Transport infrastructure: Riding on privatisation wave
The privatisation push of the last three decades for transport infrastructure, be it roads, airports or ports has certainly changed the overall profile of India’s readiness to drive a faster economic growth. That said a lot of opportunity is yet to be unlocked, especially in the railways side of the equation. What has been the experience of those operating highways and other transport infra in terms of economics? How do investors look at these assets in terms of returns? Has the gestation period shrunk over time and untangling of regulatory knots? How have various business models evolved?
What next for energy transition & green infrastructure?
Solar and wind power has been a big driver of India’s shift from dependence on thermal energy with emergence of a string of large players and many others trying to follow in their tread. ESG mandates and climate change concerns too have accelerated capital deployment. How is the next wave likely to play out in India’s renewable energy sector? How soon can the existing coal fired assets can be replaced by the greener cousin? Is there a scope of cleaning the unclean energy source as a short to medium term strategy given that the government intends to add more thermal energy capacity going forward? How about battery storage, hydrogen and ammonia as alternative feeds?
Building Digital Bharat: Overcoming Challenges & Seizing Opportunities in Digital Infrastructure
What started with telecom infra with rollout of towers as the communication revolution took over India, has now moved to another level and platforms such as Aadhaar, UPI, DigiLocker, and the Open Network for Digital Commerce (ONDC) have transformed financial inclusion, e-governance, and commerce, bringing millions into the digital fold. However, significant challenges remain. How are digital infra operators be it towers and data centre businesses overcoming the problems? How can long term investors participate in the growth of digital infra and what has been the experience of early investors and operators in the field? How can firms build exit-ready structures for IPOs or tech operator buy-ins? Can hyperscale partnerships be the driver of long-term infrastructure control?
Transforming Urban India: Navigating Challenges & Harnessing Opportunities
India’s urban landscape is at a crossroads, with rapid urbanization driving both unprecedented growth and mounting challenges. How do business operators participate to tackle congested roads, inadequate public transport, water scarcity and environmental degradation while generating commercial returns? How to balance water requirement and waste management in the cities of the future? Is a PPP model the only way to solve urban problems? Can DFIs and blended finance models be the saviour in scaling urban utility projects? Can there be bundled asset acquisitions in water, sanitation, and waste management? Can ESG bonds and structured leases provide exit visibility for investors?
Blending the real assets opportunity: REIT & InvIT
Real estate investment trust and infrastructure investment trusts have opened a new window for both operators and investors in real assets to look at the wider opportunity in the country. What has been the experience of early adopters of these two models? Has there been a divergence in performance between REIT and InvITs? What more needs to be done to gain from this model from a regulatory perspective?
Hybrid capital: Real propeller for real assets
For real assets, particularly large-scale infrastructure projects in India, the optimal financing structure is often a blend of debt and equity or hybrid capital. Debt financing is traditionally favored for projects with predictable cash flows, when risks are manageable and revenue streams are stable. But infrastructure projects in India frequently face long gestation periods, regulatory hurdles, and unpredictable returns, making pure debt financing risky and sometimes unattractive to lenders. How has the Hybrid Annuity Model (HAM) come to the rescue and what newer products are being created to tackle the financial challenge? How have the financing models in real estate evolved?
Platform play for real assets: Digital, Financial & Collaborative Solutions
Large alternative investors, pension funds and sovereign wealth funds have created platforms to play in real assets. How has that strategy turned out for these long term investors? What are the learnings and how can the model be fine-tuned further for best execution and lucrative returns? How can financial investors best navigate operational challenges in taking the reins of such platforms?
Homing in on residential: Taking the success of commercial realty to residential space
The commercial realty space has seen a big change over the last decade with large institutional ownership of income generating projects. The residential side of the market remains fragmented and dealmaking largely involves short term quasi debt funding. How can developers and investors spice up residential realty with new products and even creating income generating assets like the developed markets? Which regional pockets and cities can bring the next set of opportunity as top markets see virtual decline of real ‘affordable’ housing with asset price shooting up? How can developers still offer affordable housing in metro cities?
Industrial Logistics: A dark horse
Overshadowed by the big money flowing in office properties and the consumer facing residential side of real estate, is industrial properties going through its own renaissance. Supported by wide scale enhancement and capacity building in logistics and warehousing besides growth of ecommerce, industrial real estate is also a big booming business. Investors are increasingly targeting these segments for stable returns and long-term appreciation, with Tier-2 and Tier-3 cities emerging as new hotspots for development and investment. At what stage is India’s industrial real estate growth? How are government initiatives, such as the National Industrial Corridor and Smart Cities Mission, shaping the future of these sectors? What trends are emerging in tenant preferences, especially regarding technology integration, sustainability, and experiential retail? What are the major challenges—regulatory, infrastructural, or financial—facing developers and investors in these segments? How can stakeholders leverage REITs, digital platforms, and innovative funding models to maximize returns in industrial real estate?
Tokenisation of real assets
Tokenisation of real assets, especially real estate, is rapidly emerging as a transformative force in India’s investment landscape. By leveraging blockchain and distributed ledger technology, tokenisation allows for fractional ownership, enhanced liquidity, and greater transparency, making high-value assets accessible to a broader investor base. Recent regulatory advances and pilot projects have underscored the growth potential. What are the main legal, regulatory, and compliance challenges facing tokenised real asset platforms in India? How can tokenisation improve liquidity and accessibility in traditionally illiquid markets like real estate? Can it be extended to infrastructure sector too? What are the technology risks and security considerations unique to tokenised assets, and how can they be mitigated? How should tokens representing real assets be classified, and what rights should they confer?
Proptech: What next?
Proptech used to be a battlefield of classified ventures but after the consolidation in that segment a decade back, various other players have emerged They are into co-working, student housing, interior design and more. How have some of the newer sub-segments within proptech performed? What are the success mantras among those breakout players? Which segments are showing signs of a new set of opportunity to be tapped?
Arpit Agrawal is a Managing Partner and Head of India and the Middle East for Brookfield’s Infrastructure Group. In this role, Mr. Agrawal is responsible for all infrastructure investment and portfolio management activity in the region.
Prior to joining Brookfield’s in 2016, Mr. Agrawal was a vice president for an infrastructure asset manager.
Mr. Agrawal holds a Master of Business Administration from the Indian Institute of Management Bangalore and a Bachelor’s degree from the National Institute of Technology Allahabad.
Pratyush is a serial intrapreneur, deal maker and business creator; In his 16+ years of corporate career, he successfully built businesses in complex organisational and market set-up. Managed several, equity and mezzanine investments as well as fund raising totalling more than $700 million, including IPO. He has been recognised by several agencies amongst top leaders in India.
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