Rajeev P. Duggal

Rajeev P. Duggal

Partner, Skadden, Arps, Slate, Meagher & Flom (Singapore) LLP, Capital Markets, Mergers and Acquisitions and Financial Institutions

Rajeev Duggal concentrates in mergers and acquisitions, capital markets and financial institutions. Mr. Duggal also has experience with sensitive internal and cross-border investigations, including Foreign Corrupt Practices Act and whistleblower investigations, for corporations, boards and audit committees. He serves on the firm’s Client Engagement, Anti-Money Laundering and Counsel committees.


Over his 20-plus year career, Mr. Duggal has worked in the U.S., Europe and Asia, representing clients on global transactions in Europe (including Bosnia-Herzegovina, Croatia, England, France, Germany, Ireland, Luxembourg, the Netherlands, Serbia, Spain, Switzerland and Turkey), Asia Pacific (including Australia, Bangladesh, Cambodia, China, Hong Kong, Indonesia, India, Japan, South Korea, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam), the U.S. and the Middle East (including Qatar, Saudi Arabi, the United Arab Emirates and Yemen).

Mr. Duggal has been named as a “leading lawyer” or “expert” for M&A and capital markets in several publications and surveys, including IFLR1000, Chambers Global, Chambers Asia Pacific and Asia Pacific Legal 500. These publications have quoted clients as saying he “is a really constructive guy to have on a deal, he really knows what he’s doing,” “is well equipped to deal with issues concerning a range of industries, from oil and gas and infrastructure to real estate and telecoms,” “is a ‘very hands-on’ practitioner who is valued by clients as someone they can ‘bounce questions off for several different markets’” and has “an ability to handle difficult client topics with the right balance between courtesy and tenacity.”

Mergers and Acquisitions

Mr. Duggal has represented acquirers and sellers in many of Asia Pacific’s leading M&A transactions, including:

  • Twitter in its investment in India-based ShareChat;
  • Wavecell (cloud computing) in its sale of 100 percent of its shares to California-based 8x8;
  • Grab (ride-hailing) in its joint venture relating to OVO with Tokopedia and Lippo;
  • WeWork (workspaces) in its joint ventures across Asia;
  • Equis Funds (renewable energy) in its US$5 billion sale of Equis Energy which operates across seven countries in Asia, to Global Infrastructure Partners, the largest announced renewable energy sector M&A deal in history;
  • HOPU, Hillhouse, Vanke, BOCGI and the rest of the buyer consortium in its US$11.7 billion going-private acquisition of Global Logistic Properties Limited (Singapore);
  • Citigroup (banking) in its US$3 billion sale of a stake in China Guangfa Bank to China Life;
  • Times Internet Ltd (media) in its acquisition of a majority stake in MX Media Co Ltd, a multimedia technology company with operations in China and Korea;
  • Indosat (towers) in its US$519 million sale and leaseback of 2,500 towers to Tower Bersama,the largest tower sale and leaseback transaction to date in Indonesia;
  • Citigroup (credit cards) in its sale of its credit card merchant acquiring business in 11 countries across Asia to Germany’s Wirecard;
  • Emtek (media) in its acquisition of BlackBerry Messenger;
  • Rizal Commercial Banking Corporation (banking) in its US$402 million sale of a strategic sale to Cathay Life Insurance;
  • Varuna Investments in its restructuring and sale of Asian Genco Pte. Ltd.’s interest in Teesta Urja, as well as settlement of certain disputes and certain regulatory matters;
  • Axiata (telecom) in connection with the subsidiarization of its tower businesses in Malaysia, Cambodia, Sri Lanka and Bangladesh;
  • Citigroup (banking) in the sale of its margin foreign exchange business to affiliates of FXCM and Saxo Bank;
  • Rizal Commercial Banking Corporation in its sale of a strategic stake to the International Finance Corporation;
  • Citigroup (banking) in its sale of Citibank Savings Inc. to BDO Unibank, the Philippines’ largest lender;
  • Forrester Research in its acquisition of Springboard Research with assets in China and India;
  • ASAT Holdings in its restructuring and sale of ASAT Semiconductor to Global A&T Electronics;
  • Fortress Investments in its sale of Asian Pragati Capfin, a consumer finance business in India;
  • Telekom Malaysia in its US$1 billion acquisition of a controlling interest in Excelcomindo;
  • PT Telkom in its sale of a series of joint venture interests valued at US$1.5 billion and its related ICC arbitration with AriaWest;
  • numerous other leading global corporates on corporate transactions and matters, including Archer Daniels Midland, Cemex, Google, Mass Mutual, Valeant, Wilmar and Wynn Resorts; and
  • while in senior roles at Citigroup, Mr. Duggal also worked on various matters including: the US$11 billion sale of Citigroup’s life insurance and annuities business to MetLife, Inc.; Citigroup’s joint venture with Morgan Stanley’s Wealth Management Group (securities brokerage); Citigroup’s US$512 million sale of Citigroup Global Services Limited to Tata Consultancy Services; Citigroup’s joint venture with PAAMCO and the establishment of Global Hedge Strategies, LLC and Citigroup’s acquisition of Insular Savings and Trust Company’s branch network in the Philippines.

