Dr. Thillai Rajan A
Professor
Office: DoMS 202
Phone: 2257 4569 (O)
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.


Academic Background

  • Fellow (Ph. D.), Indian Institute of Management Bangalore, 2000.
  • M.Sc. (Hons.) Biological Sciences, B.I.T.S., Pilani, 1994.
  • B.E. (Hons.) Chemical Engineering, B.I.T.S., Pilani, 1994.

Areas of Interest

Teaching

  MBA Program

        • Financial Management
        • Cost Accounting
        • Venture Capital and Private Equity
        • Advanced Corporate Finance
        • Strategic Financial Decision Making
        • Infrastructure Finance

  Ph.D. Program

        • Research Seminar
        • Empirical Research in Finance

  Undergraduate

        • Accounting and Finance for Engineers

Executive Education Programs

      • Training Program on Public Private Partnership, Project Financing Cell, Kerala State Planning Board, June 12 – 14, 2013 (Along with Prof. Ashwin Mahalingam and Prof. K.N. Satyanarayana)
      • Advanced Financial Management Program for one of the world’s top Investment Banking Firm (Along with Prof. G. Arun Kumar)
      • Finance for Non-finance Professionals Program, Fortune 50 Heavy Equipment Manufacturing Firm (Co-ordinated by Prof. M. Thenmozhi)
      • Project Analysis and Finance, Centre for Public Policy, Indian Institute of Management Bangalore

Research and Consultancy Area

      • Housing, urban development and infrastructure: Study of the impact of PPP and Private Equity investments
      • India venture capital and private equity annual report series
      • Role of private equity in infrastructure
      • Financing of entrepreneurial and SME companies in energy, environment, and technology sectors in India
      • International research project on the impact of private sector participation on access and quality in electricity, telecom and water supply sectors.
      • International research project on Impact of transparency on infrastructure outcomes with specific relevance to developing countries
      • Assessing the institutional environment for implementing PPP projects
      • Benchmarking of public utilities and PPP
      • Case studies on Private Equity investments
      • Role of foreign investors in venture co-investments
      • Venture capital investment in Indian firms – Trends, value addition, and performance of investee companies
      • Expectations and experiences from PPP projects in Tamil Nadu
      • Bridging the Digital Divide ICT Project
      • Development of strategy, structure, and processes for a public sector tourism development corporation
      • Financial and economic analysis of a Ring Road project for a metropolitan city
      • Impact assessment study of “Bridging the Digital Divide ICT Project”

