ALMT & Partners represented Pune-based Emcure Pharmaceuticals, in which private equity house Blackstone sold 13.09 per cent for Rs 650 crore ($105m) to Bain Capital; seller and buyer were advised by AZB & Partners Mumbai and Delhi respectively.

ALMT Mumbai partner Hitesh Jain and senior associate Siddhi Ghatlia and associate Nirmal Mahtani acted for Emcure, which is India’s fourteenth-largest drug maker by sales.

AZB Mumbai partner Shuva Mandal advised Blackstone, as AZB Delhi partner Anil Kasturi appeared for Bain, with both understood to have been separated by a ‘Chinese wall’.

So-called Chinese walls act as information barriers when, with clients’ consent, the same law firm acts for parties that may have conflicting interests.

The investment in Emcure was Blackstone’s first in India and only its second exit after selling Intelenet to British Serco in 2011, reported the Economic Times. The fund rejigged its top management earlier this week with Indian chairman Akhil Gupta – who had been there since 2005 - having been replaced by Amit Dixit and Mathew Cyriac after a less than stellar record in the country, reported the WSJ.