InvITs and
Infrastructure -
Unconference
Roads | Energy | Social Infra | Innovative Financing
Knowledge Support
InvITs and
InvITs and
Infrastructure-
Unconference
Roads | Energy | Social Infra | Innovative Financing
Wednesday, 13 July 2022
Four Seasons Hotel, Mumbai
About
Infrastructure has clearly gained the centre-stage for economic recovery in recent times driven by Government’s ambitious national infrastructure pipeline, GatiShakti, Atmanirbhar Bharat and other initiatives. Late 2021, one of the world’s largest infrastructure groups, Ferrovial – Cintra, forayed into India. The growth story was scripted to a large extent on the back of an ambitious exit strategy through InvITs and their potential to unleash true value in a tax optimal manner.
As advisors to investors in several of these InvITs (public and private listed) and architects of the first unlisted InvIT, we have seen the whole cycle of asset monetisation and evolution of the tax and regulatory landscape.
We invite you to join us in the analysis of the evolving commercial and regulatory landscape, the risk-return profiles, the tax benefits, the regulatory landscape and importantly, the intricacies of asset monetisation in a few core sectors.
Opening Remarks
12:00 PM – 12:30 PM (IST)
Sigrid Zialcita
CEO
Asia Pacific Real Assets Association
Prerna Mehndiratta
Partner
Price Waterhouse & Co LLP
Ruchir Sinha
Managing Partner
Resolüt Partners
SEBI as a Regulator and a Facilitator
12:30 PM – 01:00 PM (IST)
Ashwani Bhatia
Whole Time Member
SEBI
Ashwani Bhatia
Whole Time Member
SEBI
SEBI as a Regulator and a Facilitator
12:30 PM – 1:00 PM (IST)
Presentation on Global Innovations in Road Development
1:00 PM – 1:15 PM (IST)
Carlos Ugarte
Head of Corporate and Business Development
Ferrovial - Cintra
Lunch
1:15 PM – 2:00 PM (IST)
1:15 PM – 2:00 PM (IST)
Lunch
SESSION 1
Roads: Dissecting India’s Roads Assets
2:00 PM – 3:00 PM (IST)
- Asset recycling – unleashing true value of locked up assets
- Investing in developmental assets – risks and potential
- Growth of captive investment platforms and LP direct investments
Virendra D Mhaiskar
Chairman
IRB Infrastructure
Carlos Ugarte
Head of Corporate & Business Development
Ferrovial - Cintra
Deb Hajara
Senior Principal
Ontario Teachers' Pension Plan
Sumit Sen
Partner
Actis
Devayan Dey
Executive Director
PwC PL
Ruchir Sinha
Managing Partner
Resolüt Partners
SESSION 2
Energy Transition – New Energy and Smart Value Chain
3:15 PM – 4:15 PM (IST)
- Energy transition – pivot for India’s climate ambitions – is a $14.5 trillion opportunity for investors
- Innovation and ecosystem – technology and regulation that will shape up the energy transition market
- Business models and opportunities for investors in the New Energies ecosystem (a fresh look at the investor-developer collaboration)
- InvITs as opportunities for low cost financing and asset monetisation (public vs. private vs. unlisted)
- Energy transition – pivot for India’s climate ambitions – is a $14.5 trillion opportunity for investors
- Innovation and ecosystem – technology and regulation that will shape up the energy transition market
- Business models and opportunities for investors in the New Energies ecosystem (a fresh look at the investor-developer collaboration)
- InvITs as opportunities for low cost financing and asset monetisation (public vs. private vs. unlisted)
SESSION 2
Energy Transition: New Energy and Smart Value Chain
3:15 PM – 4:15 PM (IST)
Harsh Shah
CEO
Azure Power
Pushkar Kulkarni
Managing Director
CPP Investments
Parag Sharma
Founder & CEO
O2 Power
Rahul Mody
Managing Director & Co-Head Investment Banking
Ambit Private Limited
Sandeep Mohanty
Partner
PwC PL
Shreyas Bhushan
Partner
Resolüt Partner
SESSION 3
Financing: Innovations, Challenges and Opportunities
4:30 PM – 5:30 PM (IST)
- Social infrastructure and monetisation through InvITs
- Developer’s and financial sponsor’s take on funding structures prevalent internationally such as debt SPACs, zero coupon bonds, back ended amortization, LBO financing
- Special situation funds cracking the formula of mitigating risks while earning relatively higher rewards
- Recent changes to the SWF and pension funds tax regime in Infrastructure
