Latham & Watkins and Baker & McKenzie were among the biggest winners of the third annual Emerging Markets Awards, which were announced on 24 November at the Four Seasons Hotel in Singapore.

Both firms each scooped up five individual and firm awards. Among others, Latham won the Emerging Markets Law Firm of the Year award for international firms. The same award for independent firm went to Singapore's Allen & Gledhill.

White & Case Asia head Eric Berg was awarded Emerging Markets Law Firm Leader of the Year for international firms, while India's Cyril Amarchand Mangaldas founder Cyril Shroff received the same award for independent firms.

Below is a full list of winners and the reasons why they were chosen from a highly competitive crowd.

Capital Markets Deal of the Year: Debt Allen & Overy and India's Cyril Amarchand Mangaldas received this award for a $300m rupee-denominated, or masala, bond offer by Indian power company NTPC  in Singapore this past August. The deal, compliant with the latest Climate Bonds Standard and the International Capital Markets Association's latest Green Bond Principles, was both the first green masala bond issued by an Indian company and the first green masala bond listed on the Singapore stock exchange.

Capital Markets Deal of the Year: Equity The equity capital markets deal of the year also went to an Indian transaction. Latham & Watkins and Indian firms AZB & Partners and J Sagar Associates shared this award for their work done on a $460m October 2015 initial public offering (IPO) by India's biggest airline, IndiGo Airlines. The offer, which was more than six times oversubscribed, was then the largest IPO in the country in three years. JSA represented the issuer IndiGo, while Latham and AZB advised the underwriters including Citigroup, JPMorgan and Morgan Stanley.

Finance Deal of the Year: Banking The banking deal of the year was awarded to the $890m financing of Chinese chipmaker Jiangsu Changjiang Electronics' acquisition of Singaporean competitor STATS ChipPac. Drew & Napier and Herbert Smith Freehills served as co-counsel, advising Suzhou-based Jiangsu Changjiang on the takeover of Singapore Exchange-listed STATS, which was also majority owned by sovereign wealth fund Temasek Holdings. Both firms were also engaged in the financing aspects for a couple of loan facilities to refinance STATS' existing debt, as Jiangsu Changjiang was keen to take control of the financing process in order to ensure a successful acquisition. Linklaters and Milbank Tweed Hadley & McCloy represented lenders Bank of China and DBS Bank, respectively.

Finance Deal of the Year: Insolvency The restructuring of Indonesian shipping company PT Berlian Laju Tanker's $2bn senior notes was our choice of insolvency financing deal of the year. On this multijurisdictional deal, Ropes & Gray represented PT Berlian working with a group of majority syndicated lenders, represented by Milbank Tweed Hadley & McCloy, to resolve the shipping company's financial distress. The solution was to transfer some of PT Berlian's assets to a new company majority owned by the syndicated lenders, so that PT Berlian's debt would be forgiven and it was able to continue operations. The rare solution was made possible through a series of legal documentation in Singapore and Indonesia. Other counsel for PT Berlian include Drew & Napier for Singaporean law and Stephenson Harwood for shipping law. Counsel for majority lenders include Allen & Gledhill for Singaporean law and Watson Farley & Williams for shipping matters. Clifford Chance, Harney Westwood & Riegels, Mayer Brown JSM and O'Melveny & Myers also had roles on this matter.

Finance Deal of the Year: Projects The project finance deal of the year was given to the development and financing of Light Rail Manila Corp's $1.4bn extension project of the Light Rail Transit 1 in the Philippine capital. Shearman & Sterling represented Light Rail Manila. The financing of the project, which involves a limited-recourse bank loan, was one of the largest infrastructure project finance transactions in the Philippines to date. The project, structured under a public-private partnership (PPP), was the first PPP to use fully non-recourse debt to finance a project. Local firm SyCip Salazar Hernandez & Gatmaitan acted for Metro Pacific Investments, Ayala's AC Infrastructure Holdings and Macquarie Infrastructure Holdings as sponsors; Nabarro acted for contractors Bouygues Travaux Publics and Alstom Transport. Pinsent Masons advised the local government.

