As India expands its global trade ties and modernises its legal framework, international law firms are racing to keep pace, navigating trade agreements, investment treaties and regulatory evolutions. Vandana Chatlani reports on the top performers for India work

India’s swift conclusion of the India-UK Free Trade Agreement (FTA) in May marked a major shift from protectionism, following its Regional Comprehensive Economic Partnership exit in 2019 towards expansive global trade. While the FTA slashes tariffs on 99% of Indian exports, opens GBP38 billion (USD51.7 billion) in UK procurement and eases professional mobility, it is just one part of a broader global engagement strategy.

Simultaneously, India is strengthening its network of bilateral investment treaties (BITs). The India-UAE BIT, which came into effect in August 2024, guarantees robust investor protection and arbitration access to foreign investors. These treaties signal growing openness to international capital, complementing domestic FDI reforms such as the automatic entry route, the launch by the Indian government’s public policy think tank, Niti Aayog, of the investment friendliness index, and the Jan Vishwas 2.0.

Regulatory modernisation continues apace. India’s new penal code, the Bharatiya Nyaya Sanhita, overhauled criminal laws, introducing enhanced cybercrime and environmental penalties while abolishing sedition. The 2023 Digital Personal Data Protection Act and the establishment of a Data Protection Board usher in a new regime for digital privacy.

In parallel, India’s AI legal ecosystem is evolving rapidly. The India AI Mission seeks to develop a comprehensive AI ecosystem in India, while the proposed AI Safety Institute aims to address AI risks and safety challenges by engaging with academics, startups, industry and government departments.

On digital platforms, heightened oversight under the 2021 IT Rules, which require intermediaries to identify “first originators” and appoint compliance officers, creates compliance complexities for social media and online businesses. Court litigation, including censorship disputes, highlights the fluid legal environment facing international digital platforms.

Methodology

Methodology

Now in its 19th edition, this report is the result of rigorous research into the work of more than 600 law firms from across the globe that have handled India-related transactions or disputes in the past year. Our findings are shaped by detailed analysis, editorial insight and meaningful conversations with in-house counsel and Indian law firms.

We received hundreds of submissions from international firms. Each was assessed against public records, news reports and other sources to verify accuracy and relevance. This comprehensive process allows us to present a clear picture of the legal talent serving Indian clients worldwide.

This year, India Business Law Journal recognises the top 15 foreign law firms for India-related work. We also name 15 key players and an additional 16 significant players whose work demonstrates deep engagement with the Indian market.

We pay close attention to standout firms in strategic markets such as Australia, Canada, Japan, Germany and Singapore, as well as important offshore centres like Mauritius and Cyprus. From this group, 16 regional and specialist firms have been highlighted for their commitment and expertise in India- focused matters.

Our “Firms to watch” category includes 18 promising firms and 20 regional contenders. These range from global giants with cross-border capabilities to boutiques with niche knowledge and robust regional ties that serve India-focused clients with agility and insight.

The disputes space continues to expand, with Indian clients turning to seasoned international litigators and arbitration counsel. Many firms across our rankings have strong contentious practices and a track record of resolving complex conflicts. The top 15 firms distinguish themselves with multi-practice strength, managing sophisticated deals and high-stakes matters.

Many of the featured firms have spent decades investing in the India opportunity – building deep connections with business leaders, financiers and law firms. As Indian companies continue to grow, innovate and expand globally, their legal needs will remain complex and evolving. Foreign firms that understand India’s pulse and demonstrate commercial fluency are best positioned to thrive.

Opportunities and risks

Indian exporters, from textiles to chemicals, defence, fintech, life sciences and climate tech, gain market access via the UK FTA and new BIT protections. However, navigating data privacy compliance, digital platform regulation and evolving criminal statutes requires legal precision.

Western multinationals and private equity investors entering India must tackle stricter data localisation, layered digital compliance and investor protection gaps, particularly without a comprehensive investment treaty with all major partners.

Advisers must now deliver sector-astute, cross-jurisdictional expertise. UK-India transactional support includes tariff strategy, carbon compliance and mobility planning. BITs such as the India-UAE treaty create new arbitration pathways, requiring counsel fluent in international investment disputes.

The rollout of data privacy and AI regulation means advising clients on compliance, governance and emerging institutional bodies such as the AI Safety Institute. Dispute resolution in censorship, digital enforcement and investor-state arbitration will demand agility.

India’s ambitious trade deals are matched by deepening regulatory frameworks, from data and AI to criminal and investment laws. Law firms that can seamlessly integrate trade, treaty, digital and environmental expertise are best positioned to help clients succeed and share in the growth.

TOP 15

  • 1. A&O Shearman
  • 2. Baker McKenzie
  • 3. Bird & Bird
  • 4. Clifford Chance
  • 5. Freshfields
  • 6. Herbert Smith Freehills Kramer
  • 7. Hogan Lovells
  • 8. Jones Day
  • 9. King & Spalding
  • 10. Kirkland & Ellis
  • 11. Latham & Watkins
  • 12. Linklaters
  • 13. Milbank
  • 14. Sidley Austin
  • 15. White & Case

A&O Shearman routinely pulls in the big fish on India-related matters. The firm advised the lead arrangers on the USD1 billion acquisition by Blackstone of CARE Hospitals in India, and EQT Private Capital Asia and Temasek Holdings on the USD1.5 billion divestment of their stake in O2 Power to JSW Energy. Neha Samant, the senior vice president of CGM Legal at Citi, says: “A&O is our go-to firm for equity capital markets”, and “it proactively gives us a heads-up on key issues and keeps us informed on matters well in advance – something we truly value.”

Neha Samant

Baker McKenzie’s “global footprint in regulatory and investigations work, and a deep understanding of business nuances in India, gives them a unique edge,” says Arpinder Singh, a global markets and India leader in forensic and integrity services at Ernst & Young. “Mini vandePol is exceptional,” adds Singh. “Her ability to guide India-related strategies within a broader Asia or global context is unparalleled.” The firm recently acted for Varun Beverages in its acquisition of Beverage Company, South Africa, and BlackRock in a debt capital venture investment in GOAT Brand Labs.

