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India tops global projects ranking, Amarchand retains lead on Luthra, AZB enters fray in third

India sees largest project finance pool
India sees largest project finance pool

Amarchand Mangaldas solidified its lead in the Indian project finance league tables (see below) ahead of Luthra & Luthra, as AZB & Partners pushed its way into the top three.

The half-year project finance league tables by analytics company dealogic, show Amarchand having acted on 19 project finance deals worth $8.5bn, nearly doubling its 2013 first quarter tally of 11 deals worth $4.9bn.

Luthra did not report any additional project deals in the last quarter to dealogic and remained at $3bn from four deals.

AZB, however, landed in third spot with two deals also worth $3bn, displacing SJ Law, Khaitan Sud & Partners and Link Legal down the list.

Hemant Sahai Associates entered the rankings in tenth place with $393m of deals just behind Clasis Law.

India tops world volumes

Amarchand also topped the Asia Pacific league table with its project financings, ahead of Clifford Chance (with $4.2bn worth of deals), Hogan Lovells and Allen & Overy. Luthra and AZB came sixth and seventh on that table.

India, meanwhile, topped the global project finance league tables with 7 per cent year-on-year growth and $26bn worth of recorded deals, ahead of the United States, Australia, Saudi Arabia and the UK (see table above). The United States project aggregate value increased by 28 per cent, however.

State Bank of India was also the Asia Pacific region’s most prolific project finance lender with 29 deals worth nearly $8bn.

Legal Advisers of India Project Finance Deals – 1H 2013

Pos. Legal Adviser Amount($m.) No. %share
1 Amarchand Mangaldas 8,503 19 37.3
2 Luthra & Luthra 3,078 4 13.5
3 AZB & Partners 3,046 2 13.4
4 SJ Law Advocates & Solicitors 2,267 6 10.0
5 Khaitan Sud & Partners 1,611 8 7.1
6 Reed Smith LLP 770 1 3.4
7 White & Case LLP 676 3 3.0
8 Link Legal 470 3 2.1
9 Clasis Law 416 4 1.8
10 Hemant Sahai Associates Advocates 393 7 1.7
  Total 22,777 60 100.0

Source: dealogic

 

 

Note: The rankings are prepared by dealogic, which uses the following methodology:

  • There must be a clearly defined project or portfolio of projects, long term assets,
    dependency on cash flows and commercial bank lending
  • All PPPs/PFIs (excluding service contracts) are included.
  • Tables cover privately (co-) funded projects.

Exclusions

  • Real Estate (Except PFI / PPP deals);
  • Shipping or Aircraft financing where not tied to a specific project;
  • Equipment financing (when not related to a specific project);
  • Agriculture;
  • Manufacturing.
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