1. A radical change in Government, most unexpected, and yet, like so many things in India, the sheer effortlessness of the change dwarfs the enormity of the event. Its business as usual in India, as we continue to smile tolerantly at our noisy political process that drives consensus through very acrimonious very public debates. Although the debates are alarming, the results generally rational and our foreign investment policy remains – and doubtless will remain - unchanged.
    

2. Following the passing of the Indian Electricity Act, 2003, the first foreign investment in an Indian Hydro Electric merchant power project is announced, an event we were honored to assist our client achieve. IFC approved funding within six weeks. This acquisition is important because at last, India is on the road to infrastructure rebuilding again in the power sector. As a law firm, we are already on to our second foreign acquisition in the power sector.
    

3. Citibank endorses Henderson Global's initial investment in Hindustan Times by participating in the second round funding of what has doubtless become India's best newspaper. Thus a great bastion of Indian xenophobia, insecurity and hostility to globalization has fallen. Since we had the privilege to advise Henderson Global when it made the first foreign investment in Indian print media in the fall of 2003, we feel vindicated in our optimism on foreign investment in India.

Ranjeev C Dubey

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