Arpinder Singh

Bird & Bird has a proven track record across a variety of sectors including life sciences, aviation, financial services and energy. The firm advised: ICICI Bank (Dubai) on the structuring and execution of a MAD492 million (USD54.65 million) bank guarantee facility granted to Tata Advanced Systems Maroc; Air India and Air India Express on the lease of seven Boeing 737MAX aircraft from Jackson Square Aviation; and Mothercare Global on the sale of 51% of the shares in JVCO 2024, a subsidiary, to Reliance Brand UK.

Clifford Chance “functions not just as a legal adviser, but a trusted, commercial partner in steering matters to a favourable conclusion,” says Ching Wen Lim, associate general counsel for cross-border international litigation and investigations at Citi. The firm is currently defending allegations of defects by an owner against a leading wind turbine manufacturer in an Indian-seated arbitration spanning four different wind turbine projects. Kartick Maheshwari, a partner at Khaitan & Co in Mumbai, appreciates the firm’s “great blend of commerciality, market practice and rigour”, and awareness of “Indian market reality”.

Kartick Maheshwari

Freshfields recently promoted the head of its India disputes practice, Rohit Bhat, to the partnership. Bhat, who has spent several years on the ground in India including working with the country’s former attorney general, specialises in complex and high-value disputes and investigations. The firm has attracted many impressive contentious matters in recent months. They include acting for Deutsche Telekom on satellite disputes and enforcement proceedings relating to an UNCITRAL bilateral investment treaty arbitration against the government of India, and advising GPIX, a subsidiary of Greater Pacific Capital, on an arbitration against India under the India-Mauritius BIT.

Herbert Smith Freehills Kramer prides itself on understanding Indian business perspectives and the cultural and practical challenges Indian corporates face during major cross-border inbound and outbound deals. Recent achievements include: acting for Agratas on establishing two electric vehicle battery gigafactories in Somerset, UK (GBP4 billion), and northern Gujarat (USD1 billion); advising telecoms company Altice UK on the GBP3 billion sale of its 24.5% stake in BT Group to Bharti Global; and handling British American Tobacco’s GBP1.5 billion sale of shares in ITC through a block trade.

Hogan Lovells strengthened its India team with several promotions and lateral hires including the arrival of Siew Kam Boon from Dechert in January. Boon brings extensive experience on M&A matters in India and is supported by partners Timothy Goh and Thomas Kim, as well as several associates who also joined from Dechert. In the past year, Hogan Lovells earned roles on diverse mandates, including acting for Nissan on the strategic and legal aspects of the restructuring of its shareholdings in Renault Nissan Automotive India, and advising the book running lead managers on the landmark USD515 million IPO of Waaree Energies.

Jones Day has been a trusted adviser to clients such as UPL, Hyatt Hotels, OMERS and Oxford Properties on their India matters. Peabody Energy engaged the firm to assist with its pending acquisition of Australian metallurgical coal assets from Anglo American for up to USD3.77 billion. The acquisition involves crucial competition law advice due to the diverse joint ventures, which provide numerous preemptions or tag-along rights. The transaction required antitrust clearance in India, as well as Brazil, Turkey, Vietnam, Japan, China, Slovakia, Taiwan and South Korea.

King & Spalding’s India practice handles corporate M&A work, disputes, and banking and finance matters. The firm recently advised Go Airlines in a highly publicised bet-the-company Singapore International Arbitration Centre (SIAC) arbitration against US engine manufacturer International Aero Engines, and NCR Voyix on the carve-out sale of its digital banking business to an affiliate of Veritas Capital for USD2.5 billion. ArcelorMittal sought the firm’s advice when it sold its shares in ArcelorMittal Temirtau and NGTT to Qazaqstan Investment Corporation. The deal involved complex issues of law, sovereign powers, immunity and complex multi-jurisdictional structuring.

Kirkland & Ellis brings India- focused clients expertise in litigation and arbitration, investigations and regulatory enforcement, M&A, restructuring, tax, IP and technology matters. “Kirkland & Ellis is thoroughly professional and probably the best firm given the volume of deals and their know-how on the structure [of leveraged buyouts],” says Rohan Khanolkar, a managing director of capital markets at EQT Private Capital Asia. The firm is advising Bain Capital in its joint control acquisition of Manappuram Finance, and acting as special counsel and leader of a global enforcement and litigation strategy in India on behalf of the lenders under a USD1.2 billion term loan facility of BYJU’s Alpha.

Rohan Khanolkar

Latham & Watkins focuses on India’s most dynamic and high-growth sectors, bringing experience in energy and infrastructure, fintech and financial services, healthcare and pharmaceuticals, technology and industrial manufacturing. The firm recently worked on: Hyundai Motor India’s USD3.3 billion IPO, the largest in India to date and the second-largest IPO globally in 2024; Platinum Equity on the acquisition of Inventia Healthcare, a pharmaceutical development and manufacturing company headquartered in Mumbai; and SoftBank Vision Fund II in its series F follow-on investment in Eruditus Learning Solutions.

Linklaters supports international clients and Indian corporates as they invest both within and outside India across equity and debt capital markets. Last year, the firm was counsel to the book running lead managers on Bajaj Housing Finance’s USD781 million IPO, and international lenders’ counsel on a USD375 million financing to Adani Total Gas, a joint venture between Adani Group and French energy giant TotalEnergies. In February, the firm was an adviser to the book running lead managers on the USD150 million qualified institutional placement of shares for Sammaan Capital (formerly Indiabulls Housing Finance).

Milbank earns a place in the top 15 after a stellar year on high-profile projects, M&A deals and capital markets matters. The firm advised Italy’s export credit agency, SACE, on a USD1 billion equivalent of financing for Reliance Industries about certain eligible green projects in various sectors. The firm took on a role representing the finance parties on the USD1.4 billion financing of Adani ConneX’s portfolio of hyperscale data centres to be constructed in Pune and Hyderabad. It also advised the founding shareholder in the sale of a controlling interest in India’s Manipal Hospitals to Singapore’s Temasek.

