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PANELS
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Real Estate: Building Momentum
Panel Coordinator: Pavitra Shankar
The real estate industry in India is slated to (become) one of the most preferred destinations for investors around the world. The sector, currently estimated to be approximately US$12 billion, contributes 15% to national GDP and is growing at an annual rate of 30%. In 2005, the Indian government announced new guidelines lowering prior restrictions to foreign direct investment in real estate. This is expected to catalyze foreign investment, estimated to reach US$1.5 billion per annum. The industry is in the process of major transformation due to these changes in regulations, liberalization of the market, interest from private equity investors, and demand for higher quality real estate. Our panelists will discuss these transformative changes taking place in the Indian real estate market.
Panel Moderator
Leanne Lachman : President, Lachman Associates and Executive-in-Residence, Columbia Business School
Panel Participants
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Private Equity: To P.E or Not to P.E
Panel Coordinator: Praneet Gill
The private equity market in India is expected to reach $7 billion by 2010. Private equity investors from around the world are increasing their bets on Indian corporations, or making new ones. American and European funds are coming into India because of its 8%-plus growth, educated middle class and thriving stock market. Carlyle, Kohlberg Kravis Roberts, Blackstone Group, Warburg Pincus, and Texas Pacific Group, among others, are the biggest players already in India. The number of deals being completed each year is growing tremendously. In the first nine months of 2006, 329 venture capital and private-equity investments worth a total of $5.4 billion were completed in India, which is more than double what was invested in 2005. Average deal size has ballooned three-fold to $25 million. From opportunities in hospitality, heath care and retail to recently deregulated sectors of cellular telecom, airlines and ports, India seems ripe for PE investments. But how sustainable is this growth in the private equity market in India? Is too much money entering the Indian market and creating a bubble? Our panelists will address these and other issues related to private equity in India.
Panel Moderator
Prof. Murray B. Low : Professor, Columbia Business School
Panel Participants
- Amish Jani : Principal (Information Technology), Pequot Ventures
- John Laxmi : Partner, Alinda Capital Partners LLC
- Ravi Singh : Partner, Sycamore Ventures and Managing Partner, indiaSTAR Fund
- Prashant Mitta : Managing Director, Think Capital LLC
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Capital Markets: India- Buy, Sell, Hold?
Panel Coordinators: Roshan Gaonkar & Abhijeet Neogy
Buoyed by a strong performance by the stock-market, which reported growths of 47% and 41% in the last two years, India attracted over $8.3 billion in Foreign Institutional Investment (FII) and $8 billion in Foreign Direct Investment (FDI) last year. The past year also saw the proliferation of India-focused mutual funds and the launch of the first ETF tracking large-cap Indian stocks, making it easier for foreign investors to invest in India. In early 2007, India's sovereign debt was upgraded to investment grade, which will presumably attract more FDI into the country, as well as enable Indian companies to raise debt abroad. In the midst of the upbeat news, 2006 has had its downs as well. On May 18, 2006, as the government debated whether to levy higher taxes on FIIs, the market index crashed 826 points (6.7%), to create the largest drop in its 130 year history. In this setting, our Capital Markets panelists will share their views on the future of the Indian equity and debt markets, how investors can reap returns from a seemingly overvalued and volatile market, and what reforms are required by India's financial system to sustain its growth. The speakers will also address the ability of foreign investors to move money in and out of Indian securities markets, how growth of capital markets can be more relevant to the overall development of the economy, and whether or not the recent growth is a cyclical phenomenon.
Panel Moderator
Prof. Suresh Sundaresan : Chase Manhattan Bank Foundation Professor of Financial Institutions, Columbia Business School
Panel Participants
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Infrastructure: Bridging the Gap
Panel Coordinator: Siddharth Parekh
Experts and popular media all around the world are claiming that India is poised to achieve unprecedented economic growth for many years to come. However, India's insatiable infrastructure needs are hamstringing the country's rate of industrialization and urbanization. All agree that the biggest obstacle to growth of 9% or more is India's infrastructure - especially its poor roads, ports and power. According to the World Bank, the average Indian manufacturing firm loses 8% of sales each year from power cuts. Comparatively, India spends 4% of its GDP on infrastructure investment, and China 9%. India's government has ambitious plans to increase total infrastructure spending to 8% of GDP, or $350 billion, over the next five years. Our panelists will highlight India's current infrastructure challenges and discuss potential opportunities for reform and investment.
Panel Moderator
Prof. Arvind Panagariya : Professor of Economics and Jagdish Bhagwati Professor of Indian Political Economy, Columbia University
Panel Participants
- Usha Rao-Monari : Manager, Infrastructure Department, IFC
- K Balasubramanian : Group Executive Council member, GMR Group
- Nitin Pandit : President, International Institute for Energy Conservation (IIEC)
- Rahul Raisurana : Executive Vice President (Project Equity), Infrastructure Development Finance Corporation (IDFC)
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Entrepreneurship: Ideas in Action
Panel Coordinator: Nikhil Kapur
There is no debate that South Asian American entrepreneurs have made significant contributions to the American economy. Companies like Sun Microsystems, Lotus, Hotmail, and Sycamore Networks have not only become household names, but also have changed industries forever thanks to their charismatic leaders. Now with India's economy booming and opportunities for entrepreneurs increasing at an exponential rate, one must wonder what is in store for the entrepreneur who wishes to leverage India in his/her business. This panel is comprised of four successful entrepreneurs whose businesses have achieved remarkable success in a short period of time with India as a key element of their business system. Our panelists will discuss emerging trends, opportunities and constraints that India is providing to entrepreneurs and will share their experiences in light of this evolving environment.
Panel Moderator
Prof. Hitendra Wadhwa : Associate Professor of Professional Practice, Marketing, Columbia Business School
Panel Participants
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Exporting India: Local Going Global
Panel Coordinator: Bindu Dasari
While India's inward FDI figures have increased steadily since 1991, recently Indian companies have expanded outward and joined the move toward global growth. One economist described this movement as "an incredible story of reverse colonialism," where deregulation on foreign investment and improved access to credit has allowed Indian companies to grow outside of its domestic borders. In January 2005, the Indian government changed the cap on foreign investment by Indian companies from $100 million to the net worth of the companies. Now, strong corporate performance coupled with keen management has opened up global credit through loans and foreign currency convertible bonds, or FCCBs. Foreign acquisition by Indian companies has grown from $2.0 billion in 2004 to $4.4 billion in 2005, and to $7.2 billion in 2006. Tata Group's recent purchase of British steelmaker Corus Group for $12 billion marks the largest overseas takeover by an Indian firm to date, resulting in deal volume for 2007 already surpassing that in 2006. This panel will address "local Indian companies going global", and will focus on what is driving this change and which sectors will likely see further overseas expansion in the future.
Panel Moderator
Prof. Sree Sreenivasan : Technology Reporter, WNBC-TV and Journalism Professor, Columbia University
Panel Participants
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