Practice Areas

Corporate
M&A
Joint Ventures
VC / Private Equity
Securities
Foreign Investment in India
Project Finance
Tax
Technology
Telecommunications

Experience

Mr. Akil Hirani has been in practice for fifteen years.  He heads the firm’s tax and corporate structuring, M&A, private equity and projects practice, and is also the Managing Partner of the firm.  He became an Advocate in India in 1992, and a Solicitor in Mumbai in 1993.  He got admitted as an attorney in California in 1995, but has been on inactive status since 1997.  He is also admitted as a solicitor in England & Wales, but is on inactive status.

Mr. Hirani topped the University of Bombay in Private International Law and was awarded a scholarship.  In addition, he was selected as a British Chevening Scholar, and undertook English and EU commercial law courses at the College of Law, York, England.  Under this scholarship, Mr. Hirani also trained at the City firm of Lawrence Jones (now known as TLT) in London.  His work experience also includes a stint as a law clerk at the Santa Clara State Superior Court in San José, California.

Mr. Hirani has significant transactional experience, encompassing corporate, M&A, joint ventures, private equity, project finance, tax structuring, corporate reorganizations and technology deals.

Specific Matters

Corporate Finance/M&A/Private Equity 

• Represented Welspun Gujarat Stahl Rohren Ltd., India (one of the largest SAW pipe makers in the world), in its joint venture with Lone Star Technologies, Inc. of the US to manufacture spiral pipes in the US.  The joint venture company will have combined debt and equity of US$65 million. 
• Acted as Indian legal counsel to Paul Capital Partners’ Royalty Fund (Paul Capital) (www.paulcapital.com) in its agreement with Glenmark Pharmaceuticals, Inc. and Glenmark Pharmaceuticals Ltd. (Glenmark), to build a US generic dermatology portfolio.  Paul Capital will invest up to US$27 million to finance the development of sixteen dermatological products by Glenmark for the US market.  This is one of the first deals of its kind involving an Indian company.
• Acted as Indian legal counsel to the underwriters, DSP Merrill Lynch, in the public issue of Blue Bird (India) Limited of 8,775,000 equity shares of Rs.10 each for cash at a price of Rs.105 per equity share, including a share premium of Rs.95 per equity share, aggregating to Rs.921.38 million. 
• Represented IMI Mobile Limited (IMI) in its recent private equity transaction where Pequot Ventures, a US-based fund, invested US$10 million into IMI. 
• Represented Infrastructure Leasing & Finance Services and EBS Worldwide Services Private Limited (“EBS”) on the Rupees 250,000,000 funding of EBS and subsequent acquisition of IMG, a Delaware company, by EBS.
• Advised Apax Partners on fund structures and Indian securities, corporate and tax law issues in connection with its India foray
• Represented PMC Group, Inc., a US chemicals company in its acquisition of ICI India Ltd.'s (a subsidiary of ICI, Plc) rubber chemicals division
• Represented Colliers International, the global real property consultancy company, in the acquisition of control of its Indian subsidiary from HDFC and IL&FS
• Represented Skyterra Communications, Inc. (Apollo Management L.P.) in its acquisition of DirectTV Group, Inc.’s subsidiaries in India, namely, Hughes Network Systems. The deal closed in May 2005 and was one of the largest global private equity deals in the satellite communications space.  Also advised J. P. Morgan on issues pertaining to Indian pledges
• Represented Clico Investment Bank Limited, a leading investment bank in Trinidad and Tobago, in its US$25 million financing of Essar Steel Caribbean Limited, which is a part of the Essar goup of companies.  The deal involved comprehensive legal due diligence on Essar entities based in Mauritius and India, and vetting and finalizing the lending and security documents.
• Represented Telekom Malaysia in its acquisition (in conjunction with STT) of AT&T’s stake in Idea Cellular Ltd.
• Represented the GE Asia Pacific Capital Technology Fund on its investment in Patni Computer Systems Ltd.
• Advised Tyrolit Schleifmittelwerke Swarovski KG on its open offer of Wendt India Ltd.
• Represented Hitachi Metals Ltd. in its acquisition of Honeywell International’s amorphous metals unit in India
• Represented IMS Health Incorporated and IMS Health India Private Limited in their joint venture with AC Nielsen ORG-Marg Private Limited
• Represented Electronics For Imaging, Inc. and Electronics For Imaging India Pvt. Ltd. on the sale of the Unimobile business to Verisign, Inc.
• Structured the investment of Charles Schwab & Co., Inc. into India; advised on corporate, tax, employment and regulatory matters
• Represented CMI-Centers for Medical Innovation AG on its joint ventures with Nicholas Piramal Ltd., Zandu Pharmaceuticals Ltd. and SPIC Ltd. in the pharmaceutical and biotechnology sectors; advised on Indian drug laws; drafted pharmaceutical company specific transactional documentation
• Represented SPX Corporation on its stock acquisition of BDT Ltd., Chennai; advised on corporate, tax, antitrust and foreign exchange laws
• Represented the Jordan Company on its acquisition of a 50% stake in Lincoln Helios India Ltd., Bangalore; advised on corporate, tax, antitrust and foreign exchange laws; drafted the requisite transactional documents; obtained Reserve Bank of India and Ministry of Finance approvals
• Acted for Empi, Inc., a Carlyle group company, on its share acquisition of Ormed Medical Technology Ltd., Chennai; conducted a comprehensive legal due diligence; advised on corporate, tax, foreign exchange, antitrust, securities, contract, distribution and related laws
• Advised Smith International, Inc. on its asset purchase transaction of an Indian drill bit manufacturing company
• Assisted Pixelworks, Inc., Agile Software Corporation, Noetix Corporation, CROSSMARK, Inc., Trimble Navigation Limited, Foundation Systems, Inc., and other international companies on establishing wholly owned subsidiaries in India and on Indian corporate laws
• Assisted Babtie Group Ltd., a British engineering consultancy firm, in setting up its wholly owned subsidiary; liaised with the Foreign Investment Promotion Board, New Delhi, and obtained the foreign investment approvals
• Acted for the Securities & Exchange Board of India in legal proceedings against a multinational company for breach of SEBI regulations pertaining to takeovers and preferential share allotments
• Advised Allstate Insurance Company, North American Interconnect LLC, Venturi Wireless, Inc., Cicada Corporation, Tecumseh Products Company, and SmartStream Technologies Ltd. on permanent establishment and Indian tax law issues
• Advised Conax AS on sales tax on import of conditional access systems into India and GTECH Corporation on the sales tax implications of selling online lotteries in India
• Advised PortalPlayer Private Limited, a subsidiary of PortalPlayer, Inc., on Indian IPO guidelines for its public listing
• Advised a US finance major on the impact of Indian securities laws on its equities research center in India
• Assisting Ganatra Builders in their construction-related joint venture with the Clancy Group, UK

