At a time of heightened M&A activity, India Business Law Journal identifies leading international advisers who are key for getting deals done in India. Chandu Gopalakrishnan reports
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fter a record-breaking year in 2022, India’s M&A market sustained its momentum throughout 2023. Notable deals like Temasek’s acquisition of a majority stake in Manipal Hospitals underscored India’s active M&A landscape in 2023.
Market sentiment is now bullish, with most dealmakers expecting a continuation or an improvement during 2024, said a Bain & Co report on India M&A released this year.
The country’s fast-growing economy, with a current annual growth forecast of 6% to 7%, is significantly outpacing the sluggish growth rates seen in developed markets. Favourable policies in sectors such as renewable energy, infrastructure, logistics, manufacturing and healthcare have fuelled M&A activity, while niche business areas such as green hydrogen and electric vehicle manufacturing have also boosted the economy.
However, the significant global challenges posed by high interest rates, macroeconomic uncertainty, regulatory scrutiny and geopolitical risks that characterised 2023 were expected to continue in 2024 as well, noted a report by Deloitte. On the FDI front, overall there has been an upward trend in the past decade, with a peak in 2021-22, when total FDI inflow was USD84 billion. The role of law firms and top lawyers in successful M&A transactions has become pivotal. As buyers engage in more sophisticated pre-deal diligence and detailed post-deal planning, legal expertise is essential for navigating complex regulatory frameworks, conducting thorough due diligence, and ensuring seamless integration post-acquisition.
As deal activity ramps up once again, companies are poised to confront various challenges stemming from disruptions in the global supply chain, escalating oil prices and inflationary pressures. Given the multitude of legal professionals worldwide claiming proficiency in Indian matters, determining the preeminent leaders is crucial.
To identify these leading figures, India Business Law Journal reached out to a diverse array of experts, primarily comprising seasoned lawyers at Indian law firms and globally oriented in-house legal advisers specialising in Indian affairs. These professionals provided recommendations and nominations for lawyers whom they regard as top authorities in advising on the global dimensions of India-centric issues.
Clients emphasise that an International A-List lawyer must have a profound understanding of India’s intricacies, the needs of Indian clients, and foster strong connections within the Indian legal community.
They also expect these lawyers to skilfully navigate complex legal and compliance challenges and exhibit a pragmatic approach to problem solving amid adversity. Attributes such as offering commercially astute solutions and being adept negotiators are also regarded as valuable assets.
What follows are select recommendations for International A-List lawyers who have excelled in their India practice.
Having lawyers well versed in the ever-changing legal provisions of specific countries is crucial for the success of country-based practices within big law firms. Apart from in-depth legal expertise, broad cultural understanding and deep regulatory compliance knowledge are essential for advising clients effectively in foreign jurisdictions.
Our list of winners features several foreign lawyers who have successfully navigated the complexities of Indian laws, understood cultural nuances and ensured regulatory compliance.
Sandeep Mehta, a partner at JSA in Mumbai, names Martin Imhof, a partner and head of the India desk at German law firm Heuking Kuhn Luer Wojtek in Dusseldorf, as one.
“Martin is proactive in his approach and demonstrates a good understanding of client matters and Indian cultural issues, and is able to articulate these well so as to provide precise advice,” says Mehta.
“He has a deep understanding of clients’ needs in relation to India. He understands the client’s requirements, cost consciousness and personal approach very well.”
In the past year, Imhof advised auto component companies, logistics service providers and electrical engineering companies in India alongside local counsel such as IndusLaw, Spectrum Legal and Jerome Merchant + Partners.
Mithun V Thanks, an equity partner at Shardul Amarchand Mangaldas & Co in Mumbai, commends Chris Parsons, a partner and chair of the India group at Herbert Smith Freehills (HSF) in London.
“As one of the most seasoned India hands in any foreign law firm, Chris continues to play the senior statesman role in ensuring that HSF continues to be a very well-regarded choice when it comes to international firms that Indian corporates consider for any international or multijurisdictional work,” says Thanks.
Thanks similarly praises Milbank’s Hong Kong partner, Neeraj Budhwani. “Neeraj is a well-regarded India practice lawyer for multiple private equity funds and corporates who rely on him for his ability to find commercially feasible solutions, riding on his multi-decade experience,” he says.
Business clients are well positioned to give frank opinions about the lawyers they have worked with. Lakshmi Rajagopalan, assistant general counsel at Indian eB2B platform Udaan in Bengaluru, says Budhwani has “excellent subject matter knowledge” and is always available.
“Neeraj and his team have helped us navigate complex deals with multiple stakeholders including arrangers, debt holders, equity holders and multiple law firms representing stakeholders with differing interests across multiple jurisdictions and various time zones, in a manner that enabled the deal to be stitched together,” says Rajagopalan, adding that Budhwani would always be on the top of their list of go-to lawyers for complex and layered mandates.