Sidley Austin’s capital markets expertise is a draw for clients, but it is equally adept across other practice areas, too. The firm secured a role as international counsel to the underwriters on Vodafone Idea’s USD2.2 billion follow-on public offer (FPO) of equity shares. It was one of the fastest completed FPOs to date, done less than two months after the first meeting, and was also the largest FPO by an Indian issuer to date. The firm also worked on Vishal Mega Mart’s USD945 million IPO and Godrej Properties’ USD710 million qualified institutional placement (QIP), and advised Tata Consumer Products on its purchase of Organic India.

White & Case continues to profit from its experience of more than three decades on India-related matters. The firm advised the book running lead managers on numerous high-profile deals including: Hyundai Motor India’s USD3.3 billion IPO; Prestige Estates Projects’ USD595.56 million QIP; and the rule 144A/regulation S IPO of Blackstone-owned International Gemological Institute of India. On the M&A front, the firm was engaged by Abu Dhabi Future Energy for its potential take-private acquisition of ReNew Energy Global.

KEY PLAYERS

  • 1. Ashurst
  • 2. Cleary Gottlieb
  • 3. Covington & Burling
  • 4. DLA Piper
  • 5. Eversheds Sutherland
  • 6. Gibson Dunn & Crutcher
  • 7. Goodwin Procter
  • 8. Gunderson Dettmer
  • 9. K&L Gates
  • 10. Mayer Brown
  • 11. Penningtons Manches Cooper
  • 12. Reed Smith
  • 13. Simpson Thacher & Bartlett
  • 14. Skadden
  • 15. Stephenson Harwood

Ashurst was one of the first international firms to open an office in India in 1994. Since then, it has remained invested in the jurisdiction, attracting talent and securing an alliance with Indian Law Partners. The firm’s strengths lie in projects and infrastructure, energy, renewables, and banking and finance, among other areas. JP Morgan India instructed the firm on the USD706 million placement of equity shares by GE Vernova in its listed India grid solutions business, GE T&D India. Meanwhile, global brokerage firm Jefferies sought Ashurst’s advice as the sole placement agent for Bharti Airtel’s USD976 million sale of shares.

Last year, Cleary Gottlieb advised climate-focused investment business Just Climate in its USD150 million investment in Continuum Green Energy – its first investment in India. Continuum is set to invest from its USD1.5 billion Climate Asset Fund I, launched in 2023, to focus on industrial climate solutions. The investment will support Continuum’s deployment of wind-solar hybrid energy generation and storage projects across India. The firm also advised long-standing client TPG on its acquisition of a majority stake in Siemens Gamesa’s onshore wind turbine generator manufacturing business in India and Sri Lanka.

Covington & Burling has handled a diverse portfolio of India-related projects over the past 25 years. The firm is routinely entrusted with mandates involving government bodies. General Atomics Aeronautical Systems hired the firm to negotiate a “wet lease” arrangement with India’s Ministry of Defence to operate pre-production versions of GA’s high-altitude long-endurance remotely piloted aircraft system. Covington is also advising Indian-headquartered global technology company HCL Technologies and two of its subsidiaries on US government contracts.

DLA Piper’s capital markets credentials earned it roles on various deals in the past year. A team led by partner Philip Lee, regional lead for the firm’s India practice, advised Muthoot Finance, India’s largest gold loan NBFC, on updating its USD2 billion global medium-term note (GMTN) programme and a successful drawdown of USD650 million in 7.125% senior notes. This year, the team advised IIFL Finance on converting its euro medium-term note programme to a GMTN programme. Following the conversion, IIFL Finance issued USD325 million in 8.75% senior notes due in 2028.

Eversheds Sutherland’s global reach appeals to clients doing business with India. The firm acted as UK counsel to global digital and technology services company Hexaware Technologies on its IPO, and navigated European and Indian regulatory frameworks when advising shareholders in Chempolis Oy on the sale of shares to AM Green. Eversheds also acted for Element Solutions on the transfer of its India-based graphic solutions unit to Xsys – a deal that spanned 13 jurisdictions. The firm delivers “excellent quality of work”, says Rabindra Jhunjhunwala, a senior partner at Khaitan & Co.

India-focused clients consistently rely on Gibson Dunn for high-profile assignments across practice areas and industries. Last August, the firm represented US-based private equity firm Veritas Capital on its USD2.5 billion acquisition of the digital banking business of NCR Voyix. It also advised Abu Dhabi National Oil Company (ADNOC) on its chemicals joint venture with Reliance Industries and Abu Dhabi Chemicals, and RedBird Capital on investment opportunities in India in the sports and entertainment industries. “Gibson Dunn stands out in their quality when compared with the other international law firms,” says G Balaji, a secretary, compliance officer and deputy general manager of legal at ESAB, a welding and cutting solutions company.

Goodwin is renowned for its private equity, venture capital and M&A expertise. It has a proven track record in life sciences, technology, financial services and emerging sectors that integrate these industries. In the past year, Goodwin’s work included acting as counsel to internet-focused investment firm DST Global, and investment and transformation company General Catalyst Partners, on their investment in the series G financing round of Indian online grocer, Zepto. It also advised private equity growth firm TA Associates on its acquisition of Vee Healthtek and assisted Lowercase Capital Management on the USD40 million series B financing round of SolarSquare Energy.

Gunderson Dettmer is “among the best”, says Alok Garodia, CFO of venture capital fund Prime Venture Partners. “Their understanding of India-US complexities and ability to guide the client in the right direction is a clear differentiator.” Garodia praises David He for his “solution-oriented approach and accessibility, which has been a big comfort for us”. The firm focuses exclusively on the innovation economy and works on India-related deals across various technology industries. Recent successes include acting for Goodwater, Lightspeed, StepStone Group and Avenir in the USD665 million series F round of Zepto.

Alok Garodia

K&L Gates has built longstanding relationships with prominent Indian companies, financial institutions and business organisations. It represents international clients entering the Indian market as well as rapidly expanding Indian businesses and ambitious Indian entrepreneurs venturing overseas. The firm is assisting Samvardhana Motherson International, an Indian manufacturer of automotive components, on the acquisition of a 95% stake in Japan’s Atsumitec. It also advised Vee Healthtek on the strategic investment from private equity fund TA Associates and Sudarshan Chemical Industries on its purchase of Heubach Group, a manufacturer of pigments.

