CIIF offers an opportunity to international investors to gain an exposure to India’s core infrastructure sectors and benefit from the specialized knowledge, risk management capabilities and asset management expertise of the Kotak Mahindra Group. CIIF’s cornerstone investors include a leading global alternative asset manager and one of the largest banking and financial institutions group of Japan. CIIF also has investments from a policy based financial institution of the Government of Japan, and a leading life insurance company from Asia.
CIIF invests in companies engaged in power generation, transportation and energy management in India.
Direct investments in infrastructure assets, through selective investments in project companies across a range of infrastructure sub-sectors and
Investments in infrastructure holding companies, which are essentially investment vehicles created by project sponsors to further invest in downstream project companies. Since infrastructure holding companies, at the time of CIIF’s investment, have investments in underlying project assets in different stages of development, construction and operation, CIIF believes that investments in such holding companies offer the maximum opportunities for capital appreciation, as its underlying investments commence operations and mature in the medium to long-term, and thus get re-rated.
Invest in less complex projects that are easier to implement
and operate and
Play in a segment that is distinct from large infrastructure projects that typically raise financing from global financial institutions and/or private equity funds. By focusing on a different segment, CIIF believes it benefits from a better ability to negotiate entry terms.
One of the largest financial services group in Japan with a significant presence in infrastructure project finance globally and a leading global alternative asset manager with assets across real estate, renewable power, infrastructure and private equity are the cornerstone investors in CIIF.
Other investors in the fund are a policy based financial institution of the Government of Japan, and a leading life insurance company from Asia.
The Investment Committee, which approves all investments, has senior representatives from the Sponsor and Cornerstone Investors and decisions are taken by consensus.
Head – Infrastructure Fund
Suman Saha is Head of Kotak Infrastructure Fund at Kotak Investment Advisors Limited. Suman established the Infrastructure Funds managementRead More
Mukesh is an Executive Director at Kotak Investment Advisors Limited (“KIAL”) and joined KIAL in 2021 to lead investments in the infrastructure sector.Read More
Akshay is the Executive Director of Kotak Infrastructure Fund at Kotak Investment Advisors Limited...Read More
Bhavyang is an Associate Director of Kotak Infrastructure Fund at Kotak Investment Advisors Limited (“KIAL”)...Read More
Arjun joined Kotak Investment Advisors Ltd in March 2020 & brings with him over 9 years’ of experience in project finance and corporate lending...Read More
Debasmita joined Kotak Investment Advisors Ltd in July 2018. Prior to joining KIAL...Read More
Pratik joined Kotak Investment Advisors Ltd in February 2020...Read More
In March 2015, CIIF committed approximately USD 18 million (together with a global renewable energy fund, a global infrastructure investment and advisory firm, and the management team, approximately USD 64 million in aggregate) to a new solar energy platform (“Galaxy”) with the objective of building a world-class investor-owned solar IPP which, by 2022, is expected to grow to a capacity of 385 MWp.
CIIF’s investment team had been tracking the Indian solar sector for some time and after the rapid fall in prices of solar modules and decline in solar tariffs to reasonable levels, it decided to actively pursue an investment in the sector in 2014. However, after analyzing virtually every existing solar platform at that time, all of which had significant legacy issues (e.g., un-hedged foreign currency debt, high and possibly unsustainable tariffs, unjustifiable valuation expectations), it decided to build Galaxy from scratch by partnering with a professional management team with a strong track record as well as experience in designing, developing, financing, constructing and operating grid connected solar IPPs in India.
Since the first drawdown in June 2015, Galaxy has organically grown to a portfolio of six operational projects with aggregate 235 MWp. CIIF’s investment team works very closely with Galaxy’s management team in monitoring plant performance, negotiating EPC and other procurement contracts, and raising debt and equity capital for the projects. CIIF is amongst the majority shareholders of Galaxy.
Cactus involved an acquisition of 100% stake in (a) Five operating road assets and (b) a parcel of industrial land measuring ~330 acres from a stressed Indian infrastructure developer in February 2016, jointly by CIIF and another infrastructure fund managed by leading global alternative asset manager, which is also a cornerstone investor in CIIF(together “the Acquirers”).
The total consideration paid for the acquisition by the Acquirers was approximately USD 100 million. Each road asset is housed in an individual SPV. All the roads are operating, 4 laned and the combined length of the 5 roads is 240 km. All of them operate under concessions granted by the National Highways Authority of India, an entity owned and controlled by the Government of India. Four of the five roads are BOT (Annuity) projects and one is a BOT (Toll) project. The roads are geographically spread across 4 Indian states.
Routine maintenance and/ or major maintenance activities continue to be undertaken, and continue to be undertaken across the assets to maintain and improve their quality. Apart from the board, which meets regularly to review the performance of the assets and set near term targets, a specific asset management committee has been constituted where the critical day-to-day issues regarding the assets are discussed and decisions implemented.
