Shardul Amarchand Mangaldas & Co

India

Address:
Amarchand Towers
216 Okhla Industrial Estate
Phase III New Delhi City, 110020
India

+91 11 4159 0700; 4060 6060

+91 11 2692 4900


Key contacts:

Executive Chairman: Shardul S. Shroff
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Managing Partner – Delhi Region: Pallavi S. Shroff
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Managing Partner – Mumbai Region: Akshay Chudasama
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Quick facts:

Lawyers: 550 (including 118 partners)
Network memberships: Lex Mundi, ILO, VC Circle, The Owners Forum, SILF, IVCA
Languages: Hindi, English


“SAM provides focused and high quality advice on a consistent basis.” – Project finance
“Definitely will be ranked as one of the top law firms in this space. A formidable force and one you would want to retain on your side.” – Banking and finance
“The lawyers are very solution-oriented.”– Investment funds
“Excellent knowledge, good at negotiations, very responsive.” – Banking and finance

Jatin Aneja
“Excellent knowledge, communication skills and responsiveness.”

Akshay Chudasama
“Akshay is an excellent senior lawyer, who can be called upon to solve complex issues.”

Jay Gandhi
“Jay is commercially savvy and provides practical and sound legal advice tailored to the deal.”

Sapan Gupta
“Sapan's commitment and professionalism is exemplary. He brings a lot of experience to the table and having worked in the corporate sector earlier just makes it better to understand the concerns from both sides, which is invaluable and helps in expediting the resolution. Lastly, his turnaround time is very good and ensures that sufficient resources are dedicated to each deal. He is always available to take calls and resolve issues.”

Shardul Amarchand Mangaldas & Co (SAM & Co), founded on a century of legal achievements, is one of India’s leading full service law firms. Our mission is to enable business by providing solutions as trusted advisors through excellence, responsiveness, innovation, and collaboration.

We are one of India’s most well recognised firms, and are known globally for our integrated approach. 

Our 550 lawyers including 118 partners provide exceptional services across practice areas which include General Corporate, Merger & Acquisition, Private Equity, Banking & Finance, Insolvency & Bankruptcy, Competition Law, Dispute Resolution, Projects & Project Finance, Capital Markets, Tax, Intellectual Property and Venture Capital.

We are at the helm of major headline transactions and litigation across all industry segments in India and advise leading multinational corporations on their entry into the Indian market and the legal strategy impacting their business.

We have a pan India presence, with offices in seven cities across India - New Delhi, Mumbai, Gurugram, Bengaluru, Chennai, Ahmedabad and Kolkata.

  • Asset finance
  • Banking
  • Capital markets: Debt
  • Capital markets: Derivatives
  • Capital markets: Equity
  • Capital markets: High yield
  • CLO/CDO
  • Competition
  • Covered bonds
  • Financial restructuring
  • Financial services regulatory
  • Hedge funds
  • Investment funds
  • M&A
  • PPP/PFI
  • Private equity
  • Private equity funds
  • Project bonds
  • Project development
  • Project finance
  • Real estate finance
  • Real estate funds
  • Restructuring and insolvency
  • Securitisation
  • Structured finance/securitisation
  • Trade finance

Mergers & Acquisitions:
Shardul S. Shroff
E: shardul.shroff@AMSShardul.com

Recent transactional highlights:

