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AZB & Partners


  • Express Tower
  • 23rd Floor
  • Nariman Point
  • Mumbai
  • Maharashtra
  • India
  • 400021

Firm Overview:
AZB & Partners was formed in 2004, and is a combination of the practices of CZB & Partners in Mumbai and Ajay Bahl &Co. in Delhi. The firm has since expanded to Delhi, Gurgaon, Bangalore, Pune and Chennai.

Main Areas of Practice:  

Mergers & Acquisitions, Joint Ventures & General Corporate:
The Mergers, Acquisitions, Joint Ventures and General Corporate Practice is the heart of the firm. Advice is rendered on a broad spectrum of matters, ranging from general corporate advice, corporate governance, contract law and exchange control regulations to mergers and acquisitions, takeover code issues and outbound investments.
Contacts: Zia Mody, Ajay Bahl, Abhijit Joshi

Private Equity:
The firm has a formidable private equity practice and has represented some of the largest private equity firms in the world in establishing their India presences and in making investments and has excellent understanding of the legal and regulatory issues.
Contacts: Darshika Kothari, Essaji Vahanvati, Shuva Mandal, Anil Kasturi, Vinati Kastia

Banking & Finance:
The firm advises its clients in relation to the full gamut of financial products and services offered in India by domestic as well as multinational financial institutions, financial services, regulatory issues, new banking products and services, risk management and capital management.
Contacts: Shameek Chaudhuri, Ashwin Ramanathan, Gautam Saha

Infrastructure & Project Finance:
With the intensive development of the infrastructure sector the private participation in this sector has opened up. The firm has provided extensive advice on projects in diverse areas including power projects, oil and natural gas projects, projects in the mining and telecommunications sectors, setting up of Special Economic Zones and LNG projects.
Contacts: Bahram N Vakil, Yashwant Mathur

Real Estate:
The firm has done leadership work in FDI and FII investments/ lending in the real estate sector in India. The Real Estate Practice of the firm is deep and extensive and includes assisting its clients in the purchase, leasing, licensing arrangements, sale and lease-back arrangements, joint-development/ collaboration arrangements and structuring of real estate transactions. The firm regularly assists real estate developers, institutional lenders, private equity funds focused on investments in real estate sector and other investors in all phases, aspects of real estate development and financing/ investments in real estate sector.
Contacts: Nohid Nooreyezdan, Sai Krishna Bharathan, Kalpana Merchant, Hardeep Sachdeva

The firm advises on the application of employment laws, both central as well as the state specific laws, understanding client requirements to conform to the diverse employment laws/regulations, while having due regard to their own practices and objectives. The firm has also carried out training sessions for senior management in relation to the various employment laws including the newly enacted Sexual Harassment laws.
Contacts: Nohid Nooreyezdan, Sunila Awasthi, Rachit Bahl

The firm has advised some of the largest global insurance and reinsurance companies in relation to their joint ventures in India and has consequently been involved in almost all the major joint ventures in India in the insurance sector. The advice includes corporate, commercial and regulatory issues.
Contacts: Rajendra Barot

The firm has been closely associated with the development and practice of competition law in India. The firm’s lawyers interact closely with the Ministry of Corporate Affairs, Government of India (the ‘MCA’) and India’s competition regulator, the Competition Commission of India (the ‘CCI’). The firm regularly assists private enterprises and industry associations to raise concerns, provide inputs and offer suggestions to the MCA and the CCI. The firm’s lawyers have also acted as counsel to the CCI in its early litigation to overcome the initial roadblocks to its functioning. The firm advises companies, industry associations and trade chambers on merger filings and clearances, cartels and other behavioural investigations by the CCI, and litigation before the appellate tribunal and various other courts.
Contacts: Zia Mody, Samir Gandhi

Litigation & Arbitration:
The firm has been extensively engaged in the resolution of civil, criminal (economic offences), commercial and constitutional law disputes through litigation in the Supreme Court of India, various High Courts, several other courts and tribunals in India. The firm also advises clients in arbitrations, mediations and negotiations within and outside India.
Contacts: Rajendra Barot, Percival Billimoria, Aditya Bhat

Key Transactions:
Acquisition of Alliance Tire Group B.V. by KKR for approximately USD 630 million; Sale by the promoters of Hexaware to Barings along with a take over offer totally amounting to approximately USD 420 million; Advised Silver Lake Partners in the regard to the Indian leg of the acquisition of Dell Inc with a global deal size of approximately USD 24 billion; The Warburg Pincus Group, with respect to its acquisition of share capital in Capital First Limited and in Future Capital Limited for approximately USD 146 million; Reliance Industries Limited in its issuance of 5.875% Senior Perpetual Notes amounting to approximately USD 800 million; Advised Consortium of banks led by Punjab National Bank and State Bank of India, Hong Kong Branch on standby letter of credit borrowing of USD 2 billion to Bharat PetroResources Limited (“Best Deal of the Year” – Project Finance by PFI Awards); Tata Steel Odisha Limited in relation to a rupee term loan aggregating to approximately USD 4.10 billion from a consortium of lenders to enabling set up an integrated steel plant of 6.0 MTPA capacity at Kalinganagar in the State of Odisha.

The firm’s domestic and international clients range from privately owned to publicly listed companies, including Fortune 500 entities, multinationals, investment banks and private equity firms and has close working relationships with specialists, regulatory authorities and several international law firms.


