Indian law firms JSA, SAM, AZB, and Wadia Ghandy provide counsel for a $1.1 billion private equity buyout in India
India has witnessed a significant milestone in its financial services sector with the completion of the country's largest-ever private equity buyout. The deal, valued at 91 billion rupees ($1.1 billion), involves a 90 percent stake purchase in HDFC's education finance arm, HDFC Credila.
The transaction was led by ChrysCapital, a prominent private equity firm, and was advised by several reputable law firms. J Sagar Associates (JSA) represented BPEA EQT, the buyers, in the deal. Shardul Amarchand Mangaldas advised ChrysCapital on the same acquisition.
The Wadia Ghandy & Co team, led by partners Ashish Ahuja and Nidhi Jha, represented HDFC Bank in the transaction. The AZB & Partners team, with Varoon Chandra at the helm, acted for both HDFC and HDFC Credila.
The AZB team was not alone in their efforts; Nandish Vyas was also part of the team that worked tirelessly to ensure the success of the deal. The Shardul Amarchand Mangaldas team, led by partners Gunjan Shah and Karun Prakash, provided invaluable support to ChrysCapital during the negotiation process.
The deal is attracting attention not only for its size but also for its focus on India's education finance sector. With a rising number of international students being considered by investors, this sector is becoming increasingly significant. Aparna Mehra, a member of the Shardul Amarchand Mangaldas team, provided competition law support for the firm.
This deal underscores the growing interest of investors in India's aspirational middle class. The financial services sector in India has been seeing a surge in M&A activity, with the country recording high deal values in 2025. The Indian market, with its high growth potential and regulatory reforms, continues to be an attractive destination for private equity.
In recent times, Bain Capital has also made significant investments in India's financial services sector. They have acquired joint control in Manappuram Finance, a major gold financier in India, and a 24.98% stake in IIFL Wealth Management, a leading wealth and asset management company in India.
While this article focuses on the deal involving ChrysCapital, it is worth noting that other law firms, such as J Sagar Associates, Shardul Amarchand Mangaldas, AZB & Partners, and ChrysCapital, have been involved in other significant private equity transactions in India. For more detailed information about these transactions, it might be necessary to consult more specialized financial or legal news sources.
[1] Source [2] Source [3] Source [4] Source
Investing in India's financial services sector has seen increased activity, as evidenced by the significant private equity buyout deal, led by ChrysCapital and valued at 91 billion rupees ($1.1 billion). Law firms, such as J Sagar Associates, Shardul Amarchand Mangaldas, AZB & Partners, and others, have played crucial roles in these transactions, providing legal advice and support for businesses and investors involved in these deals, further illustrating the importance of law and finance in the realm of investing and business operations.
