PRIVATE INVESTMENTS IN PUBLIC INFRASTRUCTURE

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Presentation transcript:

PRIVATE INVESTMENTS IN PUBLIC INFRASTRUCTURE Kuala Lumpur, April 14, 2016 IPBA Annual Meeting and Conference PRIVATE INVESTMENTS IN PUBLIC INFRASTRUCTURE RAVI NATH Partner, RNClegal, India T: + 91 11 4122 5000 F: + 91 11 4122 5001 C: + 91 98110 27193 E: ravi.nath@rnclegal.com www.rnclegal.com

GOVERNMENT INITIATIVES TO INCREASE PRIVATE INVESTMENT IN PUBLIC INFRASTRUCTURE RAVI.NATH@ RNCLEGAL.COM

“Infrastructure” – as defined by R.B.I Transport Energy Communication Telecommunication Social and Commercial Infrastructure Infrastructure Finance Company Alternate Investment Funds National Investment and Infrastructure Fund (India’s Sovereign Fund) RAVI.NATH@ RNCLEGAL.COM

Proposed changes to the Public Private Partnership Model Amend terms of issuance of Zero Coupon Bonds’ (ZCB) to encourage creation of a rupee denominated ZCB market New credit rating system for infrastructure projects RAVI.NATH@ RNCLEGAL.COM

POINTS OF CONSIDERATION FOR INFRASTRUCTURE INVESTMENTS RAVI.NATH@ RNCLEGAL.COM

Funding for the projects Type of PPP Understanding of the country, industry, region and time frame Mechanism of emerging market Source of potential revenue and identification of risks involved Avenues of potential revenues from infrastructure projects RAVI.NATH@ RNCLEGAL.COM

Multilateral Banks and Private Equity vs. Sovereign Wealth Funds (SWF) RAVI.NATH@ RNCLEGAL.COM

SWF’s have an estimated assets under management-$6.1 trillion Established out of trade surpluses, official foreign currency operations, and fiscal surpluses Guided by strategic and commercial objectives NIIF as a sovereign fund (Indian Govt.’s participation) Investment opportunities RAVI.NATH@ RNCLEGAL.COM

THE ASIAN INFRASTRUCTURE INVESTMENT BANK (AIIB) RAVI.NATH@ RNCLEGAL.COM

India – second biggest stakeholder in AIIB Management team – small, skilled, highly ethical Focus – development of infrastructure Will complement and cooperate with existing MDBs RAVI.NATH@ RNCLEGAL.COM

COMMON LEGAL-REGULATORY CHALLENGES RAVI.NATH@ RNCLEGAL.COM

Common challenges Solution Taxation Environmental clearance Land Acquisition Solution Countries should ensure Faster decision making, Stable policy, Structural reforms and Consistent pace of those reforms Bilateral Investment Treaty (BIT) RAVI.NATH@ RNCLEGAL.COM

PRACTICAL TIPS RAVI.NATH@ RNCLEGAL.COM

Liquidity in capital markets Brownfield v. Greenfield Investment horizon Effective use of infrastructure at expected tariff levels or availability and affordability of critical input Management of risks Assessment of Political risk Involvement of government agency Presence of development banks Assessment of environmental, social and governance aspects RAVI.NATH@ RNCLEGAL.COM

Thank you Ravi NATH RNClegal / Rajinder Narain & Co. International Commercial & Corporate Lawyers T: + 91 11 4122 5000 C: + 91 98110 27193 E: ravi.nath@rnclegal.com www.rnclegal.com