AZB & Partners has advised Cleanmax Enviro Energy Solutions and its promoter group, consisting of Kuldeep Jain, KEMPINC, Rikhab Investments, Mr Pratap Jain and Mrs Nidhi Jain, on the sale of stake by Cleanmax Enviro to Jongsong Investments (indirect wholly-owned subsidiary of Temasek Holdings) and GSS India Opportunities AIF Scheme I (fund managed by Bain Capital). Partners Niladri Maulik and Siddharth Khanna led the firm’s team in the transaction, which was completed on February 6, 2026.
AZB & Partners is also advising TVS Shriram Growth Fund 4 on its Rs54.3 billion (US$578.5m) acquisition, along with other acquirers, of stake in Neysa Networks. Partners Vaidhyanathan Iyer and Vasudha Asher are leading the firm’s team in the transaction, which was signed on February 14, 2026 and is yet to be completed.
Moreover, AZB & Partners is advising USV on its Rs16.2 billion (US$172.6m) acquisition of a majority stake in Nutritionalab (Wellbeing Nutrition). Partners Divya Mundra, Vasudha Asher, Vikram Shroff, Nandan Pendsey and Bharat Budholia are leading the firm’s team in the transaction, which was signed on February 12, 2026 and is yet to be completed.
Baker McKenzie has acted for the joint sponsors and underwriters on the successful global offering and listing of Jiangsu New Vision Automotive Electronics (New Vision) in Hong Kong. Its H shares commence trading on March 24, 2026. Haitong International Capital and CITIC Securities (Hong Kong) acted as the joint sponsors in this transaction; Haitong International Securities and CLSA acted as the sponsor-overall coordinators; Haitong International Securities, CLSA and BOCI Asia acted as the overall coordinators. An award-winning and fast growing Chinese developer and manufacturer of advanced automotive visual interaction technologies, New Vision specialises in head up displays (W HUD and AR HUD), camera monitoring systems (CMS), automotive safety systems (Transparent A-Pillars), and transparent window display solutions designed to elevate in-car digital experiences. Proceeds from the IPO will mainly be used for production line expansion, automation and intelligentization upgrade, research and development, and technological capabilities enhancement, as well as existing solutions upgrade and new products development based on homologous technologies. Beijing office chief representative and China capital markets co-chair Hang Wang and China joint operation partner FenXun Partners partner Bing Han led the firm’s team in the transaction.
Clifford Chance has advised VOYAH Automobile Technology on its H shares listing via introduction in Hong Kong. A non-wholly owned subsidiary of Dongfeng Motor Group, VOYAH Automotive specialises in the research and development, production, sales and after-sales services of high-end electric vehicles. The firm had advised Dongfeng Motor on the take-private merger of VOYAH Automotive, announced in September 2025. China practice chair and partner Tim Wang and partners Jean Thio and Tianning Xiang led the firm’s team in the transaction.
Clifford Chance has also advised FS.com on its IPO and listing in Hong Kong, raising HK$1.67 billion (US$213m). Online DTC networking solution provider FS.com provides networking solutions through its online sales platform “FS.com”. The company’s offerings include networking hardware, operating systems and cloud‑based network management platforms. These solutions support use cases across high‑performance computing, data centers, enterprise networks and telecommunications, serving customers globally through a platform‑centric and online‑enabled delivery model. China practice chair and partner Tim Wang and partners Fang Liu and Virginia Lee led the firm’s team in the transaction.
DLA Piper has advised leading Chinese platform-based integrated circuit design company Nsing Technologies on its IPO and H share listing in Hong Kong, helping it achieve an “A+H” dual listing, raising HK$1.03 billion (US$132m.) Founded in 2000 in Shenzhen, Nsing Tech specializes in control chips and system solutions for intelligent terminals, with a diversified business model that also includes a lithium-ion battery anode material business. The proceeds from this H share listing will primarily fund research and development. Leveraging the advantages of its dual A+H capital platform, the company will focus on new technology platforms, high-performance microcontroller units (MCUs), and automotive-grade semiconductors. The capital raised will also support strategic investments and acquisitions across the semiconductor value chain, focusing on its core business layout to further strengthen the company’s competitive position in AIoT, and energy applications. The listing marks a major milestone for Nsing Tech, one of China’s top five platform-oriented MCU designers, as it strengthens its capital base, and expands its footprint in consumer electronics, AIoT, edge intelligence and automotive electronics. The IPO offers H-shares, broadening the company’s international investor base, and reinforcing its financial position, amid growing demand for domestic chip self-sufficiency and high-performance MCUs. APAC capital markets and corporate finance head Sherlyn Lau (Hong Kong) led the firm’s team in the transaction.
