Private Equity Archives - S&R Associates

Liberalizing India’s External Commercial Borrowings Framework: Key Changes Under the 2026 Amendments

Insights | February 22, 2026 | Practice Area: Banking and Finance, General Corporate, Investment Funds, Mergers and Acquisitions, Private Equity, Regulatory

The Reserve Bank of India (“RBI”) has made significant changes to the external commercial borrowings (“ECB”) regulations through the issuance of the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 (“Amended Regulations”) on February 16, 2026, which amend the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 (“PrincipalRegulation”).
The Amended Regulations have made substantial changes to the eligible borrowers, recognized lenders, applicable end uses, minimum average maturity requirements and pricing norms as well as to other key issues. Collectively, these changes liberalize the entire ECB framework, making it more business– friendly for Indian entities and providing an opportunity to a wider pool of overseas creditors to approach Indian borrowers in a regulated manner. This note analyzes the key changes under the Amended Regulations.

Acquisition Finance by Banks in India

Insights | February 20, 2026 | Practice Area: Banking and Finance, General Corporate, Investment Funds, Mergers and Acquisitions, Private Equity, Regulatory

The Reserve Bank of India has introduced amendment directions to the Reserve Bank of India (Commercial Banks – Credit Facilities) Directions, 2025 and the Reserve Bank of India (Commercial Banks – Concentration Risk Management) Directions, 2025 (“Amendment Directions”), to permit banks to extend credit facilities for equity acquisitions in India. This note examines the regulatory framework under the Amendment Directions and explores the key parameters governing acquisition financing by Indian banks.

Investing in the IPL: The Legal Playbook for IPL Franchise Investments

Insights | February 5, 2026 | Practice Area: Mergers and Acquisitions, Private Equity

Since its launch in 2008, the Indian Premier League (“IPL”) has grown into one of the world’s most successful sporting competitions. In recent years, franchise valuations have soared, media rights deals have hit record highs, and brand partnerships have expanded across sectors, drawing global investors and sponsors. Reports suggest that owners of franchises such as Royal Challengers Bengaluru, Rajasthan Royals and Kolkata Knight Riders may seek to monetize their investments through full or partial stake sales. This note analyzes the key contracts that IPL franchises enter into, and highlights information useful to potential investors.

Investment in Renewable Energy Projects: Key Legal Due Diligence Considerations

Insights | November 14, 2025 | Practice Area: Clean Energy, Mergers and Acquisitions, Private Equity, Projects; Infrastructure and Energy

India has rapidly adopted clean energy to diversify its energy mix given its climate commitments. An enabling policy framework and technological advances have resulted in broad based participation in this sector. This note considers key issues for a legal due diligence on renewable energy generating plants having regard to various stages of project development.

The National Sports Governance Act, 2025: Regulatory Developments and New Opportunities

Insights | October 27, 2025 | Practice Area: General Corporate, Mergers and Acquisitions, Private Equity, Regulatory

TheNational Sports Governance Act, 2025(“Act”) marks a major milestone in reforming the regulatory framework for sports in India. For a long time, sports bodies in India have struggled with issues such as lack of transparency, internal disputes and irregularities in elections and administration. Previous government efforts to professionalize Indian sports through non-binding guidelines and directions have had limited impact.
The Act introduces a comprehensive legal framework for the recognition, governance and oversight of sports organizations in India. It establishes key institutions such as theNational Sports Board, National Sports Tribunal and National Sports Election Panel while mandating codes of ethics, safe sports policies, and transparency obligations under the Right to Information Act, 2005. By formalizing governance processes, the Act seeks to enhance accountability and professionalism in sports bodies, and build trust with investors and stakeholders. It creates a better environment for long-term commercial engagements, such as through leagues, affiliates and infrastructure, while aligning Indian sports with international standards.
This note explores the key provisions of the Act, its implications for existing bodies such as the Board of Control for Cricket in India, and emerging commercial opportunities through the corporatization of sports federations, public-private partnerships, data monetization, and convergence with the newly enacted Promotion and Regulation of Online Gaming Act, 2025

The Impact of India’s Data-Related Laws and Policies on AI Development and Deployment

Insights | July 23, 2025 | Practice Area: Competition/Antitrust, Data, Intellectual Property, Mergers and Acquisitions, Private Equity, Regulatory, Technology; Media and Telecommunications

The rise of Artificial Intelligence (“AI”) and Machine Learning (“ML”) promises both opportunities and risks. To address such risks while leveraging the power of AI/ML for new areas of growth, stakeholders need to remain attentive to an evolving regulatory landscape. Unlike the European Union, India is yet to enact an overarching law on AI. Nevertheless, AI developers, deployers, investors, and other relevant entities in the AI supply chain must stay informed about existing and emergent regulatory initiatives across several industries, sectors, and legal regimes. Given India’s ongoing policy and legislative attempts to govern AI, especially with respect to addressing deployment-related concerns and potential harm, the outcome of such processes is likely to emerge soon, even if in fragmented fashion.
Since AI model training relies heavily on data, India’s fast-developing data protection framework warrants special attention. Balancing compliance with innovation will remain crucial for organizations as they aim to thrive under India’s regulatory ecosystem on digital data and AI.

An Analysis of India’s FDI Regime from an Investor’s Perspective

Insights | July 22, 2025 | Practice Area: General Corporate, Mergers and Acquisitions, Private Equity, Regulatory

The note examines foreign direct investment (“FDI”) as a significant driver for economic growth and globalization in India. Despite its growth, the legal regime governing FDI in India remains intricate, posing challenges for foreign investors seeking clarity and ease of doing business. This note delves into India’s FDI regulations, highlighting key issues such as a complex regulatory environment, protracted approval processes, and the challenges posed by sector-specific restrictions.
The note adopts an investor-centric perspective to analyze these barriers and explores how they affect foreign investment decisions. To address these issues, the note proposes certain solutions, including streamlining approval procedures, aligning sector-specific policies with global standards, and providing a clearer legal framework for dispute resolution. The objective of this note is to consider approaches that will enhance India’s appeal as an investment destination and promote sustained economic growth by recommending reforms that streamline the legal framework.

New Opportunities in India’s Defence Sector

Insights | June 30, 2025 | Practice Area: General Corporate, International Trade, Mergers and Acquisitions, Private Equity, Regulatory

Recent geopolitical dynamics, regional conflicts and related national security concerns have made the Indian defence sector ripe for additional growth and investment. As technologies evolve and new forms of warfare emerge, this growing sector is likely to witness further transformation. India’s proposed reform measures in the defence industry, together with rising domestic demand and increased focus on self-reliance, indigenization and exports; emerging technologies and technology transfers, innovation and R&D; as well as strategic international partnerships with global OEMs and key allies, are likely to provide new opportunities for private and foreign participation in the sector.
This note provides a broad overview of India’s defence industry and proposed reforms, including with respect to new defence technologies, the startup ecosystem, and international collaborations; the ease of doing business and FDI; defence acquisition procedures and recent budgetary allocation trends; along with the export of dual-use items and production-linked incentive schemes for the defence sector.

Take-Privates in India: Time to Revisit the Rules

Insights | June 4, 2025 | Practice Area: General Corporate, Mergers and Acquisitions, Private Equity

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.

RBI Eases Investments by FPIs in Corporate Debt Securities

Insights | May 22, 2025 | Practice Area: Banking and Finance, General Corporate, Investment Funds, Mergers and Acquisitions, Private Equity, Restructuring and Insolvency, Tax

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.