India: Project Finance/PPP & PFI

The July 2025 edition of Fox & Mandal's newsletter examines SEBI's revised disclosure requirements for related party transactions; RBI's framework for sustainable project finance; pledged shares as part of the resolution estate; bar on loan pre-payment charges; draft Registration Bill, 2025; scheme for green hydrogen certification; and other changes in India's corporate, capital markets, real estate, projects, insolvency, and banking sectors.

The Government of India in recent years has increased public spending on infrastructure capacity development, with India's ambitious developmental targets in mind.

On June 19, 2025, the Reserve Bank of India issued a comprehensive framework as "RESERVE BANK OF INDIA (PROJECT FINANCE) DIRECTIONS, 2025" for financing the projects in infrastructure and non-infrastructure sectors by Regulated Entities.

An infrastructure project that is designed and built after factoring in the possible climate change disruptions is considered a climate-resilient Infrastructure.

Asset Monetization involves creation of new sources of revenue by unlocking the value of the otherwise unutilized or underutilized public assets.

Infrastructure has been the highest capital receiver in 2021, and InvITs continue to be the most favoured investment vehicle for sponsors and global investors alike.

Under the NBFC Refinancing Circular, such refinancing by NBFCs shall not be restructuring of the project loans provided that such loans have not been restructured in the past...

In public-private partnership projects in India, financial closure indicates the commencement of the concession period.

The Reserve Bank of India (RBI), on June 2, 2016, issued circular no. DNBR.CC.PD.No. 082/03.10.001/2015-16, allowing Non-Banking Financial Companies to offer take-out financing to Infra Projects