Projects, Infrastructure & Energy: India

THE FIRM This firm maintains its heavyweight presence in the market and continues to be a leading player in project finance, typically representing lenders, government agencies and multilateral organisations. Recent highlights include advising NTPC on its proposed joint venture with Ceylon Electricity Board for the development of a coal-based thermal power plant in Trincomalee, Sri Lanka, at a value of around USD500 million. The group also represented Delhi International Airport Limited (DIAL) in the development of an integrated fuel facility at the IGI Airport in New Delhi.

Sources say: "This firm continues to hold a leadership position with a very strong team." "Definitely a top-tier practice, given their big bandwidth.”

KEY INDIVIDUALS L Viswanathan enjoys a distinguished reputation in his field, with sources reporting that “there's almost no one you can compare to Viswanathan – he'd be the first person to recommend for project finance." Another peer adds that "he is superb in terms of knowledge, personality and intellect." Also highly regarded in the projects and infrastructure space is Jatin Aneja, who acted on both the Trincomalee and IGI Airport deals. Sources single out Santosh Janakiram for his project finance expertise, adding that he is "enthusiastic, fantastic and extremely bright with the ability to handle large transactions; it's a delight to work with him."

THE FIRM J Sagar Associates is widely acknowledged for its outstanding practice in oil and gas as well as electricity projects, although it is also active in other infrastructure sectors. Renewable energy is a particular forte of the practice, with the team advising on a USD425 million investment by a Morgan Stanley-led consortium in power company Asian Genco. The investment will support the development of a 4,000 MW portfolio that includes hydro, thermal and alternative energy sources. The team also stands out for its solid regulatory expertise.

Sources say: "The firm has a strong and active practice, and we would rate it very highly."

KEY INDIVIDUALS Sumanto Basu is "a terrific lawyer who is both calm and collected." Sources point out that his high-calibre practice has been boosted by his experience of working at a US law firm. His recent highlights include advising BHP Billiton Petroleum on issues related to petroleum sharing contracts in India. Amit Kapur has distinguished himself in regulatory work and also handles litigation matters concerning electricity, oil and gas and  infrastructure.

THE FIRM Luthra & Luthra continues to enjoy a sterling reputation in the projects, energy and infrastructure arenas, housing outstanding capabilities in the full range of work. It remains at the forefront of project financing transations, recently advising a consortium of lenders on a senior debt financing worth around USD3.6 billion for KSK Mahanadi Power to develop a thermal power project in Chhattisgarh. The team has also been busy advising the Planning Commission of India on concession agreements related to greenfield airports, railways and power transmission projects. Its enviable client roster includes high-profile names such as Axis Bank, State Bank of India, ArcelorMittal, Cairn Energy and ONGC.

Sources say: "The team's strengths are conceptual clarity, long-standing experience, strong and credible partners and fast turnaround times." "Their enthusiasm in delivering value and persistence in bringing more to the table have been extraordinary."

KEY INDIVIDUALS Senior partner Mohit Saraf leads the practice and is particularly active in advising the Planning Commission as well as handling nuclear energy-related matters. "He's a very clear thinker with a great ability to structure transactions. He understands the commercial aims of his clients very well," market sources report. Also widely renowned is Sameen Vyas, whom peers describe as "a detailed lawyer with comprehensive knowledge of the issues in question." He advises a diverse clientele of developers, government entities, bankers and borrowers.

THE FIRM Trilegal is a popular port of call for clients thanks to its comprehensive expertise in regulatory issues,  and project development and financing transactions. The team acts for both developers and lenders, and has a particularly impressive offering in renewable energy work. Highlights on this front include advising Caparo Energy (India) on an agreement with Gamesa Wind Turbines for the supply and commissioning of 2,000 MW of wind turbines, a deal valued at USD2 billion. The team also acted for AES India on the various aspects of setting up a 10 MW greenfield solar power project in Rajasthan. Utilising its close working relationship with Allen & Overy, the team is able to provide advice of an international calibre.

