Saraf and Partners

09/04/2026

We are pleased to share that three Saraf and Partners deals have been recognised as India Business Law Journal (𝐈𝐁𝐋𝐉) 𝐃𝐞𝐚𝐥𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐘𝐞𝐚𝐫 𝟐𝟎𝟐𝟓.

𝐓𝐚𝐭𝐚 𝐬𝐩𝐢𝐧𝐬 𝐨𝐟𝐟 𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐯𝐞𝐡𝐢𝐜𝐥𝐞𝐬 | 𝐔𝐒𝐃 𝟏𝟑.𝟕 𝐛𝐢𝐥𝐥𝐢𝐨𝐧
We advised the State Bank of India in connection with moto’ composite scheme of arrangement to spin off its commercial vehicles business as a going concern, along with a share issuance to shareholders.
Deal team: Satadru Goswami (Partner), Oishika Roy and Tulip Bhatia (Associates)

𝐆𝐫𝐞𝐞𝐧𝐤𝐨’𝐬 𝐫𝐞𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 | 𝐔𝐒𝐃 𝟓𝟐𝟑 𝐦𝐢𝐥𝐥𝐢𝐨𝐧
We advised the National Bank for Financing Infrastructure and Development (NaBFID) on its INR 48.3 billion (USD 523 million) rupee-term loan extended to the Greenko Group to refinance outstanding USD 940 million dollar-denominated bonds.
Deal Team: Aroop Das (Partner), Anupam Pandey, Ashwini Chavan, Aastha Dubey (Associates) | Due Diligence Team: Khushi Sharma and Shaivi Shah (Associates)

𝐅𝐨𝐫𝐭𝐢𝐬 𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞’𝐬 𝐨𝐩𝐞𝐧 𝐨𝐟𝐟𝐞𝐫 | 𝐔𝐒𝐃 𝟒𝟗𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧
We advised Fortis Healthcare and Fortis Malar Hospitals on the acquisition of public shareholding pursuant to the mandatory open offers triggered by IHH Healthcare’s 31.1% stake acquisition in 2018.
Deal team: Vaibhav Kakkar (Senior Partner), Sahil Arora and Debarpan Ghosh (Partners), Paayas Pandit and Anuj Garg (Senior Associates), Sonia Mangtani and Umang Agarwal (Associates)

We are grateful for this recognition, and for the continued trust of our clients.

08/04/2026

𝐉𝐮𝐬𝐭 𝐨𝐧𝐞 𝐝𝐚𝐲 𝐭𝐨 𝐠𝐨!

We are looking forward to an engaging conversation at , where our Founder & Managing Partner, Mohit Saraf, will be moderating a panel on “Leasing as a New Model for Growth," exploring evolving strategies shaping the hospitality sector.

📍 Grand Hyatt Mumbai
🗓 9 April 2026 | 4:20 PM – 4:50 PM

Join us for the discussion: https://www.hicsaconference.com/registration

We are pleased to share that our Founder & Managing Partner, Mohit Saraf , will be moderating a panel on “𝐋𝐞𝐚𝐬𝐢𝐧𝐠 𝐚𝐬 𝐚 𝐍𝐞𝐰 𝐌𝐨𝐝𝐞𝐥 𝐟𝐨𝐫 𝐆𝐫𝐨𝐰𝐭𝐡,” at the 21st Edition of the 𝐇𝐨𝐭𝐞𝐥 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐂𝐨𝐧𝐟𝐞𝐫𝐞𝐧𝐜𝐞 - 𝐒𝐨𝐮𝐭𝐡 𝐀𝐬𝐢𝐚 (𝐇𝐈𝐂𝐒𝐀) 𝟐𝟎𝟐𝟔 in Mumbai.

𝐒𝐞𝐬𝐬𝐢𝐨𝐧 𝐝𝐞𝐭𝐚𝐢𝐥𝐬:
• Date: Thursday, 9 April 2026
• Time: 16:20 – 16:50
• Venue: Grand Ballroom, Grand Hyatt Mumbai Hotel & Residences

Register to attend the panel discussion here: https://www.hicsaconference.com/registration

30/03/2026

Just 10 days to go!

Join our Founder & Managing Partner, Mohit Saraf, as he moderates a panel on “𝐋𝐞𝐚𝐬𝐢𝐧𝐠 𝐚𝐬 𝐚 𝐍𝐞𝐰 𝐌𝐨𝐝𝐞𝐥 𝐟𝐨𝐫 𝐆𝐫𝐨𝐰𝐭𝐡” at HICSA 2026 in Mumbai on 9th April.

Registration link for the event is in the comments below.