Selected Journal Publications

Journals

      • Thillai Rajan A., and Ankit Jain (2013). New and nascent enterprises: Analysis of incubation support in India, Journal of Private Equity, 16(3), Summer Issue: 69 - 85
      • Surya Sudheer Meduri and Thillai Rajan Annamalai (2013). Unit Costs of Public and PPP Road Projects: Evidence from India, Journal of Construction Engineering and Management, 139 (1): 35 – 43. (doi: 10.1061/(ASCE)CO.1943-7862.0000546)
      • Thillai Rajan A. (2012). A lifecycle analysis of VC-PE investments in India: Half Full or Half empty? Journal of Private Equity, 15 (4), Fall Issue: 25 - 35
      • Thillai Rajan Annamalai and Maulik Doshi (2012). Beyond Capital: Private Equity and Real Estate Development in India, Journal of Private Equity, 15(3), Summer Issue: 62 – 76
      • Thillai Rajan Annamalai and Vishal Prasad Kamat (2012). The Tigers and Their Stripes: Types of VC Firms and Their Investment Patterns in India, Journal of Private Equity, 15(2), Spring Issue: 63 – 74
      • Gemson, J., K.V. Gautami and A. Thillai Rajan (2012) Impact of private equity investments in infrastructure projects, Utilities Policy 21: 59-65
      • Thillai Rajan A. and Ashish Deshmukh (2011). Venture Capital and Private Equity in India: An Analysis of investments and exits. Journal of Indian Business Research, 3(1): 6 - 21.
      • Thillai Rajan A. (2010). A life cycle analysis of VC-PE investments in India. Journal of Private Equity, 14(1), Winter Issue: 72 – 82
      • Thillai Rajan A. (2010). Venture capital and efficiency of portfolio companies. IIMB Management Review, 22 (4): 186 – 197
      • Thillai Rajan A. and Ashish Deshmukh (2010). Venture capital and private equity investments in India: Recent trends, The Journal of Venture Capital & Financial Services, 4 (1): 5 – 15
      • Ragupathy, M. B. and Thillai Rajan A. (2010). Monitoring to Exit: Do firm performance measures matter?, Journal of Management and Entrepreneurship, 3 (4): 5 – 27.
      • Ragupathy, M.B. & Thillairajan, A. (2010) Venture Capital Exit: In Pursuit of Optimal Strategy. IUP Journal of Entrepreneurship Development, 7(4), 41-52.
      • Sriram Siddhartha and Thillai Rajan A. (2010). Merchant Power Plants in India: Risk analysis using Simulation. International Journal of Energy Sector Management, 4 (1): 87 – 112.
      • Thillai Rajan A., Mukund, S.P., and Siddharth, R. (2010). PPP’s in road renovation and maintenance: A case study of the East Coast Road Project. Journal of Financial Management of Property and Construction, 15 (1): 21 - 40
      • Thillai Rajan A. (2009). Value Creation from Venture Capital and Private Equity Investments: The Indian context. Journal of Private Equity, 13 (2): 67 - 75
      • Thillai Rajan A. (2008). Software service providers: A comparative analysis of an Indian and a European corporation. IIMB Management Review 20(4): 392 – 404
      • Thillai Rajan A. (2004). Observations on project structures for privately funded infrastructure projects. Journal of Structured and Project Finance, 10(1), Spring issue: 39-45
      • Thillai Rajan A. (2008). Software service providers: A comparative analysis of an Indian and a European corporation. IIMB Management Review 20(4): 392 – 404
      • Thillai Rajan A., S. Vaishno Devi, and M.B. Ragupathy (2008). Recent equity offerings in Indian capital markets: An analysis. Indian Journal of Capital Market. 2(1), April – June issue: 16-23.
      • Anirban Ghosh & Thillai Rajan A. (2004). How Plasma Therapeutics leverages IT to transform drug discovery. SETLabs Briefings. 2(2): 25-34
      • Thillai Rajan A. (2004). The Life Sciences challenge: An industry under pressure to innovate. SETLabs Briefings. 2(1): 19-26
      • Thillai Rajan A. (2003). Principal Players in Utility Restructuring: The case of Orissa. Energy Policy. 31(5): 431-441
      • Thillai Rajan A. (2002). Restructuring state owned power utilities: Qualitative observations from an Indian experience. Global Business Review. 3(1): 77-97
      • Thillai Rajan A. & V. Anand Ram (2000). Towards developing a processual understanding of power sector reform: The case of Orissa State Electricity Board. Utilities Policy. 9(3), 93-105
      • Thillai Rajan A. (2000). Power sector reform in Orissa – An ex post analysis of the causal factors. Energy Policy. 28(10): 657-669
      • Thillai Rajan A. (2000). Reforms, Restructuring and Infrastructure Sector: A study of initiatives in Orissa power sector. Vikalpa. 25(4): 11-25
      • Thillai Rajan A. (1999). Privately funded Infrastructure Projects: Some answers to structural questions. Paradigm, 2(2): 148-160
      • Thillai Rajan A. (1998). Environmental Risks in Power Projects. Energy Management. 23 (4): 1-7
      • Thillai Rajan A. & Ranganathan, V. (1997). Innovations in Debt Financing in the Power Sector. Energy Management. 22(4): 1-15
      • Thillai Rajan A. (1997). Risk – return evaluation for IPP’s: More objectivity required, Vikalpa, 22(4), pp 65-67