Sources say: "They are proactive as well as knowledgeable in case law passed on relevant issues."

KEY INDIVIDUALS Akshay Jaitly is widely recognised as "a solutions-oriented lawyer." He has of late been busy with renewable energy projects, including wind, biomass and solar work.

THE FIRM AZB & Partners has an impressive forte in power projects, covering both the conventional and renewable areas. It has been busy handling solar projects over the past year and is also increasingly involved in nuclear-related work. The team frequently acts for lenders, though it also attracts some representation of developers. It recently advised Vedanta Group on acquiring a controlling interest in Cairn India at a value of at least USD8.5 billion.

Sources say: "They have developed a strong projects practice alongside their core corporate/M&A expertise."

KEY INDIVIDUALS Practice head Bahram Vakil is active in project finance, particularly in power-related matters.

THE FIRM This established firm commands a strong presence in the projects and infrastructure space. Project financing is a key area of work, with the firm frequently representing major Indian banks. The team recently advised The Blackstone Group on a number of deals, including a USD300 million investment in Moser Baer Projects in exchange for a minority stake and a USD70 million investment in Monnet Power.

KEY INDIVIDUALS Spearheading the practice is Mumbai-based Vishwang Desai, whom peers describe as "highly experienced." He also undertakes banking, private equity and corporate and M&A work.

THE FIRM This firm is especially adept at handling transport-related projects, including ports, highways and airports. Of particular note is its work related to greenfield ports, both in India and overseas. Recent highlights include advising Mundra Port and Special Economic Zone on the acquisition of the Abbot Point Coal Terminal X-50 in Australia. The team also advised SNC Lavalin on its INR1.7 billion investment in an Indian infrastructure company that is developing a national highway project on a BOT basis.

KEY INDIVIDUALS Sujjain Talwar is a seasoned practitioner who has prior experience of working in this field at a UK law firm and remains dual-qualified in India and the UK. “He is very solutions-oriented and understands how international developers think and approach projects,” interviewees report.

THE FIRM Market observers single out this firm's impressive regulatory expertise in the projects, infrastructure and energy spheres. Over the past year the team worked with the Planning Commission of India to draft various model concession agreements for the development of hospitals and agricultural storage facilities throughout the country under the PPP framework. It also continued to advise the City and Industrial Development Corporation of Maharashtra on the proposed Navi Mumbai International Airport. Other significant clients include IFC, William J. Clinton Foundation and Moser Baer Power.

Sources say: "They have in-depth knowledge of the subject and are commercially astute." "Well-researched, thorough and practical advice."

KEY INDIVIDUALS Managing partner Hemant Sahai is lauded as "a sharp lawyer and excellent communicator who clearly understands the market he is operating in." He has a primary focus on infrastructure work, ranging from electricity and power to airports. Ranjit Prakash is sought out for his substantial expertise in the mining sector, with his clients including a number of foreign operators.

THE FIRM Commentators note that this practice is a rising force in the projects and infrastructure space. The team advises a wide-ranging clientele that includes project sponsors, developers, lenders and manufacturers. Notable work includes advising JSW Infrastructure on the USD125 million sale of a minority stake in its port business to private equity house Eton Park Capital Management. The team was also engaged in a deal involving Leighton International’s sale of a 35% stake in Leighton Contractors (India) to Welspun Infra Projects for around USD105 million.

Sources say: "A very solid team with enterprising and hard-working lawyers." "They would not only consider the legal view but will also look into the commercial impact. The team is up to date with the latest developments in the projects arena."

KEY INDIVIDUALS Upendra Joshi is highly regarded for his expertise in project finance and singled out for his deep knowledge of nuclear power projects. Amitabh Sharma wins accolades as a reliable specialist in the infrastructure arena. "He understands all the angles and can come up with practical and legally sound solutions even on difficult issues," sources say.

THE FIRM This firm excels in airport infrastructure work, and is also active in other areas such as road and rail projects. The team is particularly well versed in the PPP domain, where it often represents private entities. Standout work includes acting as project counsel for the expansion, operation and maintenance of Malé International Airport in the Maldives using a special purpose vehicle. The team also advises the likes of Suzlon Energy, Axis Bank and State Bank of India.

