Latest Deals from Law Firms and Legal Services Providers: 20th August 2025

Allen & Gledhill has advised Oversea-Chinese Banking Corporation, acting through its Sydney Branch, on the issue of A$1 billion (US$649m) floating rate green notes due 2028, under its US$30 billion global medium term note programme. The net proceeds of the notes will be allocated towards the financing or refinancing of new or existing qualifying assets, which meet the eligibility criteria for green bonds under OCBC’s sustainability bond framework. Partner Glenn David Foo led the firm’s team in the transaction.

Allen & Gledhill has also advised the Housing and Development Board on the issue of S$700 million (US$545m) fixed rate notes due 2032, under its S$42 billion (US$33m) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.

Moreover, Allen & Gledhill has advised Granite Asia on leading the US$2 million investment in Mamame Whole Foods, an Indonesian brand that aims to revolutionise the snack industry with its innovative, healthy and sustainable snack, that combines the rice tradition of Indonesian tempeh with modern dietary needs in the form of tempeh chips. Partners Julian Ho and Eugene Ho led the firm’s team in the transaction, while AGI Legal, led by partner Aris Budi Prasetiyo, advised on Indonesian law aspects.

AZB & Partners is advising Dilip G Piramal and family, the promoters and promoter group of VIP Industries, on the Rs38.8 billion (US$446m) sale of stake by DGP Securities, Kemp & Co, Kiddy Plast, Piramal Vibhuti Investments and Alcon Finance & Investment in VIP industries to Multiples Private Equity Fund IV, Multiples Private Equity Gift Fund IV, Samvibhag Securities, Mithun Padam Sacheti and Siddhartha Sacheti. Partners Anand Shah, Kinshuk Jhunjhunwala and Shriram Shah are leading the firm’s team in the transaction, which was signed on July 13, 2025 and is yet to be completed.

JSA Advocates & Solicitors has advised Intensive Fiscal Services and DAM Capital Advisors, as the book-running lead managers, on the IPO of equity shares of All Time Plastics, comprising a fresh issue and an offer for sale by the promoter selling shareholders. The total IPO size, including a pre-IPO placement, aggregated to Rs4.7 billion (US$54m). All Time Plastics is a manufacturing company with more than 14 years of experience in producing plastic consumerware products for everyday household needs. Its equity shares were listed on the stock exchanges on August 14, 2025. Partner Madhurima Mukherjee Saha, supported by capital markets partner Shivali Singh, led the firm’s team in the transaction.

JSA has also advised Smart Vision Eye Specialities, its subsidiaries and their promoter on a comprehensive corporate restructuring, followed by the acquisition of a majority stake, by Jasvik Capital Fund. The subsidiaries of Smart Vision Eye Specialities are renowned for delivering cutting-edge ophthalmic care and multi-specialty services, and are recognized as market leaders in Andhra Pradesh and Telangana. Valued at approximatelyRs2.1 billion (US$24m), the transaction marks a significant milestone in the healthcare investment landscape. Partner Siddharth Mody, supported by M&A partner Anurag Shrivastav, led the firm’s team in the transaction.

Moreover, JSA Advocates & Solicitors has advised Syrma SGS Technology on its qualified institutions placement of approximately 14.3 million with a face value of Rs10.00 (US$0.115) each, aggregating to approximately Rs10 billion (US$115m). JM Financial and DAM Capital Advisors acted as the book-running lead managers to the issue. Syrma SGS Technology is one of India’s leading Electronic System Design and Manufacturing (ESDM) companies in the non-consumer segment. It specializes in precision manufacturing for diverse end-use industries, including industrials, automotive and electric mobility, consumer, healthcare and medical devices, railways and information technology. Partner Madhurima Mukherjee Saha, supported by capital markets partner Shivali Singh, led the firm’s team in the transaction.

Maples has advised the Development Bank of Japan (DBJ) and Indonesia Investment Authority (INA) on the launch of IJ Hybrid Capital Solution Fund I. The fund will focus on senior secured investments, and offers tailored financing solutions to mid- and upper-sized businesses in Indonesia. Hong Kong funds and investment management partner Sharon Yap led the firm’s team in the transaction.