Mayer Brown has worked on corporate and contentious matters with an India component for companies such as Mahindra & Mahindra, Reliance Industries, HSBC, Shriram Finance and Notre Dame University. Last July, the firm advised the co-issuers for Indian renewable energy company SAEL on its USD305 million in 7.8% senior secured notes due in 2031. It also advised RMC, a US asset manager, on the sale of its India asset management technology business to India buyer, Livegage, and Mauritius-based affiliates of Walton Street Capital on the restructuring of its residential and commercial real estate development project located in Pune.

Penningtons Manches Cooper continues to grow its relationships in the Anglo-India business corridor. The firm has seen an upswing in work across the financial services, IT, renewables and energy, pharmaceutical and life sciences sectors over the past year. In addition, it serves clients seeking advice on disputes immigration, private wealth management and fintech. Penningtons provided employment law advice to Ola Electric UK, represented Punjab National Bank in multiple real estate lending transactions, and acted for Cipla, leading the pharmacology evidence preparation in its UK patent dispute with Bayer over the pharmaceutical rivaroxaban, which paved the way for the launch of its generic product in the UK market. Phillip D’Costa and Pat Saini co-head the India practice.

Reed Smith is routinely the legal adviser of choice for clients keen to settle high-value disputes with Indian parties. One recent highlight saw a team led by Gautam Bhattacharyya act for an Indian pharmaceuticals company in its defence of a USD1 billion London Court of International Arbitration (LCIA) arbitration, seated in London, brought against it by a US pharmaceuticals company. Bhattacharyya also led the teams that advised the BBC and its Indian entities in many high-profile investigations and proceedings in India.

The majority of Simpson Thacher & Bartlett’s India-focused transactions are led by partner Ian Ho, who leads the firm’s Asia M&A practice and has more than 17 years of experience with complex transactions in India. Last year, the firm advised Blackstone on a series of transactions, including: Ventive Hospitality’s USD187 million IPO; Blackstone’s sale of G6 Hospitality to OYO for USD525 million; and its USD203 million acquisition of Logos India Warehouses, a portfolio of warehouses in Tamil Nadu and Haryana.

Skadden predominantly assists India-focused clients through its corporate, disputes, tax and government enforcement practices. The firm advised Tata Electronics on its agreement with Taiwan’s Powerchip Semiconductor Manufacturing Corporation to bring to India a portfolio of cutting-edge semiconductor technologies, an advanced skill set and talent and more, setting the foundation for an indigenous semiconductor ecosystem in India. On the disputes side, Skadden represented the Board of Control for Cricket in India on a motion for a temporary restraining order and anti-suit injunction filed against it in Delaware Bankruptcy Court arising from a parallel proceeding pending in India.

Stephenson Harwood has advised clients such as Adani, Axis Bank, Aditya Birla Finance, State Bank of India, Cleartrip and Yes Bank, among others from London, Dubai and Singapore. Led by partner and head of Africa and India groups, Kamal Shah, the firm acted for GAIL India on a multibillion-dollar dispute against SEFE Marketing and Trading Singapore (SM&TS) as a result of sanctions imposed by Russia following its war with Ukraine. The dispute was settled in January with SM&TS paying GAIL USD285 million.

SIGNIFICANT PLAYERS

  • 1. BCLP
  • 2. CMS
  • 3. Cooley
  • 4. Cravath Swaine & Moore
  • 5. Foley Hoag
  • 6. Kelley Drye & Warren
  • 7. Morgan Lewis & Bockius
  • 8. Norton Rose Fulbright
  • 9. Paul Hastings
  • 10. Pinsent Masons
  • 11. Ropes & Gray
  • 12. Sheppard Mullin Richter & Hampton
  • 13. Stewarts
  • 14. Taylor Wessing
  • 15. Three Crowns
  • 16. Trowers & Hamlins

Last September, BCLP boosted its India team with the hire of former Fieldfisher India practice head, Shivani Sanghi. Dual-qualified in England and Wales and in India, Sanghi brings extensive experience in international commercial and investment treaty arbitration. BCLP remained busy on Indian matters, advising on deals such as Carrefour’s partnership with Apparel Group in India, led by the UK managing partner, Jinal Shah. Apparel aims to open at least 50 Carrefour-branded food retail stores in India over the next three years. In another deal, BCLP assisted a longstanding client, international property developer Grosvenor, on the sale of 40-46 Brook Street, Mayfair, in London, which will be converted into the first Oberoi hotel in the UK.

The CMS India Desk co-ordinates work with an Indian element through a team of partners and senior associates based in London, Stuttgart, Dusseldorf, Dubai and Singapore. In the past year, the firm: advised the credit fund investment firm, Stride Ventures, on various venture debt investments in UK-based scale-ups; assisted on the acquisition by investment firm RedwoodTech of Loco Interactive; and acted for lending company Krazybee on its reshoring from Singapore to India. In May, Indian firm IndusLaw became a part of CMS’ global organisation of independent law firms.

Cooley advises Indian emerging companies at various stages of their growth, as well as venture capital and growth equity firms investing in emerging companies across India and Southeast Asia. The firm was counsel to Zepto on its USD340 million series G financing at a USD5 billion valuation. Cooley has advised Zepto on multiple financing rounds, including its USD665 million series F in July 2024, and its USD200 million series E in August 2023, where it reached unicorn status. The firm, led by Ferish Patel, also advised Nium, a cross-border payments platform founded in India and Singapore, on its USD50 million series E funding round.

This year, Cravath Swaine & Moore secured a role as special US counsel to the information technology hardware and software company, HMS Networks, on its USD345 million acquisition of the Red Lion Controls business from Spectris Group. Red Lion provides industrial automation solutions and has development sites in Germany, India and the US. Vivek Capoor, the vice president of finance at HDFC Bank, has relied on the firm for US GAAP-related filings with the Securities and Exchange Commission as well as the placement of shares and, most recently, its mega-merger with HDFC. “Their quality of service has been consistently good,” says Capoor.

Foley Hoag continues to be active on India-related fund work, intellectual property assignments and arbitrations. The firm is representing India in Maxis Communications and Global Communication Services v India, a UNCITRAL arbitration regarding the alleged interference by Indian regulatory authorities in the company’s licensing and operational activities. On the IP front, the firm has 177 applications in active prosecution in India as of May. Bay Capital consults the firm when accepting US investors for India-bound investments via its fund vehicles.

