22 May 2026
Trilegal advised the Blackstone (the lead investor), Ontario Teachers’ Pension Plan, and Anchorage Scheme on securing unconditional approval from the Competition Commission of India (CCI) for the acquisition of a controlling stake in Neysa Networks, pursuant to a USD 1.2 billion investment.
Trilegal worked closely with multiple stakeholders, to align on a coherent regulatory strategy and navigate the approval process efficiently.
The transaction sits at the intersection of private equity, digital infrastructure, and artificial intelligence, reflecting the increasing deployment of institutional capital into platforms enabling compute-intensive AI workloads. Neysa Networks operates across cloud infrastructure, and AI-led solutions, positioning it within a rapidly evolving segment characterised by convergence across infrastructure and application layers.
This mandate is among the first competition law clearances in India involving an AI-focused infrastructure platform and required a forward-looking approach to market definition and competitive assessment. The analysis involved a granular review of horizontal overlaps and vertical linkages across cloud infrastructure, data centre services, and the provision of AI tools and solutions.
Given the nascency of the sector, the team engaged closely with the regulator to contextualise market structure, evolving demand patterns, and the dynamic interfaces across the AI stack. The filing proactively addressed potential theories of harm, including foreclosure and concentration concerns, setting out a framework for assessing competition in emerging technology markets.
On the matter, Gauri Chhabra,Partner- Competition Practice at Trilegal said, “Transactions in AI infrastructure sit at the intersection of rapidly evolving technology stacks and emerging regulatory frameworks. This required us to move beyond conventional market definitions and analyse how infrastructure, platforms, and applications interact in practice. The clearance reflects a pragmatic approach to assessing competition in fast-evolving technology markets, particularly where scale-up and innovation are still in early stages.”
The Trilegal Competition Law Practice team advising on the mandate was led by Partner: Gauri Chhabra; and comprised of Senior Associates: Eesha Sheth and Ujwala Adikey; Associates: Anjana Ravikumar, Shobhit Shukla, and Shreya Chaudhary.
The Trilegal Corporate Practice team advising on the matter was led by Partners: Amit Khansaheb and Rahul Chugh; Counsel: Siddhant Maheshwari, Senior Associate: Kriti Chatrath; Associates: Navya Bhayana and Samridhi Poddar.
About Trilegal
Trilegal is a leading full-service law firm in India with over 25 years of experience, trusted for its in-depth expertise and client-centric approach. The firm advises a diverse set of clients, including Fortune 500 companies, global investment funds, major Indian conglomerates, domestic and international banks, technology and media giants, family offices, and high-net-worth individuals. With 159 partners operating under a distinctive lockstep model, Trilegal is the largest equity partnership in the country. The firm retains over 1,300 professionals across its Mumbai, Delhi, Gurugram, Bengaluru, Chennai, Pune, and GIFT City offices.
Trilegal has consistently been recognised among India’s top-tier firms in leading legal directories such as Chambers & Partners (Asia Pacific and Global), Legal 500 Asia Pacific, and Benchmark Litigation. It has also earned several prestigious accolades, including being named Law Firm of the Year at the ET Global Legal Awards 2026, Best Overall Law Firm by India Business Law Journal (IBLJ) 2025, Innovative Lawyers in Disputes & Crisis Management by the Financial Times (FT) Innovative Lawyers Asia-Pacific Awards in 2025, M&A Firm of the Year by IFLR Asia-Pacific in 2024.
For more information, please get in touch with Prakruti Jani | Mob: +91-9867868976 | BD@trilegal.com.
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