Maples has also advised on the launch of the Daiwa Blackstone Infrastructure Fund. Launched on February 28, 2025, the fund is structured as a Cayman Islands unit trust, and is authorised for public offering in Japan. Managed by IQ-EQ Fund Management (Ireland), IQ-EQ’s Irish fund management business, the fund will be distributed by Daiwa Securities. The fund’s investment manager is Daiwa Asset Management (Europe). MUFG Fund Services (Cayman) provides fund administration services. Partners Nick Harrold (Singapore) and John Gallagher (Dublin) led the firm’s multi-jurisdictional team in the transaction, while Mori Hamada & Matsumoto advised on Japanese law.

Shardul Amarchand Mangaldas & Co has acted as Indian counsel to GMR Group on the strategic divestment of majority stake in stressed assets, including GMR Bajoli Holi Hydropower, GMR Rajahmundry Energy and GMR Vemagiri Power Generation, to Synergy Investments Holding in a cross-border transaction involving parties headquartered in India and the United Arab Emirates. The transaction will allow the GMR Group to execute the proposed one-time settlement with the lenders of GMR Rajahmundry Energy, reduce debt by Rs44 billion (US$505m), and strategically spin off non-operational gas-based plants and other stressed assets from its portfolio. Partners V R Neelakantan and Samridha Neupane led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has also advised the Oil and Natural Gas Corporation (ONGC) on the Joint Operating Agreement (JOA) entered into with Reliance Industries and BP Exploration (Alpha) for the offshore exploration of Block GS‑OSHP‑2022/2 in the Saurashtra Basin. The deal was signed on July 28, 2025. The JOA marks a major step in unlocking the hydrocarbon potential of the 5,454 sq km Category-II offshore block, awarded under the Open Acreage Licensing Policy Bid Round-IX. Operated by ONGC with a 40 percent participating interest, the consortium will leverage advanced exploration technologies and deepwater expertise to accelerate India’s offshore energy development. The agreement also incorporates innovative provisions on insurance and risk-sharing, paving the way for smoother project execution, while reinforcing India’s drive towards energy security and strategic resource self-reliance. Partner VR Neelakantan led the firm’s team in the transaction.

Moreover, Shardul Amarchand Mangaldas & Co has advised IIFCL Projects, as the transaction advisers to IN-SPACe, Department of Space and the Government of India, on the pioneering tender for PPP contract for Earth Observation Systems in India. This deal is the first-of-its-kind PPP project, as it entails private parties partnering with IN-SPACe to build satellites, and establish/hire the ground segment for both spacecraft control and data download/dissemination. The project involves complex satellite technology, and does not have a precedent in the Indian industry. IN-SPACe has now awarded the proposal to build a 12-satellite network over a period of five years to the consortium, comprising of Pixxel Space, Dhruva Space, PierSight and SatSure and led by Pixxel Space. Partners Neelakantan V R and Ankita Kumar led the firm’s team in the transaction.

S&R Associates has represented Sattva Developers, a sponsor of Knowledge Realty Trust, on its Rs48 billion (US$552m) IPO. Co-sponsored by Sattva and an affiliate of Blackstone, Knowledge Realty Trust is India’s largest (in terms of GAV and NOI, as of March 31, 2025) and most geographically diverse REIT. Partners Sandip Bhagat, Pratichi Mishra and Meher Mehta, supported by competition head Simran Dhir and partner Akshat Kulshrestha, led the firm’s team in the transaction.

Trilegal has successfully represented CREDAI National and Godrej Properties before the Supreme Court of India on a constitutional challenge to the Ministry of Environment, Forest and Climate Change’s (MoEF&CC) Notification dated January 29, 2025, regarding Building and Construction Projects and Township Area & Development Projects, which are covered under Item 8 of the Schedule to the Environment Impact Assessment dated September 14, 2006 (EIA 2006 Notification). The notification exempted industrial sheds, schools and educational institutions from procuring an EC, as mandated under the EIA 2006, and also clarified that the “General Condition” under the EIA 2006 Notification shall not apply to such projects. Godrej Properties and CREDAI National contended that the General Conditions have historically never applied to Item 8 of the Schedule since the inception of the EIA 2006 Notification, and the State Environmental Authority should commence the appraisal process for grant of EC. The Supreme Court upheld the constitutional validity of the notification, while quashing the exemption to industrial sheds, schools, educational institutions under the notification. The Supreme Court also held that the General Condition does not apply to real estate projects, which are to be appraised by the State Environmental Authority. Mukul Rohatgi and Atmaram Nadkarni, supported by dispute resolution partner Samit Shukla, led the firm’s team on the matter.

