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Trends & Developments

Global Anti-Corruption Update 2016

Developed by attorneys in Ropes & Gray’s award-winning anti-corruption and international risk practice, this volume analyzes recent anti-corruption enforcement trends and developments in more than 30 countries.

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Chicago-based Asheesh Goel of Ropes & Gray LLP has a long-standing focus on the Indian market, having advised on a range of investigations and enforcement actions. He is an expert on US and UK anti-corruption laws, and has lately provided compliance advice to a number of international private equity firms and their portfolio companies in India. Chambers USA
"They have the deep experience and understanding of how a global company operates and together they strive to provide practical advice and a practical approach in dealing with issues as they come up. They are our go-to firm as far as compliance/FCPA issues are concerned." Client, U.S. News & World Report - Best Lawyers

Overview

India’s rapidly growing domestic markets represent both explosive opportunity and significant risk, necessitating the counsel of a firm with a history of success in the region and the comprehensive legal acumen to address any issues that may arise over the course of operations. Ropes & Gray’s globe-spanning legal capabilities leverage the knowledge and insights of attorneys with fluency in 46 languages, enabling our lawyers to utilize existing cultural and linguistic familiarity with India to identify and coordinate with leading local counsel throughout the region.

Our corporate practice has experience leading a broad variety of transactions to success in India, including matters involving debt financing, restructuring, fund formation, and mergers and acquisitions. We also have experience in regulatory matters, and our health care team frequently advises clients with operations in India on clinical trial regulations.

Furthermore, the firm’s extensive experience managing matters related to the U.S. Foreign Corrupt Practices Act (FCPA) and U.K. Bribery Act, as well as other anti-corruption laws, has established Ropes & Gray as a highly respected source of legal counsel for investors actively making or considering investments in India’s leading companies.

Ropes & Gray’s recent work in India has received recognition from India Business Law Journal, IFLR Asia Awards and The Legal 500 India, which have highlighted the firm’s strengths in cross-border transactions, anti-corruption and government investigations. In their analysis of the top firms in the region, these journals have often cited Ropes & Gray’s involvement in the high-profile and complex restructuring of Suzlon Energy bonds on behalf of a committee of bondholders.   

Disclaimer: Ropes & Gray attorneys are not practicing as Indian lawyers, and do not provide direct assistance with litigation matters in the courts of India nor appear before any government agencies or other regulatory bodies in India.


Experience

Our experience in India includes representing or advising in the following areas:

Transactions

  • The proprietary trading desk of a global investment bank in its investment in loans and warrants of an AIM-listed holdco and US$100 million secured and listed non-convertible debentures issued by its subsidiary, an Indian wind turbine company.
  • Bain Capital in its US$1 billion acquisition of a 30 percent stake in Genpact, a leading Indian business process outsourcing company. 
  • A global institutional investor in the acquisition of core franchisees of two leading branded quick-service restaurant chains operating hundreds of outlets in India and Sri Lanka.
  • A leading regional private equity fund in relation to its investment in US$72 million secured and listed non-convertible debentures of a real estate company in India.

Government Enforcement/Investigations

  • Multiple global private equity firms in various internal FCPA investigations including multiple anti-corruption due diligence matters for companies with operations in India.
  • A global asset manager in a large number of anti-corruption due diligence matters in India as part of the firm’s role as global FCPA and compliance counsel.
  • A global blood technology company in an internal FCPA investigation related to allegations made against its India-based employees.
  • A major oil and gas company in anti-corruption due diligence related to third-party relationships in India.
  • A U.S.-based pharmaceutical company in an internal FCPA investigation related to operations in India.
  • A major medical device company related to allegations of employee and third-party misconduct in India.

Business Restructuring

  • A group of bondholders on the restructuring of foreign-currency convertible bonds issued by Jaiprakash Ventures Limited.
  • An ad hoc committee of bondholders on the restructuring of foreign-currency convertible bonds issued by Indian wind turbine maker Suzlon Energy Ltd. Suzlon is the world’s fifth-largest wind turbine supplier.

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Private Investment Funds

  • A North American pension plan with respect to its US$200 million commitment to an Indian private equity fund and co-investment vehicle.
  • The sponsor of a US$150 million Indian real estate fund with respect to extending the fund’s life and restructuring the fund’s commercial terms.
  • A North American pension plan with respect to its proposed US$500 million investment in a managed account with an Indian asset manager focused on the infrastructure sector in India.

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Health Care

  • pro bono project with the Indian Society of Clinical Research to assist the Indian Ministry of Health in revisions to national clinical trials regulations.
  • Several multinational pharmaceutical companies on clinical trials issues in India.

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Disclaimer: Ropes & Gray attorneys are not practicing as Indian lawyers, and do not provide direct assistance with litigation matters in the courts of India nor appear before any government agencies or other regulatory bodies in India.