Finance Deal of the Year: Shipping/Aviation Milbank Tweed, Hadley & McCloy won the shipping and aviation finance deal of the year for its representation of VietJet's $11.3bn order of 100 Boeing aircraft. The deal, signed during President Barack Obama's visit to Vietnam in May, was the country's largest commercial aircraft order to date, and VietJet's first Boeing aircraft order.

Investment Funds Deal of the Year Avanda Investment Management's $2bn Avanda Asia Vantage fund in Singapore won investment funds deal of the year. The fund, advised by Sidley Austin, is one of the largest hedge funds launched in Southeast Asia and focuses primarily on equity investments in the Asia-Pacific region. Avanda Investment Management, co-founded by former GIC chief investment officer Ng Kok Song, is commonly seen as Singapore's de facto third sovereign wealth fund after GIC and Temasek.

M&A Deal of the Year: Energy Tata Power Renewable Energy's $1.4bn acquisition of Welspun Renewables Energy Private in September 2016 was awarded energy deal of the year. This was the largest clean energy transaction to date in India, as the country increases its effort in that space under Prime Minister Narendra Modi's leadership. Not only did the purchase of a 1,141MW renewable portfolio spread out over 10 states require intense coordination, but simultaneous court proceedings for asset carve-outs and the incorporation of ongoing projects made this a tough one to pull off. Hats off to AZB & Partners, adviser to the Tata Power subsidiary, and Welspun counsel Cyril Amarchand Mangaldas.

M&A Deal of the Year: Pharmaceutical Shanghai Fosun Pharmaceutical's $1.3bn purchase of an 86% stake in Gland Pharma was winner for the pharmaceutical deal of the year. It was the biggest acquisition of Indian assets by a Chinese company. The deal, which also saw a full exit by KKR from its investment in the Hyderabad, India-based generic drugmaker, is subject to regulatory reviews in China, India and the US. Simpson Thacher & Bartlett and Cyril Amarchand Mangaldas advised KKR, with Troutman Sanders and Khaitan & Co acting for Fosun Pharma.

M&A Deal of the Year: Private Equity/Venture Capital The private equity and venture capital deal of the year went to motorcycle-hailing app GO-JEK's $550m investment by KKR and Warburg Pincus. The deal was the largest ever injection for an Indonesian tech startup and one that represents an impressive level of global investor confidence in Asia's emerging venture capital markets. The company will use the funds to compete with Uber Technologies and Grab, two car-sharing services that are starting to offer two-wheeled rides on its home turf. Latham & Watkins, Allen & Overy, Ashurst, Wilson Sonsini Goodrich & Rosati, Hadiputranto Hadinoto & Partners, and Assegaf Hamzah & Partners are applauded for leading this half-million-dollar fundraising.

M&A Deal of the Year: Real Estate Vietnamese wholesaler Metro Cash & Carry's $722m sale to Thailand-based TCC Holding stood out and won real estate deal of the year.The transaction involved the transfer of 3,600 employees and 19 stores nationwide, tough tax negotiations with the government and complex restructuring and licensing issues, as new enterprise and investment laws enacted last year provided limited practical guidance. Freshfields Bruckhaus Deringer advised Metro Group on German and Vietnamese law, while Russin & Vecchi and Weerawong Chinnavat & Peangpanor acted for the Thai conglomerate. This was one of Vietnam's largest non-energy M&A deals on record.

M&A Deal of the Year: TMT TMT deal of the year winner went to Axiata-owned edotco's acquisition of a 75% stake in Myanmar Tower Co from Digicel Group. This was the largest cross-border M&A deal in Myanmar and the first telecom transaction to require regulatory approval by the state. Axiata also issued a $500m wakala sukuk bond to finance the acquisition, which solidified edotco's position as a regional leader in telecom infrastructure. Acting for edotco were Herbert Smith Freehills, Amin Yap & Co, VDB Loi, Myanmar Legal Services, Akhund Forbes, and Tanjib Alam and Associates. Representing the parent Axiata were Prolegis and Sciaroni & Associates. Davis Polk & Wardwell, Stephenson Harwood (Singapore) Alliance and Allen & Overy were advisers to the seller Digicel. Vinson & Elkins was counsel to VimpelCom.