Dev Santani
Managing Director, Private Equity
Brookfield Asset Management
Madhur Agarwal
Managing Director
JP Morgan
Jasmeet Singh Chhabra
Co-Founder & Partner
Cerestra Ventures
Anish Sanghvi
Partner
Price Waterhouse & Co LLP
Shivam Bajaj
Founder & CEO
Avener Capital
Adhitya Srinivasan
International Funds Lead
Resolüt Partners
Closing Remarks
Mohit Chopra
Partner
PwC PL
Mohit Chopra
Partner
PwC PL
Closing Remarks
Followed By
Stand-up comedy + Drinks
Knowledge SUPPORT
Speaker Profiles
Sigrid Zialcita
CEO
Asia Pacific Real Assets Association
Sigrid is the chief executive officer of Asia Pacific Real Assets Association (APREA). Based in Singapore, she is responsible for overseeing the strategic direction, initiatives and operations of the association across Asia Pacific. Under her leadership, APREA repositioned to an industry trade group focusing on real estate and infrastructure.
Ashwani Bhatia
Whole Time Member
SEBI
Shri Ashwani Bhatia is a Whole Time Member of the Securities and Exchange Board of India (SEBI). Within the SEBI, Shri Bhatia is responsible for handling the Department of Debt and Hybrid Securities, Alternative Investment Fund and Foreign Portfolio Investors Department, Market Intermediaries Regulation and Supervision Department, Corporation Finance Investigation Department, and Investor Assistance & Education (OIAE). Shri Bhatia comes with the experience of over three and a half decades in the State Bank Group where he joined as a Probationary Officer in 1985.
He has wide experience in treasury operations, retail banking, credit, investment banking and asset management. Prior to his assignment in the SEBI, Shri Bhatia held the position of Managing Director in State Bank of India. Prior to becoming Managing Director of State Bank of India, Shri Bhatia served as MD & CEO, SBI Funds Management Private Limited.
Carlos Ugarte
Head of Corporate and Business Development
Ferrovial - Cintra
Mr. Carlos is an economist from the University of Chile. He joined Cintra in 1998 as CFO of Cintra Chile. He was appointed Head of Development NA in 2006 and Cintra Head of Business Development in 2010. He started his PPP career in the Treasury Ministry of Chile in 1986.
Virendra D Mhaiskar
Chairman
IRB Infrastructure
Mr. Mhaiskar, is the chairman and managing director of IRB Infrastructure. He has hands-on experience of more than 30 years in the construction and infrastructure industry to his credit. He is responsible for developing new businesses, executing road construction and BOT projects.
Deb Hajara
Senior Principal
Ontario Teachers' Pension Plan
Deb joined the Asia Pacific Infrastructure and Natural Resources team of Ontario Teachers’ in 2021. Prior to joining Ontario Teachers’, Deb had 12 years of experience in infrastructure investing in India. Most recently he spent 5 years with Macquarie Infrastructure and Real Assets in Mumbai, where he was responsible for both acquisitions and asset management with a focus on the transport sector.
Sumit Sen
Partner
Actis
Sumit is responsible for Actis’ infrastructure activities in India and South East Asia. He has over 20 years of experience across accounting, investment banking and investing in energy, infrastructure and other sectors. Prior to joining Actis, Sumit worked as an Executive Director in the GS Principal Investment Area (PIA) where he was responsible for investments across sectors with a specific focus on energy, infrastructure, TMT and healthcare. Whilst at PIA, Sumit was a key member of the team that led the investment in Renew Power, one of the largest Indian renewable companies.
Harsh Shah
CEO
Azure Power
Harsh is the Chief Executive Officer of Azure Power. Prior to Azure, he was the CEO and whole-time Director on Board for IndiGrid, the largest listed yield platform for operational energy assets in India. He has been instrumental in building India’s first power sector investment trust – India Grid Trust (IndiGrid), from concept to US$2bn listed platform working with regulators, investors and developers. He is also a member of the SEBI Advisory Committee for InvITs and REITs and chairs the working group on InvITs and REITs at financial markets committee at CII.
