Rabindra Jhunjhunwala
Khaitan & Co, Mumbai
rabindra.jhunjhunwala@khaitanco.com

Saranya Mishra
Khaitan & Co, Mumbai
saranya.mishra@khaitanco.com

Against the backdrop of India’s projected economic trajectory, the IBA Corporate and M&A Law Committee convened its biennial India conference on the theme ‘Mergers and acquisitions in India: a key engine to the USD 30 trillion goal’ in early April 2025, in Mumbai. Once again, the conference was sold out, a distinction usually reserved for the IBA’s flagship M&A events in New York and Paris.

Over 230 delegates from 20 countries attended, reflecting India’s growing global importance and making the conference a genuinely international affair. Notably, 35 per cent of attendees were first-timers, and international participants (54 per cent) outnumbered Indian ones for the first time. Representation was broad and diverse: female participation was notable among both speakers and delegates, and discussions were enriched by equal contributions from in-house counsels and private practitioners. This edition also recorded the highest number of sponsors and institutional partners to date, signalling strong confidence in the India growth narrative.

To ensure fresh thinking, apart from the IBA officers, none of the speakers were repeated from earlier editions of the conference. The two-day programme featured ten plenary sessions, keynote addresses, eight hot topic roundtables and a live pitch simulation. The event was co-chaired by Rabindra Jhunjhunwala from Khaitan & Co, Darshika Kothari from AZB & Partners and Nivedita Rao from Cyril Amarchand Mangaldas.

Conference proceedings

Welcome remarks

Conference co-chairs Jhunjhunwala and Rao opened the event, followed by welcome remarks from Jörg Menzer from Noerr, who is the IBA Vice-President. Menzer reflected on the legal profession’s evolving role amid rising nationalism and political fragmentation. Citing India’s ambition to become a $30tn economy by 2047, a goal both ambitious and inspiring, he emphasised that the objective must be grounded in ethical practice, judicial independence and social responsibility, and urged lawyers to safeguard the rule of law and core values, such as judicial independence and client confidentiality.

Make (it happen) in India: $30tn goal and fireside chat

Following the welcome address, K V Subramanian from the International Monetary Fund delivered a data-driven and visionary keynote speech, outlining how India could reach $55tn by 2047, assuming that eight per cent real GDP growth occurs, alongside five per cent inflation and low currency depreciation. Drawing on his book India @100, Subramanian placed emphasis on the role of macroeconomic reforms, digital public infrastructure and institutional credibility in creating a conducive investment climate and highlighted M&A as a key mechanism for market consolidation, innovation transfer and capital in-flow, and urged the legal and financial sectors to see M&A as a strategic instrument for national transformation.

During a fireside chat with Cyril Shroff from Cyril Amarchand Mangaldas, Subramanian expanded on the importance of regulatory certainty, the rule of law and the alignment of corporate strategy with policy. Both speakers underscored that legal and institutional coherence is key to translating economic ambitions into reality.

Session one: geopolitics, regulatory trends and the impact on M&A

The panel comprised of Christian Hoedl from Uría Menéndez, Melanie Howard from Latham & Watkins, Nicolas Bourtin from Sullivan & Cromwell and Nitin Maheshwari from EY, and was moderated by Menaka Doshi from Bloomberg India and Rabindra Jhunjhunwala from Khaitan & Co.

The panel analysed the complex interplay between global political shifts, such as supply chain realignments, protectionist policies and regional conflicts, and regulatory responses. It was noted that dealmakers now operate in an era where geopolitical risk is inseparable from regulatory risk. The panel explored how cross-border transactions must increasingly account for multi-layered compliance frameworks, data sovereignty requirements and foreign investment restrictions. The discussion highlighted India’s position as a preferred investment destination amid global realignments and how regulatory agility can give India a competitive edge. Case studies were discussed to illustrate how geopolitical foresight and proactive regulatory engagement can make or break a deal.