Kelley Drye & Warren enjoyed another successful year, opening close to 90 new matters with an India angle in 2024. Many of the firm’s India practice clients are technology companies, and these companies continued to ramp up their onshore presence in the US by acquiring targets there. The firm has also advised Indian companies on labour and employment law issues in the US, commercial contract matters, commercial disputes, regulatory requirements, acquisitions, joint ventures and investment transactions, tax, and bankruptcy-related issues.

Morgan Lewis & Bockius’ India initiative is led by lawyers based in Silicon Valley, Singapore, London and Dubai. Last year, the firm, led by partners Anastasia Dergacheva and Ksenia Andreeva in Dubai, advised infrastructure technology service provider, Kerno Enterprises on its build-operate-transfer (BOT) agreement with manufacturing services provider NMTronics India. The deal will help establish a factory in Dubai’s Silicon Oasis district to enable production of its “Made in the UAE” line of infrastructure solutions. This year, the firm represented energy company Equinor in the USD720 million sale of its equity stake in the Azeri-Chirag-Gunashli oilfields, and the Baku-Tbilisi-Ceyhan oil pipeline in Azerbaijan, to state oil company SOCAR.

Norton Rose Fulbright is frequently involved in energy, projects and financing deals with a link to India. Last year, the firm secured a role as adviser to HSBC on a EUR200 million (USD234 million) financing by HSBC’s GIFT City branch for Indian state-owned financial institution Power Finance Corporation (PFC). The proceeds of the financing, backed by Italian export agency SACE, will be used by PFC for on-lending to power and infrastructure projects in India. The deal thus gives Indian project owners access to Italian technology and collaboration with Italian companies.

Paul Hastings offers clients 20 years of experience on India-related matters. The firm was recently counsel to Adani in a proceeding involving allegations of patent infringement related to solar technology by Trina Solar. Another standout deal saw the firm assist DYCM Power on a solar panel manufacturing facility operated by Tata Power. Congressman Derek Tran, who represents California’s 45th Congressional District, consults the firm on a variety of legal and policy matters relating to India. “Paul Hastings is in a league of its own,” says Tran.

Derek Tran

Pinsent Masons’ vibrant India practice has assisted clients on a spectrum of deals in the past year. These include acquisitions, disposals, compliance and risk mitigation, regulatory issues, arbitration and commercial disputes, financing, fundraising and more. “Pinsent Masons offers high-quality, commercially attuned legal services for India-related work, especially in the infrastructure and disputes sectors,” says Justice Deepak Verma, a retired justice of the Supreme Court of India who now works as an international arbitrator and mediator.

Ropes & Gray’s India-focused client base includes many private equity sponsors, as well as their portfolio companies and entities in the life sciences, and energy and natural resources arenas. It also has a stellar reputation when it comes to compliance risk assessments and investigations regarding bribery, accounting and financial irregularities. When Rasmeli, a Cyprus-based investment entity managed by Advent International, invested USD298 million in Apollo Healthco last year, it sought the firm’s advice on compliance with anti-corruption and anti-money laundering laws.

Sheppard Mullin Richter & Hampton has been a trusted adviser to Indian companies accessing the US markets and international companies seeking a footprint in India. The firm: represented technology company Cyient in a putative antitrust class action lawsuit in a case relating to aerospace projects; advised Precision for Medicine in its acquisition of Algorics and its India-based affiliate company; and acted for Indian-founded, global analytics and digital solutions company ExlService in its acquisition of ITI Data. In addition, the firm represents Tech Mahindra in all aspects of litigation, internal investigations and dispute resolution.

Stewarts’ strengths on contentious matters have earned it roles in high-stakes and complex disputes relating to India. InterGlobe Aviation relied on the firm when it brought a claim for damages worth USD28 million in the English High Court for fraudulent misrepresentation in relation to the sale of its interest in Airborne Capital. Engineering and construction company Shapoorji Pallonji Mideast sought the firm’s expertise on a case regarding the enforceability of bonds. “Stewarts is a top law firm providing excellent counsel in some very complex litigation matters,” says Gaurav Adsumalli, external counsel for InterGlobe. Partner, head of international arbitration and head of India practice at the firm, Sherina Petit, is “simply excellent”, adds Adsumalli, praising her “precise, to-the-point and clear advice in complicated legal matters”.

Taylor Wessing handles outbound investment, IP protection and dispute resolution for Indian companies doing business in Europe, the Middle East and beyond, and also offers guidance to US, European and other international clients looking to enter the Indian market. The firm focuses on six key sectors: technology, media and communications; life sciences and healthcare; real estate and infrastructure; hotels; energy; and financial institutions. Last July, the firm assisted the German internal combustion engine manufacturer, Deutz, with the signing of a co-operation agreement with Indian agricultural machinery group TAFE Motors and Tractors.

Specialist international arbitration firm Three Crowns (3C) wins plaudits for its excellence in navigating difficult legal questions. In one blockbuster case, the firm is representing streaming platform JioStar India in a USD1.4 billion London-seated LCIA arbitration against Indian media conglomerate Zee Entertainment. The case concerns TV rights acquired from the International Cricket Council for India for the 2024 to 2027 media cycle. 3C also acted for an Asian energy company in relation to the recognition and interim measures in aid of enforcement of a multibillion-dollar arbitral award in India. “3C is a top-tier law firm and a go-to law firm for many complex disputes,” says Montek Mayal, a partner and practice head for Asia and the Middle East at Osborne Partners.

Trowers & Hamlins’ India team was strengthened last year by the arrival of Hendrik Puschmann, who joined from Farrer & Co and brings significant experience with India-focused arbitrations. The firm also welcomed Tania Singla, another arbitration specialist and a former member of the India practice at White & Case. Last year, Trowers scored a role on a headline deal advising the lenders on a syndicated financing of USD1.6 billion to Data Infrastructure Trust. The firm also advised InHealth when it sold one of its subsidiaries to Apollo Radiology International in exchange for shares in the Indian company.

