It is understood that UK corporate firm and long-time ICG adviser Travers Smith referred the matter to Khaitan & Co.

Market sources have confirmed that Khaitan & Co partner Kalpana Unadkat is leading the Khaitan team, handling the Indian aspects of the transaction as CPA Global has a significant presence in India.

Unadkat had joined Khaitan & Co from Ashurst's London office India group in October 2008.

Khaitan & Co declined to comment.

The Lawyer magazine reported that Clifford Chance, DLA Piper, offshore firm Ogier and Travers Smith handled the international advice, which governed the majority of the transaction.

ICG is based in the UK and CPA Global is headquartered in Jersey, with further offices throughout the world but operates LPO facilities in India.

Travers Smith corporate head Chris Hale led the international legal advice for ICG, alongside finance partner Andrew Gregson and tax partner Kathleen Russ.

DLA Piper partners David Raff and Kiran Sharma and Ogier corporate partner Raulin Amy and litigation partner Matthew Thompson advised CPA Global.

Clifford Chance finance partner James Butters led the team acting for the banking syndicate that debt financed the deal.