Session two: blurring the lines between private equity and M&A

The panel comprised of Bhavi Sanghvi from KKR, Ian C Ho from Simpson Thacher & Bartlett, Manisha Girotra from Moelis India and Vishal Mahadevia from Warburg Pincus, and was moderated by Darshika Kothari from AZB & Partners and Ralf Morshäuser from Gleiss Lutz.

With traditional lines between financial and strategic investors continuing to fade, this discussion addressed how private equity (PE) companies are adopting longer horizon investment strategies, operational involvement and thematic plays, making them quasi-strategic buyers. The panel examined evolving deal structures, such as consortium and platform acquisitions, where PE companies team up with corporates or founders to jointly scale businesses. The discussions covered how long-hold funds, operating partner models and thematic investments are enabling PE players to create value beyond capital. The strategic use of earn-outs, minority protections and value-creation plans was explored. The conversation emphasised that PE is now an integral part of India’s M&A fabric, not just a source of capital.

Session three: mitigating regulatory risk – key considerations

The panel comprised of Ananya Sharma from AZB & Partners, Ipsita Dutta from Morgan Stanley and Yuto Matsumura from Hitachi, and was moderated by Hans-Jörg Ziegenhain from Hengeler Mueller and Sandeep Parekh from Finsec Law Advisors.

The panel delved into the evolving risk environment for M&A transactions in India, focusing on how in-house legal and compliance teams are increasingly becoming deal enablers. The discussions revolved around regulatory preparedness, early-stage engagement with government agencies and the integration of compliance frameworks into transaction timetables. The participants shared best practices for managing risks arising from antitrust scrutiny, sector-specific restrictions (for example, telecoms, Fintech) and evolving environmental, social and governance (ESG) disclosure mandates. Topics of discussion also included multi-agency clearances, disclosure obligations and foreign direct investment (FDI)-linked conditions. Emphasis was placed on pre-deal planning, internal compliance audits and collaboration with regulatory consultants. The importance of aligning legal, commercial and operational due diligence was emphasised.

Session four: hot topic roundtables

An interactive, multi-table format allowed attendees to explore emerging and underrepresented themes in greater detail, which included the following:

• post-merger integration (discussion chaired by Alexander Zharskiy from ALRUD and Michael Kutschera from Binder Grösswang), which explored cultural alignment, retention strategies and key performance indicator (KPI)-driven integration frameworks to ensure merger success beyond signing;
• artificial intelligence (AI) in M&A (discussion chaired by Sameer Sibal from JMP Law and Tino Gaberthüel from Lenz & Staehelin), which involved a debate on the role of AI in deal sourcing, diligence automation and predictive valuation, while examining ethical and governance risks;
• ESG integration (discussion chaired by Arnav Dayal from Trilegal and Dr Lorenzo Olgiati from Schellenberg Wittmer), which addressed the growing demand for ESG-driven deal rationale and how acquirers are embedding sustainability metrics into valuation models;
• startup M&A (discussion chaired by Suneeth Katarki from IndusLaw and Takashi Toichi from TMI Associates), which focused on founder alignment, intellectual property (IP) diligence and risk sharing during early-stage acquisitions;
• Southeast Asia dynamics (discussion chaired by Nicholas Soh from Allen & Gledhill and Swathi Ravi Girimaji from Bharucha & Partners), which shared insights on deal structuring in diverse legal environments and managing jurisdictional unpredictability;
• IP valuation and protection (discussion chaired by Ankit Chhabra from Eversheds Sutherland and Natasha Sethna from Veritas Legal), which tackled challenges in quantifying intangibles and protecting proprietary assets in cross-border deals;
• M&A risk mitigation (discussion chaired by Francesco Florio from Legance and Nusrat Hassan from Dentons Link Legal), which discussed the proactive use of representations and warranties insurance and scenario planning; and
• general counsel priorities (discussion chaired by Gerald Reger from Noerr and Rishi Gautam from Tata Consumer Products), which offered an inside view into what legal leaders look for in external counsel and how legal strategy is evolving in volatile markets.

