Foley Hoag Matter Recognized as Deal of the Year in India Business Law Journal
February 09, 2021
A Foley Hoag LLP matter has been honored by the India Business Law Journal in its “Deals of the Year” report for 2020, an achievement that demonstrates the firm’s place in the top league of India dealmakers.
The publication singled out Foley Hoag's work on a bilateral investment treaty arbitration brought by Nissan Motor Co., Ltd. against the Republic of India under the investment chapter of the 2011 India-Japan Comprehensive Economic Partnership Agreement. The dispute arose after Nissan claimed that the Indian State of Tamil Nadu had not paid certain tax refunds due under a 2008 agreement to set up an automobile plant in Tamil Nadu. Nissan initiated the arbitration against India in 2016, claiming around 50 billion rupees (US$ 660 million plus interest) in damages and other costs.
The India Business Law Journal highlighted Foley Hoag’s role in not just representing India in the arbitration, but also helping it achieve a full and final settlement as part of which Nissan received about 14 billion rupees (US$ 185 million) from Tamil Nadu, less than one third of the claimed amount.
The Foley Hoag team representing India was led by Mark Clodfelter and included attorneys Constantinos Salonidis, Sudhanshu Roy, José Manuel García Rebolledo and Peter Tzeng.
The landmark deals recognized in this special report were drawn from submissions from Indian and international law firms, and interviews with India-focused legal and corporate professionals.
The journal previously named Foley Hoag a “Significant Player” in its 2020 survey of international law firms active in India.
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