Herbert Smith Freehills Kramer has advised Mitsubishi Heavy Industries Compressor Corporation, a part of the Mitsubishi Heavy Industries (MHI) Group, on the acquisition of Switzerland’s AST Turbo. MHI Group is one of the world’s pre-eminent industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defence. AST Turbo maintains, inspects and provides field services for rotating equipment, such as compressors and steam turbines that drive compressors in the resources and energy sectors, in Europe, North America, the Middle East and other regions. Asia managing partner Graeme Preston led the firm’s team in the transaction, while Swiss law advice was provided by Walder Wyss, led by partner Urs Gnos.
JSA Advocates & Solicitors has successfully represented Edelweiss Asset Reconstruction Company (EARC) on opposing and rejecting three anticipatory bail applications, filed on behalf of Ecstasy Realty directors Pulin Bole, Shivani Verma and Shobhit Rajan (Applicants), in relation to a First Information Report (FIR) registered by the Economic Offences Wing (EOW) Mumbai for offences punishable under Sections 120B, 409, 420, 465, 467, 468, and 471 of the Indian Penal Code 1860. The FIR was lodged by EARC with the EOW for fraudulent diversion and misappropriation of over Rs6 billion (US$64m) that were owed to EARC by Ecstasy Realty under a Debenture Trust Deed (DTD) between the two entities. Anticipating their arrest, the Applicants had approached the Sessions Court in Mumbai. The firm successfully opposed the grant of anticipatory bail, and in its order dated June 20, 2025, the Sessions Court rejected the anticipatory bail applications. The Applicants approached the Bombay High Court seeking anticipatory bail, on the grounds that there was no misappropriation of any kind, and that the funds were utilized by Ecstasy Realty in line with the DTD. The firm strongly opposed the Applications by highlighting how funds were illegally layered and siphoned by the Applicants using multiple bank transfers between unknown shell companies. By its order dated March 11, 2026, the High Court took note of the large-scale economic fraud played upon EARC and the financial ecosystem, and rejected the Applications. Partner Hormuz Mehta, supported by partner Akhil Anand, led the firm’s team in the matter.
JSA Advocates & Solicitors has also advised Pavestone Technology Fund on its investment in Bengaluru-based enterprise procurement platform Agillos E-Commerce. The company operates the platform “Aerchain”, which automates procurement workflows, and enables enterprises to manage vendor discovery, negotiations, purchasing and payments through AI-powered agents. Partner Siddharth Mody, supported by partners Anurag Shrivastav, led the firm’s team in the transaction.
Moreover, JSA Advocates & Solicitors has advised Centrum Capital on the sale of its entire shareholding in Centrum Housing Finance to Weaver Services. Founded by Mr Satrajit Bhattacharya and backed by marquee investors, such as Premji Invest, Lightspeed and Gaja Capital, Weaver was established to enter the affordable home finance space. Partner Sidharrth Shankar led the firm’s team in the transaction.
Paul Hastings (Hong Kong) has advised Delton Technology (Guangzhou) on its HK$3.31 billion (US$423m) global offering and listing in Hong Kong. The firm also assisted Delton in drafting the prospectus for its global offering and listing. Delton primarily develops, manufactures and sells customized printed circuit boards for high-performance servers and other computing applications. Delton is currently listed in Shenzhen. Founding partner and Greater China chair Raymond Li and partner Steven Hsu, supported by regulatory affairs director Wendy Hung, led the firm’s team in the transaction.
