Who are Rajiv and Rahul Lulla? Rise and fall of Infrastructure India PLC promoters

Rajiv Lulla is a Senior Advisor at Silver Capital Advisors based in Mumbai. With approximately 25 years of experience as an investment banker, Rajiv has held leadership roles at Merrill Lynch, the Credit Agricole Group, and Deutsche Bank, including Group Head of Industrials, Infrastructure & Transportation. His work, primarily in merger advisory and strategy, includes completed financings representing over $220 billion. Rajiv has successfully concluded transactions across the Americas, Europe, the Middle East, and Asia while being based in New York, Paris, London, and Hong Kong. He holds an Engineering degree and an MBA from Kings College & Imperial College, London.

Rahul (Sonny) Lulla's Professional Background

Rahul Lulla, also known as Sonny, focuses on Business & Technology Services and Healthcare. He has been involved in significant investments in companies like Mold-Masters, Quintiles, and TouchTunes. He sits on the Boards of arrivia, Dynatect Manufacturing, and WilsonHCG. Previously, Rahul worked at Monitor Clipper Partners and Credit Suisse in New York. Sonny is a Senior Vice President of GGIC with over 17 years of experience in infrastructure M&A, operations, and financing. Previously employed by AES, he was responsible for businesses in Brazil generating over $1 billion in annual revenue. Sonny has also held positions in power and utilities financing at Morgan Stanley, CMS Energy Corporation, and Credit Suisse First Boston.

The Controversy Surrounding Infrastructure India PLC
Infrastructure India PLC (IIP) is embroiled in a major controversy involving financial mismanagement and misconduct. Once a promising venture aimed at building a logistics powerhouse in India, the company is now on the brink of collapse. Central to this debacle are the Lulla brothers, Rajiv and Rahul (Sonny), accused of siphoning off vast sums of money and leaving the company in financial ruin.

The Walter Connection

Mark Walter, known for his financial expertise, found himself entangled in this mess. His companies invested millions into IIP, hoping to benefit from India's logistics boom. However, the Lulla brothers allegedly misappropriated these funds, turning Walter's investment into a financial disaster. Despite Walter's efforts to distance himself, his association through Guggenheim Partners resulted in significant financial losses.

The Siphoning Scheme

An investigation revealed that between 2011 and 2024, IIP received $320 million from Walter and Guggenheim Partners. Instead of developing logistics infrastructure, the funds were funneled through dubious transactions, land deals, and inflated management fees. The Lulla brothers orchestrated these transactions, diverting millions into their accounts and obscure entities under their control.

The Deafening Silence from Infrastructure India PLC
Despite mounting evidence and ongoing investigations, no representative from Infrastructure India PLC has addressed these serious allegations. This silence raises questions about the company’s internal governance and accountability.

The Fallout
IIP’s logistics arm, DLI, once seen as a leader in India’s logistics sector, failed to deliver. Key construction sites stalled, leaving shareholders and stakeholders, including insurance firms linked to Walter, facing significant losses.

Regulatory and Legal Actions
Indian authorities are investigating these allegations. The whistleblower’s complaint has added momentum to calls for accountability and justice.