Investing in Indian Infrastructure and Infra Investment Trusts (InvITs) – Panel Discussion

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.

Sigrid joined APREA’s executive team in January 2019.

Prior to APREA, she served as Managing Director of Asia Pacific Research and Advisory Services of Cushman & Wakefield (C&W) from 2010 through 2018, where she was responsible for research, thought leadership, strategy formulation and client management.  Before relocating to Singapore, she was based in Washington, D.C. and led C&W’s U.S. research group in the Mid-Atlantic region, overseeing all aspects of market research activities in the Washington, DC; Virginia; Suburban Maryland, Baltimore; and Philadelphia areas. Prior to joining C&W, Sigrid served as a Senior Economist for the National Association of Realtors (NAR). In that position, she developed NAR’s office, warehouse, retail, multi-family housing, and international research programs.

A recognized expert in global economic, public policy and real estate issues, Sigrid is a frequent speaker at industry events.  Her commentary on commercial and residential real estate markets is also regularly featured in a wide array of global publications, including the Wall Street Journal, Financial Times, Bloomberg, New York Times and Reuters. Additionally, she has made several television appearances on financial networks and radio such as CNBC, Bloomberg, CNN, National Public Radio and Channel News Asia.

Sigrid holds a Master of Business Administration from Cornell University’s Johnson Graduate School of Management and a Master’s degree in Economics from Pennsylvania State University. She is a member of several civic groups including the Rotary Club of Raffles City in Singapore, where she has served in various leadership positions, and serves in the Executive Committee of the Crohn’s & Colitis Society of Singapore.

Ruchir has 17 years of experience advising clients primarily on private equity, PIPE, M&A and structured finance transactions. With background in fund formation and tax, he has been involved in developing the first generation of asset-specific tax optimized investment platforms and managed accounts. He has advised on some of the largest transactions and fundraises, acting for leading global financial sponsors, SWFs and other institutional investors.

He has specialism in financial services (BFSI), infrastructure, real estate and technology sectors. He offers integrated and holistic advice from a legal, regulatory and cross-border tax perspective. Ruchir led the corporate transactions group at Nishith Desai Associates where he worked for 14 years, following which he set up and headed the Mumbai office of Touchstone Partners (formerly Platinum Partners). Ruchir co-chairs APREA’s infrastructure and InvITs committee and actively contributes to policy advocacy to streamline the regulatory framework for global financial sponsors investing in real assets. As part of his policy advocacy efforts, he has been closely involved in the development of the SEBI REIT and InvIT Regulations.

MOST RECENT WORKS

• Advised GIC on their investment in setting up of the GIC – IRB InvIT (First unlisted Infrastructure Investment Trust) (USD 600 mn)
• Advised GIC in their investment in (i) the Reliance Tower InvIT alongside Brookfield and British Columbia Investment Management Company to acquire JIO Telecom Towers (USD 3.2 bn); and (ii) in co-investment into India Grid InvIT with KKR (USD 150 mn)
• Advised GIC in its PIPE investment into HDFC (USD 800 mn); Godrej Properties (USD 150 mn); Capital First (USD 140 mn); and Prestige Properties (USD 100 mn)
• Advised Investcorp Bank in its acquisition of IDFC’s real estate and private equity asset management businesses (AUM USD 500 mn), and in setting up their offshore fund vehicles for funding their various investment strategies
• Advised GIC in their structured debt investment into the GMR Group (USD 300 mn) and IRB Infrastructure (USD 200 mn)
• Advised Proprium Capital Partners in their mezzanine financing into Scalar Projects (one of the largest warehousing platforms in India)
• Advised Brookfield Capital on several structured debt investments and setup of their domestic pooling vehicle
• Advised Cintra INR Investments BV, a subsidiary of Ferrovial S.A., Europe’s largest infrastructure groups in their investment of ~USD 430 mn in IRB Infrastructure Developers Limited
• Advised GIC Singapore on its PIPE investment of USD 42 mn in Nazara Technologies
• Advised GIC Singapore on their pre-IPO investment in Star Health of USD 86 mn
• Advised Square Yards on its fundraise of USD 25 mn from ADM Capital in its offshore entity
• Advised Brookfield Asset Management on its investment of USD 135 mn in INDIS housing projects, a Hyderabad-based real estate firm 

RECOGNITION

• “Distinguished Practitioner,” Corporate M&A and Private Equity, Asialaw, 2021 and 2022
• “Notable Practitioner”, Corporate M&A and Private Equity, IFLR 1000, 2020
• Recognised for “Most Innovative” transactions by Financial Times, London, 2016
• Nominated as a “Deal Maker of the Year 2019”, Thomson Reuters – Asian Legal Business, 2019
• Nominated amongst the top 3 corporate lawyers in India (under 35 category), IDEX Legal Awards, 2015
• Winner of the IBA Young Lawyer Scholarship, Vancouver, 2010
• Elected Member, Royal Institute of Chartered Surveyors

