Among the various factors which have contributed to the Indian growth story, infusion of funds from foreign investors would rank near the top. To fulfil the country’s much-touted potential as an economic superpower in the years to come, regulatory focus in the recent past has been on streamlining the procedure for such inflows.
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A strong motivation for such reform is the need to finance large-scale infrastructure projects. The government intends to invest US$1,000 billion during the Twelfth Five-Year Plan (2012-2017), with half of that amount expected to be financed by the private sector.
A slew of reforms liberalizing regulations pertaining to investment in the infrastructure sector by foreign players have been introduced. Among them is a five-fold increase of the investment limit for foreign institutional investors (FIIs) in non-convertible debentures (NCDs) and bonds issued by Indian companies in the infrastructure sector – from US$5 billion to US$25 billion.
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Siddharth Hariani is a partner and Davis Kanjamala is an associate at the Mumbai office of Phoenix Legal.
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