merger control

CCI issues Updated FAQs on Merger Control

The Competition Commission of India (“CCI”) has introduced an updated version of the Frequently Asked Questions (“FAQs”) on combinations. The updated FAQs provide guidance on definition of ‘control’ under the Competition Act, 2002, clarification on certain aspects relating to deal value thresholds, stock exchange purchases (which require approval of the CCI), and several other key aspects of India’s merger control regime. This note provides a detailed description of the clarifications within the FAQs, and the implications of these clarifications on transactions going forward.


take privates

Take-Privates in India: Time to Revisit the Rules

S&R Associates and Houlihan Lokey are pleased to present their co-authored white paper, Take-Privates in India: Time to Revisit the Rules.
2024 saw a resurgence of take-private M&A transactions globally, with 89 take-private transactions in North America and Europe valued at an aggregate of ~USD 150 billion and 14 take-private transactions in the U.K. valued at an aggregate of ~USD 21 billion. Interestingly, during the same period, no take-private transaction was announced in India.
We explore the current regulatory landscape for take-private transactions in India, compare it with other jurisdictions, and provide our suggestions on the way forward for greater efficiency in the market.


Corporate Debt Securities

RBI Eases Investments by FPIs in Corporate Debt Securities

The Reserve Bank of India recently issued a circular onInvestments by Foreign Portfolio Investors in Corporate Debt Securities through the General Route(“RBI Circular”) on May 08, 2025, to withdraw short term investment limits and concentration limits, applicable on investments by FPI in corporate debt securities under the general route. This note highlights the changes to the regulatory framework brought about by the RBI Circular that are intended to provide greater flexibility and ease of investments for FPIs investing in corporate debt securities in India under the general route.


legislative amendment

‘Prior’ CCI Approval of Resolution Plans: A Case for a Legislative Amendment

The recent judgment of the Supreme Courtin Independent Sugar Corporation Ltd. v. Girish Sriram Juneja & Ors. has reignited the debate on whether the approval of the Competition Commission of India (“CCI”) must precede the Committee of Creditors (“CoC”) approval in the insolvency process. This note critiques the Court’s strict interpretation of the proviso to Section 31(4) of the Insolvency and Bankruptcy Code, 2016 and supports the dissenting opinion, arguing for a liberal interpretation of the proviso to Section 31(4). The note proposes a legislative amendment to the proviso, proposing that CCI approval be requiredprior to approval of the adjudicating authority(i.e., the NCLT) instead ofprior to CoC approval, to better balance regulatory compliance with efficiency of the insolvency process.


Master Direction on Foreign Investment in India

Updated Master Direction on Foreign Investment in India: Clarifications to the Regulatory Framework

The Reserve Bank of India recently issued an updated Master Direction on Foreign Investment in India (“Master Direction”) on January 20, 2025 to clarify various aspects in the regulatory framework for inbound investments. The Master Direction provides significant regulatory clarifications on foreign investments in India, particularly in relation to downstream investments, cross-border share swaps, share issuances to non-resident shareholders pursuant to a scheme of merger or amalgamation, and the issue of equity-based employee benefits to directors and employees resident outside India. This note highlights the key clarifications and changes to the regulatory framework brought about by the Master Direction that are intended to provide greater certainty and enhance the ease of doing business for overseas investors in India.


nuclear energy in india

The Legal Framework for Nuclear Energy in India: The Way Ahead

Despite significant progress made by India with respect to renewable energy, its nuclear power capacity remains relatively small. Recognizing the necessity of nuclear energy deployment to achieve net-zero targets, including the advantages that such deployment offers over renewable sources of power, the Indian government has renewed its focus on the nuclear sector in the budget announced on February 1, 2025, including through permitting private and foreign investment in the sector.
However, India’s plans to promote private/foreign investment in the nuclear sector require certain changes to the existing legal regime, including with respect to civil nuclear liability. In that regard, the government appears keen to introduce necessary legislative amendments soon. This note aims to discuss current challenges and potential modifications with respect to such laws.


Fast Track Mergers

Fast Track Mergers in India: Feasibility and Key Legal Challenges

The Companies Act, 2013 introduced the Fast Track Merger route for certain companies as an alternative to the cumbersome National Company Law Tribunal (NCLT) process. This note outlines the procedural requirements, analyzes recent amendments aimed at strengthening and broadening the Fast Track Merger framework and attempts to identify key procedural challenges and suggestions that may be considered to increase the efficacy of the Fast Track Merger route.


Investing in India: An Overview of Legal Considerations – 2025 Checklist

Foreign investment continues to play a crucial role in India’s economic growth with India achieving the milestone of having received USD 1 trillion of foreign direct investment since April 2000. While the cumulative FDI received in the financial years ended March 31, 2023, and March 31, 2024 remained similar, there has been an increase in the FDI received between April 2024 to September 2024 in comparison to previous years.
This note examines certain key legal considerations for foreign investors investing in India and highlights key updates included in the legal framework during the calendar year 2024.


OFC Networks

Fiber Opportunity in India: Regulatory Framework and Right-of-Way Management

With increasing demand for high-speed internet, 5G roll-out and data center growth, deployment of a robust and reliable optic fiber cable (“OFC”) infrastructure has become essential to support India’s expanding digital ecosystem. Fueled by this market opportunity, companies are focusing on expanding their OFC networks and investors are exploring potential opportunities for fiber investments in India. Several telecom operators have already consolidated their fiber assets in a path towards monetization of such assets.
This note explores the legal framework and recent developments regarding Right-of-Way for OFC in India.


spectrum allocation in India

Accessing Space for Commercial Activities and Satellite Spectrum Allocation in India

The Government of India has been actively working towards liberalizing the space sector and enhancing private sector participation. In this regard, given the stakes involved and the positions taken by various interested parties, the process for allocation of satellite spectrum remains a contentious point.
There has been a major debate among service providers regarding the appropriate way to allocate satellite spectrum.
While the Telecommunications Act, 2023 (“Telecom Act”) favors administrative allocation of satellite spectrum, the details of such process are yet to be finalized. This note considers the debate involving auctions and administrative allocation and provides an overview of past and recent developments with respect to Supreme Court judgements, digital communications policy, frequency allocation plan, space policy and the Telecom Act. It also discusses past consultation papers and recommendations of the Telecom Regulatory Authority of India on satellite spectrum allocation, as well as the recent provisional satellite spectrum allocation approved by the Department of Telecommunications.