一 | Ambuj Sonal, Associate Partner at Link Legal, a firm tracking mergers and acquisitions (M&A) and joint ventures, among others, spoke with Sputnik about cross-border investments in the era of growing uncertainty and the impact this will have on M&A activity in 2022 and beyond.,Sputnik: In the past two years, many restrictions have been imposed on foreign investments globally, mainly for reasons of national security. What effect have such regulatory changes had on cross-border mergers and acquisitions?,Ambuj: The primary reasons for implementing such additional scrutiny were to control the misuse of the uncertain situation and opportunistic investment behavior. Indeed, these restrictions affected cross-border deals globally in early 2020. For example, the European Commission Report on foreign investment flows [released in November 2021] suggested that foreign direct investment (FDI) flow to European countries declined by approximately 71 percent during the time of COVID.,Although these economies had amended regulations to protect their domestic companies from 'corporate raiders', this deterred foreign investors and caused a substantial decline in inbound M&A deals.,Having said that, the global cross-border M&A activity showed huge improvements in the second half of 2020, when most of the countries had started vaccination and adopted other measures to control the pandemic.,Reports show that from the second half of 2020, the volume of global deals increased by approximately 29 percent, and deal values soared by roughly 156 percent, indicating that cross-border M&A deals enjoyed a quicker recovery from COVID.,Sputnik: India has also amended foreign investment rules, explicitly targeting countries with which it shares land borders. How has it affected M&A activity and overall foreign investment flow, primarily from China?,Ambuj: The Indian government, in Press Note 3 (PN3) in April 2020, decreed that all investments from entities (direct or indirect) with which India shares a land border, would have to be made under the 'approval route' and would need security clearance.,PN3 also covered investments where beneficial ownership belonged to China, Taiwan, Hong Kong and Macau. Initially, investors from these nations approached the Indian Government for approval. However, the government was silent about these approvals until the first year of PN3.,According to data disclosed under a recent application filed under the Right to Information Act, the Department of Promotion of Industry and Internal Trade (DPIIT) has revealed that it received 382 FDI proposals from Chinese entities after PN3, of which 80 proposals have been approved.,The DPIIT made the commitment that appropriate due diligence and FDI approvals from Chinese entities would be scrutinized on a case-by-case basis. Before PN3, Chinese firms were actively investing in technology and e-commerce businesses in India, particularly in start-ups.,Up to 2019, India received foreign investments of approximately $3.4Bln from China and Hong Kong. However, post PN3, the total investment from China and Hong Kong has declined to $952Mln or 72 percent.,Having said that, despite COVID-19 and a huge drop in Chinese investments, India has received the highest annual FDI ($83.57Bln) in the 2021-22 financial year, and has emerged as a preferred investment destination.,The steps taken by the Indian government during the past few years have affected the increasing volumes of inbound FDI, which has led to record levels.,Sputnik: The geopolitical scenario has undergone tectonic changes because of tensions between China and the US, and the Russia-Ukraine conflict. Decoupling is a new buzzword that many say is part of de-globalization. How is this affecting mergers and acquisitions globally, especially in India?,Ambuj: 'Decoupling' refers to a situation where another country replaces a particular country in a global and extended supply chain. 'De-globalization' would constitute a step beyond 'decoupling' where activities that are performed offshore are brought back home completely.,Tensions between the US and China have caused a major drop in cross-border M&A deals for these two countries (an almost 95 percent drop from 2016 to 2020) primarily because of geopolitical, trade, and tariff uncertainties.,On the other hand, global M&A deals were badly hit because of the Russia-Ukraine conflict. According to data provided by Reuters, the Russia-Ukraine conflict caused the value of global M&A activities to plunge 29 percent in the first quarter of 2022.,The geopolitical scenario will most probably result in a complex and disrupted global supply chain. The present conflicts such as between US and China, and Russia and Ukraine have given rise to debate about whether we are heading towards 'decoupling', which might slowly lead to 'de-globalization'.,Decoupling and de-globalization will affect the global economy adversely and could result in long-standing inflation.,So far as India is concerned, the geopolitical situation has caused unexpected price rises, disrupted supply chains, and introduced other uncertainties because of blocked inventory. This has affected major sectors such as textiles, plastics, steel, pharma, Compressed