Capital Markets

Mr. Duggal has led Asia Pacific’s significant capital markets transactions, including:

IPOs and Other Equity Offerings:

  • Hermina Hospitals in its Rp1.3 trillion (US$96 million) initial public offering and listing on the Indonesian Stock Exchange;
  • Protelindo (towers) in its US$405 million Rule 144A Re-IPO (company counsel);
  • Azure Power (green energy) in its US$61 million NYSE IPO and US$75 million private placement (company counsel);
  • Prodia (clinical labs) in its US$111 million Reg S IPO (company counsel);
  • Mitra Keluarga (hospitals) in its US$340 million Reg S IPO (company counsel);
  • Cemex (cement) in its US$535 million Rule 144A IPO (company counsel);
  • XL Axiata (Telco) in its US$500 million rights offering (bank counsel);
  • Inox Wind (renewable energy) in its US$163 million Rule 144A IPO (sole counsel);
  • MOL Global (online payments) in its US$169 million Nasdaq IPO, the first U.S. listing ever by a Malaysian company (company counsel);
  • JSC Gazprom in its listing of GDSs on the SGX, the first such listing on the SGX and the first listing by a Russian company in Singapore (company counsel);
  • Summarecon (real estate) in its proposed Reg S IPO (company counsel);
  • Tower Bersama (towers) in its US$232 million Rule 144A IPO (company counsel);
  • Garuda (airline) in its privatization and Rule 144A/Regulation S IPO (company counsel);
  • Bank Muamalat in its proposed Reg S IPO (company counsel);
  • Austindo Nusantara Jaya (palm) in its Rule 144A IPO (bank counsel);
  • Jaiprakash Power in its US$175 million Rule 144A QIP (sole counsel);
  • Toba Coal in its Rule 144A IPO (bank counsel);
  • Bank Mandiri in its $330 million Rule 144A IPO and privatization (company counsel);
  • Ascott REIT in its US$400 million rights offering (sole counsel);
  • Grameenphone in its US$141 million Reg S IPO, the first listing (bank counsel);
  • Jaiprakash Power in its “Offer for Sale” by Jaypee Infra (sole counsel);
  • DB Corp (newspapers) in its US$82 million IPO (sole counsel);
  • Jaypee Infratech (expressways) in its US$500 million Rule 144A IPO (sole counsel);
  • Lanco Infratech (energy) in its US$150 million Rule 144A private placement (sole counsel); and
  • 3i Infotech (BPO) in its US$66 million Reg S private placement (bank counsel).