REGIONAL & SPECIALIST

  • 1. Al Tamimi & Co (Middle East and Africa)
  • 2. Bowmans (Kenya, Mauritius, Tanzania, South Africa and Zambia)
  • 3. Collyer Law (Singapore)
  • 4. Corrs Chambers Westgarth (Australia)
  • 5. Dentons Rodyk & Davidson (Singapore)
  • 6. Duane Morris & Selvam (Singapore, Myanmar)
  • 7. Elias Neocleous & Co (Cyprus)
  • 8. ENS (Kenya, Mauritius and South Africa)
  • 9. Gianni & Origoni (Italy)
  • 10. Heuking (Germany)
  • 11. Mori Hamada & Matsumoto (Japan)
  • 12. Nishimura & Asahi (Japan)
  • 13. Rajah & Tann (Singapore)
  • 14. Shook Lin & Bok (Singapore)
  • 15. TLT (UK)
  • 16. WongPartnership (Singapore)

In the past year, Al Tamimi & Co has strengthened its commitment to serving the growing needs of Indian clients investing and operating in the Middle East and North Africa region. In January, the firm promoted India desk team members, private client expert Dipali Maldonado, and arbitration specialist Khushboo Shahdadpuri to the partnership. The firm recently advised the State Bank of India in Dubai International Finance Centre (DIFC) Court proceedings relating to a dispute around fraudulent Chinese bills of lading.

Bowmans’ reach across the African continent affords Indian companies great comfort while operating in the region. In January, Bowmans absorbed most of the lawyers from A&O Shearman South Africa, boosting its bench strength in energy, natural resources and infrastructure, debt finance, dispute resolution, and corporate law. In one key achievement, the firm acted for Adani Ports and Special Economic Zone on its proposed acquisition of Tanzanian International Container Terminal Services and its new 30-year concession for the operation of berths eight to 11 at Dar es Salaam port in Tanzania’s biggest city.

Collyer Law has built a solid reputation for itself in the India-Singapore corridor. The firm advised Bangalore-headquartered InMobi as Singapore legal counsel in securing USD100 million in debt financing from MARS Growth Capital. The deal supports InMobi’s strategic expansion into AI-powered technologies through targeted acquisitions and growth initiatives. This year, Imagine Marketing, the Indian parent company of boAt (an Indian wearables and audio tech brand), called on the firm for advice on the latter’s IPO.

Corrs Chambers Westgarth has served Indian businesses operating in Australia for many years. Last year, it was appointed by India-based Synechron on its acquisition of iGreenData, a fast-growing digital engineering organisation in Australia. On another matter, together with Shardul Amarchand Mangaldas & Co (SAM), Corrs advised investment management company Zashvin on the Indian merger control aspects of its AUD1.6 billion (USD1 billion) acquisition of Anglo American’s interest in Jellinbah Group. Corrs is “definitely impressive, client-centric and solution-oriented,” says SAM partner Manika Brar, who worked closely with Corrs partner Ian Reynolds on the Zashvin matter.

Manika Brar

One of Singapore’s largest and oldest law firms with a team of about 200 lawyers, Dentons Rodyk & Davidson is well versed in the technical and cultural nuances of doing business with India. Prominent deals of the past year include advising fintech company UNOAsia on its additional pre-series B funding round of USD10 million; and acting for Cloudphysician, a medtech startup that uses AI to empower remote monitoring of ICUs across India, in its USD10.5 million funding round led by Peak XV Partners. In addition, the firm advised health service provider Optum in its late-stage strategic investment in India-based banking tech startup Zeta Technologies for USD50 million at a USD2 billion valuation.

Duane Morris & Selvam is renowned for its capabilities across capital markets and energy, projects and project finance. Last year, the firm counselled the book running lead managers on two headline placements: pharma company Wockhardt’s USD57.8 million QIP; and Union Bank of India’s INR30 billion (USD349.5 million) QIP. In June, Akshay Kishore joined the firm from Bird & Bird ATMD as a director and head of the India dispute resolution practice. Dual-qualified in India and the UK, Kishore brings expertise in cross-border commercial disputes, with a strong track record in high-stakes international arbitrations across infrastructure, energy and pharmaceuticals.

Elias Neocleous & Co remains a popular choice for Indian clients seeking legal advice in Cyprus. “Elias Neocleous & Co offers a rare combination of regional expertise, commercial insight and responsiveness,” says Demetris Eliades, a general manager for international business banking at Eurobank Cyprus. “They demonstrate an understanding of the legal and regulatory challenges involved in India-Cyprus transactions.” Debasish Roy, a consultant solicitor at David Wyld & Co, says Marina Joud’s “legal insight, attention to detail and ability to manage the cross-border aspects of a complex dispute involving a Cyprus company and its Indian subsidiary were truly exceptional”.

ENS’ well-established India practice group has long facilitated the entry and expansion of Indian corporates into the African continent, and helped African businesses explore the Indian market. ENS advises WNS, a business process management company, on a range of matters and recently assisted with the setup of a new black economic empowerment ownership transaction under its empowerment staff trust. The firm also manages the trademark and patent portfolios of many Indian companies, including Dr Reddy’s Laboratories, Havells, UPL and Balaji Wafers. In one interesting matter, ENS successfully secured African mobile network operator MTN’s well-known corporate colour yellow as a trademark.

Gianni & Origoni added to its portfolio of India deals after advising Titagarh in a new investment in Titagarh Firema, a Caserta-based company specialising in the design, construction and repair of railway equipment, which was acquired by Titagarh in 2015. Another deal saw the firm act for Indian listed company, Control Print, on its acquisition of a business unit of V-Shapes, an Italian company producing automatic dosing, packaging and wrapping machines. “What truly distinguishes them is their deep and specialised expertise in India-related matters – an area where few, if any, Italian firms can compete,” says Rabindra Jhunjhunwala, a senior partner at Khaitan & Co.

Heuking Kühn Lüer Wojtek enjoyed a busy year on India-related transactions advising: German textile machinery manufacturer Trützschler Group on the restructuring of its subsidiary, Trützschler India; Aditya Auto Products & Engineering on the acquisition of shares in a German engineering company; and several German companies on trademark registration in India. Rudra Kumar Pandey, a partner at Shardul Amarchand Mangaldas & Co, has worked extensively with Heuking on a range of India-related matters. Heuking “brings strong cross-border structuring capability, with particular strengths in the manufacturing, construction and development, life sciences and automotive sectors”, says Pandey.

