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Infrastructure Development Finance Company legal directors Pradeep Ratnam and Raju Dodti explain the ins and outs of investment in infrastructure and private equity

It has been a splendid year for mergers and acquisitions in India. With law firms in the country involved in landmark transactions, such as the block trade between British Petroleum and Reliance, Vodafone’s buyout of Essar’s stake in their joint venture, and the Vedanta-Cairn acquisition, practitioners have been kept very busy this year.

The Consolidated FDI Policy, effective from April 2011, abolished Press Note 1 and allowed foreign companies to freely set up joint ventures with domestic partners. This development was a welcome step for lawyers and investors, and is a sign of the Indian government’s resolve to encourage foreign investment.

Law firms

By Adarsh Ramanujan, Lakshmi Kumaran & Sridharan

H1 2011 M&A by volume (ranked by deal count) Firm H1 2011 deal count H2 2011 values (US$ billion) 2011 avg deal value (US$ million) H1 2010 deal count Desai & Diwanji 22 1.99 90 22 AZB & Partners 20 11.05 553 37 Khaitan & Co 16 3.73 233 8 Trilegal 6 0.434 72 9 J Sagar Associates 5 2.63 526 4 Amarchand & Mangaldas 5 2.47 494 15 PH Bathiya & Associates 4 0.168 42 1 Tatva Legal 4 0.127 32 9 Talwar Thakore & Associates 3 7.85 2617 2 Linklaters 3 7.83 2610 3 Kirkland & Ellis 3 2.41 803 2 ALMT Legal 3 0.127 42 2 Majmudar & Co 3 0.068 23 1 Ashurst 2 1.55 775 - Simpson Thacher & Bartlett 2 1.29 645 2

Labour and employment in India continues to be a priority area for law firms. With domestic companies and foreign companies running operations on the ground, competition for talented workers is high. The demographic dividend in coming years, with a youthful workforce joining the ranks of employees and workers, has been optimistically viewed by practitioners as the onset of a golden age – for both the growing economy as well as for the business of law.

Labour laws continue to lag behind business developments say lawyers, resulting in uncertainty and ambiguity in the application of certain laws in the country. For example, the definition of ‘workman’, and issues surrounding this discussion, has revealed that clarification is needed so as to protect the segments of workers intended by the laws.

The notification of the Data Privacy Rules on April 11 2011 ushers in a new regulation that will have far-reaching effects on India’s IT, telecommunications and related service sectors. The notified rules provide guidelines for the collection and usage of personal information or data.

Changes to the Employees Provident Fund Act (EPF Act), which were notified in October 2008, are proving burdensome to multinational companies employing expatriates in their Indian subsidiaries, say lawyers. Of particular concern are the amendments that cover the concept of international workers, under which expatriates in India and Indian workers abroad apply