Sources say: "The firm is experienced in handling infrastructure projects and is familiar with emerging sectors. It is open to new ideas and comes up with innovative solutions."

KEY INDIVIDUALS Sources agree that managing partner Atul Sharma is "a focused and sharp lawyer who inspires a lot of confidence in his clients." He is particularly active in regulatory and engineering, procurement and construction matters.

THE FIRM Platinum Partners is widely renowned for its expertise in the roads, power and telecoms sectors. Given its significant corporate expertise, the firm is particularly well placed to advise on private equity investments in the projects field. A recent mandate saw the team advising Actis on its proposed USD100 million investment in a Hyderabad-based renewable power company. Clients additionally benefit from the group working closely with international law firm Freshfields on transactional matters where appropriate.

Sources say: "They have a focus on projects and infrastructure so they are familiar with the issues that come up."

KEY INDIVIDUALS Karam Daulet-Singh is the leading figure of the practice and brings with him prior experience of working in a UK magic circle firm. Source agree that he "is smart and insightful, and negotiates deals with finesse."

THE FIRM This firm offers a robust practice in the power sector, where it is adept in advising on oil and gas, solar, nuclear and wind projects. Key highlights on this front include advising Genting Group and its subsidiary, Genting Power Holdings, on the development of wind and coal-based power projects in India. The team also stands out in defence work, where recent mandates include advising Saab on India's defence procurement laws and contractual issues related to this sector.

KEY INDIVIDUALS Head of practice Sunil Seth draws praise for his "strong problem-solving skills." Besides his focus on infrastructure he also spearheads the firm's renewable energy and defence work.

THE FIRM This firm is a popular choice among clients for its high-calibre expertise in the projects and infrastructure space, particularly on consolidation matters such as the restructuring of existing concessions. Notable work of late includes acting for TransStadia on PPP-related matters over the development of sports infrastructure, and advising on investments in the GMR airports group.

Sources say: "When you deal with them, you know you are dealing with good lawyers."

KEY INDIVIDUALS Ashish Ahuja is "a solid lawyer who is solutions-oriented and cuts to the chase." His wide-ranging practice covers banking and finance law as well as TMT issues, in addition to project work.

THE FIRM Dua Associates has a significant presence in this field, with market sources noting that the addition of Munish Sharma in early 2010 has helped bolster the practice. The team often acts for developers and is well versed in both project financing transactions and related advisory work. It recently advised on the development of a coal-fired thermal power plant in Andhra Pradesh, which was undertaken as a joint venture between NCC Infrastructure Holdings and Gayatri Energy Ventures.

KEY INDIVIDUALS Munish Sharma is highly regarded for his work on project financings, particularly in relation to power plants and roads. "He is good at problem-solving and offers practical solutions," clients say. 

THE FIRM This boutique practice punches above its weight to win instructions on various high-value project financing deals. It continues to be a popular choice among major financial institutions. For example, it recently acted for a consortium of banks led by Punjab National Bank on the INR12.1 billion financing for the development and operation of Gopalpur Port in Orrisa. The firm also advised on the Taj Expressway PPP project worth USD2.1 billion.

Sources say: "A very successful practice in project finance." 

KEY INDIVIDUALS Anil Karkhanis is hailed as an accomplished project finance practitioner, with sources underlining his past experience in the banking sector as being instrumental to his acclaim.

THE FIRM This established practice excels in handling a wide range of infrastructure projects, including roads, highways, ports, railways, power and housing. It has particular expertise in advising central and state agencies on PPP transactions. The team recently advised the Dedicated Freight Corridor Corporation of India on the development of freight corridors involving private participation. Other significant clients include National Highways Authority of India and Power Finance Corporation.

Sources say: "This firm's infrastructure practice is commendable and matches high industry standards."

