Khaitan & Co

India

IFLR1000 Reviews

Financial and corporate

Founded in 1911, Khaitan & Co is one of the oldest full-service firms in India and has offices in Bengaluru, Kolkata, New Delhi and Mumbai.

 

Focusses / specialisms 

The firm is ranked among the top tier firms in banking and finance, capital markets, M&A, private equity, project development, and restructuring and insolvency. The banking team has experience in acting for international and domestic banks as lenders on refinancing, aircraft leasing and financing, and acquisition financing mandates. In capital markets, the firm advises arrangers, issuers, investors on a host of bonds and debentures issues. The firm’s corporate and M&A experience includes acting for acquirers and targets, private equity firms, investors and funds across the full spectrum of M&A matters. In projects the firm represents developers, government entities, contractors, and suppliers. On the restructuring front the firm advises stakeholders such as sponsors, creditors and creditor committees, distressed debt investors, and resolution professionals.

 

Key clients  

Key clients include State Bank of India, Punjab National Bank, Standard Chartered Bank, Deutsche Bank, YES Bank, Nippon Life Insurance, Citiustech Healthcare Technology, Sterlite Power Grid Ventures and JM Financial Asset Reconstruction Company.

 

Research period review: 31st edition (2020/2021) 

The banking team had a busy year with roles on a high volume of mandates covering a wide range of financings. Highlights include advising Cisco System on its receivables financing program.

A headline worthy mandate saw the firm act for the managers on Reliance Industries’ rights issue - India’s largest capital market transaction to date. The firm also acted for Shanghai Fosun Pharma on the award-winning IPO of Gland Pharma. On the debt front, the firm acted for clients such as subscribers, issuers, and managers on a host of debenture and bond issues.

An interesting corporate mandate saw the firm act for the Siemens group on the high-value sale of Siemens to its subsidiaries. The firm also impressed with roles on high profile private equity mandates. A representative example saw the firm act for British Columbia Investment Management on an investment in Tower Infrastructure Trust - the largest private equity deal in India to date.

In a cross border projects deal, the firm advised Bharat Heavy Electricals on power projects in Zimbabwe and Gambia.

An interesting restructuring mandate saw the firm act for Carval Investors on the corporate rescue of Uttam Galva and Uttam Value.

During the review period, the firm welcomed partner Siddharth Srivastava from Link Legal to its banking team and restructuring team, while partner Shruti Singh left the firm. The firm also expanded its projects team with the hire of partner Akshay Malhotra from HSA Advocates.

 

Deal highlights: 31st edition (2020/2021) 

BCI, Brookfield Asset Management and GIC $3.4 billion acquisition of Tower Infrastructure Trust

Brookfield Asset Management $2.1 billion acquisition of real estate assets

Cisco System and Cisco Commerce India $2.5 billion master receivables financing program

Dewan Housing Finance insolvency

Gland Pharma BSE/NSE IPO

Happiest Minds Technologies BSE/NSE IPO

IL&FS Group insolvency

Tower Infrastructure Trust $3.5 billion private placement

 

Client feedback: 31st edition (2020/2021) 

Banking and finance

"Professional. Expertise. Connected. "

"They are exceptionally good in terms of quality of legal services and timely disposal of matters in completing the assignment."

"Updated with recent changes, quick turnaround."

"Very professional outfit with superb turnaround time. In particular, very happy with their banking and project finance partner, Siddharth Srivastava."

"With the constant change in law, Khaitan & Co was updated with the most recent changes and guided us towards successful closure of the transaction in a time-bound manner."

"Knowledgeable and prompt in terms of delivery."

"Well-resourced firm with extensive in-house expertise on all aspects of an issue. The team is collaborative and puts the client first."

"Great firm to work with."

"Very prompt."

"KCO is my go-to firm for all banking matters now. "

 

Capital markets

"Very strong in their capabilities."

"Very solutions-focused, get the job done. Bring the relevant experience."

 

 

M&A

"Khaitan & Co are substantively very solid, are very responsive and practical. "

"Knowledgeable and responsive. Nikhil Narayanan particularly good."

"The team at Khaitan is proactive, fully integrates with the in-house team, has good understanding of the business requirements and nuances and facilitates effective problem-solving."

"The teams that have helped us on the transactions have been very proactive, always available, fully understand business and commercial requirements and complexities and provide practical solutions to complex issues addressing all legal requirements."

