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Equity lock-ins and various
How restrictions on share transfers hinder M&A in Indian infrastructure projects
Equity lock-ins
Most infrastructure projects in India have restrictions on share transfers for certain periods after the project achieves commercial operations. There is no valid justification for these and they are an impediment to M&A activity. Removing them would allow these projects to be transferred to more stable investors with patient capital and would enable risk capital to be recycled. This would also enhance the long-term prospects of these projects.
Energy transition investments
Ajay Shah and I wrote recently on how energy transition investment in India compares unfavourably with other parts of the world and suggest what needs to be done to improve it.
Energy Transition Investments in India and the World
Recent BloombergQuint pieces
How A Beleaguered Discom Fought A Losing Battle On Captive Power
Punjab PPA Bill: Indian Power Sector’s Vodafone Moment?
Privatising India's Electricity Sector (with Ajay Shah)
Other writing
I have started a microblog of writing on issues unconnected with my formal work. These 300-word pieces can be accessed here:
This newsletter has been quiet for a few months. Please expect more regular updates in the future.