KEY INDIVIDUALS Dipak Rao is a highly regarded practitioner with a strong focus on the infrastructure sector, including matters relating to project financing and the structuring of projects.

THE FIRM Market observers single out this boutique firm for its prowess in project finance. The past year has seen the team winning instructions on a high volume of project financing deals of a substantial value, placing it firmly on a par with larger rivals in this field. Highlights include advising on the USD2.2 billion Chhattisgarh thermal power plant project and the USD1.2 billion Hinduja national power plant project.

Sources say: "The firm is doing very well in its niche area of project finance."

KEY INDIVIDUALS Samir Jagad is the key contact partner.

THE FIRM A close working relationship with Linklaters means that this firm is particularly well placed to advise international clients on their investments in India. A recent highlight on this front was advising BP on the USD9 billion acquisition of a 30% stake in 23 oil and gas production blocks from Reliance Industries. The team also advised the arrangers of facilities worth USD6 billion on financing Vedanta's acquisition of a controlling stake in Cairn India.

Sources say: "We see them as a firm that is really getting into the projects space and it is a pleasure to work with them." "A focused team that is making waves."

KEY INDIVIDUALS Narayan Iyer is singled out for his past experience of working at an international law firm and wins wide acclaim for being "a fine lawyer with an eye for the key issues." He was involved in the BP and Vedanta deals.

THE FIRM Leveraging its impressive dispute resolution expertise, this firm is in demand among clients seeking representation for disputes in the projects, infrastructure or energy sectors. It attracts many international clients, as far afield as South Korea, Malaysia and China. The group is also adept in providing procurement and tendering advice on various infrastructure projects.

Sources say: "They take the time to understand our needs and provide reliable advice with quick turnaround times."

KEY INDIVIDUALS Sumeet Kachwaha is well known for handling infrastructure disputes. "He provides terrific services and is very creative in solving problems," clients report.

THE FIRM This Delhi-based firm handles a broad range of advisory, transactional and litigious work in the projects and energy arenas. It is especially busy in oil and gas matters, where it advises several major Indian oil companies, and is also active in water projects. The team includes several lawyers who are qualified in the USA and the UK, standing it in good stead to handle work involving cross-border elements.

KEY INDIVIDUALS Anand Dayal leads the practice and is highly regarded among peers for his solid project finance work.

THE FIRM This practice has a proven track record in energy projects, where it covers both conventional energy and renewables. Key mandates include advising Green Energy Group on its investment in Hindustan Turbomachinery (Bangalore), and advising Infinia on its Indian joint venture for the manufacture of solar power generation products. The team is also able to advise on related tax issues.

KEY INDIVIDUALS Managing partner Akil Hirani is a key contact.

THE FIRM This firm has made huge strides since it was established in 2008 and its projects team has likewise been going from strength to strength. Project finance is a core expertise, with the team recently advising Petronet LNG on the refinancing of loans for the construction of LNG re-gasification terminals. The group is also active in the hotel sector, and acted for Accor and Interglobe on the setting up of a USD325 million investment fund for the development of hotels in India.

Sources say: "Great value for money and very responsive services."

KEY INDIVIDUALS Abhishek Saxena is praised as an excellent financing lawyer with expertise in both Indian and international law. In addition to the above-mentioned deals, he also advised the Ministry of Rural Development on implementing a scheme to provide urban amenities in rural areas.

THE FIRM Vaish Associates has a particularly impressive profile in renewable energy as well as expertise in other projects and infrastructure concerns. The team recently advised Enercon (India) on the supply of wind turbines and related facilities for a 50.4 MW wind energy project being developed in Gujarat. It also leverages the firm’s renowned tax expertise to provide clients with all-round advice.

Sources say: "Their ability to analyse and come up with solutions on the tax side is of definite benefit to its projects practice."

KEY INDIVIDUALS Bomi Daruwala heads the Mumbai office and has substantial experience in projects structuring and financing. He is valued by clients for his ability to provide clear and user-friendly advice. Martand Singh leads the practice and is commended for being "a knowledgeable and sharp lawyer."