INTERVIEWS AND PUBLICATIONS

Interview with MINT on ‘Impact of Covid-19 on the deal-making landscape’ (June 2020)

Interview with ET Now on REITs and INVITs (April 2017)

‘How will COVID-19 losses impact valuation in M&A transactions?’ (The Economic Times, May 2020)

‘Should the court restrain lenders from invoking share pledge?’ (Moneycontrol, April 2020)

‘Decoding India’s infrastructure investment trusts’ (Infrastructure Investor (PEI Publication), October 2019)

‘Pledging of Shares; Do lenders need to rethink their strategy?’ (Business Standard, March 2019)

‘Issues for offshore investment funds: To declare or not to declare’ (MINT, September 2018)

‘Evolving negotiation strategies in late stage PE investments’ (MINT, August 2017)

‘REITs: Will they be attractive enough?’ (MINT, June 2017)

‘Thin Capitalisation norms to weigh on realty offshore funding’ (ET Realty, February 2017)

‘Realty reforms to boost offshore funds’ (ET Realty, December 2016)

‘REITs- Will they now be a reality?’ (ET Realty, February 2016)

‘Externalisation: Regulatory regime forcing companies’ migration to foreign shores’ (The Economic Times, January 2014)

‘The great deception: Satyam’s accounting scandal offers salutary lessons to companies’ (Authored Cover Story, Asialaw, 2009)

Mr. Harsh Shah is the Chief Executive Officer and Whole-time Director on Board for IndiGrid, the largest listed yield platform for operational energy assets in India with majority interest held by KKR. He has an extensive track record of building large infrastructure platforms and raising private and public capital across infrastructure sector in India and global markets. He has been instrumental in building India's first power sector investment trust - India Grid Trust (IndiGrid), from concept to US $ 2 Bn listed platform working with regulators, investors and developers. He is also a member of the SEBI Advisory Committee for InvITs and REITs and chairs working group on InvITs and REITs at financial markets committee at CII.

Previously, Mr. Shah served as the Chief Financial Officer at Sterlite Power Transmission Limited. Prior to joining Sterlite, he has worked with Larsen & Toubro Limited, L&T Infrastructure Finance Company Limited and Procter & Gamble International Operations Pte. Limited.

Mr. Shah holds a Master's degree in Business Administration from the National University of Singapore and a Bachelor's degree in Electrical Engineering from the Nirma Institute of Technology, Gujarat University.

Anish is a partner in Price Waterhouse & Co LLP and has over 25 years’ experience advising clients on income-tax and regulatory matters.

Anish advises MNCs and domestic clients on Indian and international tax, inbound investment advisory and corporate tax (with a focus on real state, infrastructure and private equity funds), assists them in setting up investment structures, conducting tax due diligence and providing advice on tax and regulatory compliances. Anish also advises on exchange control regulations, corporate and other regulatory laws.

He has wide experience in advising real estate and infrastructure clients on evaluation of JDA / EPC arrangements, migration to REIT / InvIT structures, business reorganisation and M&A transactions.

He has also actively participated in advocacy related discussions with the Finance Ministry requesting clarifications / amendments to the recently introduced sovereign wealth fund and pension fund tax exemption.

Anish is a commerce graduate and a member of ICAI.

Saurabh wears two hats at CDPQ. In his continuing role since March 2017 as the Managing Director, Infrastructure, Saurabh is leading CDPQ’s infrastructure activities in South Asia and Middle East and is responsible for strategy development, sourcing, evaluating, executing and managing high-quality infrastructure investments, as well as developing long-term partner relationships in these regions.

In his additional role as the Managing Director of CDPQ India (since March 2022), he takes an active role in positioning CDPQ as a partner of choice across asset classes - public equities (direct and indirect), debt, private equity, and infrastructure – while representing the organization in the financial and business community, as well as with key stakeholders including the government and the regulators.

Mr. Agarwal has over 21 years of investment and technology sector experience. Before joining CDPQ in 2017, he spent over 10 years at Morgan Stanley, most recently as Executive Director at Morgan Stanley Infrastructure Partners (MSIP), a global infrastructure fund, playing a key role in acquiring and managing fund investments. Prior to this, he was a scientific researcher in supercomputer technology at IBM Research Labs and Wipro Global R&D Center.

Mr. Agarwal holds an MBA in Finance from the University of Michigan, a Master’s in Computer Science from Pennsylvania State University and a Bachelor’s in Computer Science and Engineering from India’s National Institute of Technology, Rourkela. He currently serves as the Managing Director on the board of CDPQ India. He also serves as a non-executive director (NED) on the boards of A) Apprava Energy, B) Maple Infra InvIT Investment Manager Private Limited and C) Maple Highway Project Management Private Limited, certain investee companies of CDPQ in India. He has previously served as NED on the Boards of several investee companies of MSIP.