Heightened activity in the business world: Increase in M & As: Law firms benefited
Due to the advent of the Narendra Modi government, there has been a heightened activity and business optimism in the market. This has put the Indian law firms in a growth trajectory and they are benefiting strongly from the surge in mergers and acquisitions (M & A) in the last few months.
India’s biggest law firm Amarchand & Mangaldas & Suresh A Shroff & Co topped the legal M&A charts. Data from the industry tracker Merger market showed an increase of 47% in the value of such deals handled by the law firms between January and June this year compared with the first six months of the previous year.
AmarchandMangaldas led in volume and value, advising on 20 transactions worth $8.4 billion. Zia Mody-led AZB & Partners came second (16 deals, $2.69 billion), followed by Desai &Diwanji (16 deals, $185 million) and Khaitan& Co (12 deals, $1.69 billion).
In April, DilipSanghvi-promoted Sun Pharmaceuticals acquired Ranbaxy Laboratories from Japanese drugmaker Daiichi Sankyo for about $4 billion. In the following month GautamAdani-promoted Adani Ports and Special Economic Zone bought Dhamra Port in Odisha from Tata Steel and L&T Infrastructure Development Projects for $941 million.
Crawford Bayley& Co advised Sun Pharma while AmarchandMangaldas and Luthra&Luthra Law Office advised Daiichi. India’s top law firm also advised Adani Ports and Special Economic Zone while AZB & Partners represented Tata Steel and L&T IDPL in the transaction.
There have been many more such deals which tell clearly that there is a heightened activity in the business world and the law firms are certainly to benefit out of these M & As.
Source- The Economic Times
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