Pushkar Kulkarni
Managing Director
CPP Investments
Pushkar is a part of the senior leadership team at Canada Pension Plan Investment Board (CPP Investments), Infrastructure Group. Prior to joining CPPIB, Pushkar served as the Managing Director of Serco India, subsidiary of the European Construction & Infrastructure Technology company; Efkon, the Indian subsidiary of the European Construction & Infrastructure giant Strabag AG. Pushkar has over 2 decades of experience within the Indian Infrastructure space and has been involved in several M&A transactions as well as green field projects including the likes of the Yamuna Expressway & the Bandra Worli Sea-Link.
Parag Sharma
Founder & CEO
O2 Power
Parag Sharma is Founder and CEO of O2 Power, a renewable energy platform. Parag has been leading O2 Power through strategic milestones, partnerships and towards future plans. An industry leader much respected for his achievements in India’s renewable energy sector, Parag also occupies the chair of the Vice-Chairman at Confederation of Indian Industry’s National Committee on Atmanirbhar Bharat – RE Manufacturing. Additionally, he is also the Vice Chairman at WIPPA – Wind Independent Power Producers Association. Before starting O2 Power, Parag was Chief Operating Officer at ReNew Power, India’s leading renewable energy IPP, for eight years. He was instrumental in setting up 5 GW of wind and solar capacity at ReNew.
Rahul Mody
Managing Director & Co-Head Investment Banking
Ambit Private Limited
Rahul is an investment banker with 25+ years of experience in advising on M&A and equity/debt capital raising in India, and previously in Europe/North America. Sector focus includes Infrastructure (Power, Energy, Transport, Telecom, Digital), Sustainability and Real Estate.
Dev Santani
Managing Director, Private Equity
Brookfield Asset Management
Dev is a Managing Director in Brookfield’s Private Equity Group, responsible for the Brookfield Special Investments business and oversight of opportunistic and private credit opportunities in India. Prior to joining Brookfield in 2014, Mr. Santani worked for AIG Global Real Estate. Mr. Santani holds a Master of Management Studies degree from the University of Mumbai and is a Chartered Professional Accountant.
Madhur Agarwal
Managing Director
JP Morgan
Madhur runs the local market sales business and debt capital markets business for J.P. Morgan in India. On markets side, he leads the FI and corporate sales teams for FX, rates, credit and derivative products. As DCM head, he is responsible for both onshore and cross border financing transactions across public and private markets.
Madhur had joined J.P. Morgan in 2009. Prior to joining J.P. Morgan, Madhur had 9 years of banking experience across Credit Suisse and ICICI Bank.
Madhur is an MBA from Indian Institute of Management, Calcutta (Gold Medalist) and a B. Tech (Electrical) from Indian Institute of Technology, Delhi.
Jasmeet Singh Chhabra
Co-founder & Partner
Cerestra Ventures
Jasmeet Chhabra has global experience across Indian, US and Singaporean markets. He has co-founded Cerestra Ventures in 2015, a business incubator and accelerator focused on niche sectors of Education, Lifesciences & Industrial. Under the education vertical, he has conceptualized, executed investment strategy &led deployment of US$200mn. Under his aegis, Cerestra plans to list its portfolio of Edu-infra-assets as Schoolhouse InvIT -India’s maiden Education Infrastructure focussed platform.
Shivam Bajaj
Founder & CEO
Avener Capital
Shivam Bajaj is the Founder & CEO of Avener Capital, a financial advisory firm. Avener focuses on maximizing value and promoting innovation by providing strategic and unconflicted advice in PE Advisory, M&A Advisory, and Debt Syndication. A Babson College graduate in Finance and Economics and a Harvard University Corporate Finance Program pass out, Shivam has led a number of marquee transactions since 2018 which include Ferrovial’s investment into IRB Infrastructure (largest equity fund-raise for an Indian Infrastructure HoldCo of Rs.5437 crore). He also advised and set up the first unlisted InvIT in India. Shivam has been instrumental in successfully driving value for clients through a series of big deals, valued $4 billion (Rs.25,000 crore), and building Avener Capital’s reputation as a future-ready player in the investment banking space.