Conferences

  • Real Options in Desalination sectors, 20th Annual International Conference Real Options Oslo, Norway, June 2016
  • Syndication and Staging as Risk Management strategies in Private Equity Investments: Evidence from the Infrastructure sector. 2013 Innovation in Public Finance (IPF) conference, 17 – 19 June 2013, Milan, Italy.
  • Corporate Service Corps and IBM India. International Case Study Conference 2012, Hyderabad, 14-15 December 2012
  • Does private involvement in delivery of water, telecommunication and electricity services lead to improved access and quality of service in developing countries? Colloquium for Systematic Reviews in International Development, BRAC University, Dhaka, 10 – 14 December 2012
  • Syndication networks as a capability builder in PE investments: Evidence from infrastructure sector. 24th AIMS Annual Management Education Convention, Hyderabad, 25-27 August 2012
  • Evidence of impact of changes in the transparency of infrastructure procurement and delivery on infrastructure quality, costs, and access – A systematic review of the evidence in developing countries. 5th annual MAER-Net Colloquium, Wolfson College, Cambridge, UK, September 16 – 18, 2011.
  • Test of venture capital value addition hypothesis – comparative financial and stock performance analysis of venture capital backed and non-venture capital backed IPO firms. 2nd World Finance Conference, Rhodes, Greece, June 15 – 17, 2011.
  • Family business support for new ventures: The case of Soliton Technologies. Second Asian Invitational Conference on Family Business, Indian School of Business, Hyderabad, 06 – 08 February, 2009. Also chaired a session in the conference
  • Comparative analysis of software service providers. 68th Annual Meeting of the Academy of Management, Anaheim, California, USA, 8 – 13 August 2008
  • Innovative responses to urban challenges: A case study of HUDA. 3rd International Conference on Public Policy, Indian Institute of Management Bangalore, 3 – 6 August 2008
  • Recent trends in equity public offerings in Indian capital markets. 19th Annual Convention of Association of Indian Management Schools, Kolkata, 23-25 August 2007
  • Vodafone’s acquisition of Hutch. 19th Annual Convention of Association of Indian Management Schools, Kolkata, 23-25 August 2007
  • Software Service Providers: A Comparative analysis of an Indian and an European Corporation, Strategic Management Forum, 9th Annual Convention, 18-20 May 2006, Kozhikode. Conference Proceedings, P 247-258
  • Participated and presented a paper titled, “Innovations in debt financing for the Indian power sector”, at the 20th International conference of the International Association of Energy Economics (IAEE), January 22-24, 1997, New Delhi
  • Electronic Commerce: The future challenges, 9th Annual Convention of the Association of Indian Management Schools, Aug. 29-31, 1997, Pune.

Book chapter and Reports

    • The old, the new, & all in between - A process study of the pioneering power sector reform in Orissa, Classical Publishing Company, New Delhi 2002. ISBN 81-7054-348-7

Book Chapters

      • Thillai Rajan A. (2009). Congruence Method. Acceptance for publication in Encyclopedia for Case Study Research, Sage Publications
      • Kamal Sharma, Mithun M Z., and Thillai Rajan A. (2008). BSNL: Ringing in change, connecting India, in Global Telecommunications: Issues and Perspectives, Ed. by Sisodiya, A.S., and Rao, N.J., ICFAI University Press: 191 – 217
      • Thillai Rajan A. (2007). Evolving aspects of outsourcing to India, in 21st Century Handbook of Management, Ed. Wankel, C., Sage Publications: Volume 1: 355-363
      • Thillai Rajan & Anand Ram (2003). Roles of principal players during restructuring: The case of Orissa State Electricity Board, in Transformative Organizations: A Global Perspective, Ed. by Vipin Gupta, New Delhi / California: Sage Publications: 65-84
      • Thillai Rajan A. & Pradeep Kumar V. (1998) Electronic Commerce: The Future Challenges, in New Dimensions in Global Business: Perspective 2001. Ed. by Bhattacharyya B. & Gupta A. New Delhi: Excel Books: 223-236.

Reports

      • India Venture Capital and Private Equity Report 2012: Stimulus for the New and the Nascent. Report available at: www.doms.iitm.ac.in
      • Impact of changes in the transparency of infrastructure procurement and delivery on infrastructure access, costs, efficiency, price, and quality – A systematic review of the evidence in developing countries. Study funded by the Department of International Development, Government of UK and supported by the EPPI-Centre, SSRU, Institute of Education, University of London. (June 2012). Report available at: http://www.dfid.gov.uk/r4d/PDF/Outputs/SystematicReviews/Infrastructure-2012Annamalai-report.pdf
      • India Venture Capital and Private Equity Report 2011: Fuelling growth and economic development. Report available at: http://www.dealcurry.com/publication.php
      • India Venture Capital and Private Equity Report 2010: The contours of smart capital. Report available at: http://www.indiavca.org/ivca_pe_vc_reports.aspx
      • India Venture Capital and Private Equity Report 2009: On top of the world, still miles to soar. Report available at: http://www.indiavca.org/ivca_pe_vc_reports.aspx

Experience

Academic

      • Jun 2010 Onwards - Associate Professor, Management Studies, IIT Madras
      • Dec 2005 – Jun 2010 - Assistant Professor, Management Studies, IIT Madras

