Commentary
]This session was requested by a member whose company plans to expand its business in India from $100m a year currently to $1bn. This raises a series of questions about how to manage M&A, since part of the growth is expected to be inorganic, as well as how to fund the business, manage working capital, and structure the treasury team and operations.
This triggered a very healthy and open discussion in which members shared their experiences in India. Although it is a difficult environment, most of the experiences are positive, and things can be done. These range from managing local bond issues to restructuring legal entities. Most participants find that a local team is required at some point, and this can present issues, especially with local management feeling a need to play a role. Tax legislation is complex, and there is often a need to have at least some level of relationship with local banks.
The report is a good guide to the challenges faced when operating in India, and the ways in which these challenges can be successfully addressed.
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