Indian law firms profit from privatization push

Indian law firms feel the benefits of a privatization push by the Indian national government on the back of rebounding capital markets. India’s second-largest firm Amarchand & Mangaldas is advising state-owned company Oil India on its partial IPO scheduled for mid-September. Oil India is seeking to raise between US$520m to US$574m. Luthra & Luthra is advising joint bookrunners Citi, HSBC and JM Financial/Morgan Stanley on Indian aspects of the IPO, while UK-based firm Ashurst is acting as international counsel for the transaction, providing advice on UK and US law. Amarchand & Mangaldas recently also won a key role on the partial privatization of government-owned hydro power company NHPC, which raised US$1.25bn in an IPO that was more than 20 times oversubscribed. US law firm Dorsey & Whitney acted as international counsel to the transaction. More IPOs of Indian state-owned companies are expected to come in the next months.

Indian law firms profit from privatization push asia.legalbusinessonline.com Wed, Aug 26, 2009