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Lakshmi Prakash

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Partner, specialising in Projects, Structured Finance and Insolvency at the Bangalore office of Cyril Amarchand Mangaldas. Lakshmi has wide range of expertise in advising private equity plyers, lenders (both public and private international bans) and other investors in the renewable energy, real estate and transportation sectors. She has also advised resolution professional, committee of creditors and resolution applicants in the IBC process. She can be reached at lakshmi.prakash@cyrilshroff.com

 

 

New RBI IT Outsourcing Directions Industry Implications

Background

The Reserve Bank of India (“RBI”) has issued the RBI Master Direction on Outsourcing of Information Technology Services, dated April 10, 2023 (“Directions”), that will come into effect on October 1, 2023, in line with its earlier Draft Master Direction on Outsourcing of IT Services, dated June 23, 2022 (“Draft Directions”). The RBI’s message to Regulated Entities (“RE”) via these Directions is clear – the liability of Regulated Entities (“RE”) towards their customers does not get diminished due to such outsourcing arrangements or on account of engaging Third Party Service Providers (“TPSP”), nor does it impede effective supervision by the RBI. Outsourcing activities for financial services were already regulated (“Existing Guidelines”), but not for information technology (“IT”) services. In line with the Existing Guidelines, the idea is that core functional areas of RE cannot be outsourced.Continue Reading FIG Paper (No. 20 – Series 1): New RBI IT Outsourcing Directions: Industry Implications

ACC Battery Storage

With the intent of putting India on the map as a lead battery storage producer, the Department of Heavy Industries (“DHI”) had notified the Production-Linked Incentive, ‘National Program on Advanced Chemistry Cell (ACC) Battery Storage’ (“PLI-ACC Scheme”) in June, 2021.[1] The PLI-ACC Scheme has been developed to boost the Prime Minister’s vision of ‘Atmanirbhar Bharat’ and is one of the thirteen schemes approved by the Union Government.[2] It aims to encourage domestic and foreign investors to invest in setting up giga-scale ACC manufacturing facilities in India.Continue Reading Analysis of PLI ACC Scheme for ACC Battery Storage

Zooming into Sustainable Growth – An Analysis of the PLI Scheme for Automobiles and Auto Component Industry

Background

Ministry of Heavy Industries (“MHI”) notified the Product Linked Incentive (“PLI”) Scheme for Automobile and Auto Component Industry (“PLI Auto Scheme”) in September 23, 2021[1] with the intent of enhancing India’s manufacturing capabilities for advanced automotive products. The applicant company qualifying the eligibility criteria (inter alia, revenue and investment) provided in the PLI Auto Scheme can receive the benefits under the same. The scheme provides for financial incentives to boost domestic manufacturing and attract investments in automotive manufacturing value chain and its primary objectives include, inter alia, overcoming cost disabilities and building robust supply chain in areas of advanced automotive technology products.Continue Reading Zooming into Sustainable Growth – An Analysis of the PLI Scheme for Automobiles and Auto Component Industry

Charging Infrastructure for Electric Vehicles in India - Policy and Challenges

One of the biggest stumbling blocks for the success of deploying electric vehicle (“EV”) scheme in India is the lack of adequate charging infrastructure (“Charging Infrastructure”). The revised guidelines for Charging Infrastructure for EV, issued on October 01, 2019 (“CI Guidelines”),[1] aim to simplify the process for setting up Charging Infrastructure. Below is a brief analysis of the CI Guidelines:
Continue Reading Charging Infrastructure for Electric Vehicles in India: Policy and Challenges

Part I - Electric Vehicles: Disrupting the Automotive Ecosystem

The Indian economy is one of the fastest growing economies in the world, with an increasing demand for energy. Given that historically India has relied on pollutant hydrocarbons to run its power plants and vehicles, there has been an increasing focus on setting ambitious ‘green’ targets, especially in light of the alarming levels of pollution in India. The Government of India (GoI) has actively encouraged the adoption of electric vehicles with the idea of shifting the production of new automotive vehicles from internal combustion engine models to electric vehicles by 2030.
Continue Reading Part I – Electric Vehicles: Disrupting the Automotive Ecosystem