"1. Hands-on and very well versed with procedural aspects; 2. Pragmatic and provides business like solution; 3. Super turnaround time."

 

Private equity

"Strong client-service ethos; responsive; make an effort to bank and apply knowledge of your organisation across their mandates; good partner that is fair on fees."

 

Restructuring and insolvency

"Great team of lawyers who have good sector experience and expertise."

"In-depth knowledge. Good team of lawyers. Negotiation skills."

"Very prompt and knowledgeable."

"We were happy with the full service the firm provided and that KCO were looking out and protecting our interests. They gave constructive advice and struck a good balance between being commercial and yet understanding the nuances and complexity of the Indian insolvency regime. Lawyers of note that we worked with are - Ashwin Bishnoi and Kartick Maheshwari."

 

Bharat Anand

"Extremely responsive; genuinely tries to build a partnership relationship with our business and goes out of his way to assist wherever possible; strong team and great country knowledge."

 

Devidas Banerji

"Thinks well under pressure. Makes the client a priority. Has excellent links with regulators and industry."

 

Ashwin Bishnoi

"We were happy with the full service the firm provided and that KCO were looking out and protecting our interests. They gave constructive advice and struck a good balance between being commercial and yet understanding the nuances and complexity of the Indian insolvency regime. Lawyers of note that we worked with are - Ashwin Bishnoi and Kartick Maheshwari."

 

Rahul Dutt

"Rahul is a very hands-on partner who has excellent legal interpretation and drafting skills. He ensures that the right team is available for all work. He is solution-oriented and completely understands the business and their requirements."

"Very responsive, mindful of client requirements, ensures that the right team is made available to provide the legal service required and hands-on on all work assigned. Very good drafting skills and legal interpretation."

 

Thomas George

"Very knowledgeable on Indian capital markets."

"Very good in capital markets."

 

Rabindra Jhunjhunwala

"Very in tune with international standards of service, responsiveness. Output is excellent and useful for the client. Overall a pleasure to work with."

 

Rajiv Khaitan

"Extremely business-focused, very knowledgeable and always solution-focused."

"Very positive, full of energy and always available for us."

 

Kartick Maheshwari

"We were happy with the full service the firm provided and that KCO were looking out and protecting our interests. They gave constructive advice and struck a good balance between being commercial and yet understanding the nuances and complexity of the Indian insolvency regime. Lawyers of note that we worked with are - Ashwin Bishnoi and Kartick Maheshwari."

 

Nikhil Narayanan

"Responsive, commercial, experienced. Very communicative with the client."

 

Anuj Shah

"Highly committed and varied transaction experience. Anuj has great vision for structuring deals."

 

Manisha Shroff

"Approachable."

"Easily accessible. Up to date on latest changes."

 

Kumar Saurabh Singh

“"Excellent knowledge of the area of practice, solution-oriented and very responsive. His ability to handle difficult clients is very good."

"He has excellent knowledge of his area of practice and helps provide practical and legally sound solutions. He has a calm demeanour and handles difficult clients very well."

 

Siddharth Srivastava

"He has in-depth sector knowledge and is up to date on legal as well as the practical side of the transactions. He comes up with innovative solutions to legal issues. Siddharth is very accessible and is personally involved in all his transactions, which provides a lot of comfort to the clients."

"Good legal knowledge and ability to complete the assignment in the given timelines."

"He is very good in insolvency matters and is considered one the best lawyers in the country in the insolvency and restructuring space. Very approachable, prompt and provides workable solutions to complex issues. "

"One of the best legal minds in the business. Highly recommended."

"Siddharth is an excellent lawyer who has in-depth knowledge of law as well as of industry. He comes up with innovative solutions to legal problems and is great at problem-solving and negotiations. He is my SOS for IBC - he is thorough with the legal provisions and their practical application."

"Super knowledgeable and result-oriented lawyer. Always my go-to lawyer for critical situations."

"Super-prompt and a solution provider. He is a deal lawyer with impressive legal knowledge backed by apt commercial acumen."

"Well-known lawyer in banking & finance practice area. Hands-on and approachable. Gives sound legal advice."

"Very good domain knowledge and sector expert. He is our go-to lawyer for critical matters."

"I have been working with Siddharth for many years now. KCO has become my go-to firm since he has joined. Superb lawyer and problem-solver."