Trilegal has also advised the syndicate of book-running lead managers, comprising of JM Financial, Axis Capital, Citigroup Global Markets India, DAM Capital Advisors, Goldman Sachs (India) Securities, Jefferies India, Kotak Mahindra Capital and SBI Capital Markets, on the successful listing of equity shares of JSW Cement, pursuant to its IPO aggregating to Rs36 billion (US$413m). JSW Cement is one of the fastest-growing cement manufacturing companies in India, and forms part of the JSW Group. The IPO comprised a fresh issue of equity shares and an offer for sale by State Bank of India, Apollo and Synergy Capital, the existing investors. The net proceeds from the fresh issue will be utilised for debt repayment and capital expenditure towards establishing a new integrated cement unit. This is the second IPO from the JSW Group on which the firm has advised, following the IPO of JSW Infrastructure in 2023. Partner Richa Choudhary led the firm’s team in the transaction.

Moreover, Trilegal has successfully represented Digital Edge and One Boat on appeals challenging the validity of the Environmental Clearance (EC) granted to the Project Proponents before the National Green Tribunal. A batch of appeals challenged the validity of the EC accorded by the State-Level Environmental Impact Assessment Authority Maharashtra (SEIAA) to various projects, including the projects undertaken by the Project Proponents. The principal ground for the challenge was that the said ECs were issued after the date of expiry of the SEIAA’s tenure, and therefore, the SEIAA had no authority to grant the same. The National Green Tribunal disposed of the appeals with a common order, finding no illegality in the validity of the ECs, as while the SEIAA’s decision to grant the ECs was communicated after the expiry, the ECs were granted during its tenure, and hence, the SEIAA had the requisite authority. In its order, the Tribunal further prescribed strict mandatory timelines for the SEIAA’s functioning. Pursuant thereto, the SEIAA is mandated to upload within three days its Minutes of Meetings (MoM) conducted in consideration of proposals, and communicate its decision to grant or reject the EC within seven days from the date of upload of the MoM. Accordingly, the batch of appeals were dismissed. Partner Rajat Jariwal led the firm’s team in the matter.

TT&A has advised Playbook India Fund II on its Rs1.8 billion (US$21m) primary and secondary investment in Renee Cosmetics. The round was led by Playbook, via subscription and purchase of equity shares, from certain existing shareholders, including Mensa Brand Technologies, 9Unicorns Accelerator Funds-I and Spotlights Consultants. Partners Gautam Saha and Dushyant Bagga led the firm’s team in the transaction. Cyril Amarchand Mangaldas and Synapse Partners advised Renee Cosmetics, while Shardul Amarchand Mangaldas advised Mensa Brand Technologies.

TT&A has also advised JP Morgan India, as one of the brokers, on Indian Continent Investment’s secondary sale on the screen-based trading platform of India’s stock exchanges of up to 50 million equity shares with face value of Rs5.00 (US$0.057) each in Bharti Airtel for an aggregate of approximately Rs112 billion (US$1.3b). Partner Abhinav Kumar led the firm’s team in the transaction, while Mayer Brown Hong Kong acted as international counsel.

Moreover, TT&A has advised JP Morgan India, as the broker, on the secondary sale on the screen-based trading platform of India’s stock exchanges by Invesco Adviser and Invesco Asset Management of approximately 10.6 million equity shares with face value of Rs5.00 (US$0.057) each in Kotak Mahindra Bank for an aggregate of approximately Rs21.34 billion (US$245m). Partner Abhinav Kumar led the firm’s team in the transaction, while Mayer Brown Hong Kong acted as international counsel.