J Sagar Associates (JSA) and Shardul Amarchand Mangaldas have advised BPEA EQT and ChrysCapital, respectively, on their 91-billion-rupee ($1.1 billion) purchase of a 90 percent stake in HDFC's education finance arm HDFC Credila.

AZB & Partners acted for both HDFC and HDFC Credila, with Wadia Ghandy & Co representing HDFC Bank on the transaction.

This is India's largest-ever private equity buyout in the financial services sector, Reuters reported, adding that the deal comes as more investors bet on the country's aspirational middle class and a rising number of international students.

The JSA team was led by partners Vikram Raghani and Anand Lakra, with assistance from competition law partner Vaibhav Choukse, while the SAM team was led by partners Gunjan Shah and Karun Prakash, with partner Aparna Mehra providing competition law support.

The AZB team was led by partners Varoon Chandra and Nandish Vyas, while the Wadia Ghandy team was led by partners Ashish Ahuja and Nidhi Jha.