  • Wal-Mart Inc, on its acquisition of 77% stake in Flipkart for US$ 16 billion, making it the largest exit by a private equity and venture capital in India, and the largest e commerce acquisition globally.
  • Committee of Creditors of Bhushan Steel Limited, led by State Bank of India in relation to Corporate Insolvency Resolution Process of Bhushan Steel Limited, including acquisition of Bhushan Steel Limited by Tata Steel Limited for US$ 7.35 billion. This is the first case under the Insolvency and Bankruptcy Code (IBC), 2016 to be resolved successfully.
  • Oil and Natural Gas Corporation of India, on its acquisition of controlling stake in Hindustan Petroleum Corporation Limited from the President of India for US$ 6.6 billion.
  • Bandhan Bank Limited, on its merger with Gruh Finance which resulted in a combined entity of approx. US$ 12 billion. It is one of the first mergers of two unrelated banking entities in India and one of the first mergers’ of a housing finance company with a banking company.
  • ZF Friedrichshafen AG, on its acquisition of WABCO Holdings for US$ 7 billion. The transaction will bring together two global technology leaders serving Original Equipment Manufacturers and fleets in the automotive and commercial vehicle industry.
  • Life Insurance Corporation of India (LIC), on its acquisition of IDBI Bank  for US$ 4.4 billion marking LIC’s entry into the banking space in India. LIC is the state-owned insurance group and Investment Company with an estimated asset value of approx. US$370 billion, making it the largest insurance company in the country.
  • Larson & Touon its sale of its electrical and automation business (excluding marine switchgear and Servowatch systems), to Schneider Electric SA, for an all cash consideration of US$ 2.1 billion.bro, 
  • Ctrip.com, on its acquisition of MakeMyTrip for US$ 1.4 billion. Pursuant to the transaction, Ctrip’s stake in India’s popular travel e-portal and Nasdaq listed MakeMyTrip increases to around 49%.
  • Saavn, on its merger with JioMusic to create a digital music platform with global reach having total value of over USD 1 billion, resulting in creation of largest user base in South Asia.
  • AION Investments and JSW steel, on acquisition of Monnet Ispat Energy Limited by the consortium comprising of AION and JSW Steel Limited under the Insolvency and Bankruptcy Code. This is the first cross border acquisition by a private equity fund set up for acquisition of stressed and distressed assets in India in a large listed company undergoing the corporate insolvency resolution process.
  • Vodafone India, on its merger with Idea Cellular to create the country’s largest telecom operator worth more than $23 billion with a 35 per cent market share.

Private Equity:
Raghubir Menon
E: raghubir.menon@AMSShardul.com

Recent transactional highlights:

  • Blackstone, on its acquisition of Financial & Risk unit of Thomson Reuters for US$ 17 billion. This was Blackstone’s biggest private equity investment in 2018.
  • Blackstone, on its acquisition of Indiabulls for US$ 1.46 billion. The deal is biggest investment in real estate space in 2018.
  • Brookfield, on its acquisition of East West Pipeline from Reliance Industries for US$ 2.4 billion. This is the largest acquisitions by an InvIT in India.
  • Brookfield, on its acquisition of Leelaventures for US$ 600 million. This is the largest acquisition deal in the Indian hospitality sector.
  • Swiggy, on its investment of US$ 1 billion by Naspers, Tencent, Hillhouse Capital and Wellington Management. It is largest investment in Swiggy till date.
  • Byju, on its investment of U$ 540 million by Canada Pension Plan Investment Board Private Holdings Inc. and Naspers Ventures B V. The investment  round valued the firm at US$3.8 billion post-money, making it one of the most valued Ed-tech companies in the world and one of the top five internet start-ups in India.
  • Grofers, on its investment of US$ 180 million from its existing Investors i.e. Softbank, Tiger and Sequoia as well as from a new investor namely KTB Network.
  • ChrysCapital VII, LLC, on its acquisition of Mankind Pharma for US$ 322 million. The Transaction is one of the largest investment made by a private equity fund in an Indian pharmaceutical company.
  • TPG Growth, on sale of its stake in Healthium to Quinag Acquisition (FDI) Limited, a company backed by funds advised by Apax Partners for US$ 350 million. The deal was one of the first dual-track exit processes by a private equity investor in India.
  • Temasek Holding, on its US$ 100 million investment in ANI Technologies Private Limited.

Capital Markets:
Prashant Gupta 
E: prashant.gupta@AMSShardul.com

Recent transactional highlights:

