Darshan Upadhyay


Tel - +91 22 6636 7000  |  Mob - +91 98216 79391
Email - DarshanUpadhyay@elp-in.com


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Darshan Upadhyay is a Partner in the Corporate & Commercial and Private Equity & Venture Capital practices of ELP. He is a qualified Company Secretary and a law graduate from the University of Mumbai.

With over 14 years in Private Equity and M&A transactions, Darshan has advised several Fortune 500 companies in the world and continues to advise funds and multinationals on aspects like entry, acquisitions, joint ventures and other commercial transactions for their India-related forays. His expertise in exchange control regulations, SEBI and general corporate law is an added advantage on M&A transactions.  Several private equity funds and hedge funds consult him on various matters of importance. He has been involved in some of the most complex M&A transactions including takeover matters involving structuring, regulatory approvals, open offer compliances and other transactional support.

RSG India Report

"Excellent commercial understanding," "quality of advice" and "specialist knowledge." He has also been described as 'innovative', 'practical' and 'deal orientated'. With a 'commitment' to his clients and 'easily approachable'.

Some of Darshan's recent transactions include advising Johnson Controls in relation to its global air conditioning business joint venture with Hitachi Appliances, Inc (Japan) and Hitachi Limited (Japan). The joint venture is said to be world's largest commercial air conditioning provider. This deal has been recognised one of the Deals of the Year by Inhouse Community's Asian Mena Counsel in its Deals of the Year 2015 award. He was involved in advising New Vernon Private Equity Limited and Hilson Estates Limited in the sale of their entire shareholding held in Carwel Estates Limited and Faery Estates Limited respectively to Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Group's joint venture company SPREP Pte. Ltd. for the acquisition of SP Infocity IT Park in Chennai. This deal has been recognised as the Real Estate Deal of the Year by India Business Law Journal in the Deal of the Year Awards 2015. He also advised Jet Airways as co-counsel on the acquisition of twenty four percent (24%) stake by Etihad Airways in Jet Airways India Limited. This deal was awarded the M&A and Joint Venture Deal of the Year Award by India Business Law Journal in its Deal of the Year Awards 2013. It has also been awarded as the Deal of the Year in Inhouse Community's ASIAN-MENA COUNSEL Deal of the Year 2013 Awards.

Asialaw Profiles

Upadhyay "understands business needs and [tries] to find practical solutions," says a client.

Darshan has been ranked as a Leading Lawyer for Corporate/M&A & Private Equity by Asialaw Profiles 2014 to 2018; Highly Recommended for his expertise by The Legal500 Asia-Pacific 2016 to 2017; and a Highly Regarded in IFLR1000 Financial & Corporate 2017 & 2018; and Up and Coming lawyer for Private Equity by Chambers Asia-Pacific 2017 & 2018.

Chambers & Partners Asia-Pacific

Peers describe Darshan Upadhyay as "very hard-working and a tough negotiator."

Prior to joining ELP, Darshan was a Partner with ARA Law heading the Private Equity and Mergers & Acquisitions group. He has worked extensively in the Telecom, Media and Technology space with Thacker & Thacker from 2000 to 2005.

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