Sidley Advises on Market-Defining Cross-Border India Matters in 2025

Sidley’s India practice advised on many of 2025’s most strategically significant matters, supporting clients on complex cross-border transactions, disputes, and regulatory challenges requiring seamless execution across multiple jurisdictions.

In 2025, more than 450 Sidley lawyers across practices and all 21 of the firm’s global offices collaborated on more than 110 India-related matters, collectively representing an aggregate deal value of US$13 billion.

Key Matters in 2025 Included:

• Advising the underwriters on Tata Capital Limited’s US$1.75 billion IPO — the largest IPO in India in 2025, the fourth-largest in Indian history, and the largest-ever public offering by an NBFC in India.
• Advising the book running lead managers on the US$1.2 billion IPO of ICICI Prudential Asset Management Company Limited — marking the largest IPO in India by an asset management company to date, and the fourth largest IPO of 2025 in India.
• Representing Antrix Corporation, an Indian state-owned entity, in the Supreme Court and, on remand, in the Ninth Circuit in connection with enforcement of an over billion-dollar ICC arbitration award and involving complex questions under the Foreign Sovereign Immunities Act. The media has covered the case widely and Law360 named the case one of the top five current litigation matters related to international arbitration.
• Advising the book running lead managers and underwriters on Lenskart Solutions Limited’s US$821 million IPO — marking India’s first eyewear-only company to go public; Lenskart is the country’s largest organised retailer of prescription eyewear by eyeglass volume.
• Advising the book running lead managers on the US$460 million IPO of National Securities Depository Limited (NSDL) — the largest IPO of a market infrastructure institution in India.
• Advising Access Healthcare, a leading India- and U.S.-headquartered technology-enabled revenue cycle management platform, in its strategic investment from affiliates of New Mountain Capital, LLC — the largest M&A deal in India in the first half of 2025, as reported by Bloomberg.
• Advising Supplyhouse LLC, which has significant technology and operations presence in India, in the sale of 35% of its equity to affiliates of KKR & Co., Inc. for US$390 million.
• Advising MIPS Holding, Inc., which has its engineering and design center in India, in its sale to GlobalFoundries Inc. for US$301 million in cash.
• Successfully representing Glocal Healthcare Systems Private Limited, an Indian digital healthcare company, in a multi-pronged dispute related to a SPAC transaction with parallel actions before the Delaware Bankruptcy Court and the Seventh Cir., in addition to advising on global litigation strategy involving various civil and criminal proceedings before Indian courts and beyond. Despite facing a US$115 million arbitral award (ICC; Illinois) against Glocal (obtained before Sidley’s representation), Sidley obtained a highly- favourable settlement within a month of being retained, resulting in a net gain in value for Glocal of US$27.5 million. The win was acknowledged in The American Lawyer’s Litigator of the Week awards.
• Representing Namasté Laboratories LLC, a U.S. subsidiary of the Dabur Group, an Indian-listed FMCG major, in a multi-district products liability litigation involving tens of thousands of actions in U.S. federal courts, and in separate but related actions before multiple U.S. state courts. As lead counsel, we also advise related entities on global litigation strategy implicating parallel proceedings before courts in Canada and Netherlands.
• Representing ICICI Bank on the establishment of two representative offices in the U.S. states of Illinois and New Jersey. This project required applications for regulatory approvals from the Federal Reserve and state banking regulators in those states.
• Advising an Indian steel company in the EU anti-dumping investigation on imports of certain hot-rolled flat steel products. The case was terminated for imports from India (whereas duties were imposed on imports from other countries).
• Representing a U.S. chemicals company in an Indian anti-dumping investigation. The case was terminated without the imposition of duties.
• Advising an Indian steel company in a proceeding for a refund of anti-dumping duties.
• Acting as lead investigations counsel for some of the world’s best-known multinational companies on India-related regulatory, compliance, and enforcement matters, including cross-border investigations, FDA, and life sciences regulatory issues, sanctions, and export controls considerations as well as risk assessments and complex internal reviews.
• Acting as regulatory counsel for leading multinational life sciences and pharmaceutical companies on India-related manufacturing, quality, and compliance matters. Our work included advising on FDA inspections of Indian manufacturing sites, responding to FDA Form 483s and Warning Letters, supporting remediation and CAPA programs, conducting cGMP gap assessments and internal investigations, and managing cross-border regulatory risk involving FDA enforcement, supply chain integrity, and U.S. market access.

Collectively, these matters illustrate the scope and complexity of the India-related work handled by Sidley in 2025.

Recognition and Accolades

Sidley’s India practice and lawyers received recognition for their excellence and market impact:

• India Business Law Journal (IBLJ) – Named among the “Top 15 Foreign Law Firms for India Work” for eight consecutive years
• IBLJ 2025 International A-List – Manoj Bhargava, Samir A. Gandhi, and Deepak Raju
• IBLJ Deals of the Year 2024:
  
  • Vishal Mega Mart – US$945 million IPO: precedent-setting for high-value private equity exits and sponsor-driven IPOs in the retail sector
  • Afcons Infrastructure – US$645 million IPO: largest IPO by an Indian infrastructure company, the largest by an Indian construction company in the past two decades, and among the largest in India for 2024
  • Vodafone Idea – US$2.2 billion FPO: India’s largest-ever follow-on public offering of equity shares
• FinanceAsia Achievement Awards 2025 – “Best IPO – India” for Vishal Mega Mart’s US$945 million IPO
• Chambers Asia-Pacific 2025 – Ranked a leading firm for “India: International – Capital Markets (Expertise Based Abroad)”
• Legal 500 Asia-Pacific 2025 – Ranked a leading firm for “India: Foreign Firms”
• IFLR Asia-Pacific Awards 2025 – Shortlisted for “India Practice of the Year”
• Bar & Bench – Featured among the leading international firms active in India’s equity markets

These recognitions underscore Sidley’s continued strength in cross-border India mandates and its deep bench of experienced practitioners based across Singapore, London, New York, and other key financial centres.

Insights from the India Practice Co-Heads

“While Sidley is well recognised for its India capital markets work, our India practice today is defined by much more than that,” said Manoj Bhargava, co-head of Sidley’s India practice. “Clients increasingly rely on us for India-related matters that span transactions, disputes, and regulatory challenges, often simultaneously and across multiple jurisdictions. That full-spectrum capability is what allows us to support clients on their most complex and sensitive mandates.”

Samir A. Gandhi, co-head of the India practice, added: “As India continues to attract international capital and strategic interest, Sidley remains focused on providing clients with integrated, commercially driven advice on their most complex and high-value transactions.”