AZB & Partners is advising Coastal Cedar Investments, an affiliate of WP Pincus, on its Rs9.6 billion (US$103m) acquisition of the share capital of Fleur Hotels, a subsidiary of Lemon Tree Hotels, from APG Strategic Real Estate Pool. Partners Anil Kasturi, Niladri Maulik and Anisha Shridhar are leading the firm’s team in the transaction, which was signed on January 9, 2026 and is yet to be completed.
AZB & Partners has also advised Kotak Mahindra Capital on its Rs5 billion (US$53.5m) sale of 12.1 percent stake in Infina Finance to the Estate of Shri Rakesh Jhunjhunwala. Partners Ashwath Rau and Kashish Bhatia led the firm’s team in the transaction, which was completed on March 24, 2026.
Moreover, AZB & Partners is advising Tata Autocomp Systems on its Rs940 million (US$10m) acquisition of 50 percent stake in the 50:50 joint venture company with Bosch. The JV company in India will manufacture, sell and provide after-sales service to e-axles and electric traction motors-key components. Both parties are contributing operational assets, such as intellectual property, software and proprietary know-how, as well as infrastructure and human resources, to the JV. Along with that, Bosch will provide engineering and development support, while Tata Autocomp will handle operations, procurement and administration. Partners Aarthi Sivanandh and Bhavana Alexander are leading the firm’s team in the transaction, which was signed on March 23, 2026 and is yet to be completed.
Clifford Chance has advised HSBC and DBS, as the arrangers, and Bank of China (Hong Kong), BNP Paribas, CMB Wing Lung Bank, Crédit Agricole CIB, ICBC (Asia), Mizuho Securities, OCBC, Standard Chartered and UBS, as the dealers, on the establishment of a US$1 billion Medium Term Note Programme by the University of Hong Kong (HKU). The programme will enable HKU to issue medium term notes in multiple currencies and formats, subject to regulatory requirements. Notes issued under the programme may be listed in Hong Kong, and are offered to professional investors only. Funds raised through the programme will be used by HKU for financing capital projects, and/or the purchase of property, plant and equipment. Partner Mark Chan led the firm’s team in the transaction.
JSA Advocates & Solicitors has advised LeapFrog Investments Group on its acquisition of shares in Shubham Housing Development Finance, as part of a US$96 million funding round alongside Creador. The transaction involved LeapFrog acquiring shares from Shubham Housing promoters, employees and certain existing shareholders. Shubham Housing is among India’s leading affordable housing finance companies, with approximately Rs75 billion (US$806m) assets under management and a network of over 200 branches across 12 states. The company focuses on providing home loans to underserved and low-income segments, contributing to increased financial inclusion in the housing sector. Partner Sidharrth Shankar, supported by partners Prakriti Jaiswal and Dhruv Malhotra, led the firm’s team in the transaction.
JSA Advocates & Solicitors is also advising Sathya Agencies on its proposed IPO of equity shares aggregating up to Rs6 billion (US$64.5m). The offering comprises a fresh issue of equity shares of up to Rs3 billion (US$32.2m), and an offer for sale of equity shares aggregating up to Rs3 billion (US$32.2m). Sathya is the largest consumer durables and electronics-focused retail player in Tamil Nadu and South India, by number of stores as of March 2026, and ranks as the largest in Tamil Nadu and fifth largest in India among its peers, in terms of revenue from operations for Fiscal 2025. Partners Arka Mookerjee, Pracheta Bhattacharya and Ananth Balaji led the firm’s team in the transaction.