Fellowship and visiting Faculty

      • Senior Fulbright Fellow, Centre for Business and Government, Harvard University, Jan – Jun 2010
      • Visiting Fellow, Macquarie Graduate School of Management, Sydney, May – June 2008
      • Chevening Gurukul Fellow, London School of Economics, Sep – Dec 2005
      • Visiting faculty, Project Analysis and Finance, Centre for Public Policy, Indian Institute of Management Bangalore, 2004 – 2009
      • Visiting faculty, Corporate Finance, T.A. Pai Management Institute, Oct-Dec 2000

Industry

      • Member of the Board, Rural Technologies Business Incubator (RTBI) (Since 2012)
      • Director and Member of the Board, Merkel Haptic System Private Limited (Since Sep 2012)
      • Advisory Trustee, Board of Trustees, Socio Economic and Education Development / Hand in Hand Trust (Since Sep 2011)
      • Founder and Member of the Board, Pluto Education (Money-wizards) Private Limited (Since Sep 2011)
      • Aug 2002 – Dec 2005 - Operations Manager, Infosys Technologies Limited
      • Jan 2000 – Aug 2002 - Manager, IL&FS Investment Managers
      • Jun 1999 – Dec 1999 - Assistant Manager, IL&FS Limited
      • Aug 1994 – Jun 1995 - Sales Engineer, Thermax Limited

Others

      • Co-ordinator, IITM-MSME Incubation Venture Fund

Awards & Honors

  • Chosen for the “Best Citizens of India” Award by Best Citizen Publishing House, 2013. (However, declined to accept the award).
  • Winner for the best case study in Business Ethics and Corporate Governance track, International Case Study Conference 2012, December 14-15, Hyderabad.
  • Selected for the Bharat Jyoti Award and Certificate of Excellence by India International Friendship Society, 2012. (However, declined to accept the award).
  • Emerald Literati Network Highly Commended Award, Journal of Indian Business Research, 2012
  • Emerald Literati Network Highly Commended Award, Journal of Financial Management of Property and Construction, 2011
  • Emerald Literati Network Highly Commended Award, International Journal of Energy Systems Management, 2011
  • Fulbright – Nehru Senior Research Fellowship, 2009 – 10
  • P. K. Das Memorial Best Faculty Award, 2009
  • Outstanding Young Management Teacher Award, The Association of Indian Management Scholars’ International, 2009
  • Dewang Mehta Award for Best Teacher in Financial Management, 2009
  • Young Management Researcher Award, The Association of Indian Management Scholars’ International, 2008
  • Dr. Harisingh Gour Award for Teaching Excellence in Management, November 2008
  • Young Faculty Recognition Award, IIT Madras, 2008.
  • Excellence in Online Education Award, U21 Global, 2008
  • Finalist in Hidden Successes, MIT – IFMR International Research Competition on India’s Urbanization, 2008
  • Endeavour Executive Award, 2008, Department of Education, Science and Training, Government of Australia
  • Broad Outlook Learner – Teacher (BOLT) Award, Air India, 2007
  • Ramaswamy P. Aiyar Best Young Teacher Award, Association of Indian Management Schools (AIMS), 2007
  • Best Case Study Award (Third place), 19th Annual Convention of Association of Indian Management Schools (AIMS), Kolkata, 2007
  • British Council Chevening Gurukul Scholarship in Leadership and Excellence, 2005
  • Included in the Marquis Who's Who in Science and Engineering, 2005-2006 (8th Edition).
  • Awarded the K.K.Birla Fellowship in Economics, 2002
  • Recipient of the Jawaharlal Nehru Scholarship for Doctoral Studies in Management, 1998
  • Awarded the PD Agarwal - TCI Award for Doctoral Studies, 1997.
  • Third Prize at INNOVISION 97, a national level paper writing competition conducted by the Indian Institute of Management, Lucknow for the paper, “Opportunities and Strategies for Electric Utilities”
  • MODICORP Best Paper award for the paper titled, “Achieving Sustainable Corporate Growth - A Case of the Power Industry”, at Delphique 97, A National Management Convention, 18-19 October 1997, MDI, Gurgaon
  • Third Position in the Best Research Paper competition held during the 9th Annual Management Education Convention, Aug. 29-31, 1997, Pune, conducted by the Association of Indian Management Schools (AIMS)
  • Second Prize in the All India LIC Essay Competition 1996-97 on Vision 2000: The Strategic Perspectives, conducted by Life Insurance Corporation
  • Chief Ministers’ Award for Best performance, Class XII, 1989
  • National Scholarship Scheme Scholar, Government of Tamil Nadu, 1987 and 1989
  • Monali Dey Best Chemical Engineering Graduate Award, Birla Institute of Technology & Science, Pilani, 1994
  • Awarded the CMC Jewellers’ Gold Medal for Best Student, Class XII, 1989
  • Rotary Club Best Student Award, Class X, 1988