The diversity of the topics encouraged nuanced, peer-to-peer learning and networking opportunities.

Session five: refuse to lose – pitching for business in a competitive M&A market

The panel comprised of Andrew S Cohn from Skadden, Arps Slate, Meagher & Flom, Deepak Chauhan from Welspun World, Rinki Ganguli from Brookfield Asset Management, Nallini Puri from Cleary Gottlieb, Puja Sondhi from Shardul Amarchand Mangaldas & Co, Satish Kishanchandani from Pioneer Legal, Sun Yul Lee from Kim & Chang and Wai King Ng from WongPartnership, and was moderated by Jean-Claude Rivalland from Norton Rose Fulbright.

This engaging and interactive panel simulated a live pitch scenario where legal teams competed for a high-stakes M&A mandate. Beyond the theatrical flair of the mock pitches delivered by panelists split into two teams (one a best friends’ consortium and the other a law firm with a presence in multiple jurisdictions), the panel offered pragmatic insights into the art of persuasive storytelling, tailoring value propositions and demonstrating cross-border expertise under time pressure. Feedback from in-house counsel served as a roadmap for law firms on how to differentiate themselves in a crowded advisory market, particularly when pitching to global corporates and PE funds.

Keynote speech by the antitrust regulator

Day two of the conference kicked off with a keynote address by Ravneet Kaur from the Competition Commission of India (CCI).^[1] She underscored the pivotal role of mergers and acquisitions in fostering economic development, emphasising that M&A activities serve as efficient and organic pathways for business expansion and innovation. She highlighted recent amendments to the (Indian) Competition Act 2002, including the introduction of a deal value threshold aimed at capturing significant transactions that may not meet traditional asset or turnover criteria, particularly in India’s burgeoning startup ecosystem. She advocated for a trust-based regulatory approach, encouraging comprehensive and transparent filings by businesses and legal advisors. Additionally, she addressed the challenges posed by AI in detecting anti-competitive practices, highlighting the CCI’s commitment to collaborating with stakeholders to navigate such complexities.

Session six: antitrust/competition policy and enforcement

The panel comprised of Ravneet Kaur from the CCI, Anshuman Sakle from Khaitan & Co, Mrinal Chandran from the India Resurgence Fund and Rahul Satyan from Meta, and was moderated by Nisha Kaur Uberoi from JSA.

The panel examined the rapidly tightening competition enforcement landscape in India and globally, with an emphasis on the CCI’s evolving merger control regime, greater scrutiny of digital platform acquisitions and pre-emptive remedies in concentrated markets. Comparative trends were examined across Asia, the European Union and the United States, underscoring the importance of early antitrust planning, transparent disclosures and the development of advocacy strategies during the transaction review process. The discussions also covered the balance between facilitating consolidation and preserving consumer choice in high-growth sectors.

Session seven: corporate governance and best practices in public M&A

The panel comprised Amit Tandon from Institutional Investor Advisory Services, Andrew Wark from Cravath, Swaine & Moore, Franziska Ruf from Davies, Ward, Phillips & Vineberg and Nivedita Rao from Cyril Amarchand Mangaldas, and was moderated by Charles Martin from Darrois Villey Maillot Brochier and Kunal Thakore from Talwar Thakore & Associates.

Public market M&A brings its own set of legal and reputational challenges. This panel explored evolving governance expectations, particularly in the wake of increased institutional shareholder activism and new disclosure requirements, such as rumour verification. The panelists addressed the responsibilities of board committees, fair pricing mechanisms and the critical role of independent valuations. Emphasis was also placed on communication strategies, transparency in bid announcements and stakeholder alignment during contested takeovers or delisting attempts.

Session eight: hot sectors for inbound and outbound M&A

The panel comprised Abhishek Kolay from Kirkland & Ellis, Piusha Bose from Freshfields, Sergio Sánchez Solé from Garrigues and Zia Mody from AZB & Partners, and was moderated by Roddy Martin from Herbert Smith Freehills Kramer and Sourav Malik from Kotak Investment Banking.