M&A Deal of the Year: (Other Sector) Yokohama's $1.2bn acquisition of Alliance Tire Group won M&A deal of the year for other sectors. The sale of Dutch-incorporated Alliance Tire by KKR and Indian shareholders to Yokohama Rubber strengthens the Japanese manufacturer's product lineup in agricultural and forestry machinery tires, as the company looks to take its new commercial tire business strategy global. The deal was valued at about 2.2 times Alliance Tire's annual sales, and more than 12 times its operating profit for the 2015 fiscal year. Acting for Yokohama were Paul Weiss Rifkind Wharton & Garrison, Nishimura & Asahi and Cyril Amarchand Mangaldas; and representing the sellers were Simpson Thacher & Bartlett and AZB & Partners.

Capital Markets Firm of the Year Singapore's Allen & Gledhill was winner of capital markets firm of the year. Undisputedly one of the top firms in the city-state, Allen & Gledhill stood out among the contestants for having a sizeable team of specialized capital markets lawyers covering all aspects of the equity and debt securities offerings in Singapore. The firm frequently advises on first-of-its-kind transactions in Singapore; for example, last year, the firm successfully helped DBS launch a $10bn global covered bond programme – the first by a Singaporean bank and the first in Singapore – after working through regulatory issues with a series of enforcement bodies including the Monetary Authority of Singapore, the Inland Revenue Authority of Singapore and the Central Provident Fund Board, the nation's pension plan authority.

Capital Markets Lawyer of the Year For this year's capital markets lawyer of the year award, the judges were impressed by Latham & Watkins Hong Kong partner Posit Laohaphan, for having both an all-around Southeast Asia capital markets practice and a specialty of Thailand-related matters. Fluent in Thai, a rarity among international firms with no Thailand offices, Laohaphan leads the firm's Thailand practice and works actively on derivatives transactions in Asia. In August, he advised Thai generator Banpu Power on a $394m IPO; the deal, one of the first following a major change in Thailand's securities regulations, required extensive discussions with the Thai regulators and its successful listing set a precedent for future transactions.

Finance Firm of the Year Milbank Tweed Hadley & McCloy emerged the winner of finance firm of the year from a closely contested group of international and local firms, as it advised on three out of four winning finance deals and has one of the most well-rounded finance practice in Southeast Asia. Led by the firm's Singapore-based Asia managing partner David Zemans, a finance lawyer himself, the team's other key members include partners James Murray on project finance, Jacqueline Chan on restructuring and acquisition finance, and Paul Ng on aviation and asset finance. In addition to Ng's representation of VietJet's $11bn Boeing aircraft order, Zemans' advice to DBS as lender of the $890m loan to STATS ChipPAC and to lenders of the PT Berlian senior notes, Murray is advising the lenders of a $4.3bn power project in Indonesia's Central Java province.

Finance Lawyer of the Year Baker & McKenzie Indonesian member firm Hadiputranto Hadinoto & Partners' senior partner Indri (Mita) Guritno won finance lawyer of the year. She has specialised in banking and finance transactions for more than 20 years in Indonesia and her practice covers various aspects of finance including project finance, property finance, acquisition finance, trade finance and Islamic finance. She recently advised a syndicate of 46 lenders on a $1bn term loan to Indonesia Eximbank for refinancing purposes; this was the largest syndicated loan that the state-owned Indonesia Eximbank ever received.

Funds Firm of the Year Sidley Austin stood out among contestants and received funds firm of the year for having worked on funds launched by a mix of global investment houses such as BlackRock and Macquarie Group, as well as Asian-based investors such as Temasek and Overseas Chinese Investment Management (Singapore). The team, led by Singapore-qualified partner Han Ming Ho, is able to provide legal advice regarding both US and Singaporean law matters under the Qualifying Foreign Law Practice scheme.

M&A Firm of the Year Having acted on more than 15 South and Southeast Asian M&A and private equity transactions in the past year, Shearman & Sterling was our pick for M&A firm of the year. The US firm has demonstrated an ability to be fully plugged into local Asian emerging markets while maintaining the highest level of deal execution and innovation that uphold its global reputation. Particularly impressive is the firm's solid presence and activity in the most vibrant sectors in India, where it has advised General Electric on divesting its leasing businesses, Sun Pharmaceutical on its dual-track acquisition of InSite Vision, and Goldman Sachs on a clean energy investment in ReNew Power.