Case Studies

  • Saji Mathew and Thillai Rajan A. (2013). Sustainability as an imperative and an opportunity: the case of Infosys Limited, Emerald Emerging Markets Case Studies, 3(2): 1-16. DOI: 10.1108/EEMCS-10-2012-0189
  • Thillai Rajan A. (2011). Soliton Technologies - Financing Growth in Uncertain Times. Emerald Emerging Markets Case Studies, 2(6): 1- 18. DOI: 10.1108/20450621211275174
  • Thillai Rajan A. and Josephine Gemson (2011). Financial Closure of Bengaluru International Airport Limited, Emerald Emerging Markets Case Studies, 1(4): 1 – 22. DOI: 10.1108/20450621111187353
  • Thillai Rajan A. and Gaurav Sawhney (2008). Can we have global models for Corporate Community Relations? The Case of IBM India. Metamorphosis – A Journal of Management Research. 7(1): 93 – 115.
  • Thillai Rajan A., Mukund, S.P., & Siddharth, R. (2007). The pug goes red: Vodafone acquires Hutch in India. Metamorphosis – A Journal of Management Research. 6(2): 184 – 211
  • Thillai Rajan A. (2008). PPP in Greenfield Airport Development: A Case Study of Cochin International Airport Limited, in Policy, Management and Finance of Public-Private Partnerships, Ed. by Akintoye, A., and Beck, M., Wiley Blackwell Publishing: 97-122.
  • Thillai Rajan A., Kamal Sharma, and Mithun MZ (2006). BSNL: Ringing in change, connecting India. ICFAI Journal of Business Strategy, 3(3): 65 – 83
  • Thillai Rajan A. & J.Ramachandran (2001). Life Insurance Corporation of India - Coping with Uncertainty, in World Class in India - A Case Book of Companies in Transformation, Ed. By Sumantra Ghoshal & Others, India: Penguin Books: 68-100

Competitive Grants

  • Human Settlement Management Institute supported study on Housing, urban development and infrastructure: Study of the impact of PPP and Private Equity investments (2012)
  • Indian Council for Social Sciences Research (ICSSR) project grant for doing a study on Recent innovations in infrastructure financing: role of private equity (2012)
  • Nissan supported study on financing of entrepreneurial and SME companies in energy, environment, and technology sectors in India (2011)
  • AusAID supported study on Impact of private sector participation on access and quality in electricity, telecom, and water supply sectors (2011)
  • DFID supported study on Impact of transparency on infrastructure outcomes (2010)
  • Ministry of Small and Medium Enterprises (MSME) support for setting up a incubation centre at IIT Madras (2009)
  • IIT Madras Socially Relevant Projects grant for a study on market based approaches for delivering primary healthcare (2009)
  • Indian Council for Social Sciences Research (ICSSR) project grant for doing a study on Venture capital trends and performance of investee companies in India (2009)
  • Publication grant from the Indian Council for Social Sciences Research (ICSSR), Ministry of HRD for publication of the doctoral thesis (2000)
  • Research grant from USAID through Community Consulting International, USA, under Financial Institutions Reform and Expansion program for the project Innovations in Debt Financing for Power Sector (1995)

Professional Affiliations & Activities

Newspaper & Magazine Articles

      • Don’t rush power projects, The Hindu Business Line, May 27, 2013
      • PPP’s in roads – a costly affair, The Hindu Business Line, June 28, 2012
      • Weekly Tamil column on “First Generation Entrepreneurs” in Nanayam Vikatan, Dec 2011 – May 2012
      • Roads: PPPs show the way, The Hindu Business Line, August 03, 2011
      • PPPs for Indian airports: A good idea, The Hindu Business Line, August 10, 2009
      • New airports off to a flying start, The Hindu Business Line, July 16, 2008
      • Urban planning needs long term vision, The Hindu Business Line, June 20, 2008
      • UMPP’s: Vital step in journey towards ‘power for all’, The Hindu Business Line, April 26, 2008
      • Raising money from public offerings: Interesting trends in capital market, The Hindu Business Line, September 21, 2007
      • Public Private Partnerships: Breaking new ground for State Highways, The Hindu Business Line, August 3, 2007

Journal Reviewer & Editorial Board

      • