A Unified Regulatory Approach for the Orderly Development of the Indian Infrastructure Sector: A case for Reforms.

Ruchika Nayyar, Vice President and Head - Legal, GMR Group , India

Between fiscals 2008 and 2017, private investment in infrastructure was estimated to be ~Rs 20 lakh crore, or nearly a third of all infrastructure spending during the period. The share, which averaged 37% between fiscals 2008 and 2013, fell 600 basis points (bps) between fiscals 2013 and 2017 as a plethora of stalled projects and stressed assets dampened private participation and risk appetite, as per a CRISIL report (CRISIL Infrastructure Yearbook 2018). This has exposed many risks in the infrastructure regulatory framework leading to sluggish resolution of stressed assets, and inadequate steps to deepen financing sources, involving mainly PPP projects.

Ms. Ruchika Nayyar is a Law Graduate from Law Centre, University of Delhi with more than 23 years of experience in legal profession. She is spearheading the GMR Legal Team and is instrumental in advising the Group on various legal matters, strategizing the legal actions, successful closure of Debt, Equity and M&A Transactions, development of system and legal processes for the business. She has been associated with M/s. L&T Infrastructure Finance Co. Ltd as Head - Legal (Infra & Project Finance) for 9 years prior to joining GMR. Prior to that, she has also worked with companies viz. Apple Finance Ltd, KSL And Industries Ltd, New India Insurance Co. Ltd., Oriental Bank of Commerce.

GMR Group is one of the fastest growing infrastructure enterprises in the country with a rich and diverse experience spanning three decades. GMR is today a major player in the Infrastructure Sector, with world class projects in India and abroad. The GMR group is headquartered in New Delhi, and has been developing projects in high growth areas such as Airports, Energy, Transportation and Urban Infrastructure.