AZB & Partners and Cyril Amarchand Mangaldas claim the No.2 & No.3 slots
Khaitan & Co. topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions by value during 2025 advising 84 deals worth $32.9 Billion. It was followed by AZB & Partners ($23.2 Billion across 50 deals) and Cyril Amarchand Mangaldas (CAM) ($16.8 Billion across 85 deals). J Sagar Associates ($15.4 Billion across 40 deals) along with Shardul Amarchand Mangaldas ($11.3 Billion across 41 deals) completed the top five.
Among the largest M&A deals during 2025, Khaitan & Co., AZB & Partners, J Sagar Associates and Allen & Gledhill advised Schneider Electric‘s $6.4 Billion acquisition of the residual stake in Lauritz Knudsen Electrical & Automation. Greenberg Traurig and Clifford Chance advised the $4.5 Billion acquisition of Italian truck maker Iveco by Tata Motors. Shardul Amarchand Mangaldas advised Bajaj Finserv’s $2.8 Billion worth acquisition of German JV partner Allianz’s stake in Bajaj Allianz General Insurance Company, Bajaj Allianz Life Insurance Company and Bajaj Allianz Financial Distributors.
Among the largest M&A deals during Q4 2025, Khaitan & Co. and AZB & Partners advised the$2.7 Billion acquisition of Bhushan Power & Steel Business by the JV of JFE Steel and JSW Steel. Cyril Amarchand Mangaldas advised the$1.6 Billion acquisition of infrastructure conglomerate Jaiprakash Associates by Adani Enterprises as a part of the corporate insolvency resolution process. AZB & Partners advised Tata Consultancy Services‘ $700 Million acquisition of US-based salesforce summit partner Coastal Cloud.
The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms.
Among foreign firms, Allen & Gledhill advised the $6.4 Billion Schneider Electric-Lauritz Knudsen Electrical deal, while Clifford Chance and Greenberg Traurig advised the $4.5 Billion Tata Motors-Iveco deal. They were followed by Anderson Mori & Tomotsune with 1 deal worth $1.9 Billion.
The full league table can be viewed online at https://www.ventureintelligence.com/leagues.php
By Industry
Under the Manufacturing industry (by value), Khaitan & Co. took the first spot by advising deals worth $12.1 Billion. AZB & Partners followed next with $11.7 Billion. J Sagar Associates took the third spot advising deals worth $7.2 Billion. By deal volume, Khaitan & Co. topped the table advising 24 deals. AZB & Partners came next having advised 17 deals. Trilegal and Cyril Amarchand Mangaldas took the third spot advising 15 deals each.
Under the BFSI industry (by value), Shardul Amarchand Mangaldas topped the table with $6.2 Billion, followed by Khaitan & Co. with deals worth $5.4 Billion. AZB & Partners took the third spot advising deals worth $2.2 Billion. By deal volume, Khaitan & Co. stood first by advising 8 deals. Cyril Amarchand Mangaldas, having advised 7 deals, came next. Trilegal with 5 deals took the third spot.
Under the Infrastructure* industry (by value), Cyril Amarchand Mangaldas ($9.1 Billion) topped the table followed by Khaitan & Co. advising deals worth $2.1 billion. Talwar Thakore & Associates ($2 Billion) came third. By deal volume Cyril Amarchand Mangaldas and Khaitan & Co. yet again took the first two spots with 25 and 10 deals respectively. AZB & Partners with 8 deals followed next.
The IT & ITES industry (by value) saw Khaitan & Co. emerge as the table topper advising deals worth $4.7 Billion. J Sagar Associates claimed the second spot with deals worth $4.5 Billion. AZB & Partners with deals worth $3.2 Billion came next. By deal volume, Khaitan & Co. topped with 15 deals. It was followed by Trilegal (12 deals) and AZB & Partners (10 deals).
Under the Healthcare & Life Sciences industry (by value), Khaitan & Co. emerged first with deals worth $3.6 Billion. AZB & Partners and Shardul Amarchand Mangaldas, advising deals worth $2.5 Billion each, followed next. Cravath Swaine & Moore with deals worth $815 Million took the third spot. By deal volume, J Sagar Associates topped the table, having advised 9 deals. Khaitan & Co. with 8 deals and Shardul Amarchand Mangaldas with 6 deals took the second and third spots respectively.
*Infrastructure Industry includes: Energy (excluding equipment makers, Battery Swapping station), Engg. & Construction, Shipping & Logistics, Mining & Minerals, Telecom (excluding equipment vendors and VAS providers) and Travel & Transport (excluding travel agencies, portals, etc.).
The full league table can be viewed online at https://www.ventureintelligence.com/leagues.php
To showcase your firms’ transactions in the 2026 League Tables, mail Vanathi at [email protected].
Venture Intelligence is India’s longest-serving provider of data and analysis on Private Company Financials, Transactions (private equity, venture capital, and M&A) & their Valuations in India.