Sectoral momentum was the focal point of this panel, with panellists identifying industries with a high level of potential, such as green energy, data infrastructure, manufacturing, digital healthcare and consumer technology. The discussion underscored the distinct regulatory contours and valuation models applicable to each sector. In regard to outbound M&A, Indian corporates’ appetite for technology acquisition and market access in the US, EU, and the Association of Southeast Asian Nations (ASEAN) was highlighted. Similarly for inbound deals, India’s policy stability and consumption-led growth remain strongly attractive to dealmakers. The participants discussed how sector expertise and strategic alignment are becoming as critical as capital availability in successful M&A deals.

Session nine: the National Company Law Tribunal (NCLT) as the new battleground

The panel comprised Anirudh Agarwala from Touchstone Partners, Krishnava Dutt from Argus Partners, Vineetha MG from Samvad Partners and Zal Andhyarujina from Fountain Court Chambers, and was moderated by Mohit Saraf from Saraf and Partners and Shuva Mandal from Anagram Partners.

This panel provided a deep dive into India’s stressed asset resolution framework and the increasingly central role of the NCLT. The NCLT’s growing role in deal clearance and dispute resolution was critically assessed. The discussions covered the intersection between insolvency processes and M&A strategy, including timeline unpredictability, creditor negotiations and asset ringfencing. The panel also addressed emerging trends in M&A-related litigation, such as valuation disputes and breach of representations and warranties.

Session ten: M&A in technology

The panel comprised Jagriti Bhattacharyya from Pine Labs, Matthieu Pouchepadass from Bredin Prat, Rishab Kumar from Cooley and Yash Rana from Goodwin Procter, and was moderated by Rajesh Sreenivasan from Rajah & Tann and Ronald C Chen from Wachtell, Lipton, Rosen & Katz.

With the technology sector accounting for a large share of deal activity, this panel dissected the unique challenges of tech M&A. Topics included IP due diligence, cross-border data transfer compliance, cyber risk assessments and the integration of agile development teams post-acquisition. The panel also debated regulatory scrutiny over digital platform mergers and explored how emerging technologies such as AI and blockchain are influencing deal structuring and execution. The case studies discussed highlighted structuring options for acquihires, SaaS company valuations and handling regulatory scrutiny of platform deals. The panel concluded with a forward-looking discussion on the role of generative AI, blockchain and quantum computing in shaping future M&A strategies.

Closing remarks

The co-chairs Kothari and Jhunjhunwala closed the conference, comparing India’s $30tn ambition to a Lego set that is built collaboratively by dealmakers, regulators and investors. They encouraged participants to carry forward the insights and relationships gained from the conference, with a commitment to an even more dynamic 2027 edition.

Conference key takeaways

• India’s economic ambition: M&A is central to India’s $30tn journey, enabling consolidation and capital in-flow into the country.
• Private capital maturing: PE is shifting to strategic, long-term partnerships and value creation.
• Geopolitics and regulation: Dealmakers must integrate geopolitical foresight with legal strategy.
• Regulatory engagement: Constructive, transparent engagement fosters dealmaking.
• Governance and compliance: Stronger governance, disclosure and compliance are vital, particularly during public and cross-border deals.
• Emerging structures and sectors: Spin-offs, platform consolidations and high-growth sectors (digital infrastructure, healthcare, clean energy, manufacturing) dominate.
• Innovation in M&A: AI, ESG and IP-driven strategies are shaping the future.
• Collaborative spirit: Beyond the discussions, the conference fostered the development of a community of M&A advisers, corporates, regulators and policymakers.

Looking ahead

The conference blended macroeconomic vision with transactional insight, reaffirming M&A’s role not only as a tool for business strategy, but also as a catalyst in India’s path toward becoming a $30tn economy. It blended economic vision with transactional reality, offering delegates a rare opportunity to connect the dots between global trends and domestic reform. With fresh voices, rigorous dialogue and cross-border collaboration, the conference reinforced India’s position in the centre of the global M&A conversation.