High-Yield and Other Debt Offerings:

  • Bosnia-Herzegovina in connection with its restructuring of commercial debt through the issuance of Rule 144A/Regulation S bonds;
  • PT Pertamina (Persero) in its US$750 million Rule 144A offering of 6.5% senior notes due 2048 (bank counsel);
  • Bharti Airtel (telco) in its US$1 billion Rule 144A multi-tranche issuance of guaranteed senior notes and €750 million of guaranteed senior notes by its subsidiary Bharti Airtel International (company counsel);
  • Medco (energy) in its:
    • US$650 million Rule 144A 7.375% high-yield bond offering (company counsel);
    • US$500 million Rule 144A 6.75% high-yield bond offering (company counsel);
    • US$300 million Rule 144A 8.5% high-yield bond offering (company counsel); and
    • US$100 million Rule 144A 8.5% high-yield bond tap (company counsel);
  • BSD (real estate) in its:
    • US$70 million Reg S 5.5% high-yield bond offering (company counsel);
    • US$200 million Reg S 5.5% high-yield bond offering (company counsel); and
    • US$225 million Reg S 6.75% high-yield bond offering (company counsel);
  • BUMA (coal) in its US$350 million Rule 144A 7.75% high-yield bond offering (bank counsel);
  • Modernland (real estate) in its:
    • US$240 million Reg S 6.95% high-yield bond offering (bank counsel);
    • US$57 million Reg S 9.75% high-yield bond offering and related exchange offer and consent solicitation (company counsel); and
    • US$150 million Rule 144A 11% high-yield bond offering and subsequent tap notes, and a concurrent offering of 2019 notes to raise new capital and subsequent tap to issue new notes in 2016 (company counsel);
  • Indosat in its consent solicitation to amend its US$650 million 7.375% bonds (company counsel);
  • 3i Infotech Limited (BPO) in its restructuring of its US$125 million 5% FCCBs and exchange offer and issuance of US$52 million of new FCCBs (company counsel);
  • Ashok Leyland (trucks) in its US$100 million Ruke 144A CB offering (sole counsel);
  • the Republic of Brazil in connection with numerous Rule 144A/Regulation S offerings with listings on various European exchanges, including Frankfurt, London, Luxembourg and Paris;
  • the city of Rio de Janeiro in connection with its inaugural US$125 million Rule 144A/Regulation S debt offering;
  • the Republic of Panama in connection with its US$500 million Rule 144A/Regulation S offering of notes listed on the Luxembourg Stock Exchange and its US$6 billion “Brady” plan restructuring;
  • the Republic of Yemen in connection with the World Bank/International Development Association sponsored operation to buy back US$300 million of Yemen’s commercial debt; and
  • the Republic of Pakistan in connection with its exchange offer to redeem three outstanding bonds and issue US$600 million of new bonds.

From 2004 to 2009, Mr. Duggal held senior roles at Citigroup Inc. He was managing director and general counsel, Asia Pacific, for Citigroup’s retail banking businesses, including Citi Retail Banking, Citi Private Bank, Citi Credit Cards, CitiFinancial and Citi Smith Barney, based in Singapore, and assistant general counsel and deputy co-head of Citigroup’s M&A legal department based in New York, where he oversaw the team responsible for executing Citigroup’s global proprietary mergers and acquisitions transactions.


Skadden, Arps, Slate, Meagher & Flom (Singapore) LLP is licensed in Singapore as a registered foreign law firm to advise clients on certain aspects of their international transactions and operations. We are not authorized to practice Singapore law. All matters relating to advice as to Singapore law will be dealt with by a separate local Singapore law firm.



  • J.D., Georgetown University Law Center, 1995
  • B.A., University of Maryland, 1991 (cum laude)


  • District of Columbia
  • Maryland

Government Service

  • Law Clerk, Hon. Kenneth W. Starr, Office of the Independent Counsel (1994-1995)

Rajeev P. Duggal

Partner, Skadden, Arps, Slate, Meagher & Flom (Singapore) LLP, Capital Markets, Mergers and Acquisitions and Financial Institutions