Jones Day

Editorial analysis

    Jones Day has had a presence in India for more than 20 years and has established a “suberb reputation” for its work in the country according to respondents to our survey. The group is known in particular for its capital markets work, having been involved in some of India’s most significant share sales and issuances over the past year. Other areas of focus include M&A, banking and finance, arbitration, business crime and energy.

    In the past year Jones Day has acted as counsel alongside Khaitan & Co to the book running lead managers – a syndicate of banks made up of DSP Merrill Lynch, Morgan Stanley, Goldman Smith, Standard Chartered, SBI Capital Markets, Axis Capital, Citi, Deutsche Equities, IDFC and Macquarie Capital – in the public issue of more than 66 million equity shares by Adani Ports and Special Economic Zone. India group co-head Manoj Bhargava took the lead for the firm in this matter, and was well recognised during our research for his “world class” capital markets work. He also led the firm in acting alongside J Sagar for Procter & Gamble India Holdings, which, along with Poddar Heritage Group sold its combined stake of 8.77 per cent in Gillette India for a total consideration of around 5.7 billion rupees.

    The firm also represented Apollo Health Street in the acquisition by Sutherland Global Services, a provider of business process and technology management services; acted for Axis Capital in connection with the $65 million sale of shares of Adani Enterprises; advised Citigroup, Edelweiss and Morgan Stanley in connection with the 6.6 billion rupee ($135 million) offer of equity shares in an initial public offering and concurrent Rule 144A and Regulation S offering by Multi Commodity Exchange of India; represented Cooper Tire & Rubber in the $2.5 billion acquisition by Apollo Tyres; and acted for Linedata Services in the $45 million acquisition of the assets of the Capital Stream business of HCL Technologies.