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IFR India Offshore Financing Roundtable 2016

IFR was back in Mumbai in September to host another excellent roundtable, on this occasion focusing on offshore activity in the country’s equity capital markets and likely provenance of international deal flow and issuance.

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IFR India Offshore Financing Roundtable 2016: Participants

Sumit Khanna Deloitte India Sumit Khanna joined Deloitte as national head, corporate finance in February 2015 after similar roles at PwC India, Morgan Stanley and HSBC. He has extensive experience of successful deal closures across multiple industry sectors. Over the course of his career, he has served marquee clients including Coal India, NMDC, Aditya Birla Group, GAIL, IBP, Indian Oil, Yennai Petroleum and Ratnakar Bank. Bharat Reddy JP Morgan Bharat Reddy is principally responsible for JP Morgan’s relationship with the Indian government...

IFR India Offshore Financing Roundtable 2016: Part 1

IFR: I wanted to kick off with some macro thoughts. Recent Indian IPOs have traded well and there’s a comprehensive pipeline of future activity. That infers a lot of positive sentiment. At a macro level, looking at the general BRICS complex, India does seem to be the outlier in terms of positive expectation and opportunity. Are all the positive headlines warranted? Tarun Gupta, T&A Consulting: The positive news and the positive sentiment in India are warranted. The only risk is that we get carried away by it so it should not breed any sense...

IFR India Offshore Financing Roundtable 2016: Part 2

IFR: Sumit, can you comment on infrastructure and in terms of whether you see demand on both sides of the capital intermediation coin and the preparedness of investors to buy into the infrastructure story with long-term capital? Sumit Khanna, Deloitte: We are looking at several infrastructure transactions where there is growth capital coming in, where assets are being taken out by yield players and where a lot of debt restructuring is happening for projects that went sour. Essentially, what needs to be understood is that the Indian government...

IFR India Offshore Financing Roundtable 2016: Part 3

IFR: I want to move on and discuss the process that’s underway where the government is looking to sell stakes in 51 companies held under the Specified Undertaking of Unit Trust of India (SUUTI) umbrella. The RFP and bank selection process has been quite convoluted, with inter alia conflict of interest issues clouding proceedings. Is the SUUTI sell-down process being conducted to get the optimal result, bearing in mind there’s US$8bn-$9bn at current valuation on the table for these companies? [NOTE: A week after this roundtable discussion, the...