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2 | ifr special report | September 2009

Contents Editor, this report: Nachum Kaplan, publishing (Asia Pacific)

Sub-editor: Paul Bayfield

Contributors: Prakash Chakravarti, Ivan Castano, Manju Dalal, Gordon Feller, Shankar Ramakrishnan, Denise Wee, Duncan Wood

Production Agnes To, Victor Ng

Client Services: +44 (0)20 7369 7594

Subscription Sales London Nick Haydon Asia-Pacific Maria Lee New York Nick Haydon

Advertising Sales Christophe Pla, Francesca Colombo, Stephen Howard, Chris Keene, Clarissa Huber

Hong Kong Shahid Hamid, Joseph Sagaram

Ad production manager: Gloria Balbastro Associate publisher: Ann Worsley Editor-in-chief: Keith Mullin Managing director: Elly Hardwick LONDON (Head Office)

Aldgate House, 33 Aldgate High Street, London EC3N 1DL Tel: +44 (0)20 7369 7780 Fax: +44 (0)20 7369 7482 (Editorial) Tel: +44 (0)20 7369 7514 (Sub Sales) Tel: +44 (0)20 7369 7556/7544 (Ad sales)

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ISSN 0953 0223 Printed by Wyndeham Grange Ltd


26 Quiet achiever

Hindalco Industries, the flagship company of the Aditya Birla Group, has quietly completed a transformational acquisition that has catapulted the group on to the global stage.

28 League tables Front cover photo credit: Reuters/Stringer India

4 India’s surprise recovery India’s economy is set to grow between 5%–6.5% in 2009, well above early expectations, thanks to an ambitious stimulus package and an improving global economy, which have bolstered domestic consumption and industrial output.

8 Equities resurgent as CBs slumber Indian ECM has been busy in 2009 after a somber 2008. Since the May 2009 election result created greater political certainty, an avalanche of qualified institutional placements have hit the market, particularly in the real estate and infrastructure sectors.

10 Funds to the fore India’s asset management industry is expanding rapidly and set be transformed over the next decade. Even with a slower economy, analysts expect to see a four-fold increase in India’s investable wealth from US$250bn in 2007 to US$1trn by 2012.

12 Tough talks Growing numbers of Indian companies are seeking to avoid defaults and insolvencies by restructuring their debt through the consensual Corporate Debt Restructuring mechanism.

13 Making it easier?

With no clear signs of the global financial crisis dissipating, loan bankers are hoping Indian regulators will relax rules governing offshore borrowings to revive the sagging offshore loan market.

16 On the rise The domestic Indian loan market has been surging ahead irrespective of the general slowdown in the global economy and much to the envy of its offshore counterpart that has languished since the global financial crisis froze international credit markets.

18 Indian bond markets step up The Indian rupee bond market has become a viable alternative for corporates looking for new funding avenues with the closure of offshore debt markets. However, this growth is set to be stunted due to a limited investor base and tight regulations.

22 The answer to India’s nascent corporate

bond market On the back of their recent election victory, India’s United Progressive Alliance led by the Indian National Congress delivered a clear message: to develop India’s sub-par infrastructure with an ambitious stimulus package.

24 Countering the risk Counterparty risk has become a mainstream term as part of the global financial crisis and efforts are underway to understand it better and minimise the fallout when things go wrong. Syed Shahabuddin, chief executive of the Clearing Corporation of India talks about what has been going on.

25 Motoring along Tata Group is the torchbearer of India Inc’s expansion overseas and no other company in the group epitomises that better than Tata Motors, which has refinanced debt a variety of markets and in a variety of jurisdictions.

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