Skip to main content

AZB tops League Table for Legal Advisors to Private Equity deals in 2020

In a year dominated by the mega investments in Reliance Industries (RIL) Group companies - especially Jio Platforms and Reliance Retail Ventures - AZB & Partners again topped the Venture Intelligence League Table for Legal Advisor to Private Equity Transactions for 2020. AZB advised PE deals worth $22.9 Billion (across 70 qualifying deals) during the year. Cyril Amarchand Mangaldas (CAM) ($17.5 Billion across 79 deals) and Davis Polk & Wardwell ($12.4 Billion across 14 deals) took the second and third spots respectively. Shardhul Amarchand Mangaldas (SAM) ($11.1 Billion across 31 deals) and Khaitan & Co. ($6.1 Billion across 64 deals) completed the top five.





AZB, Davis Polk & Wardwell, SAM, Kirkland & EllisSimpson Thacher & Bartlett, Nishith Desai Associates, Skadden Arps Slate Meagher & Flom, Paul Weiss, Latham & Watkins, Paul Hastings and Trilegal acted as the legal advisors to Reliance Industries and the various private equity investors involved in the $9.8 Billion fund raise for its telecom arm Jio Platforms. 

CAM, Davis Polk & Wardwell, Latham & Watkins, SAM, Simpson Thacher & Bartlett, Trilegal and Paul Weiss acted as the legal advisors to Reliance Industries and the various private equity investors involved in the $6.4 Billion fund raise for its retail venture.

AZB, Khaitan & Co. and CAM advised Brookfield's $3.7 Billion acquisition of Reliance Tower Infrastructure Trust

Khaitan & Co., AZB and CAM and advised RMZ Corporation’s $1.9 Billion  acquisition of Brookfield asset

CAM and Trilegal advised Blackstone's $1 Billion acquisition of packaging glass manufacturer Piramal Glass.

IndusLaw, AZB & Partners, J Sagar Associates, Khaitan & Co., L&L Partners, Shardul Amarchand Mangaldas, Trilegal and Gunderson Dettmer acted as the legal advisors to Zomato Media’s $660 million fund raise from various Private Equity investors.

The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms.

Among the largest deals in the Oct-Dec quarter, CAM and Davis Polk & Wardwell advised the recent Private Equity investments in Reliance Retail Ventures ($3.9 Billion in Q4’20). AZB advised the $1 Billion acquisition of Reliance Digital Fibre Infrastructure Trust by ADIA. CAM and Trilegal advised Blackstone's $1 Billion acquisition of packaging glass manufacturer Piramal Glass.


Among foreign firms, Davis Polk & Wardwell came on top having advised 14 deals worth $12.4 Billion. Simpson Thacher & Bartlett came second with 5 deals worth $3.6 Billion. Kirkland & Ellis came third having advised 2 deals worth $2.1 Billion. Latham & Watkins ($2 Billion across 2 deals) and Paul Weiss ($1.4 Billion across 2 deals) completed the top five.

The full league table can be viewed online at https://www.ventureintelligence.com/leagues.php

By Deal Volume

Burgeon Law topped the tables in terms of deal volume having advised 113 deals during the year. IndusLaw came second with 89 deals. This was followed by CAM with 79 deals. AZB (70 deals) and Khaitan (64 deals) took the fourth and fifth spot respectively.

Among foreign firms, Davis Polk & Wardwell again topped the table in terms of deal volume having advised 14 deals during the period followed by Gunderson Dettmer with 9 deals. Goodwin Procter took the third spot having advised 6 deals.


By Industry

Among PE transactions in Infrastructure (by value), AZB ($15.3 Billion across 20 deals) stood first followed by Davis Polk & Wardell ($9.9 Billion across 11 deals) and SAM ($6.5 Billion across 8 deals) in the second and third spots respectively. By deal volume, AZB (14 deals) topped the table followed by Davis Polk & Wardell (11 deals). Trilegal, Burgeon Law, and SAM advised 8 deals each taking the third spot.

In IT & ITeS investments (by value), IndusLaw topped the table having advised deals worth $1.9 Billion followed by Khaitan & Co. with $1.7 Billion. AZB took the third spot having advised deals worth $1.5 Billion. J Sagar Associates (JSA) ($1.3 Billion) and CAM ($1.1 Billion) took the fourth and fifth spots respectively. In terms of deal volume, Burgeon Law topped the table with 74 deals, followed by IndusLaw with 65 deals. Samvad Partners (46 deals), Algo Legal (42 deals), and Anoma Legal (40 deals) took third, fourth, and fifth place respectively.

CAM topped (by value and volume) in Retail having advised 8 deals worth $6.4 Billion. It was followed by SAM ($2.5 Billion across 4 deals) and Davis Polk & Wardwell (3 deals worth $2.5 Billion) in the second and third spots.

Under Real Estate, CAM and AZB topped the table having advised deals worth $2.3 Billion across 5 deals each. They were followed by  Khaitan & Co.  with $2 Billion across 3 deals.