Mori Hamada & Matsumoto has a proven record on Indo-Japanese deals and prides itself on specialist expertise in cross-border transactions complemented by a strong understanding of the local economic, cultural and geopolitical landscape. Japanese real estate company Daibiru reached out to the firm for advice on its USD123.5 million investment in the Atrium Place project, located in Gurugram; multinational infrastructure and construction giant Shinryo consulted the firm for its acquisition of GMP Technical Solutions; and real estate, construction and maintenance company Fujita sought the firm’s counsel for its purchase of a minority stake in Neilsoft, an architectural and engineering services company based in Pune, India.

With four senior India-qualified lawyers, Nishimura & Asahi is well-positioned to help Indian and Japanese clients navigate the cultural and commercial realities of doing business together. The firm took on a mandate for JFE Engineering when it invested in four road operating subsidiaries of DP Jain & Co Infrastructure, and assisted JFE with establishing a joint venture to support the companies’ operations. The firm also worked with Toyota Tsusho on its joint venture with Delta Electronics and Musashi Seimitsu to manufacture and sell e-Axle drive units for two-wheeler vehicles in the Indian market.

With more than 1,000 fee earners across Southeast Asia, Rajah & Tann offers Indian clients an attractive proposition when considering partnerships and investments in the region. This year, the firm scored a role on a highly publicised deal – Zepto’s reverse merger – which saw the Singapore-incorporated company merge with its subsidiary, Kiranakar, to shift its domicile back to India. The transaction was completed in record time and helped simplify Zepto’s corporate structure in advance of its IPO. The firm has also been busy acting for Zettai, a cybersecurity solutions provider, on the potential restructuring of WazirX, a cryptocurrency exchange platform in India.

Shook Lin & Bok has cemented its reputation as a go-to firm for contentious and non-contentious matters. The firm fielded a dynamic array of deals and disputes: working with CapitaLand India Trust in its SGD200 million (USD156.1 million) sustainability-linked loan from IFC; acting for a Navratna government of India enterprise on its INR2 billion project finance facility to fund a solar energy project in Punjab; and advising an Indian co-operative in arbitration proceedings against its Australian joint venture partner. Anchit Oswal, a partner at Khaitan & Co, recently worked with partner Charles Lim on an India-seated arbitration and calls him “a sharp lawyer with a nuanced understanding of the law and procedure”.

TLT is a trusted adviser to Indian banks in the UK and is frequently at the forefront of market-leading lending transactions. Recently, the firm acted for ICICI Bank UK on a multi-jurisdictional refinancing of a USD100 million loan to a Maldivian borrower. Another highlight saw the firm, led by Nick Curling, represent a consortium of 13 Indian banks in enforcing an Indian judgment in England and Wales against businessman Vijay Mallya. The firm advised Kolkata-headquartered Speciality Restaurants on its London debut with the site acquisition for a new flagship restaurant called “Chourangi”.

WongPartnership is a respected name on the India-Singapore circuit, having worked on cross-border M&A, joint ventures, real estate and hospitality investments, capital markets transactions and arbitrations involving Indian corporates. Last year, WongPartnership was engaged by a Singapore-incorporated company following a whistleblower report alleging significant fraud and financial misreporting. The group has operations and assets across multiple jurisdictions, including India and Indonesia. The investigation revealed the fraud across various subsidiaries, requiring the removal of wrongdoers and legal action under Indian and other laws.

FIRMS TO WATCH

  • 1. Addleshaw Goddard
  • 2. Davis Polk
  • 3. Debevoise & Plimpton
  • 4. DWF
  • 5. Fieldfisher
  • 6. Gowling WLG
  • 7. Greenberg Traurig
  • 8. Howard Kennedy
  • 9. Hughes Hubbard & Reed
  • 10. Kilpatrick Townsend & Stockton
  • 11. McDermott Will & Emery
  • 12. Morrison Foerster
  • 13. O’Melveny & Myers
  • 14. Orrick
  • 15. Osborne Clarke
  • 16. Pillsbury Winthrop
  • 17. Slaughter and May
  • 18. Watson Farley & Williams

With more than 100 lawyers, DWF is building its presence on the Indian stage, working with Indian companies, financial institutions and high-net-worth individuals and families. The firm is currently advising Alternative Investment Market-listed Plant Health Care on its takeover by India’s PI Industries by way of a court-sanctioned scheme of arrangement.

Greenberg Traurig picked up a role as adviser to manufacturing facilities provider Praana Group this year in relation to its agreement to acquire Owens Corning’s glass reinforcements business for USD755 million. Praana operates a diverse portfolio of companies, primarily serving the industrial sector, and intends to enhance its advanced materials and composites business with the deal.

Partner Arish Bharucha leads the India practice at Howard Kennedy, which focuses on litigation and arbitration, corporate, financial services, real estate and more. The firm advised an Indian-headquartered multinational IT company on the disposal of its UK business and is assisting Indian clients in a USD50 million LCIA arbitration proceeding arising out of a shareholder dispute involving a corporation in East Africa.

Hughes Hubbard & Reed advised hospitality company OYO on its USD525 million all-cash acquisition of G6 Hospitality. The deal, which also includes G6’s Studio 6 brand, is part of OYO’s plan to expand its footprint in the US, where it currently operates 320 hotels across 35 states.

Last October, former Hogan Lovells partner and India specialist Stephanie Keen joined O’Melveny & Myers. Keen moved along with fellow Singapore partner Sylvia Taslim. The duo strengthens O’Melveny’s strategic M&A and private equity credentials across Asia.

One of Osborne Clarke’s standout achievements last year was its role as counsel to Infosys on the acquisition of in-tech Group. The deal involved in-tech’s operations across Germany, Austria, China, the UK, the Czech Republic, Romania, Spain and India, with more than 2,200 employees.