  • Axis Capital Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited and ICICI Securities Limited, in the issuance of issuance of up to 1,133,591,075 equity shares by Bharti Airtel Limited for amount aggregating to approx. US$ 3.42 billion. This is the largest equity capital markets deal in India until date.
  • Brookfield, in the acquisition of East West Pipeline from Reliance group, through the InvIT sponsored and set up by Brookfield for this purpose for US$ 1.87 billion. This Transaction is the largest acquisition by an InvIT in India.
  • State Bank of India, in a bond issue of US$ 1.25 billion, under Rule 144A of the United States Securities Act of 1933. 
  • Chalet Hotels Limited, in the initial public offering, aggregating to approx. US$ 233 million. This was one of the largest initial public offerings by any company in the hospitality sector. This was the first initial public offering under the new SEBI ICDR Regulations, 2018 and the new UPI based payments regime in India. It achieved the fastest settlement ever, having listed on a T+5 basis. 
  • Allianz Capital Partners Gmbh, in the acquisition of 25% of units issued by IndInfravit Trust, a private infrastructure investment trust (InvIT) set up by L&T Infrastructure Development Projects Limited in 2018 for US$ 446 million. This is the first private InvIT to be set up under the SEBI (InvIT) Regulations, 2014 in India, and is Allianz Capital Partners’ first direct infrastructure investment in India. 
  • Lemon Tree Hotels Limited, in the initial public offering, aggregating to approx.  US$148 million. This is among one of the largest initial public offerings in the hospitality sector.
  • Bharti Airtel Limited, in the buyback of US$ 1.5 billion guaranteed senior notes issued by Bharti Airtel International (Netherlands) B.V. This is amongst the largest overseas bond buyback program by an Indian group ever. 
  • Aavas Financiers Limited, in the initial public offering, aggregating to approx. US$ 242 million. This is the first completed Indian IPO wherein only private equity investors were identified as the promoters of the Company and no other individuals/entities were named as promoters of the Company.
  • Bharti Telecom, in the issuance of zero coupon, unsecured, unlisted non-convertible debentures for an aggregate principal amount of approx. US$ 377.5 million.
  • Kotak Mahindra Capital Company Limited, J P Morgan India Private Limited and Morgan Stanley India Company Private Limited, in the issuance of Qualified Institutions Placement by DLF Limited for amount aggregating to approx. US$ 458 million.

Banking & Finance:
Sapan Gupta 
E: sapan.gupta@AMSShardul.com 

Recent transactional highlights:

  • Capital First Limited in relation to its merger with IDFC Bank resulting in the AUM of US$ 12 billion. This is one of the first Bank- NBFC mergers in the present regulatory environment. 
  • Life Insurance Corporation of India (LIC), in its merger with IDBI Bank for amount aggregating to US$ 4.4 billion. The merger was a first of its kind strategic investment initiative undertaken by LIC which requires both parties to obtain approvals individually or jointly from host of regulators such as Reserve Bank of India, Competition Commission of India, and Insurance & Regulatory Development Authority of India.
  • Bandhan Bank Limited in relation to merger with GRUH Finance resulted in combined AUM of US$ 12 billion. It is one of the first mergers of two unrelated financing entities in India, and one of the first merger of a housing finance company with a banking company.
  • State Bank of India and around 11 other lenders, in relation to loan settlement agreement of US$ 280 million with Hindustan National Glass & Industries Limited.
  • Dena Bank in the merger with Vijaya Bank into Bank of Baroda. The merger resulted in of Bank of Baroda becoming  the second largest Public Sector Undertaking after State bank of India and third largest lender in the country.
  • Piramal Capital and Housing Finance Limited on their investment in Palava Dwellers Private Limited, a Lodha group company for US$ 70 million. The transaction is one of the first of its kind whereby a quasi-equity model of investment was introduced in the real estate financing space.
  • BNP Paribas in relation to financing for acquisition of 100% shareholding of NSL Tidong Power Generation Private Limited by Statkraft IH Holding AS for US$ 60 million.
  • State Bank of India in a bond issue for amount aggregating to US$ 1.25 billion, under Rule 144A of the United States Securities Act of 1933. 
  • Deutsche Bank in relation to loans extended by Indiabulls Housing Finance Limited aggregating to an amount of US$ 350 million, in a structured real estate financing. 
  • Bank of America Merrill Lynch in acquiring 93% of the non-performing debt of Jayaswal Neco Industries Limited (JNIL), amounting to approximately US$ 576 million, one of the marquee transactions of this magnitude in the restructuring space.