Kinetic involved an acquisition of 100% stake in 2 operating BOT (Toll) road assets from two Indian infrastructure developers in October 2018, jointly by CIIF and an infrastructure fund managed by leading global alternative asset manager, which is also a cornerstone investor in CIIF(together “the Acquirers”).
The total size of this investment is approximately USD 284 million. Each road asset is housed in an individual SPV. Both the roads are operating, and the combined length of the roads is 373 km. The roads operate under concessions granted by the National Highways Authority of India, an entity owned and controlled by the Government of India. The roads are located in Andhra Pradesh, and connect important traffic corridors of the country.
Routine maintenance and major maintenance activities continue to be undertaken across the assets to maintain and improve their quality. Apart from the board, which meets regularly to review the performance of the assets and set near term targets, an asset management committee has been constituted where the critical day-to-day issues regarding the assets are discussed and decisions are implemented.
In May 2018, CIIF committed approximately USD 18 million (together with a global developer of clean energy infrastructure based in Canada) to a solar energy platform (“MAP”) with the objective of building a world-class investor-owned solar IPP which, end of 2021, is expected to grow to a capacity of 330 MWp with focus on catering to the pedigreed credit worthy counter-parties in the Commercial & Industrial (“C&I”) space.
CIIF has been present in the Indian solar sector since 2015, through its investment in Galaxy and it subsequently decided to invest more capital in the sector in May 2018 through its commitment in MAP. Since the first drawdown in August 2018, MAP has organically grown to a portfolio of ten projects at various stages of development and commissioning spread across various states of India.
CIIF has also been a pioneer in successfully on-boarding one of its Limited Partners, a Japanese multinational banking and financial services company, to co-invest in the platform, thereby setting a precedent in the industry and bringing the aggregate committed capital to approximately USD 45 million.
CIIF’s investment team works very closely with MAP’s management team in vetting of counterparties, selection of projects, negotiating EPC and other procurement contracts, raising debt and equity capital, monitoring project progress and plant performance.
Bhavyang is an Associate Director of Kotak Infrastructure Fund at Kotak Investment Advisors Limited (“KIAL”). Prior to joining KIAL, he has been a senior member of the Debt Capital Markets (“DCM”) team of Kotak Mahindra Bank.
He joined the Kotak Mahindra Group in 2009 and has over 20 years experience in DCM, where he has led the origination and execution of debt transactions across Indian loan and bond markets. He has successfully executed several DCM transactions involving vessel financing, project financing and refinancing transactions for multiple roads, renewables, greenfield ports and terminal expansions and a large overseas acquisition of coal assets by an Indian infrastructure developer. His clients included large infrastructure developers like Brookfield, Cube Highways, L&T IDPL, Sadbhav Engineering, Ashoka Buildcon, Krishnapatam Port, Karaikal Port, Jawaharlal Nehru Port Trust, Tata Power Renewable Energy, Renew Power, Sembcorp, etc.
Prior to DCM, Bhavyang worked in the Investment Banking business of Edelweiss Capital, where he headed the structured and project finance business that was mandated to execute project finance and structured funding solutions for acquisitions, promoter funding and mezzanine funding. Prior to that, he has worked with Wachovia, Axis Bank and IFCI.
Bhavyang is a graduate in Chemical Engineering and also holds a Post Graduate Degree in Business Management.
Suman Saha is Head of Kotak Infrastructure Fund at Kotak Investment Advisors Limited. Suman established the Infrastructure Funds management business of the Kotak Mahindra Group in 2013. The Infrastructure Funds team currently advises three Singapore – based fund vehicles which invest in core infrastructure in India.
Suman joined Kotak Mahindra Group in 1995 in its investment banking business. At Kotak Investment Banking, as Executive Director and Co–Head, Equity Product Group, Suman was involved in the origination and end–to–end execution of Equity Capital Market (“ECM”) transactions, including Initial Public Offerings and Follow–on Offerings of Indian companies. He has led some of the largest Indian ECM deals, several of which were in the Indian power, transport, other infrastructure and real estate sectors, like NTPC, Reliance Power, KSK Energy, JSW Energy, IPCL, Indraprastha Gas, IDFC, DLF, Sobha Developers etc. Prior to that, Suman set up and ran the project finance advisory business at Kotak Investment Banking, advising companies in the steel, automobile, power, gas distribution, storage terminal and other sectors.
Suman has over two and a half decades experience in project finance, investment banking, and infrastructure investing and asset management. He began his career in project finance in IDBI, prior to joining Kotak.
Suman is a 1991 graduate in Electrical Engineering from Jadavpur University, Kolkata and completed his post–graduation in Business Management from NMIMS, Mumbai.
Akshay is the Executive Director of Kotak Infrastructure Fund at Kotak Investment Advisors Limited. He is part of the Infrastructure Funds management business of the Kotak Mahindra Group. The Infrastructure Funds team currently advises three Singapore – based fund vehicles which invest in core infrastructure in India. Akshay joined Kotak Mahindra Group in 2011 and was part of the team that set up the Kotak Infrastructure Fund. He has been instrumental in closing four investment opportunities with aggregate investment requirement of over USD 450 million in road transport, solar power and energy storage. Three of the transactions involved working closely with co-investors.