M&A Lawyer of the Year M&A lawyer of the year went to Sidley Austin Singapore partner Charlie Wilson , who remains a favourite of international private equity houses in Southeast Asia with a heavy appetite for diversifying portfolios and taking homegrown businesses global. With more than 18 years of experience across a broad range of Southeast Asian markets and industries, Wilson most recently represented BlackRock on the world's second-largest single-tower real estate deal, IDX-listed power producer PT Medco Energi on a $2.6bn minerals acquisition, and Boon Rawd Brewery on its $1.1bn purchase of Vietnamese Masan's food and beer businesses.

Commercial Litigation Firm of the Year Drew & Napier was awarded commercial litigation firm of the year. Led by four Senior Counsel – the Singaporean equivalent of Queen's Counsel – the litigation team of the Singapore firm has 24 partners and 69 other lawyers, making it one of the largest in the country. The firm has advised various government agencies and high-net-worth individuals in Singapore, and global financial institutions such as UBS, Standard Chartered Bank and Citibank. Earlier this year, Drew & Napier successfully defended UBS in a dispute over investment losses incurred during the 2008 global financial crisis, before the Singapore High Court. The firm was also able to convince the Singapore Court of Appeal to adopt a globally accepted interpretation of a type of construction contract that has previously been refused by the Singaporean courts.

Commercial Litigation Lawyer of the Year In addition to managing a 200-lawyer firm and striking up a deal to combine with global giant Dentons, this year's commercial litigation lawyer of the year, Philip Jeyaretnam SC of Dentons Rodyk & Davidson, has also been busy winning cases in court. Last year, he successfully represented three investors against fund managers, recovering investment loss of more than $70m and getting the counterclaim for fees substantially dismissed before the High Court. Jeyaretnam is also sought after for high profile cases. He is currently representing the Wall Street Journal against potential defamation claims by Malaysian Prime Minister Najib Razak.

Compliance/Investigations Firm & Lawyer of the Year Sidley Austin received compliance and investigations firm of the year, while Hong Kong partner Yuet Ming Tham won lawyer of the year in the same category. Both stood out chiefly for Tham's work done for the MAXpower Group investigation in Indonesia, Myanmar and Singapore. The bribery allegation against the Indonesian power company eventually implicated one of its minority shareholders, Standard Chartered. Sidley Austin was hired by MAXpower to conduct an internal investigation into the allegations. Tham, who is qualified in New York, England and Singapore, helped led a cross-jurisdictional team to address issues involving the US Foreign Corrupt Practices Act, the UK Bribery Act and the Singapore Prevention of Corruption Act.

International Arbitration Firm of the Year International arbitration firm of the year went to Ashurst. Led by Singapore partner Rob Palmer, earlier this year a cross-office team successfully defended a Japanese construction company against claims arising from construction of a chemical manufacturing plant in Southeast Asia, before an arbitration tribunal in Tokyo. In addition, in April this year Ashurst's arbitration team represented a Hong Kong-based private equity fund over an investment agreement dispute before the Singapore International Arbitration Center. The case required expertise in multiple jurisdictions including Indonesia, Thailand, Malaysia, China, Australia and New Zealand.

International Arbitration Lawyer of the Year Latham & Watkins Hong Kong partner Ing Loong Yang was awarded international arbitration lawyer of the year. The judges were particularly impressed by the breadth of his cross-border practice and the ability to handle cases governed by or involving laws from different jurisdictions. For example, in a rare case before the Hong Kong International Arbitration Center that involved the application of Myanmar law, Yang successfully helped his client, a Southeast Asian investment company, secure a procedural victory by convincing the tribunal to remove one of the claimants against it. Yang also advises cases under Indonesian, Singaporean, Philippine and English law.

Intellectual Property Firm of the Year Thailand's Tilleke & Gibbins received intellectual property firm of the year. In February 2016, the firm successfully represented client, Canadian fashion brand Dsquared2, against a Thai company over a trademark infringement case before the Supreme Court of Thailand, ending a six-year legal battle. In addition to Thailand, the firm has also expanded into Vietnam with an equally successful IP practice. Last year, the firm helped a multinational pharmaceutical company secure a favourable decision before the Vietnamese National Office of Intellectual Property, against an alleged infringer over a diabetes treatment compound; the decision resulted in an order to recall and withdraw all the alleged infringing drugs.