We are pleased to share that our Founder & Managing Partner, Mohit Saraf , will be moderating a panel on “𝐋𝐞𝐚𝐬𝐢𝐧𝐠 𝐚𝐬 𝐚 𝐍𝐞𝐰 𝐌𝐨𝐝𝐞𝐥 𝐟𝐨𝐫 𝐆𝐫𝐨𝐰𝐭𝐡,” at the 21st Edition of the 𝐇𝐨𝐭𝐞𝐥 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐂𝐨𝐧𝐟𝐞𝐫𝐞𝐧𝐜𝐞 - 𝐒𝐨𝐮𝐭𝐡 𝐀𝐬𝐢𝐚 (𝐇𝐈𝐂𝐒𝐀) 𝟐𝟎𝟐𝟔 in Mumbai.

𝐒𝐞𝐬𝐬𝐢𝐨𝐧 𝐝𝐞𝐭𝐚𝐢𝐥𝐬:
• Date: Thursday, 9 April 2026
• Time: 16:20 – 16:50
• Venue: Grand Ballroom, Grand Hyatt Mumbai Hotel & Residences

Register to attend the panel discussion here: https://www.hicsaconference.com/registration

30/03/2026

Saraf and Partners advised 𝐑𝐞𝐍𝐞𝐰 𝐒𝐨𝐥𝐚𝐫 𝐏𝐨𝐰𝐞𝐫 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐋𝐢𝐦𝐢𝐭𝐞𝐝 ("ReNew") on the sale and transfer of its entire shareholding held in ReNew Solar Energy (Rajasthan) Private Limited ("Target Company") operating a 100MW solar project in Tamil Nadu ("Project") in favour of JLT Energy 9.

Under the terms of the transaction, ReNew Power Private Limited ("Seller") has entered into a Share Purchase Agreement with JLT Energy 9 ("Purchaser"), a subsidiary of France-based company JLT Invest and part of the Technique Solaire Group, for the sale and transfer of 100% of its shareholding in the Target Company on a fully diluted basis.

The Target Company, a wholly owned subsidiary of ReNew, operates as a special purpose vehicle for the Project in Tuticorin district, Tamil Nadu. The Project has been operational since 20 September 2019 and is supported by a 25-year Power Purchase Agreement with Tamil Nadu Generation and Distribution Corporation Limited.

The transaction team was led by 𝐀𝐯𝐢𝐫𝐮𝐩 𝐍𝐚𝐠 (Partner) and 𝐀𝐧𝐤𝐢𝐭 𝐒𝐚𝐡𝐨𝐨 (Partner Designate) and comprised 𝐀𝐬𝐢𝐦𝐚 𝐆𝐡𝐨𝐬𝐡 (Senior Associate), 𝐏𝐚𝐫𝐢𝐭𝐨𝐬𝐡 𝐁𝐢𝐬𝐞𝐧 and 𝐀𝐬𝐡𝐰𝐢𝐧𝐢 𝐏𝐚𝐧𝐰𝐚𝐫 (Associates).

Read more about the transaction here:

Mercom India: https://www.mercomindia.com/renew-to-sell-100-mw-tamil-nadu-solar-project-to-technique-solaire-for-49-million

VCCircle: https://www.vccircle.com/renewenergy-global-to-sell-tamil-nadu-solar-project-for-49-mn-to-french-group

Investing.com: https://in.investing.com/news/sec-filings/renew-energy-global-to-sell-tamil-nadu-solar-project-for-49-million-9

25/03/2026

We are pleased to share that our Founder & Managing Partner, Mohit Saraf , will be moderating a panel on “𝐋𝐞𝐚𝐬𝐢𝐧𝐠 𝐚𝐬 𝐚 𝐍𝐞𝐰 𝐌𝐨𝐝𝐞𝐥 𝐟𝐨𝐫 𝐆𝐫𝐨𝐰𝐭𝐡,” at the 21st Edition of the 𝐇𝐨𝐭𝐞𝐥 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐂𝐨𝐧𝐟𝐞𝐫𝐞𝐧𝐜𝐞 - 𝐒𝐨𝐮𝐭𝐡 𝐀𝐬𝐢𝐚 (𝐇𝐈𝐂𝐒𝐀) 𝟐𝟎𝟐𝟔 in Mumbai.

𝐒𝐞𝐬𝐬𝐢𝐨𝐧 𝐝𝐞𝐭𝐚𝐢𝐥𝐬:
• Date: Thursday, 9 April 2026
• Time: 16:20 – 16:50
• Venue: Grand Ballroom, Grand Hyatt Mumbai Hotel & Residences

Register to attend the panel discussion here: https://www.hicsaconference.com/registration

25/03/2026

Saraf and Partners advised ASK Property Fund, the real estate investment arm of the ASK Asset & Wealth Management Group, on contractual and strategic advisory aspects in connection with ASK’s exit from a residential real estate project of the Mahagun Group in Noida.

