Jayesh H on Why ‘This Time Is Different’ for India’s M&A and Private Equity Market
Jayesh H is a globally recognised attorney and the first Indian inducted into P.R.I.M.E. Finance, an elite global panel of financial and legal experts. A Solicitor, Chartered Financial Analyst (CFA) and Chevening Scholar, he trained in English and European law in the UK.
He is consistently ranked as a market-leading lawyer by Chambers & Partners, The Legal 500, IFLR1000 and asialaw, and is a regular on India Business Law Journal’s A-List, where he is also recognised as a Legal Icon. Recently, he was ranked across nine Who’s Who Legal reports as a Thought Leader – Global Elite. Jayesh is highly sought after for his expertise in structured finance, stressed assets M&A, leveraged buyouts and restructurings, and has advised the Government of India on financial resolution frameworks.
1. How would you characterise the current M&A and private equity landscape in India—are we seeing a phase of recalibration, selective risk-taking, or a renewed deal momentum driven by specific sectors?
There is certain valuation driven issues. Further, trade war was causing economic uncertainties which should now slowly dissipate.
Selective sectors are still holding their attraction and this will only increase. Over the next few years we should see an increase in deal momentum as valuation expectations start getting more tempered.
2. From a corporate lawyer’s standpoint, which recent regulatory or policy developments—such as changes in competition law, FDI norms, or insolvency frameworks—have most significantly influenced deal structuring and execution?
Tax continues to be the single biggest challenge and exacerbated by the recent Tiger Global ruling. The other of course is frequent policy changes and often without any cooling periods.
3. With global investors re-evaluating exposure due to geopolitical tensions and supply-chain diversification, how is India positioning itself as a destination for inbound capital, and where are you seeing the most tangible activity?
India as China +1 has been overstated as it does not fit into ground realities. India scores well in sectors where domestic market itself is attractive and in a manner of speaking offsets the costs disadvantages vis-à-vis competing jurisdictions like Vietnam, etc.
4. Having witnessed multiple economic cycles over the past 25 years, how has corporate legal practice in India evolved, and how does that experience inform your confidence in India’s economic and investment outlook over the next five to ten years?
It’s increasing common for Indian law firms to lead the deals and not necessarily by driven by someone from the West. Also, far more decision making is now within India even for the global funds. The nature of issues which negotiated has definitely evolved and Earn Out or Staggered acquisitions are increasing common. All of this augurs well as M&A is becoming an end by itself.
5. Talent continues to be a critical challenge for law firms globally. What are the biggest hurdles today in attracting and retaining high-quality legal talent, and how are expectations of younger professionals evolving?
Managing and facilitating growth expectations is the biggest challenge. Younger professionals want even more latitude and a light touch less directional leadership !!
6. What lessons from navigating past market disruptions continue to shape how the firm approaches risk, client advisory, and long-term strategy today?
This time it’s different (as in not a bubble) belief still holds true. Clients increasingly want to hear risk mitigations if not clean solutions and not just what the problem areas are. Training younger lawyers into such a mindset continues to pose challenges.
