Ashraya Rao is a Partner in the Corporate, M&A and Private Equity Practice Group in the Mumbai office. Ashraya is dual-qualified in India (Advocate) and England & Wales (Solicitor of Senior Courts). With over 16 years of experience, his practice focuses on private and public M&A, private equity, cross-border transactions, strategic alliances and complex advisory on Indian corporate, securities, and foreign investment laws.
Ashraya has been recognised in the following; (i) Economic Times 40 Under Forty list (2025); (ii) ‘Notable Practitioner for M&A’ by IFLR (2018 to 2026), (iii) ‘Key M&A Lawyer’ by Legal500 (2023 to 2026); and (iv) ‘Recommended for M&A’ by RSG India Report 2019.
Ashraya has also worked with Slaughter and May, London as a ‘visiting lawyer’ from September 2015 to March 2016, where he was involved in cross-border M&A and private equity transactions
Mergers and Acquisitions
Private Equity
Corporate and Commercial
Advised on the minority secondary acquisitions by (i) Temasek, (ii) Alpha Wave Ventures, International Holdings Company P.J.S.C; and (iii) L Catterton India
Advised on (i) acquisition of controlling stake in SML Isuzu Ltd from Sumitomo and Isuzu; (ii) minority investments by British International Investment (formerly CDC Group) and Temasek in Mahindra Electric Mobility Limited; (iii) minority investments by International Finance Corporation and India-Japan Fund (managed by NIIF) in Mahindra Last Mile Mobility Limited; (iv) consolidation of the CIE group companies and the Mahindra Systech companies globally (involving investment, open offers, mergers and cross-border share exchange).
Advised on the acquisition of controlling stake of Gujarat Franchise of Indian Premier League, Irelia Sports India Pvt Ltd (Gujarat Titans) from CVC Capital
Advised on (i) successful bid for a new Indian Premier League Franchise (Lucknow Super Giants) and new South Africa 20 Franchise of Durban (Durban Super Giants), (ii) strategic partnership with Falguni Shane Peacock; and (iii) acquisition of 100% stake in Herbolab India Pvt Ltd
Advised on its minority investment in Hiranandani Financial Services
Advised on (i) the sale of technology assets to Trentar; and (ii) acquisition of 100% stake in Caresoft's Global Engineering Solutions
Advised on its promoters on the merger with PVR Ltd
Advised on its acquisition of controlling stake in Fortis Healthcare Limited
Advised on acquisition of (i) controlling stake in Simplilearn Solutions Pvt Ltd, (ii) minority investment in Financial Inclusion Network and Operations Limited; (iii) proposed acquisition of stake in wealth management division and asset management entities
Advised on its 50:50 joint venture arrangement with Adani Enterprises Ltd for the copper tubes business
Advised on the data centre JV with Adani Enterprises Limited and acquisitions by AdaniConnex
Advised on (i) strategic equity investment in Sanjay Leela Bhansali's Bhansali Productions Private Limited; and (ii) acquisition of controlling stake in Pocket Aces Private Limited
Advised on its minority investments in D2C Consulting Services Pvt Ltd (RenewBuy) and Whizdm Innovations Private Limited (Moneyview)
Ashraya has been acknowledged for his experience and expertise by:
- Economic Times 40 Under Forty list (2025)
- ‘Notable Practitioner for M&A’ by IFLR (2018 to 2026)
- ‘Key M&A Lawyer’ by Legal500 (2023 to 2026)
- ‘Recommended for M&A’ by RSG India Report 2019.
