Amarchand Mangaldas solidified its lead in the Indian project finance league tables (see below) ahead of Luthra & Luthra, as AZB & Partners pushed its way into the top three.
The half-year project finance league tables by analytics company dealogic, show Amarchand having acted on 19 project finance deals worth $8.5bn, nearly doubling its 2013 first quarter tally of 11 deals worth $4.9bn.
Luthra did not report any additional project deals in the last quarter to dealogic and remained at $3bn from four deals.
AZB, however, landed in third spot with two deals also worth $3bn, displacing SJ Law, Khaitan Sud & Partners and Link Legal down the list.
Hemant Sahai Associates entered the rankings in tenth place with $393m of deals just behind Clasis Law.
India tops world volumes
Amarchand also topped the Asia Pacific league table with its project financings, ahead of Clifford Chance (with $4.2bn worth of deals), Hogan Lovells and Allen & Overy. Luthra and AZB came sixth and seventh on that table.
India, meanwhile, topped the global project finance league tables with 7 per cent year-on-year growth and $26bn worth of recorded deals, ahead of the United States, Australia, Saudi Arabia and the UK (see table above). The United States project aggregate value increased by 28 per cent, however.
State Bank of India was also the Asia Pacific region’s most prolific project finance lender with 29 deals worth nearly $8bn.
Legal Advisers of India Project Finance Deals – 1H 2013
| Pos. | Legal Adviser | Amount($m.) | No. | %share |
|---|---|---|---|---|
| 1 | Amarchand Mangaldas | 8,503 | 19 | 37.3 |
| 2 | Luthra & Luthra | 3,078 | 4 | 13.5 |
| 3 | AZB & Partners | 3,046 | 2 | 13.4 |
| 4 | SJ Law Advocates & Solicitors | 2,267 | 6 | 10.0 |
| 5 | Khaitan Sud & Partners | 1,611 | 8 | 7.1 |
| 6 | Reed Smith LLP | 770 | 1 | 3.4 |
| 7 | White & Case LLP | 676 | 3 | 3.0 |
| 8 | Link Legal | 470 | 3 | 2.1 |
| 9 | Clasis Law | 416 | 4 | 1.8 |
| 10 | Hemant Sahai Associates Advocates | 393 | 7 | 1.7 |
| Total | 22,777 | 60 | 100.0 |
Source: dealogic
Note: The rankings are prepared by dealogic, which uses the following methodology:
- There must be a clearly defined project or portfolio of projects, long term assets, dependency on cash flows and commercial bank lending
- All PPPs/PFIs (excluding service contracts) are included.
- Tables cover privately (co-) funded projects.
Exclusions
- Real Estate (Except PFI / PPP deals);
- Shipping or Aircraft financing where not tied to a specific project;
- Equipment financing (when not related to a specific project);
- Agriculture;
- Manufacturing.
Comments
interesting to note that a few small firms have done a lot of deals, albeit of lesser value.[/quote]
I disagree. the deals table are usually formulated on the basis of the value of the deals and not the number of deals. Check dealogic or other similar survey websites.
I think you need to refresh your understanding and think again. No offense.
It is fallacious to look at the Indian market and import Western concepts like full service, accountability, lockstep and equity.
~ABB, Sweden on its + 800 kV, 6000 MW HVDC MULTI TERMINAL SYSTEM PACKAGE transmission project in India - world's largest transmission project with total investment to the tune of about US$ 3 billion
~Navi Mumbai Greenfield airport - world's largest Greenfield airport - USD 1 Billion project
~Mumbai Transharbour Sea Link - world's 7th longest sea bridge - USD 2 Billion project
~Ministry of Railways and the Mumbai Rail Vikas Corporation Limited on the development and finance of the proposed 60 km Elevated Rail Corridor for the Churchgate-Virar section - one of the world's largest infrastructure projects - USD 5 Billion project
~Delhi Mumbai Industrial Corridor - world's largest urbanisation project - USD 90 Billion to be invested upfront and in excess of USD 1 Trillion over the next 15-20 years.
~Two of the PPP projects handled by HSA have recently been ranked amongst the top 40 PPP projects of the world by World Bank/IFC. The Bhutan Education City and the Gandhinagar roof top solar project.
~HSA has acted as lead international counsel to several infra projects outside India - Mauritius wind project, Bhutan Education City, Bangladesh health, hydro in Nepal, several oil and gas M&A deals in West Africa, Australia and middle east.
>> not including many 'sensitive' deals
>> including many cross border deals where the firm has a negligible role
>> including extension of existing deals meaning reporting is done twice
>> many firms not taking the effort to report deals or not being aware
The people who compile these 'league' and 'deal' tables are mostly ignorant of ground realities so it is easy for firms to exploit the asymmetry of information and the result is a bunch of BS. There are firms like India Law Services which do nothing but project finance but are surprisingly absent in this ranking. ELP also does a fair bit of project finance but is missing while AZB with hardly any deals is no. 3.
Haha seems to be a case of dacoit accusing pickpocket. AMSS drafts were all copied from Allen Overy, Linklaters and other foreign firms 15 yrs ago when they first started working together.
That is the order for PF firms ranking in India
That is the order for PF firms ranking in India[/quote]
AMSS Delhi has hardly any PF practice. AMSS Mumbai is strong in project finance, with Vish, Ameya, Santosh. Not Delhi. AMSS Delhi is more of Infrastructure practice
Khaitan Sud???? Ha ha
You missed ILS.
HSA is more an infra practice than Project Finance.