As reported by The Economic Times, ASK Property Fund recently completed its exit from the project, marking a successful culmination of its investment. Our role involved advising ASK on contractual structuring, stakeholder coordination and transaction strategy, supporting the achievement of the exit outcome in alignment with the parties’ commercial objectives.

The transaction underscores the importance of carefully calibrated contractual and strategic guidance in facilitating complex real estate exits in dynamic market conditions.

The transaction team was led by 𝐁𝐢𝐤𝐚𝐬𝐡 𝐉𝐡𝐚𝐰𝐚𝐫 and 𝐒𝐚𝐧𝐣𝐞𝐞𝐯 𝐒𝐡𝐚𝐫𝐦𝐚 (Senior Partners), 𝐒𝐚𝐭𝐚𝐝𝐫𝐮 𝐆𝐨𝐬𝐰𝐚𝐦𝐢 (Partner) and comprised 𝐀𝐛𝐡𝐢𝐬𝐡𝐞𝐤 𝐂𝐡𝐚𝐧𝐬𝐨𝐫𝐢𝐚 and 𝐃𝐢𝐯𝐲𝐚 𝐉𝐨𝐬𝐡𝐢 (Principal Associates), 𝐏𝐮𝐫𝐮 𝐁𝐚𝐧𝐬𝐚𝐥 (Senior Associate) and 𝐏𝐮𝐫𝐮 𝐁𝐚𝐧𝐬𝐚𝐥 (Associate).

Read more about the transaction: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/ask-property-fund-exits-mahagun-groups-noida-project/articleshow/129768252.cms?from=mdr

24/03/2026

Saraf and Partners acted as legal counsel to ASK Property Fund, the real estate private equity arm of the ASK Group, in structuring and documenting two secured non-convertible debenture issuances aggregating up to INR 340 Crores in favour of the Mantra Group for financing the development of large-scale residential projects across Pune and Mumbai. The underlying real estate projects had been acquired through the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, with approved resolution plans from the NCLT.

Our mandate involved drafting, reviewing and negotiating the debenture trust deeds and the broader suite of transaction documents across both issuances. A key aspect of the transaction was that the investment was underpinned entirely by assets acquired through the insolvency resolution process, which required careful analysis of the NCLT orders and the approved resolution plans, and the drafting of the debenture documentation to appropriately account for the rights, obligations and conditions flowing from those orders.

Additionally, one of the projects involved an SRA redevelopment, which added a further layer of complexity — requiring the documentation to address legacy obligations towards existing tenants and housing societies, and to ensure compliance with the rehabilitation framework alongside the debenture holders' interests.

The documentation was crafted to ensure that the commercial expectations and investor protection constructs were appropriately aligned across both issuances, while balancing the unique risks of insolvency-acquired assets with the operational flexibility required for the platform's long-term objectives.

The transaction team was led by Partner, 𝐒𝐚𝐭𝐚𝐝𝐫𝐮 𝐆𝐨𝐬𝐰𝐚𝐦𝐢, and included Principal Associate, 𝐀𝐛𝐡𝐢𝐬𝐡𝐞𝐤 𝐂𝐡𝐚𝐧𝐬𝐨𝐫𝐢𝐚, and Associate, 𝐂𝐡𝐢𝐫𝐚𝐠 𝐂𝐡𝐚𝐜𝐡𝐚𝐝.

Read more about the transaction here:

Business Standard: https://www.business-standard.com/companies/news/ask-property-fund-invests-340-cr-in-mantra-group-projects-in-mumbai-pune-126011200655_1.html

The Economic Times: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/ask-property-fund-invests-rs-340-crore-in-mantra-groups-3-residential-projects-in-mumbai-pune/articleshow/126481239.cms?from=mdr

moneycontrol.com: https://www.moneycontrol.com/news/business/real-estate/ask-property-fund-invests-rs-340-crore-in-three-mantra-group-projects-13769254.html

18/03/2026

Saraf and Partners advised 𝐚 𝐜𝐨𝐧𝐬𝐨𝐫𝐭𝐢𝐮𝐦 𝐨𝐟 𝐬𝐢𝐱 𝐥𝐞𝐧𝐝𝐞𝐫𝐬, 𝐥𝐞𝐝 𝐛𝐲 𝐈𝐂𝐈𝐂𝐈 𝐁𝐚𝐧𝐤 𝐋𝐢𝐦𝐢𝐭𝐞𝐝 in connection with term loan facilities aggregating to INR 44.149 billion (Facility) extended to 𝐒𝐄𝐈𝐋 𝐄𝐧𝐞𝐫𝐠𝐲 𝐈𝐧𝐝𝐢𝐚 𝐋𝐢𝐦𝐢𝐭𝐞𝐝 (Borrower), a leading independent power producer (IPP) operating a 2,640 MW supercritical coal-based thermal power plant in Krishnapatnam, Andhra Pradesh (Project).