Intellectual Property Lawyer of the Year Jakarta-based Hadiputranto Hadinoto & Partners' Daru Lukiantono was our pick for intellectual property lawyer of the year. In June, he helped secure a win before the Supreme Court of Indonesia on behalf of a French cosmetics retailer, over the cancellation of one of its trademarks that was registered by an Indonesian individual. He was also able to convince an Indonesian commercial court to overturn a lower court decision and grant cancellation of 14 conflicting trademarks on behalf of an American shoemaker. Lukiantono leads Hadiputranto's IP practice with 19 years' experience.

Private Client Lawyer of the Year Singapore firm Drew & Napier partner David Chee won private client lawyer of the year. Chee advises high-net-worth clients on all aspects of estate planning, from will to asset transfers from one generation to another, to asset protection and preservation, tax efficiency and philanthropy. He also acts for professional trustees on regulatory requirements, fiduciary risk and obligations, and trusts and estates administration in Singapore and beyond.

Tax Lawyer of the Year Indian firm Trilegal's Delhi partner Himanshu Sinha was tax lawyer of the year. Leading the firm's tax practice, Sinha handles both advisory and contentious matters involving tax issues. Last year, he helped BG Group secure a crucial tax clearance in India as part of the process of being acquired by Royal Dutch Shell. He also successfully represented a Japanese trading company to settle a million-dollar tax-related dispute in India that has lasted for three years.

Firm of the Year – India Khaitan & Co was awarded India firm of the year for maintaining consistency in quality and growth. The firm advised the family trust on the IndiGo IPO, acted as Indian counsel to Malaysia's Metrod on the acquisition of the Leela hotel in Goa, and represented Shanghai-based Fosun International on the $1.3bn investment of Gland Pharma. According to the most recent Asia 100 survey, Khaitan reported 425 lawyers in 2015, up 14% from a year earlier, the highest growth rate among India's largest law firms.

Firm of the Year – Indonesia Indonesia firm of the year went to Baker & McKenzie member firm Hadiputranto Hadinoto & Partners. Apart from finance and intellectual property – leaders of both practices received individual awards – the firm has displayed strength in other transactional and disputes matters, such as debt capital markets offers and tax issues. In March, the firm acted for the underwriters of a $2.5bn Sukuk – the largest ever in the country – issued by the Indonesian government. The firm is also advising several Asian subsidiaries of an American oil giant on tax law proceedings at the Indonesian tax court.

Firm of the Year – Malaysia Kuala Lumpur-based Wong & Partners stood out as Malaysia firm of the year. During the economic slowdown in the country caused by the oil and commodity prices dip, the firm was able to continue receiving significant mandates on both the transactional and disputes fronts. For example, the Baker & McKenzie member firm advised Malaysian manufacturer Metrod Holdings on the acquisition of a luxury hotel in western India's Goa state. The firm also successfully defended Malaysian e-commerce site Mudah.my before the Inland Revenue Board of Malaysia, on claims of withholding tax payments. Sukuk offers, employment law compliance and intellectual property portfolio management are also among the firm's strong suit in the past year.

Firm of the Year – Singapore Allen & Gledhill is arguably one of a couple of law firms in Singapore that are most frequented for the region's top transactions, including securities offerings and M&As. But behind that reputation as a top corporate firm, our choice for Singapore firm of the year has a full-service practice that has created that reputation. Take the $10bn bond program for DBS: the involvement of lawyers encompasses a variety of practices far beyond just capital markets. To make this first-of-its-kind deal work, lawyers from regulatory and compliance, tax, litigation, real estate, and restructuring and insolvency worked together to cover all the aspects of the matter.

Firm of the Year – Thailand Latham & Watkins was awarded Thailand firm of the year for its ability to get complex big-ticket deals in and out of Thailand, with a team based primarily in Hong Kong and Singapore. Led by Hong Kong partner Posit Laohaphan, a US-qualified lawyer fluent in Thai, the Thailand practice leverages the expertise of nearly 100 corporate and finance lawyers in the region and globally. Earlier this year, Latham advised Thailand's PTT Global Chemical on a multi-billion-dollar investment in a petrochemical plant in Ohio; the project was the first greenfield project ever undertaken by a Thai company in the US and remains the biggest foreign direct investment in the US by a Thai company.