Prior to joining the Kotak Mahindra Group, Akshay was at the infrastructure advisory division of KPMG Advisory. At KPMG, Akshay led key engagements in the transport and energy sectors advising on market entry, financial feasibility, public private partnerships (PPP), due diligence and valuation. Some of his clients include Airports Authority of India, National Highways Authority of India, GMR Group, Reliance Industries, Shapoorji Pallonji Group, Cairn India, Sterlite Industries, etc. Prior to KPMG, Akshay was part of the Public Private Partnership team at CRISIL Risk and Infrastructure Solutions Pvt. Ltd, a division of CRISIL Ltd (A Standard & Poors Company).
Akshay has 13 years of experience in strategy consulting for infrastructure, and infrastructure investing and asset management. He began his career in the knowledge management team of McKinsey & Co.
Akshay is a 2002 graduate in finance from Delhi University and completed his post-graduation in Business Management in 2006 from XLRI Xavier School of Management.
Arjun joined Kotak Investment Advisors Ltd in March 2020 & brings with him over 9 years’ of experience in project finance and corporate lending.
Prior to joining Kotak Infrastructure Fund, Arjun was a part of the Project & Structured Finance Group of Aditya Birla Infrastructure Finance (ABIF) at Aditya Birla Capital for about 5 years. He was extensively involved in origination, structuring and execution of deals in diverse infra & non-infra sectors. Apart from project finance and corporate loan transactions, he has also handled acquisition financing, construction financing, lease rental discounting and structured finance transactions.
Prior to ABIF, he was a part of the Project Finance & Strategic Business Unit of the State Bank of India (SBI), where he worked for over 4 years conducting due diligence, evaluating and underwriting credit and monitoring life cycle of infrastructure projects. He began his career in the audit and assurance verticals of Deloitte and EY.
Arjun is a CA, CS, FRM & B.M.S (Mumbai).
Debasmita joined Kotak Investment Advisors Ltd in July 2018. Prior to joining KIAL, Debasmita was part of the corporate banking group of Kotak Mahindra Bank Ltd, which she joined in September 2017.
Debasmita started her career with the corporate banking group of ICICI Bank where she handled end-to-end relationships of large and mid- sized corporates, involving credit appraisal, risk analysis, portfolio quality management and structuring and execution of banking solutions for the corporate clients. Later she was part of the corporate banking team of Kotak Mahindra Bank, where she handled relationships of conglomerates and corporate groups.
Debasmita is a 2013 graduate in Electrical Engineering from the West Bengal University of Technology and has completed her Post Graduate Diploma in Management from IIM Indore in 2015.
Pratik joined Kotak Investment Advisors Ltd in February 2020.
Prior to joining KIAL, Pratik was part of the Financial Advisory – Valuations (Domestic) practice at Deloitte Touche Tohmatsu India LLP for over a year. During his tenure at Deloitte, he has worked on engagements in the energy, healthcare, FMCG, steel and fin-tech sectors, advising clients on equity and business valuations for M&A, fund raising, financial reporting and compliance. He has advised several leading Private Equity Funds as well.
He began his career in the statutory audit function at Deloitte Haskins and Sells LLP where he pursued his articleship training for three years.
Pratik is a Chartered Accountant, has cleared two levels of the CFA (USA) examination and holds a Bachelor’s Degree in Finance from the University of Mumbai.
Mukesh is an Executive Director at Kotak Investment Advisors Limited (“KIAL”) and joined KIAL in 2021 to lead investments in the infrastructure sector. Earlier, Mukesh was Co-head at Apollo Global Management’s distressed asset buyout platform and lead their infrastructure investments in India. He joined Apollo in 2019 and before that, he had ~18 years of work experience and was executive director with AIRRO (JP Morgan’s Asian Infrastructure Fund) where he looked after the investments and the portfolio. Key investments being Leap Green (1.1 GW Wind Energy Platform), Soma Highways (9 NHAI roads) and Nandi Economic Corridor (Integrated Infrastructure project in Karnataka).
Prior to joining the JP Morgan in 2012, he had experience in covering mezzanine financing for infrastructure projects, advised clients for raising private equity, underwriting, and evaluating projects, due diligence for M&A globally with SREI Infrastructure Finance (One of the largest Infrastructure NBFC in India), Ernst & Young (Largest Infrastructure Advisory practice in India) and GE Capital (Global Investments).
Mukesh has been associated with over US$ 750 mn of financing in combination of mezzanine and debt for projects, covering sectors such as power, roads, logistics, SEZ, telecom and conglomerates. Apart from this, Mukesh was involved in raising private equity funding to the extent of US$ 300 mn. Mukesh started with GE’s global finance leadership program in 2002 and worked on the due diligence on the GE’s global M&A transactions and structured finance investments in US.
Mukesh is a chartered accountant, company secretary and is a commerce graduate from St Xaviers College, Kolkata. He also did his MBA in finance.