Indian Infrastructure Sector – Decoding InvITs

Date:
Time:
10:30 am
Venue:

GRAND HYATT
BKC VICINITY,
SANTACRUZ EAST,
MUMBAI - 400055

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INTRODUCTION

The infrastructure sector in India has witnessed significant growth as well as consistent regulatory incentives over the last few years. Infrastructure focused growth is expected to continue in the future. Various infrastructure development driven sub-sectors, such as telecom tower assets, metro projects, energy utilities, data centers, warehouses and logistics networks, etc. are emerging rapidly and increasingly we observe more foreign interest in these sectors.

By introducing the first ever InvIT framework, the Government of India has recognized the need of the sector for raising long term finance and also enabling professional management of infrastructure platforms.

From a business perspective, the InvIT structure has marked advantages, both in terms of demand and supply. The creation of demand rests on businesses listing their assets, and constant requirement of raising capital. The supply side is catered to by investors looking to invest in these attractive listed assets.

We invite you to join a select high profile gathering to discuss the key strategic, commercial, legal and taxation issues surrounding the development of investments within the infrastructure sector in India, with special focus on the emergence of InvIT structures.


FOCUS AREA

  1. Recent developments in the infrastructure sector in India – a panel discussion
  2. Benefits of InvITs to various stakeholders
  3. Tax and Regulatory updates on SEBI (Infrastructure Investment Trust) Regulations, 2014 and for companies engaged in infrastructure sector.
  4. Practical challenges for financial investors v. strategic investors
  5. Alternative structures – AIF, NBFC, HoldCo etc.

FLOW OF THE SESSION

Industry Outlook:

  • Key government initiatives
  • Recent developments in the industry and marquee deals Unlisted InvITs and monetization of development projects Taking credit risk on the sector - Infrastructure debt opportunities Foreign investor perspective on Indian infrastructure
  • Key challenges in managing infrastructure assets

 

Structuring InvITs – Legal and Regulatory Issues:

  • Key features of the InvIT regulations, recent amendments and clarifications by SEBI Comparative analysis between unlisted v. listed InvITs
  • Privately placed InvIT v. Publicly listed InvITs
  • Setting up an InvIT and subsequent listing – issues and challenges
  • Implementation issues for investors and sponsors (including coverage of exit rights, lock-in, pre-emption rights and other inter-se rights)
  • Organizing various infrastructure investment vehicles – considerations for offshore funds
  • NHAI and other regulatory approvals – interpretative issues including tackling pass through claims
  • Infra AIF – migration to InvIT Further liberalization – road ahead

 

Taxation of InvITs:

  • Infrastructure investment vehicles – AIFs v. NBFCs v. HoldCo v. InvITs Direct v. indirect participation in InvITs
  • InvIT – Detailed Tax Treatment on Parties to an InvIT
  • Impact of Taxation Laws (Amendment) Ordinance, 2019 on InvIT Carry forward of losses – development assets
  • Tax optimization in unlisted InvITs Evaluation of various tax treaties

 

SPEAKERS

BOON CHIN HAU
Managing Director, Infrastructure & Head of Asia & Emerging Markets
GIC Private Limited (Singapore)

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 degrees from Imperial College London and the University of Chicago.


RUCHIR SINHA
Leader, Corporate Transactions Group
Nishith Desai Associates

Ruchir leads the Corporate Transactions Group in the firm, and as part of it leads the Private Equity, M&A and Structured Finance Practices at the firm. He focuses on financial services, infrastructure, technology and real estate industries. He advises extensively on PIPE deals, take private transactions, cross border tax, developing tax optimal instruments and merger control (antitrust) issues. With background in fund formation, he has also advised leading global sponsors, sovereign funds and LPs on setting up of offshore and domestic funds and investment platforms, from a legal and cross border tax perspective. He has advised both sponsors and investors on setting-up of and investments in, multiple InvITs, listed and unlisted. Ruchir was involved in the drafting and development of the REIT Regulations, and has extensively worked through industry bodies to ensure a policy framework conducive to growth of REITs and InvITs. Nominated as one of the top 3 corporate lawyers in the country under 35 by IDEX, several of his transactions have been nominated as ‘most innovative’ by Financial Times, London.

 

RAJESH SIMHAN
Head, International Tax
Nishith Desai Associates

Rajesh Simhan leads the International Tax & Tax Controversies Practice at research & strategy driven international law firm, Nishith Desai Associates. Over the years, the International Tax & Tax Controversies Practice at Nishith Desai Associates has been consistently recognized as the leading tax practice in the country by Chambers & Partners and the Tax Directors Handbook amongst other noteworthy sources. Rajesh, one of the foremost authorities on International Tax, is renowned for the legal services he offers to those involved in some of the most complicated tax controversies of India; including advising Vodafone in NDA’s role as special counsel to Vodafone on its landmark tax litigation relating to indirect transfer taxes in India. He has successfully represented clients before various forums including different Tribunals, Authority for Advance Rulings, and in High Courts (pan India) as well as at the Supreme Court of India in relation to disputes on international tax.

 

SHREYAS BHUSHAN
Senior Member, M&A and PE Practice
Nishith Desai Associates

Shreyas Bhushan is a senior member of the M&A and PE practice at Nishith Desai Associates. His practice entails structuring, negotiating and advising on cross border investments from a legal, strategic and regulatory perspective. Shreyas specializes in public transactions (PE and M&A), and has advised some of the leading global sponsors and corporate houses on PIPE transactions, public tender offers, take-private transactions and corporate governance issues. He has advised investors on transactions involving setting-up of and investments in InvITs (listed and unlisted). He has also worked on a variety of matters such as asset transfers, structured finance transactions, inversions and mergers/ restructurings. From an industry perspective, Shreyas mainly focusses on transactions in the financial services, technology, infrastructure and real estate verticals. He regularly interfaces with regulators on policy issues, and has provided formal recommendations on foreign exchange and securities law matters.

 

GAUTAM MEHRA
Partner and India Tax Leader,
PwC

Gautam Mehra is a Partner with PwC India and leads the Tax and Regulatory practice for PwC India. He has been working with multinational and domestic clients across a wide spectrum of tax and regulatory services, and has varied experience of nearly 30 years. Gautam has been a member of the Alternative Investment Policy Advisory Committee (AIPAC) of SEBI and is a member of the National Direct Tax Committee of the Confederation of Indian Industry. He has been a member of the American Chamber of Commerce as well as of the Expert Advisory Committee of the Institute of Chartered Accountants of India. Gautam holds a postgraduate degree in law and financial management and is also a member of the Institute of Chartered Accountants of India.

 

ANISH SANGHVI
Partner, Tax & Regulatory Services,
PwC

Anish Sanghvi is a Partner in PwC’s Tax & Regulatory team and has over 20 years’ experience working with international consulting firms. Anish advises MNC and domestic clients on Indian and international tax, inbound investment advisory and corporate tax (with a focus on real estate, infrastructure and Private Equity funds). He is also been actively involved in advising private equity and venture capital fund clients on structuring their pooling vehicles, including conducting jurisdiction analyses and structuring and reviewing documents.

 

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