Firm of the Year – The Philippines Latham & Watkins was also our choice for Philippines firm of the year. Similar to its Thailand practice, the team is led by Hong Kong-based Benjamin Carale, a native Filipino who is familiar with language, local knowhow and relationships in the Philippines. Last year, the firm represented Philippine homebuilder Vista Land & Lifescape on establishing a $1bn medium-term note program and a subsequent initial drawdown of $425m high yield notes. The firm also advised Metro Retail Stores Group on a $77.1m IPO on the Philippine Stock Exchange, the largest IPO by a Philippine company in 2015.

Firm of the Year – Vietnam A strong full-service local offering has won Baker & McKenzie two country firm of the year awards so far in Indonesia and Malaysia. The firm received Vietnam firm of the year for that very same reason. In late 2015, Baker & McKenzie represented Thailand's Singha Asia Holdings on a $1bn investment into Vietnamese consumer group Masan Group, one of the largest inbound M&A deals into Vietnam. The US firm is also active in local real estate and hospitality projects, including a five-phase resort project in the Ba Ria-Vung Tau province that is valued at $4bn.

Emerging Markets Firm Leader of the Year – International International law firm leader of the year went to White & Case 's Asia head Eric Berg. The judges agreed that Berg, who relocated to Singapore from New York in March 2015 to take on the new role as well as his old role as global banking head, has taken White & Case's Southeast Asia practice further. Soon after Berg's appointment took effect, White & Case was granted a four-year extension of its Qualifying Foreign Law Practice license in Singapore. In May 2016, the firm struck up a new alliance in Indonesia with Jakarta-based firm Witara Cakra Advocates. Under his leadership, this year, White & Case also managed to expand the project finance practice – a core strength of the US firm's Southeast Asia operations – to Australia with the hires of a dozen partners from Herbert Smith Freehills.

Emerging Markets Firm Leader of the Year – Independent Cyril Shroff, founder and managing partner of Cyril Amarchand Mangaldas, was our choice for independent firm leader of the year. The judges were impressed that just a year and a half following the split of the legacy Amarchand & Mangaldas & Suresh A Shroff & Co, Cyril Amarchand Mangaldas was able to establish itself as a leading corporate firm for top deals. During the first six months of this year, the firm was ranked top by both Thomson Reuters and Mergermarket's M&A league tables according to deal volume. The firm was also ranked a top issuer's counsel by Bloomberg in terms of Indian IPOs.

Emerging Markets Firm of the Year – International Latham & Watkins' emerging markets practice is based out of a few key hubs in Singapore, Hong Kong and Tokyo, instead of spreading out in each jurisdiction. That, coupled with a well balanced, multi-market practice, were the reasons why we thought Latham was the best choice for this year's international emerging markets firm of the year. Apart from its Thailand and Philippine practice – both were led by partners based out of Hong Kong – Singapore partner Rajiv Gupta leads the firm's India practice, which acted as international counsel to the IndiGo IPO. In addition, project finance partner Michael Yoshii is able to develop a practice focusing on power projects in the Philippines, out of his base in Tokyo.

Emerging Markets Firm of the Year – Independent On top of being a leading firm in Singapore, Allen & Gledhill, like many Singaporean law firms, has expanded the network beyond its home turf. The long time association with Kuala Lumpur-based Rahmat Lim & Partners helped secure matters with a Malaysian component. The firm also launched into Laos and Myanmar, with offices in Vientiane and Yangon. Currently, Allen & Gledhill is teaming up with Rahmat Lim – advising Malaysia-based AsiaPacific BusinessLink on an $800m hydroelectric power plant in Laos. The firm's Yangon office advised the sellers of a 50% stake in the Myanmar Distillery, the country's largest spirit maker, to buyout firm TPG.

Pro bono Distinction: Allen & Gledhill

In-house Distinctions: Lee Chin Tok, CIMB Group Joy Fuyuno, Microsoft Asia-Pacific Katrina Reinhardt, Baxter Healthcare Asia Aakarshan Agre, Johnson & Johnson Wayne Bannon, Carlyle Asia Partners Calum Conway, CVC Capital Partners