  • Plot No. A8, Sector 4 Noida,
  • New Delhi,
  • Delhi
  • India
  • 201301
  • Tel +91 120 417 9999
  • Fax +91 120 417 9900
  • Email : delhi@azbpartners.com
  • Unitech Cyber Park,
  • 602 Tower B,
  • 6th Floor,
  • Secotr 39,
  • Gurgaon,
  • Haryana
  • India
  • 122001
  • Tel +91 124 4200296
  • Fax +91 124 4038310
  • Email : gurgaon@azbpartners.com
  • AZB House,
  • 67/4 - 4th Cross,
  • Lavelle Road,
  • Bangalore,
  • Karnataka
  • India
  • 560 001
  • Tel +91 80 4240 0500
  • Fax +91 80 2221 3947
  • Email : bangalore@azbpartners.com
  • Onyx Towers, 1101/B,
  • 11th Floor,
  • North Main Road,
  • Koregaon Park,
  • Pune,
  • Maharashtra
  • India
  • 411001
  • Tel +91 20 6725 6666
  • Fax +91 20 6725 6600
  • Email : pune@azbpartners.com
  • Amble Side,
  • 2nd floor,
  • 8 Khader Nawaz Khan Road,
  • Nungambakkam,
  • Chennai,
  • Tamil Nadu
  • India
  • 600006
  • Tel +91 44 4356 1453
  • Fax +91 44 4356 1853
  • Email : chennai@azbpartners.com

Banking & Finance - India

Sources agree that Zia Mody is "one of the most highly regarded lawyers in India," acknowledging that "she's the person to go to when you have complex strategic or structural issues." In addition to her banking and finance work, she is well versed in handling M&A, private equity and securities matters.

Bahram Vakil continues to take a leading role in some of the team's most prominent transactions. In a recent highlight, he advised a consortium of banks led by Punjab National Bank and State Bank of India on a standby letter of credit borrowing for Bharat PetroResources of some USD2 billion.

Varoon Chandra has been referred to as "a top-notch capital markets lawyer who knows how to get things done." He advised Reliance Industries on its USD800 million issue of 5.875% senior perpetual notes.

Ashwin Ramanathan maintains an active practice, advising lenders such as JBIC and Axis Bank on an array of complex financing matters. He represented borrower Tata Technologies in its receipt of a secured facility from Citi valued of some USD40 million.

Sources are "very comfortable to work with" Gautam Saha, reporting that he possesses "excellent commercial sense which is useful in tough negotiations." He acted for the IFC on its USD40 million FCCB subscription in Jain Irrigation Systems, as well as an ECB loan to the same company of some USD75 million.

Shameek Chaudhuri advised Infosys on the Indian aspects contingent upon its delisting of American Depositary Shares from NASDAQ and their relisting on the New York Stock Exchange.

Competition/Antitrust - India

Samir Gandhi was previously employed at the World Trade Organisation in Geneva and has been involved in developing competition policy for Afghanistan. Sources enthusiastically recommend his "good exposure to behavioural work and increasing merger experience." His recent work includes representing Lafarge before the Competition Appellate Tribunal.

Corporate/M&A - India

New Delhi-based co-founding partner Ajay Bahl retains his reputation as a leading practitioner for international corporate/M&A transactions. He recently acted for GlaxoSmithKline on its voluntary open offer for 31.84% of the voting share capital of GlaxoSmithKline Consumer Healthcare from its public shareholders. The shares to be acquired were valued at some USD950 million.

Co-founder Zia Mody is widely regarded as "an institution in herself" by peers in the market. She impresses clients with her "extraordinary work routine" and high levels of responsiveness. Currently based in Mumbai, she is New York qualified and has extensive international experience having spent five years working with Baker & McKenzie in New York.

Mumbai-based Bahram Vakil is the firm's co-founder and commands "the greatest respect" from peers for his advice on international transactions. He is particularly active in the energy and infrastructure sectors. He recently represented Macquarie SBI Infrastructure Investments and SBI Macquarie Infrastructure Trustee in their joint acquisition of a 74% stake in GMR Jadcherla Expressway.

Clients recommend Darshika Kothari for her corporate transactional expertise. She often advises international private equity funds, and recently represented KKR in its USD630 million acquisition of a controlling stake in Alliance Tire Group from Warburg Pincus.

Mumbai partner Shuva Mandal is recognised by peers for his expertise on M&A transactions. In a recent highlight he acted for News Corporation on its acquisition of the partnership interest of ESPN Star Sports in ESS through its wholly-owned subsidiary.

Dispute Resolution - India

New Delhi-based Percy Billimoria uses his background in corporate law and tax to great effect before the city's courts. Clients say: “He gives you very sound advice and takes time to understand what you want.” He represented Bain Capital and TPG Capital in High Court litigation and subsequent arbitrations against Lilliput Kidswear and its promoter.

Respected practitioner Rajendra Barot leads the Mumbai team, and has an active practice on both litigation and arbitration matters. He counts several prominent IT companies amongst his clients.

Projects - India

Led by senior partner and principal contact Bahram Vakil, this team has particular expertise in energy projects, and boasts an enviable reputation in the renewable energy sector. In a recent highlight, the team advised Port of Antwerp International (PAI) on its strategic alliance with major Indian terminals operator Essar Ports. It also assisted PAI with its investment in Essar Ports via subscription, through its UK subsidiary, to EUR25 million worth of global depositary securities issued by Essar Ports.