Club MeetingMumbai, May 29th

Brownfield vs Greenfield in India

GRI India Infrastructure Club members and guests gathered for the third club meeting in Mumbai on May 29th. Constituents discussed global investment into brownfield and Greenfield infrastructure in India, the lack of regulatory board consensus in the segment and the opportunity to consolidate. Identifying new sources of capital inflow for the Greenfield projects to grow.

Members expanded upon their views, where some of the following points were raised;

  • Brownfield investments relating to augmentation of capacities and efficiency improvement spends are emerging as notable order inflow drivers
  • The inclination of international investors looking towards investing in brownfield assets vs greenfield investments is due to the reduced risks involved
  • There are few sectors like renewables which have seen greenfield investments
  • Regulatory uncertainties is the biggest challenge in India today
  • Financing in India is again shifting to balance sheet financing from project financing. Companies need to have strong balance sheets to raise capital
  • Large institutions in India who have the ability to absorb and manage risks prefer greenfield as they can get higher returns.
  • The game of the moment has to be risk-return. Not just in clearances of land  but  also financing 
  • Explore new sources of capital in funding through Greenfield projects
  • Government has taken steps to improve the situation by introduction of innovative PPP models like HAM which mitigate revenue
  • Both private sector and government is responsible for lower returns in greenfield investments in past, for reasons listed below:
    • Government
      • Regulatory uncertainty
      • Delay in dispute resolution
      • Misalignment between different regulatory agencies
      • Counterparty risk
    • Private sector
      • Aggressive bidding
      • Inaccurate estimate of project costs
  • The government should put the correct governance in place and adopt an asset recycling mechanism and thereby allow dispute resolution.
  • An open channel of communication and consolidation of regulatory boards will lead to a change in thinking and speed up implementation process.

 

Advisory Board Members
Aditya AggarwalAditya AggarwalPartner - India, Global Infra PartnersGlobal Infrastructure Partners
Ashok AgarwalAshok AgarwalDirector & CEOEssel Infra Projects
Avinash SuleAvinash SuleDirectorQatar Investment Authority
Boon Chin HauBoon Chin HauSenior Vice President and Head of Emerging Markets Investments – Infrastructure GroupGIC
Krishna KumarKrishna KumarCEOIL&FS Investment Managers
Krishna Prakash MaheshwariKrishna Prakash MaheshwariChief Executive OfficerAdani Group
Pawan KantPawan KantChief Executive OfficerTRIL Roads Pvt Ltd
Rajiv AgarwalRajiv AgarwalCEO and Managing DirectorEssar Ports Limited (EPL)
Satish D ParakhSatish D ParakhManaging DirectorAshoka Buildcon Ltd
Saurabh AgarwalSaurabh AgarwalRegional Director, InfrastructureCDPQ - Caisse de dépôt et placement du Québec
Aditya Aggarwal
Partner - India, Global Infra Partners
Global Infrastructure Partners
Biography:

Mr. Aggarwal is a founding member of the private infrastructure equities team at IDFC Alternatives. He is a member of the Investment Committee and represents the Funds on various Portfolio Companies Boards. As a part of the leadership team, his current specific responsibilities include fund raising, origination, evaluation and capital deployment across infrastructure sectors along with managing the portfolio and creating exits. He has over 20 years of experience across banking and financial services. Previously, Mr. Aggarwal was with IDFC as a senior member of the project finance team. Prior to IDFC, he was with Standard Chartered Bank where he primarily worked on structured finance and project finance transactions.

Ashok Agarwal
Director & CEO
Essel Infra Projects
Biography:

Leading Essel Group’s Infra and Utilities business over the last 3 years, Mr. Ashok has been responsible for rapid growth of group’s new ventures & key business verticals of Smart Cities, Integrated Utilities (Power, Water, City Gas Distribution, Solid Waste Management and Cable & Broadband), Core Infrastructure and Green Solutions (Environment & Renewable Energy). With his sharp acumen, Mr.Ashok is instrumental in Essel Group’s foray in Integrated Utilities space and has lead the company in demonstrating executional capability to transform India’s mass utilities sector.