Natural Gas (CNG), etc.,Although such geopolitical situations have majorly affected M&A activity in Asia, investments in India might see a rise. Mostly, the manufacturing sector could benefit, considering how easy it is to do business and the cost-effective labor in the Indian market.,Other European countries are already considering shifting their manufacturing facilities from China to India. This is a result of the Indian government's efforts to boost foreign investments, which has made India a preferred investment destination.,Sputnik: Despite unprecedented sanctions by the West, most Asian countries, including India, have carved out a space for themselves in this crisis and are maximizing their geopolitical leverage without limiting economic opportunities. Given this backdrop, do you think Asian countries will outpace their global peers in the M&A sector?,Ambuj: India has strong business relationships with Russia, especially in the defense, oil and gas, and automotive sectors.,Because of the sanctions imposed by the West, Russia has been isolated from global financial systems and trading. Therefore, strong support and implementation of such sanctions may not be viewed as a beneficial step.,So far as opportunities are concerned, India can be seen as an alternative supplier of manufactured exports to the West. However, the preference would be given to countries belonging to the Association of Southeast Asian Nations (ASEAN), ie Taiwan, Korea and Japan. This may result in major investments in Asian countries, which may exceed the western market's M&A activities in deal volume and size.,From a cross-border M&A point of view, India remains a preferred destination with an FDI of approximately $83.57Bln and 2,064 M&A deals in the 2021-22 financial year, which puts it in top spot globally. Mauritius and Singapore remain the top investors for India, and we can see India being comfortably placed as an attractive business nation.,Sputnik: Recently, a large number of western firms have announced their intention to leave the Russian market. Has this created space for Indian firms to buy assets or to invest in Russia?,Ambuj: Yes. Judging from the silence of the Indian government on the subject of sanctions, Indian firms are keen to capitalize on the geopolitical conflict as an opportunity to invest and gain a share of the Russian market. Opportunities are available mainly in industries serving the pharmaceutical, oil and gas, and manufacturing sectors.,Furthermore, since big global companies such as Apple, fast retail and Ikea have shut or kept their operations in Russia on hold, mid-size Indian companies in the retail and fast-moving Consumer Goods (FMCG) sectors are also interested in doing business in India.,Additionally, since supply chains between Russia and -European countries are blocked, Indian suppliers are looking to initiate strong trade relations by offering undisrupted supply to Russia.,Sputnik: Reports claim that Russian businesses and other big players have been looking for ways to invest their money in Asia. What kind of investment opportunities does the Indian market offer them?,Ambuj: Unlike the UK, India does not offer any scheme like a 'Golden Visa' for Russian businessmen who can trade for their residential status in lieu of multi-million investments in the country. However, investment opportunities in India remain plentiful and attractive. As India's Prime Minister said at the World Economic Forum in Davos this year: "This is the best time to invest in India.!,Over the years, the Indo-Russian bilateral relationship has developed into a comprehensive partnership that includes cooperation in several high-technology sectors.,India and Russia have projected that bilateral trade will be worth $30Bln by 2025. This will boost the India-Russia business relationship, and many opportunities await Russian investors in India.,The key areas for Russian investments to focus on in India are telecommunications, automobiles, industrial services, oil and gas, and medical/surgical appliances.,Want to know more? Check out our Koo & Telegram accounts!,Koo: https://www.kooapp.com/profile/sputniknews,Sputnik India: https://t.me/sputniknewsindia。
日前，在张家口市怀来1000千伏特高压变电站建设现场，智能机器犬正在巡检。日报记者 刘雅静摄8月20日，张家口市怀来1000千伏特高压变电站建设现场热火朝天，大型机械有序作业、施工人员忙碌穿梭。在错落的钢架、基坑与建材堆之间，一只智能机器犬灵活穿行，踏过碎石路面、翻越低矮坡道、钻进设备间隙，一刻不停地开展巡检排查。怀来1000千伏特高压变电站是京津冀清洁能源输送的核心枢纽工程，施工现场交叉作业多、地形复杂。基坑边角、钢架缝隙、物料盲区等区域空间狭小、地势崎岖，人工巡检难度大、风险高，是工地安全管控的难点。国网冀北电力有限公司工程管理分公司项目管理二部副主任潘一飞介绍：“以前这些犄角旮旯，全靠安全员徒步巡检，又累又费时，而且很多狭小区域进不去，高危地段人工巡检也有安全隐患，难免出现疏漏。”眼前这台智能机器犬小巧灵活，头顶装有高清摄像头、红外探测设备和激光雷达，全程自主导航、自动巡检。行进途中，它实时捕捉现场画面、监测施工隐患，所有数据同步传输至智慧管控大屏，全程高效精准、零死角覆盖。“特高压工程建设进度紧、风险点多，单靠人力巡查，效率和精度都跟不上。引入智能机器犬，就是给工地装上移动‘智慧眼’，让安全管控更省心。”潘一飞指着空中的无人机说，很多人好奇，有固定监控、无人机巡查，为啥还要用机器犬？“固定摄像头存在监控死角。
二 | 无人机适合高空全景巡查，没法贴近地面、钻进缝隙查看细节。智能机器犬刚好补齐短板，是地面巡检的‘专属能手’。”潘一飞解释。智能机器犬填补了巡检漏洞，也大大提升了巡检效率。潘一飞介绍，机器犬不惧酷暑扬尘、不受环境干扰，可24小时不间断作业。它能精准识别未佩戴安全帽、建材乱堆乱放、防护设施缺失等违规隐患，能通过红外设备排查高温、火源隐患。“以前多名工作人员全覆盖巡查一次，至少两个半小时。现在机器犬一小时就能完成全域巡检，隐患识别准确率大幅提升。”潘一飞说。机器犬所有巡检画面、隐患数据还会自动留存归档，形成完整的数字化台账，解决了过去人工手写记录、溯源困难的问题。以科技赋能工程建设。如今在项目现场，高空无人机俯瞰、地面机器犬巡检、智能大屏统筹管控的立体化智慧安防体系已经形成，未来还会拓展更多智能化作业场景。（日报记者 刘雅静）。
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