Pillsbury Winthrop was a founder of the not-for-profit entrepreneurship mentor Indus Entrepreneurs and has been involved with many transactions for companies either investing in India or having India as part of their global offering. Cross-border disputes and international arbitration partner Laurence Lieberman, who formerly headed the India practice at Taylor Wessing, joined the firm last November.

Thanks to its aviation capabilities, Watson Farley & Williams was selected to advise multiple parties on the historic merger of Vistara with Air India, creating a unified full-service airline under the Air India brand. The combined entity is now the largest international carrier with more than 90 destinations worldwide.

REGIONAL FIRMS TO WATCH

  • 1. Allen & Gledhill (Singapore)
  • 2. Anderson Mori & Tomotsune (Japan)
  • 3. Appleby (Mauritius)
  • 4. Atsumi & Sakai (Japan)
  • 5. Clyde & Co Clasis (Singapore)
  • 6. Drew & Napier (Singapore)
  • 7. Frost Brown Todd (US)
  • 8. Galadari Advocates & Legal Consultants (UAE)
  • 9. Hengeler Mueller (Germany)
  • 10. Inventus Law (US and India)
  • 11. Irwin Mitchell (UK)
  • 12. Kegler Brown Hill + Ritter (US Midwest)
  • 13. Keidan Harrison (UK)
  • 14. Kim & Chang (Korea)
  • 15. Legance (Italy)
  • 16. Levy & Salomão (Brazil)
  • 17. Nagashima Ohno & Tsunematsu (Japan)
  • 18. PDLegal (Singapore)
  • 19. TMI Associates (Japan)
  • 20. Uteem Chambers (Mauritius)

Last year, Atsumi & Sakai advised Hinduja Tech on its acquisition of the Tecosim Group, a company based in Germany with subsidiaries in various jurisdictions, including Japan. “I found them very professional and good at their work, and they know what the client wants and by what time,” says Abhijit Mukhopadhyay, the president of legal and general counsel at Hinduja Group.

Clyde & Co Clasis routinely represents Indian clients who seek to resolve their disputes in Singapore. The firm has had numerous wins when representing individuals and companies at the Singapore International Arbitration Centre (SIAC) under the leadership of partner Prakash Pillai. The firm has carved a niche for itself in specific areas, including arbitration, energy, trade and commodities, marine and aviation law.

Partner Bobby Majumdar spearheads the India practice at Frost Brown Todd. The firm advised a US-based oilfield services company in connection with the establishment of a joint venture in India, and a listed Indian conglomerate on its ongoing private equity investments. “For US matters, Frost Brown Todd is my most preferred law firm,” says Shilpa Nautiyal, a senior vice president of legal at HDFC Bank.

Galadari Advocates & Legal Consultants has recruited several India-qualified lawyers into key positions across the firm with a vision to serve the needs of its Indian clients with cultural fluency and jurisdictional insight. Among its notable work, the firm advises a prominent Singapore-based family office of Indian origin with a net worth exceeding USD4.5 billion and a portfolio of over 50 subsidiaries across India, the UAE and other international jurisdictions. The firm has been engaged to support the client’s strategic entry into the UAE market and their ongoing expansion in the region. Galadari is also advising an Indian multinational conglomerate with headquarters in Madurai on its entry into the UAE.

Hengeler Mueller has helped co-ordinate deals for Indian parties in Germany for many years. Recently, the firm advised a subsidiary of an Indian conglomerate in relation to a dispute with a German provider of industrial design services.

Irwin Mitchell’s strengths lie in India-related financial services work. The firm regularly counsels Indian and international banks on debt finance, onshore project-related finance, institutional lending and more. The firm was counsel to MUFG Bank and Axis Bank on secured financing transactions for Lupin, and represented the State Bank of India on a JPY financing for the Indian Renewable Energy Development Agency.

Kegler Brown Hill + Ritter recently assisted Illinois Institute of Technology in setting up a campus in India. It was the first American university formally approved by India’s University Grants Commission to launch a degree-granting campus in India. The firm also served as outside general counsel for a US-based independent scientific research institute, advising them on strategic and corporate matters relating to India.

London-based boutique firm Keidan Harrison specialises in commercial disputes and contentious insolvency. The firm is acting for a Mauritian subsidiary of a large Indian media company in a dispute against the DIFC branch of a multinational Indian banking and financial services company, in relation to a claim for about USD65 million.

Kim & Chang picked up a role as adviser to the steelmaking company, POSCO Holdings, on the sale of shares in three Indian subsidiaries to POSCO. In another standout assignment, the firm represented the South Korean government, arguing before the Indian trade remedies authority that South Korean steel does not harm the Indian economy.

To strengthen political and economic relations between India and Italy, Legance has been investing resources to focus on the Indian market. The firm recently advised Carraro India, a subsidiary of Carraro, a leader in transmission systems for off-highway vehicles and specialised tractors, in its IPO on the Bombay Stock Exchange.

Brazilian firm Levy & Salomão continues to be the adviser of choice for Aditya Birla subsidiary, Novelis. In January, Novelis completed an offering of USD750 million of 6.875% in senior notes due in 2030. The notes are guaranteed, jointly and severally, on a senior unsecured basis by the company and by specific subsidiaries.

PDLegal was instructed by a service provider in an ongoing deal with one of India’s largest commercial airline companies to train and recruit potential pilot candidates. The firm is also representing an Indian national in the Singapore High Court in relation to an investment dispute. In the past year, the firm’s Thailand office has begun to receive instructions from Indian clients.

Indian law firms offer glowing praise for Japanese firm TMI Associates. “Their services for India are top class,” says one partner. Pravin Anand, a managing partner of Anand and Anand, says TMI is “outstanding”, and “particularly good on contentious matters”, while Charandeep Kaur, a partner at Trilegal, says the firm “is technically sound, commercially savvy and an asset to any client seeking legal counsel in Japan”.

Charandeep Kaur

Dilruba Naoshin heads the India practice at Mauritius firm Uteem Chambers. Last May, the firm advised Tata Capital on the Mauritius law aspects of a USD28 million loan given to an Indian company and secured by Mauritian companies. Later that year, Uteem advised Axis Bank on the Mauritius law aspects of loans provided to four companies incorporated in India and secured by two companies incorporated in Mauritius.

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