Indian firm Cyril Amarchand Mangaldas (CAM) has added a new project finance partner to its Mumbai office. At the same, the firm has lost a corporate partner to client Flipkart, one of India’s largest e-commerce companies.
Manasvini Raj has rejoined CAM as a partner from the financial service advisory firm International Finance Corporation (IFC), where she was a legal counsel.
She advises on project finance, structure finance, project development and mergers and acquisitions in the infrastructure and energy space.
Raj started her legal career with legacy Amarchand & Mangaldas & Suresh A. Shroff & Co and moved to CAM as a principal associate when the former firm split into two separate practices in 2015. Two years later, she relocated to New York and served a short stint as a research assistant at Stanford University’s Graduate School of Business, where she conducted research on emerging energy technologies. She joined White & Case as an international law clerk in 2018 and as an associate a year later. Raj returned to Mumbai in 2020 to join the IFC.
Leaving for Flipkart is Manisha Kumar, a CAM corporate partner who has advised on cross-border private equity investments, M&A, investment restructuring and securities law matters. She starts her new in-house role as head of legal M&A in May.
CAM has previously advised Flipkart on several of its deals and matters, including its securing of an unconditional approval from the Competition Commission of India in Walmart Inc.’s $16 billion acquisition of approximately 77% of Flipkart shares in 2017. In 2018, the firm advised on the failed merger between Flipkart and New Delhi-based e-commerce company Snapdeal.
Kumar joined CAM in 2016 from the Indian firm J. Sagar Associates, where she was a partner and practiced for more than seven years. Before that, she spent six years at Wadia Ghandy & Co.
The Indian legal market has been on a game of musical chairs. Firm partners have been shuffling between some of the country’s largest law firms, including AZB & Partners; Trilegal; J. Sagar Associates; CAM; Khaitan & Co; Nishith Desai Associates; and Shardul Amarchand Mangaldas & Co.
Firm leaders say that high client demand has justified the scaling up and rapid expansion.