The Facility was utilized for refinancing the existing term debt exposure availed by the Borrower for funding the project cost and enabled the Borrower to transition from a corporate guarantee backed term debt exposure to an asset-backed borrowing framework.

The Firm also engineered a seamless transition where India Infrastructure Finance Company Limited (IIFCL) took over a portion of the term debt exposure from the incoming lenders, which necessitated devising and documenting a sophisticated legal framework allowing IIFCL to accede into the consortium, in a time sensitive manner.

The Firm comprehensively handled the legal due diligence, structuring, closing of all financing documentation and advised the lenders on complex takeout finance and intercreditor arrangements.

The transaction team was led by our Partner, 𝐑𝐨𝐡𝐢𝐭 𝐑𝐚𝐠𝐡𝐚𝐯𝐚𝐧, and included Senior Associate, 𝐀𝐚𝐲𝐮𝐬𝐡 𝐒𝐮𝐧𝐞𝐣𝐚, and Associate, 𝐊𝐡𝐮𝐬𝐡𝐢 𝐀𝐠𝐫𝐚𝐰𝐚𝐥.

12/03/2026

At Saraf and Partners, International Women’s Day gave us the opportunity to pause and celebrate all the incredible women of our team.

From sharing a small token of appreciation to gathering together for conversation, laughter and cake, it was a simple but meaningful way to acknowledge the incredible colleagues who contribute so much to our workplace.

For us, the spirit of Women’s Day is not confined to a date on the calendar, it is reflected in the culture we continue to build every day.

08/03/2026

Happy Women’s Day to the women who shape our workplaces, our communities and our future.

At Saraf and Partners we are proud to support progress towards greater gender equality in the legal profession and remain committed to creating opportunities for women to lead and thrive.

05/03/2026

Our Founder & Managing Partner, Mohit Saraf , recently participated in a panel discussion at the 𝐑𝐈𝐒𝐄 𝐋𝐞𝐠𝐚𝐥 𝐈𝐧𝐝𝐢𝐚 𝟐𝟎𝟐𝟔 conference in Mumbai on the theme:

“𝐓𝐫𝐚𝐝𝐞 & 𝐔𝐧𝐜𝐞𝐫𝐭𝐚𝐢𝐧𝐭𝐲: 𝐂𝐚𝐧 𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐋𝐚𝐰𝐲𝐞𝐫𝐬 𝐌𝐚𝐤𝐞 𝐚 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞?”

The discussion focused on the rapidly evolving role of commercial lawyers as businesses navigate an increasingly complex global environment shaped by trade dynamics, economic policy, and geopolitical shifts.

The panel highlighted how the role of legal advisers is expanding beyond to encompass strategic guidance, risk management, and global market navigation.

Mr. Saraf shared his perspectives alongside distinguished industry leaders like 𝐒𝐮𝐣𝐨𝐲 𝐌𝐚𝐳𝐮𝐦𝐝𝐚𝐫, GC, UPL.

The session was moderated by 𝐘𝐚𝐬𝐦𝐢𝐧 𝐋𝐚𝐦𝐛𝐞𝐫𝐭, Managing Director, RSGI, and sparked a thoughtful exchange on how legal professionals can support businesses in adapting to a rapidly changing international landscape.

Saraf and Partners remains committed to contributing to conversations that shape the future of legal practice and the evolving needs of India Inc.

04/03/2026

𝐀𝐝𝐝𝐢𝐧𝐠 𝐚 𝐬𝐩𝐥𝐚𝐬𝐡 𝐨𝐟 𝐜𝐨𝐥𝐨𝐮𝐫 𝐭𝐨 𝐭𝐡𝐞 𝐰𝐞𝐞𝐤! 🌈

Our teams across our offices took a break recently to celebrate Holi, and the energy across our offices was absolutely electric!

The festivities were fueled with lots of colour, great food, festive drinks, and a spirit of togetherness that reminded us why our culture is so special. From colorful faces to even brighter smiles, here’s a glimpse into our Holi celebrations.