Avinash Sule
Director
Qatar Investment Authority
India
Segment: Sovereign Wealth Fund
Biography:
Avinash has been associated with the Qatar Investment Authority (Advisory Pvt Ltd) for the past 9 years, heading their India Office. He leads the investment efforts in Private Equity and Public Equities across sectors and has been actively involved in Real Estate investment strategies such as residential equity, debt and commercial office.
Boon Chin Hau
Senior Vice President and Head of Emerging Markets Investments – Infrastructure Group
Singapura | Singapura
Segment: Pension Fund / SWF / Endowment - Foundation
Biography:

Chin Hau joined the GIC Infrastructure Group in 2008 and currently has lead coverage responsibility for the Emerging Markets. Prior to joining GIC, Chin Hau was an Investment Manager at Pulsar Energy Capital where he invested in projects across the energy sector in Europe and the Americas. Before Pulsar, Chin Hau was a member of the Infrastructure advisory team at Credit Suisse covering a range of projects in transport, logistics and aerospace. He began his career at Singapore Power where he managed natural gas pipeline projects. Chin Hau has a MEng degree from Imperial College London and an MBA from the University of Chicago.

Krishna Kumar
CEO
IL&FS Investment Managers
India
Segment: Private Equity, Infra & Real Estate
Biography:
Mr Krishna Kumar has over 25 years’ experience in the financial services and infrastructure business. His focus is in private equity, project finance and financial structuring. He has led and advised marquee infrastructure transactions including Gujarat Pipavav Port, IL&FS Transportation, Ramky Enviro Engineers and Maharashtra Natural Gas. He joined the IL&FS Group in 1995 and is one of the founding members of the IL&FS Private Equity practice. He is also the founding member & Principal of the SCI Asia Fund which closed on US$ 658 mn in December 2009. He has participated in divesting 16 investments achieving a gross IRR of 28% with a 2.8x cash multiple. In his present role he leads an investment team of 45 professionals.
Krishna Prakash Maheshwari
Chief Executive Officer
Adani Group
Pawan Kant
Chief Executive Officer
TRIL Roads Pvt Ltd
Biography:

Mr. Pawan Kant joined the company since its inception in 2007. He has spearheaded multiple functions in the company,as Business Head - SEZ division; the Project Management division and is currently mandated to grow TRIL Roads Private Limited, the road holding platform of TRIL, as CEO.

Rajiv Agarwal
CEO and Managing Director
Essar Ports Limited (EPL)
India
Segment: Port Operator
Satish D Parakh
Managing Director
Ashoka Buildcon Ltd
Biography:
As the Promoter & MD of Ashoka Buildcon, Satish's association with Ashoka Buildcon Ltd. began in 1982. Under his leadership, the company entered into the National Level infrastructure development space specialising in highways, bridges & power T&D. Today, Ashoka Buildcon Ltd. Is one of the top five highway developers. Satish has been honoured &felicitated by various forums including the ‘Industry Doyen’ award by Construction Industry Development Council. He has earlier carried out responsibilities as Vice President of National Highways Builders Federation (NHBF)and Chairman of Institution of Engineers (Nashik Chapter).
Saurabh Agarwal
Regional Director, Infrastructure
CDPQ - Caisse de dépôt et placement du Québec
Timetable

Tuesday, 29 May

15:00 - 15:30 Registration / Arrival


15:30 - 16:30 Discussions


16:30 - 17:00 Networking

CRITERIA TO BECOME A CLUB MEMBER

Membership is subject to approval by a committee of peers and is reserved exclusively for senior investors, lenders and developers*.

Qualified individuals (C / Director Level) that believe they could benefit from being part of such a global community are welcome to further details.

*Some leniency is given to those outside this category up to a maximum of 10% ratio of the Club.

Pedro Nicolau

Pedro Nicolau

Global Head of Infrastructure & Portfolio Director for India

+55 (19) 3203-0645

[email protected]
Priya Mathias

Priya Mathias

Country Head, India

+91 98339-45086

[email protected]
Puneet Alag Singh

Puneet Alag Singh

Club Director, India

+91 95602-40659

[email protected]
Anubha Garg

Anubha Garg

Club Director, India

+91 96198-98682

[email protected]
Pedro Nicolau
+55 (19) 3203-0645
Global Head of Infrastructure & Portfolio Director for India
GRI Club
About:

Pedro Nicolau is the global head of Infrastructure of the GRI Club, which brings together the core players in both this sector and the real estate industry in more than 20 countries. He manages the entire platform of conferences and member-exclusive activities active in infrastructure sectors worldwide. He is also in charge of the club division focused on real estate in India.

A multicultural professional, Pedro has an extensive network of global relationships and a broad experience in the transportation infrastructure, mobility, sanitation and events industries. He holds a degree in Foreign Affairs from the renowned Brazilian university Unesp.

Priya Mathias
+91 98339-45086
Country Head, India
GRI Club
Puneet Alag Singh
+91 95602-40659
Club Director, India
GRI Club
Anubha Garg
+91 96198-98682
Club Director, India
GRI Club

Industry Partner

Global Infrastructure Hub
Global Infrastructure Hub

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