Rajah & Tann Singapore has successfully acted for the joint issue managers, joint global coordinators and joint book-runners and underwriters on the IPO and listing of UI Boustead REIT in Singapore on March 12, 2026. Partners Raymond Tong and Jasselyn Seet led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Kwangsung Corporation on its acquisition of the remaining stake held by Sandhar Technologies in Belite India Component (formerly Kwangsung Sandhar Technologies) and its subsidiary, Belite India Automotive Systems (formerly Kwangsung Sandhar Automotive Systems). The transaction was executed via acquisition of Sandhar Technologies’ entire shareholding in both entities, and transition arrangements. The transaction marks the exit of Sandhar Technologies from the joint venture entities, and results in Kwangsung acquiring 100 percent ownership of Belite India Component. Consequently, Belite India Automotive Systems has also become wholly-owned within the Kwangsung group structure. The transaction involved extensive closing and post-closing actions, including regulatory filings and operational restructuring, and also involved cross-border coordination between India and South Korea, demanding seamless execution within tight timelines. Partner Sarika Raichur led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has also represented the Reserve Bank of India (RBI) on seven writ petitions filed before the Bombay High Court, challenging the scheme of amalgamation of Punjab and Maharashtra Co-operative Bank (PMC Bank) with Unity Small Finance Bank (Unity Bank), formulated by the RBI and sanctioned by the Central Government on January 25, 2022. In the judgment dated March 9, 2026, the High Court upheld the scheme in its entirety, finding no legal or procedural impropriety on the part of the RBI. The judgment affirmed that, when PMC Bank’s financial position had turned precarious, the RBI acted promptly and responsibly by exploring every possible avenue for a non-disruptive resolution, before resorting to the amalgamation scheme as the only viable alternative to liquidation. The judgment represents a comprehensive judicial endorsement of the RBI’s approach to non-disruptive resolution of a distressed bank, affirming for the first time in such detail that a regulator may, in the interest of depositors and the public, devise a calibrated amalgamation scheme that prioritises the return of deposits to the maximum number of stakeholders over a pro-rata distribution model otherwise applicable in liquidation. The High Court specifically noted that, had PMC Bank been put into liquidation, depositors would have received no more than Rs500,000 (US$5,331) regardless of the size of their deposits, whereas the amalgamation assured 100 percent return of principal amounts, with approximately Rs48.5 billion (US$624m) paid to depositors as of February 2, 2026. Unity Bank itself has demonstrated the success of this resolution, having grown its balance sheet from Rs119.46 billion (US$1.27b) in March 2023 to Rs191.52 billion (US$2b) in March 2025, with profits rising from Rs350 million (US$3.73m) to Rs4.82 billion (US$51.4m), and expansion to 291 branches across 20 states. Partners Ameya Gokhale and Rishabh Jaisani led the firm’s team in the matter.
Moreover, Shardul Amarchand Mangaldas & Co has advised IFCI and the India Semiconductor Mission on the provision of fiscal support amounting to approximately US$1.1 billion for the establishment of a semiconductor Outsourced Semiconductor Assembly and Test (OSAT) facility in Assam by Tata Semiconductor Assembly and Test and Tata Electronics. The transaction was undertaken under the Government of India’s modified scheme for promoting semiconductor manufacturing and advanced packaging facilities in the country. It involved the execution of a fiscal support agreement, security agreement and escrow agreement covering the development of wire bond packaging, flip chip and ISP system facilities in Assam. The project is expected to strengthen India’s electronics manufacturing ecosystem, enhance domestic semiconductor capabilities, reduce reliance on imports, and generate employment across the automotive, electronics, telecom and industrial manufacturing sectors. Partner Anurag Dwivedi led the firm’s team in the transaction.
Squire Patton Boggs has acted as US special counsel to India’s largest gold finance company, Muthoot Finance, on a US$600 million High Yield Bond issue. The notes were issued under Muthoot Finance’s US$4 billion Global Medium Term Note (GMTN) Programme. The transaction was well-received by the international markets, pricing at 5.75 percent, which represented a significant tightening from the initial price guidance of 6.125 percent. The notes are secured against the company’s current assets, including gold loan receivables, and have a weighted average life of approximately four years. Deutsche Bank and Standard Chartered Bank acted as global coordinators and joint book-runners for the issuance. Singapore corporate partner Philip Lee, who previously assisted Muthoot Finance in the initial establishment of its GMTN Programme as well as all subsequent offshore bond issues of the company, led the firm’s team in the transaction.
