent subject knowledge, very dependable and adheres to timelines.”