Project Finance, Infrastructure and Restructuring

• Represented Clico Investment Bank Limited, a leading investment bank in Trinidad and Tobago, in its US$25 million financing of Essar Steel Caribbean Limited, which is a part of the Essar goup of companies.   
• Advised Indo Gulf Corporation Ltd., a Birla company, on the Dahej port project in Gujarat; drafted all the financing documents, the take or pay contract, shareholders agreement, etc.
• Advised L&T and Group 4 on the Mumbai-Talasari BOT road project
• Advised Lurgi-Lentjes, a German major, on EPC contracts in their power project in Gujarat
• Advised B.C. Components on debt restructuring and security enforcement issues
• Advised the Travelers Group on security creation and enforcement of indemnities in India
• Counsel to Vakksh Capital Company Private Limited in its mining venture with BHP Billiton

Publications

• Authored the India chapter in the publication, “Global Venture Capital Transactions – A Practical Approach,” published by Kluwer Law International for AIJA, 2004
• “Outsourcing to India,” published by the Practising Law Institute, New York, in its publication, “The Outsourcing Revolution 2004 – Protecting Critical Business Functions”
• Authored the India chapter in the publication, “From Negotiation to Antitrust Clearance: National and International Mergers in the Third Millenium,” published by Kluwer Law International for AIJA, 2002
• “Joint Ventures in India,” published by Sweet & Maxwell for AIJA, 1998
• “Investing in the Capital Markets in India,” published by Sweet & Maxwell for AIJA, 1998
• “Power : India’s Unquenched Thirst,” published in a journal entitled “International Legal Perspectives”
• “Getting it Right in India,” published in a journal entitled “International Commercial Litigation”
• Article on EPC Contracts in India published in the Economic Times, Bombay, on September 25, 1998
• Article on the proposed Indian Money Laundering Bill, published in the Economic Times, Bombay, on October 24, 1998
• “India Inches Towards an E-business Framework,” published by Euromoney, PLC, in its journal, “International Internet Law Review”

Speaking Engagements

Mr. Akil Hirani is on the faculty of the Practising Law Institute, New York, and has spoken on outsourcing to India at the seminar on outsourcing held in November 2004. Further, Mr. Hirani has taught a course on legal issues in joint ventures at the Indian Institute of Management, Ahmedabad, India’s premier business school.

Mr. Hirani is a sought after speaker at conferences in India and abroad, and has spoken on private equity, tax and corporate law issues.

Recommendation

Chamber's Asia, 2008, has rated Mr. Akil Hirani as a top-tier corporate lawyer in India.

The Asia Pacific Legal 500 has highly recommended Mr. Akil Hirani for corporate and commercial work, and has commended Majmudar & Co. for “being able to see things from a multinational, western perspective.”

The Law Handbook published by Practical Law Company has recommended Majmudar & Co. and Mr. Akil Hirani across different practice areas including telecommunications, technology, corporate, M&A, banking, real property and related legal areas.

Professional Memberships

Bar Council of Maharashtra and Goa
Bombay Incorporated Law Society
Law Society, London
American Bar Associtation
State Bar of California
Association Internationale des Jeunes Avocats (AIJA)
Inter-Pacific Bar Association (IPBA)

Languages

English, Hindi, Gujarati, French and Marathi

Pro Bono

Mr. Akil Hirani is a director on the Board of The Hirani Foundation, a charitable trust, and is involved in a number of pro bono activities.