Amrinder Sidhu, global director of Singapore-based Micron Technologies, cites the “exceptional work and contributions on Indian-focused deals” of Parveet Singh Gandoak, at King & Spalding.
Gandoak is a partner in King & Spalding’s corporate, finance and investments practice group in Singapore. “Parveet has consistently demonstrated unparalleled expertise in navigating complex Indian legal landscapes, playing a pivotal role in numerous high-profile transactions,” says Sidhu.
“His ability to strategise and provide business-oriented solutions has been instrumental in successfully closing deals that have significant economic and strategic importance.”
Sharad Moudgal, a partner at Khaitan & Co in Bengaluru, recommends Abhishek Krishnan of Goodwin Procter, whom he has worked with across a wide range of transactions for private equity sponsors and corporates including M&A, joint ventures, co-investments, early and late-stage growth equity investments, and exits and restructurings in Southeast Asia, India, China and the US.
Krishnan is a partner in the firm’s business law department and a member of the firm’s private equity group in Singapore. “Abhishek has a tremendous grasp of the market to a greater extent than most Asia-based lawyers,” says Moudgal.
“He is top-notch in terms of response and bedside manner, and consistently provides sensible and practical advice to clients. Clients are rest assured with his strategic guidance and impeccable execution. He has also managed to grow a formidable team in the short time since Goodwin opened its offices in Singapore.”
Payal Chawla, founder of Delhi-based all-women firm JusContractus, counts Sherina Petit, of Stewarts Law as her legal ally in the UK.
Petit is a partner, head of international arbitration and head of India practice at Stewarts Law in London. “Sherina and I collaborated on a cross-border arbitration matter, and I was profoundly impressed by her vast knowledge and unwavering attention to detail,” says Chawla. “Her expertise and unwavering commitment were indispensable to the outcome.
“Subsequently, we have had the privilege of co-presenting at arbitration conferences, experiences that I have found immensely enriching and enjoyable. Furthermore, Sherina is a prolific writer, contributing regularly to legal discourse, which further underscores her dedication and proficiency in the field.”
Petit joined disputes-only firm Stewarts in November last year after working at Norton Rose Fulbright for more than 14 years. At Stewarts, she is working on the India Promise initiative to encourage greater representation of Indian arbitrators in international arbitrations.
Relationships built over years often translate into professional ties. That’s highlighted by Subhajit Ghosh, head of legal and compliance for Asia-Pacific and Europe, Middle East and Africa at Bengaluru-based multinational tech business, Cyient, when he speaks about Niket Rele, a partner in the India practice at American multinational law firm Arnold & Porter in New York.
“I had worked with [Niket] on many large and complex deals and disputes,” says Ghosh. “He is one of the best in business and shows a very thorough understanding of all aspects of outsourcing and cross-border legal matters, and always provides useful and valuable advice.
“I have worked with him on complicated disputes, which required him to deep dive into the facts, and the outcome was Niket was able to form a very effective team within his firm in a short frame of time. The understanding Niket has about the Indian IT and pharma market is impeccable.”
Delano Furtado, a partner at Trilegal in Mumbai, places Ash Tiwari, a partner in the corporate M&A team at Baker McKenzie’s London office, as the go-to person for M&A deals in the UK.
“Ash Tiwari plays a key role on India cross-border M&A deals and has considerable deal experience in complex M&A and PE transactions. She is also very well regarded in India and among Indian clients,” he says.
Tiwari plays a crucial role in Baker McKenzie’s India work and in the past year was made part of the firm’s India steering committee, which creates and executes India strategy.
Furtado also commends Piusha Bose, a counsel at Freshfields in London as being a lawyer with “considerable high value cross border M&A and PE transactions to her name”. He adds, “Her network in India is commendable and her experience in handing complex corporate transactions is highly commendable.”
Kevin McCole, managing director at the UK India Business Council in London, says Jaya Gupta, a London-based corporate partner and board member at Addleshaw Goddard, “is a tireless and intelligent advocate for India, and is committed to supporting India’s economic development”.
“She has a deep understanding of what drives Indian businesses and is astute in determining their motivations and the important cultural factors impacting transactions,” he says.
McCole also commends her extensive global network within the legal profession and across companies, and she makes use of it to help Indian law firms and corporates achieve their goals.
Gupta is also co-chair of Addleshaw Goddard’s India business group, along with Nikhil Chary, another partner in the firm’s corporate department.
Mehta, at JSA, has worked alongside Gupta on assignments his firm has handled for Addleshaw Goddard. He praises her for being proactive and for demonstrating a good understanding of client matters and cultural issues, and articulating these well when providing precise advice.
“Jaya has a deep understanding of clients’ needs in relation to India,” he says. “She is a very knowledgeable, capable and good person.”