Project & Project Finance:
Jatin Aneja 
E: jatin.aneja@AMSShardul.com

Recent transactional highlights:

  • National Infrastructure and Investment Fund (NIIF), in submission of bids for privatisation of bid for three airports (i.e. Guwahati, Ahmedabad and Jaipur). The transaction had a precedential value as NIIF was for the first time, bidding for a project in airports sector along with Zurich Airports (as the technical member).
  • Abu Dhabi National Oil Company (ADNOC), on their arrangement with Indian Strategic Petroleum Reserves Limited for the petroleum reserve based in Mangalore for US$ 400 million.
  • Allianz Capital Partners (ACP), in its investment of US$ 125 million in 25% of the units issued by IndInfravit Trust (“IndInfravit”). IndInfravit is the first private infrastructure investment trust in India, set-up by L&T Infrastructure Development Projects Limited. The transaction is ACP’s first direct investment in Asia.
  • Brookfield Asset Management on its bid for 9 National Highway Authority of India (NHAI), road projects, aggregating to approximately 648 kms of national highway, to be operated on a Toll, Operate, Maintain and Transfer (TOT) basis for 30 years. This was the first such bidding by NHAI for granting and monetizing national highways on a TOT basis.  The total value of the project aggregated to approx. US$ 2.42 billion.
  • Indusind Bank Limited in its assistance by way of a term loan for an amount aggregating to US$ 370.9 million, including sub-limit by way of letter of credit facility to a special purpose vehicle formed by JSW Steel Limited and AION Partners for acquisition of Monnet Ispat and Energy Limited pursuant to a resolution plan under the Insolvency and Bankruptcy Code 2016.
  • The consortium of lenders led by State Bank of India in relation to financial assistance of US$ 713 million to JSW Steel Limited for the expansion of steel-making capacity of the plant located at Dolvi Works, District Raigad, Maharashtra, India.
  • Brookfield Asset Management on the acquisition of 100% of Simhapuri Expressway Limited and approximately 90% of Rayalseema Expressway Private Limited from the KMC Group and the BSCPL Group for US$ 300 million.
  • Abertis Infraestructuras, S.A., on its acquisition of 100% shareholding in Jadhcherla Expressways Private Limited and Trichy Tollway Private Limited; two NHAI toll road operating projects, from funds backed by the Macquarie group and State Bank of India for US$ 150 million.
  • Invenire Energy Private Limited on its acquisition of Tata Petrodyne Limited, oil and gas arm of the TATA group for US$ 39 million. The transaction is one of the first few investments by private equity investors (at such a large scale) in the exploration and production sector in India.
  • Canada’s largest pension investment managers on their bid, invited by GVK Airport Developers Limited consisting of the sale of a significant minority stake of up to 49% in its wholly owned subsidiary GVK Airport Holdings Ltd. GVK Group via GVK Airport Holding Limited.

  • Accounting
  • Agriculture
  • Automotive
  • Aviation
  • Banking
  • Construction and materials
  • Consumer goods and services
  • Energy
  • Financial services
  • Fisheries and aquaculture
  • Food and beverage
  • Forestry
  • Gaming
  • Government and public policy
  • Healthcare
  • Industrials
  • Insurance
  • Investment management
  • Media
  • Mining
  • Natural resources
  • Oil and gas
  • Pharm and life sciences
  • Real estate
  • Shipping
  • Social infrastructure
  • Tech and telecoms
  • Tourism
  • Transport
  • Utilities

Mumbai
Express Towers, 23rd Floor 
Nariman Point, Mumbai City, 400021
India

T:+91 22 4933 5555
E:Connect@AMSShardul.com
W:http://www.amsshardul.com/

Gurugram
MPD Towers, 6th Floor, DLF Ph-V
Sector 43, Golf Course Road, Gurugram City, 122 022
India

T: +91 124 459 5150, 436 7734
E:Connect@AMSShardul.com
W:http://www.amsshardul.com/

Bengaluru
Prestige Sterling Square, Madras Bank Road
Off Lavelle Road, Bengaluru City, 560 001
India

E:Connect@AMSShardul.com
W:http://www.amsshardul.com/
 
Ahmedabad
301-302, Parshwanath E-square
Corporate Road, Prahladnagar, Ahmedabad City, 380 015
India

T:+ 91 79 4900 9200, 2929 7831
E:Connect@AMSShardul.com
W:http://www.amsshardul.com/
 
Kolkata
Anand Lok, 227
A.J.C. Bose Road, Kolkata City, 700 020
India

E:Connect@AMSShardul.com
W:http://www.amsshardul.com/
 
Chennai
New. No. 31, Sudha Center, 2nd Floor
Dr. Radha Krishnan Salai, Mylapore, Chennai City, 600 004
India

T:+ 91 44 4630 1122
E:Connect@AMSShardul.com
W:http://www.amsshardul.com/