S&R Associates is set to start up its greenfield Mumbai operations with Delhi-based co-founding partner Sandip Bhagat relocating full-time to the Mumbai to service existing clients and to build a full-service practice.

In plans that have been many months in making, the firm will start operations in Mumbai with five to seven associates in one to two months, said Bhagat, who will relocate to the city full-time along with up to around two Delhi office associates.

"While we work on transactions across India it is an obvious and natural next step to be present in India's financial capital where we already carry on a substantial portion of our work," said Bhagat.

He explained that the firm would take on around 6,000 square feet of space in the One Indiabulls Centre in Mumbai's Lower Parel area, which also houses Khaitan & Co and Trilegal.

S&R Associates' Delhi office will consist of between 26 and 28 lawyers, after Mumbai begins operations, with co-founding partner Rajat Sethi remaining in Delhi and heading up operations there.

The firm's initial focus in Mumbai will be to build on local corporate, investment banking and private equity client relationships to do general corporate, finance and capital markets work, although Bhagat noted that the firm would also be looking to add arbitration and litigation strength in future.

S&R Associates' traditional signature strength has been in the capital markets space but it has tried expanding out of that niche in recent years to also focus on mainstream corporate and other work.

The firm ranks sixth by the total numbers of initial public offerings (IPO) acted on in the last financial year, and third by the number of IPO underwriter and bank mandates, according to Legally India's IPO league table.