Aashit Shah

Aashit specialises in banking & finance, investment funds, financial services, and mergers & cross-border investments & acquisitions. He also chairs the Finance Practice at the firm. 

He regularly advises Indian and multinational banks, NBFCs, financial institutions and Indian borrowers in relation to credit facilities to Indian borrowers, including in relation to capital expenditure, project financing, real estate financing, acquisition financing and trade finance; credit facilities to overseas subsidiaries of Indian entities for the purpose of overseas acquisitions and leveraged buy-outs; and structuring and implementing debt, quasi-debt and equity transactions, which are compliant with Indian exchange control and banking regulations. He has been actively involved in various debt restructuring and security enforcement assignments, and the insolvency resolution process under the new Insolvency and Bankruptcy Code. 

He has advised arrangers, investors and issuers on various privately placed non-convertible debentures which are then listed on Indian stock exchanges. 

In the areas of private equity and foreign investment, Aashit regularly advises private equity funds, corporates and multinational institutions in their investments and divestments in Indian unlisted and listed companies under the automatic route and approval route. 

Aashit has been assisting investors in devising and implementing exit strategies from Indian investments. He also advises in setting up of private equity funds, offshore funds, venture capital funds and alternative investment funds.

Aashit has been commended for developing “a strong team … in a market where banking and finance specialists are difficult to find at junior levels”. – India Business Law Journal 2017-18 

“Aashit Shah maintains a sound reputation in the market. He acts on regulatory issues as well as on acquisition financing, real estate and trade finance. Interviewees find him "easy to deal with" and "very intelligent”. – Chambers and Partners, 2018 

“Excellent; knows his stuff and commercially minded. A very safe pair of hands on deals.” – IFLR 1000, 2018 

“I would consider Aashit Shah…. as my go-to lawyer for financing ...” – IFLR 1000, 2018 

Some of his assignments include:

  • Advised a consortium of lenders in relation to the financing and refinancing of facilities to Tata Steel subsidiaries for the acquisition of Corus Group Plc 
  • Advised Deutsche Bank in an acquisition financing to a foreign sponsor for an acquisition of a commercial real estate project in India 
  • Advised JP Morgan, Nomura and UBS in connection with a margin financing deal to Advent 
  • Advised Edelweiss Group in a structured financing transaction to the Avantha Group 
  • Advised Qatar Investment Authority in a financing project to RMZ Group 
  • Advised Standard Chartered Bank in connection with the sale of certain stressed assets 
  • Advised investors in a structured share-backed financing structure to the Reliance ADAG Group 
  • Advised Standard Chartered Principal Finance in a joint venture with Tata Realty and Infrastructure Limited for financing real estate projects 
  • Advised Mu Sigma Inc. in connection with a structured financing deal from Standard Chartered Bank, Barclays, Deutsche Bank and Credit Suisse 
  • Advised United Overseas Bank, Siemens Bank GmBH and IndusInd Bank in a financing transaction provided to a healthcare business trust 
  • Advised State Bank of India in an external commercial borrowing to BALCO 
  • Advised ICICI Bank in connection with subscription to non-convertible debentures of Talwandi Sabo Power (Vedanta group) 
  • Advised Citibank N.A. in relation to trade financing facilities to Reliance Industries 
  • Advised Yes Bank and Standard Chartered Bank in a lease rental discounting facility and project development facilities to the Embassy Group 

Aashit has been practising law since 2001 and has been with JSA since 2005. Prior to JSA, he worked with a couple of reputed Indian law firms.




  • Bar Council of Maharashtra & Goa
  • International Bar Association
  • The Law Society, UK


  • B.L.S., LL.B., University of Mumbai  
  • LL.M., Chicago-Kent College of Law (IIT), USA 
  • Admitted as a Solicitor, Supreme Court of England & Wales


  • English
  • Gujarati
  • Hindi
  • Marathi

Last Updated on 11th August 2020

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