Foreign investors are flocking back to India’s once-pariah infrastructure sector. They must tread carefully, but this time the opportunities are real, Ben Frumin reports from New Delhi
One minute. That’s all it took on 15 January for Reliance Power to raise US$3 billion and fully cover its initial public offering (IPO). By the end of the first day of what easily became India’s largest IPO, the company, which plans to develop more than 28,000 MW of power generation capacity in India over the next decade, had received orders for more than 10 times the number of shares it had made available.
“It illustrates a confidence the world investor has in India,” said Shardul Thacker, a partner at Mulla & Mulla & Craigie Blunt & Caroe in Mumbai. “It shows the fact that there is now no longer a country risk. All that is behind us, and India is looked upon as a major player for industrial growth and development in the global market.”
Akshay Jaitley, a partner at Trilegal in New Delhi, puts it in even simpler terms: “People can’t not be looking at India.”
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