Moreover, JSA Advocates & Solicitors has advised GeBBS Healthcare Solutions, a leading provider of technology-enabled Revenue Cycle Management (RCM) and Risk Adjustment solutions for healthcare providers and payers, on its acquisition of RND OptimizAR, an India-based specialised provider of RCM services for the durable medical equipment and home medical equipment market. Partner Anand Lakra, supported by partners Niharika Mepani (M&A), Yajas Setlur (employment & data privacy) and Shareen Gupta (tax), led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Super Diamond Enterprises and its partners on the proposed sale of 100 percent shareholding of the entity owning Diamond Plaza Mall in Kolkata to Nexusmalls Whitefield, an SPV of Nexus Select Trust. Valued at approximately Rs3.47 billion (US$37.3m), the transaction involved the divestment of a marquee retail asset in West Bengal, and was executed following a multi-step restructuring, along with resolution of several nuanced issues connected with the asset. Partner Manan Mehta, supported by partner Bhoumik Vaidya, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also advised Norwest Venture Partners X – Mauritius and Alpha Wave Global on the restructuring and reverse flip of the Mensa Group from Singapore to India, through a cross-border merger of Mensa Brand Technologies Pte Ltd into Mensa Brand Technologies Private Limited, approved by the Chandigarh NCLT on February 20, 2026. The transaction, which involved a multi-jurisdictional restructuring, aligns Mensa’s corporate structure with its India-focused operations and future growth plans. Partner Manita Doshi, supported by partner Aman Singh Sethi, led the firm’s team in the transaction.
Moreover, Shardul Amarchand Mangaldas & Co has acted as Indian counsel to Fractal Analytics on its IPO of equity shares aggregating to Rs28.34 billion (US$304m), comprising a fresh issue and an offer for sale by investors, including TPG and Apax Partners. The equity shares were listed on February 16, 2026. The offer was made in India and internationally, including to persons reasonably believed to be “qualified institutional buyers” in the US and to offshore investors, pursuant to Rule 144A of the US Securities Act of 1933. The book-running lead managers to the issue were Kotak Mahindra Capital, Morgan Stanley India, Axis Capital and Goldman Sachs (India) Securities. The transaction involved key regulatory considerations, including compliance with recent amendments to SEBI regulations on employee stock options and minimum promoter contribution requirements. Partners Nikhil Naredi and Krupa Brahmbhatt led the firm’s team in the transaction.
Skadden has advised JD.com, a leading supply chain-based technology and service provider in China, on its offering of Rmb10 billion (US$1.5b) aggregate principal amount of Rmb-denominated senior unsecured notes, consisting of Rmb7.5 billion (US$1.1b) 2.05 percent notes due 2031 and Rmb2.5 billion (US$367m) 2.75 percent notes due 2036. The notes were offered in offshore transactions outside the US to certain non-US persons in reliance on Regulation S exemption, and listed in Hong Kong on April 10, 2026. Partners Shu Du (Beijing), Jonathan Stone (Hong Kong) and Paloma Wang (Hong Kong) led the firm’s team in the transaction.
Trilegal has advised late stage growth capital investor Hornbill Capital on its proposed investment in digital lending platform Kreditbee, as part of Kreditbee’s Series E fundraise. The round was led by Hornbill Capital. The total Series E round aggregates to approximately US$280 million. Upon completion, KreditBee is expected to enter the unicorn club with a valuation of approximately US$1.5 billion. KreditBee is scaling technology-driven lending platform, enabling credit to millions of Indians. Partners Abhishek Guha and Gauri Chhabra led the firm’s team in the transaction.
Trilegal has also advised Apraava Energy on the divestment of its coal-based thermal 1,320 MW Jhajjar Power Project in Haryana to Jindal Jhajjar Power, a wholly-owned subsidiary of Jindal Power. In a competitive bid process initiated by Apraava Energy, Jindal Power emerged as the successful bidder for the acquisition of 100 percent of the shareholding in Jhajjar Power. Thereafter, Jindal Jhajjar Power entered into a share purchase agreement for acquisition of 100 percent of equity shares and compulsorily convertible preference shares of Jhajjar Power from Apraava Energy, Apraava Renewable Energy and Kohima Mariani Transmission. Commissioned in 2012, Jhajjar Power operated one of the first supercritical thermal projects in India. Notably, the firm had also advised Apraava Energy (then CLP India) on the successful bidding for, and 100 percent acquisition of, Jhajjar Power Project in 2008, as well as the development of Jhajjar Power Project, thereby bringing the transaction full circle with the current sale. Partners Neeraj Menon and Delano Furtado, supported by partners Joseph Jimmy, Rahul Arora, Tine Abraham, Janmali Manikala, Gautam Chawla, Jyotsna Jayaram, Thomas Vallianeth, Himanshu Sinha and Komal Dani, led the firm’s multi-disciplinary team in the transaction.