Under Financial Services, AZB topped the table having advised deals worth $1.6 Billion (across 7 deals), followed by  Khaitan & Co. with $590 million (across 8 deals). CAM came third having advised 8 deals worth $553 million. S&R Associates and Trilegal completed the top five.

The full league table can be viewed online at https://www.ventureintelligence.com/leagues.php

To showcase your firms' transactions in the 2020 League Tables, mail Vanathi at

Venture Intelligence is India's longest serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital and M&A) & their Valuations in India.

Popular posts from this blog

VC Interview: Shailendra Singh of Sequoia Capital India

In a recent interview to Venture Intelligence, Shailendra Singh discussed some of the firm’s newer investments in the early stage segment including in the online payments space, the progress at a few existing portfolio companies and the active role the firm is playing in helping its portfolio companies scale and succeed in India and globally. Prior to joining the firm in 2006, Singh was a strategy consultant at Bain & Company in New York and before that, an entrepreneur in the digital media industry. Venture Intelligence: How does Sequoia go about identifying potential early stage investments in India? Is there anything different you are doing today than, say, a couple of years back? Shailendra Singh: There is a lot more focus on technology investing and early stage investing. In general, as you might remember a few years ago, we were doing primarily growth investing but in the past 18-odd months, we have had a very strong focus on early stage and that’s continuing. In terms

ChrysCapital, Motilal Oswal PE & Sequoia named PE-VC Firms of the Decade

Press Release ChrysCapital, Motilal Oswal Private Equity and Sequoia Capital India have been named the top Private Equity & Venture Capital investors in India during the last decade, as part of Venture Intelligence’s APEX Awards. The Venture Intelligence “Awards for Private Equity Excellence” (APEX) is dedicated to celebrating the best that the Indian Private Equity & Venture Capital industry has to offer.  While ChrysCapital won the “Private Equity Investor of the Decade” award, Motilal Oswal Private Equity was feted as India’s “Growth Capital Investor of the Decade”. The Indian arm of the storied Silicon Valley VC firm, Sequoia Capital, was named the country’s “Venture Capital Investor of the Decade”. The APEX Awardees are selected based on both Self Nomination by the participating PE-VC firms as well as "crowd sourced" nominations and voting from the Limited Partner, PE-VC and advisory communities. (The main criteria were Exit Track Record, New Fund Raises & Fo

Ambit tops League Table for Transaction Advisors to Private Equity deals in 2019

Ambit Corporate Finance topped the Venture Intelligence League Table for Transaction Advisor to Private Equity Transactions for the year 2019. Ambit advised PE deals worth $2.4 Billion (across 4 qualifying transactions) during the period. Citi ($1.1 Billion across 2 deals) and  Avendus  ($969 million across 12 deals) took the second and third spot. Edelweiss Financial Services ($758 million across 9 deals) and  PwC  ($708 million across 15 deals) completed the top five in 2019.  The  Venture Intelligence League Tables , the first such initiative exclusively tracking transactions involving India-based companies, are based on value of PE and M&A transactions advised by Financial and Legal Advisory firms. Ambit Corporate Finance advised the $1.9 Billion buyout of Pipeline Infrastructure from Reliance Industries   by Brookfield Asset Management  and the IFC and I Squared Capital-backed   Cube Highways' acquisition of Delhi-Agra Toll Road from Reliance Infrastructu

PE-VC investments in 2020 cross $39-B to create a "hat trick" of all time highs

Press Release:  Private Equity - Venture Capital (PE-VC) firms, shrugged off the pandemic induced blues, to invest a record $39.2 Billion in Indian companies (across 814 deals) in 2020,  shows data from  Venture Intelligence  - a research service focused on private company financials, transactions, and their valuations. The $17.3 Billion* invested by US-headquartered private equity and other global sovereign wealth funds in Reliance Industries Limited (RIL) Group firms - including in the telecom-focused holding company  Jio Platforms ($9.9 Billion), Reliance Retail ($6.4 Billion), and  Reliance Digital Fibre Infrastructure Trust ($1 Billion) - accounted for 44% of the total PE-VC investment value in 2020. (*This figure excludes the $10.2 Billion in strategic investments by Silicon Valley tech giants Google and Facebook in Jio Platforms). On the back of the RIL deals, PE-VC investments in 2020 grew 6.6% over the   $36.3 Billion (across 1012 deals) invested in 2019 and helped create a

Legal Capsule by Veyrah Law

COVID-19: Turning Point for Online Pharma With the rapid advancement of the internet and movement of businesses online, it was only time before the pharmaceutical retail industry also joined the bandwagon. The pharmaceutical retail industry which has long been popular among investors also started to venture into providing online services ( Online Pharma ). This was due to the increased demand and tech-savvy clientele who preferred to order from the comfort of their homes. So, it was only natural that the Online Pharma sector bloomed during the Covid-19 pandemic and the ensuing lockdown.  Online Pharma is high in demand due to better discounts, convenience, greater anonymity, accessibility in remote locations, easy home delivery, etc. These features have made it the preferable option over community brick and mortar pharmacies during the pandemic. This article explores the current regulatory regime surrounding Online Pharma and the opportunities in India that it presents for investors. O