IFR: What opportunities lie in the equity market for infrastructure companies, especially when we are talking about a very significant US$130bn of equity to be raised for infrastructure by 2017? Sanjay Nayar: Public equity markets are not the right way to go. You’ve got to have promoter money, state support and long-term pension and insurance money from within the country first and then internationally. Public equity markets were a bit of fashion when everyone went out and raised money on the ba

IFR: Before we go into deeper local issues, let’s look at some international overviews. India definitely needs support from all quarters to meet its infrastructure development goals. What role can the Asian Development Bank play to enable India to achieve its infrastructure investment targets? Lakshmi Venkatachalam: Well, since 2008 and in the wake of the Lehman crisis the syndicated loan market in Asia has shrunk. While Asian banks have stepped in somewhat to fill these gaps, it’s still relativ

IFR: Exactly a year ago, India embarked on its 12th five-year plan with a target for investment in infrastructure of US$1trn, nearly double that in the previous five-year period. Some 47% of this, that is to say US$470bn, is to come from the private sector. Before we delve deeper into where that funding is coming from, why is infrastructure development so important for India? Atsi Sheth: This window of opportunity has been really created by two trends. One has to do with the demand and the other

Funding India’s Infrastructure Roundtable participants (from left to right) Atsi Sheth, Vice-president and senior analyst, Moody’s sovereign risk group Amit Kapur, Partner, J Sagar Associates Arundhati Bhattacharya, Managing director and CEO, SBI Capital Markets Sanjay Nayar, KKR India Sharmila Chavaly, Joint Secretary, Infrastructure, Department of Economic Affairs Suneet K Maheshwari, Managing Director and Chief Executive, L&T Infrastructure Finance Company Lakshmi Venkatachalam, Vice-pres

IFR: Sanjay, you were a banker for many years, what do you think of this and how are we making the infrastructure financing more attractive to equity investors? Sanjay Nayar: I don’t think foreign money can help you with these problems. We’ve heard some terrific comments but the problems are all local. I think the stakeholders should get around the table and fix it. But, representing foreign money as I do in my new role, I want to give two perspectives. “We have got the best EPC skills, project