Prerna Mehndiratta
Partner
Price Waterhouse & Co LLP
Prerna focuses on investment structuring, deal support, business model analysis, tax due diligence, structuring of cross-border transactions and corporate re-structuring. She has extensive experience in advising strategic and private equity / pension funds investing in the Indian infrastructure sector.
Ruchir Sinha
Managing Partner
Resolüt Partners
Ruchir advises leading global financial sponsors, SWFs and other institutional investors on private equity and PIPE deals primarily focusing on infrastructure and real assets. From being involved in the drafting of the SEBI (REIT) Regulations that formed the very basis of the InvIT Regulations to advising on 4 of the 10 InvITs existing as of date, including setting up of the first unlisted InvIT, he regularly advises on cross-border deals in the listed and unlisted space, with a special focus on control deals conducive for global investors…read more
Devayan Dey
Executive Director
PwC PL
Devayan has over 13 years of professional experience in construction, research and management
consulting. He currently leads road transport & smart mobility practice within PwC in India.
He has advised a diversified clientele across MDBs / bilateral, banks, domestic / international E&C
majors, mobility players & aggregators, PE/funds as well as Governments; from over 15 countries (high,
middle and low income). He has served on National / Regional Committees as well as on the jury of
ASSOCHAM / CII / FICCI and also serves as referee on major journal on construction economics.
Sandeep Mohanty
Partner
PwC PL
Sandeep has over 13 years of professional experience in management consulting. Sandeep is a Partner in PwC where he leads the Decarbonization and New Energies vertical. He has worked with corporates, funds and DFIs on energy transition market and non-market strategies, transactions, and new technologies. He has also worked with a number of state and central government entities, investors, global funds and private equity clients on financing strategy, policy advisory, planning, PPP, investments, market research, financial modelling and value analysis, commercial and regulatory due diligence, contract review and strategic advice on growth / market entry / expansion / auction buyout / divestures.
Shreyas Bhushan
Partner
Resolüt Partners
Shreyas primarily advises on cross-border corporate transactions including PIPE deals, tender offers and take-private transactions, private credit investments, asset and business acquisitions, and corporate governance issues. His experience spans across a wide range of industries, with strong focus on infrastructure, real asset and TMT verticals. Shreyas actively provides pro-bono legal services to start-ups and helps entrepreneurs in understanding the legal and commercial landscape of deal-making…read more
Anish Sanghvi
Partner
Price Waterhouse & Co LLP
Anish is a Partner in PwC’s Tax & Regulatory team and has over 20 years of experience working with international consulting firms. He advises sovereign funds, pension funds, private equity funds, domestic clients on Indian and international tax, inbound investment advisory and corporate tax with focus on infrastructure and real estate sector. He advises them on putting in place investment structures, entering joint ventures, re-organising their business and conducts tax due diligence.
Adhitya Srinivasan
International Funds Lead
Resolüt Partners
Adhitya focuses on the structuring and negotiation of private funds, managed accounts and other investment platforms, representation of LPs in bespoke transactions and advising sponsors on governance and fiduciary issues.
He has acted for sponsors in India, the U.K. and the E.U. and is conversant with the various economic and governance issues that are hotly contested during the fundraising process and is familiar with a range of asset classes. He has experience dealing with secondaries transactions and has regularly advised on co-investment deals…read more
Mohit Chopra
Partner
PwC PL
Mohit is a Partner in PwC, based in Gurgaon. Over the last 22 years, he has been involved in advising and assisting companies in their transaction needs. Mohit has led a variety of assignments including buyer and seller side due diligence, review of forecasts and business plans, assisting in post-acquisition / integration / separation issues and share purchase agreement reviews. He has advised on numerous inward and outward investments for a number of mid-market companies, private & entrepreneurial companies, large multinational companies and private equity clients, ranging from US$5 million to US$5 billion in value.
Location
Four Seasons Hotel, Mumbai
Timings
13 July, 2022
12:00 PM – 5.30 PM
Wednesday