Opportunities, perspectives and the road ahead in the Indian Distressed Investment Market
Following on from our first Distressed Debt Investing Forum aimed at enhancing the awareness about the Insolvency and Bankruptcy Code 2016 (IBC), our Mansion House event on 10 February 2020 is organised by India Professionals Forum, the High Commission of India with the support of EY and Khaitan.
Given the continued levels of distress in the Indian economy, there has never been a greater need for international capital in India. The last year has seen an escalation in the levels of distress in the financial sector in India, an increased focus on pre-insolvency restructurings, the evolution of international fund strategies with increasing active engagement and numerous developments in relation to the Insolvency and Bankruptcy Code 2016.
Policy makers in India are engaged and alive to the challenges faced by investors. Following in the footsteps of our earlier conference in September 2018, in order to drive discussion and engagement between international investors and various Indian government agencies on policy changes needed to address their concerns, the Indian High Commission, Khaitan & Co., EY and the Indian Professionals Forum would be pleased if you would join senior policy makers from India and senior management of large global funds, global investment banks and the leading financial institutions in India at a private (closed door) event to discuss the Indian distressed market, the opportunities it presents and the road ahead.
The day-long conference is structured to cover a panel discussion on debt resolution mechanism, a free-wheeling session with senior government representatives and regulators sharing their thoughts on feedback and suggestions received from foreign investors followed by break-out sessions on focused on the power sector, the financial sector, ideas to strengthen debt trading market and pre-insolvency restructurings.
Agenda & Speakers
10 February 2020 | Mansion House, City of London
8 30 - 8 50 Registration 8 50 - 9 30 Inauguration
Opening remarks by Dr Mohan Kaul, President IPF
Welcome remarks by Sir Charles Bowman, Former Lord Mayor of London
Mrs. Ruchi Ghanashyam, High Commissioner of India to UK
Keynote address by Mr. Injeti Srinivas, Secretary, Ministry of Corporate Affairs on key MCA reforms to date and future changes that the market can expect
9 30 - 10 15 Market Experience A discussion between key market participants representing different interests in the Indian market (international funds, Indian investors and corporate participants in the insolvency process) on their experience of the Indian distressed market and the key issues that remain to be resolved. The discussion will also cover suggestions from investors / other stakeholders to further improve the ease of investing in distressed businesses in India. Moderator: Haigreve Khaitan, Managing Partner, Khaitan & Co Panellists:
David Teitelbaum, Head of European Advisory Offices and Senior Managing Director, Cerberus European Capital Advisors, LLP
Rashesh Shah, Co-Founder, Edelweiss
Koushik Chatterjee, Executive Director and CFO, Tata Steel Limited
Additional International Investor
10 15 - 10 30 Tea / Coffee Break
10 30 - 11 15 Conversations with the Government and Regulators A freewheeling session that starts with senior government representatives sharing their thoughts on feedback and suggestions received from foreign investors. Investors in the audience will get further opportunity to discuss their experiences in India and other markets Moderator: Abizer Diwanji, Partner, EY Restructuring & Head of Financial Services
Injeti Srinivas, Secretary, Ministry of Corporate Affairs
Manoranjan Mishra, Chief General Manager, RBI
Dr. M S Sahoo, Chairman, Insolvency and Bankruptcy Board of India
11 15 - 12 15 Macro Perspectives on the Indian Economy Fireside chat between Mr. Anshu Jain, President, Cantor Fitzgerald L.P., Mr. Anil Agarwal, Founder and Chairman, Vedanta Resources PLC and Mr. Rajnish Kumar, Chairman, SBI on the current macro economic environment in India, the levels of distress in key sectors of the Indian economy and the current credit crunch. The panellists will also discuss their perspective on possible changes to address this. The panellists will differing senior level perspectives (international investor, Indian lender and Indian corporate) on these larger issues.
12 15 - 12 30 Keynote address by Mr. Anurag Thakur, Minister of State for Finance (by VC)
12 30 - 13 00 Q&A with Mr. Anurag Thakur, Finance Minister moderated by Mr. Anshu Jain, President, Cantor Fitzgerald L.P.
13 00 - 14 00 Lunch
14 00 - 14 15 Keynote address by Mr. Rajnish Kumar, Chairman, SBI on the Indian lender perspective to the current environment in India
14 15 - 15 15 Focused roundtable discussion: Ideas to develop and strengthen Indian primary and secondary debt markets A discussion between key international market participants and the RBI on the key issues with regard to the primary and secondary debt markets in India. The discussions will cover ideas on potential changes to strengthen and deepen the Indian market based on international best practice. Moderator: Nikhil Narayanan, Partner, Khaitan & Co.
Rick Morris, Managing Director, HPS
Mihir Chandra, Head of Trading Strategies, Deutsche Bank’s Distressed Products Group
Portfolio Manager of an international fund (name withheld for confidentiality reasons)
Manoranjan Mishra, Chief General Manager, RBI
15 15 - 15 30 Tea / Coffee Break
15 30 - 16 30 Focused roundtable discussion: Finding resolutions outside IBC: Why is it still rare? Given the size of the NPL issue in India, pre-insolvency restructurings have a key role to play and are increasingly being considered by international investors. This panel considers the issues affecting these transactions and suggestions to improve certainty of deal execution. Moderator: Dinkar Venkatasubramanian, Partner & Head- Restructuring & Turnaround, Transaction Advisory Services, EY Restructuring LLP Parth Gandhi, Senior Partner, AION
Shantanu Nalavadi, Managing Director, Indian RF
Rakesh Balasundaram, Anacap
Rajnish Kumar, Chairman, State Bank of India
G.K.Singh, Joint Secretary, Ministry of Corporate Affairs
16 30 - 16 45 Keynote address by Dr. M S Sahoo, Chairman, Insolvency and Bankruptcy Board of India on where next for IBC 16 45 - 17 00 Closing comments by Ms. Catherine McGuinness, Policy Chair, City of London 17 00 - 18 00 Networking Drinks & Reception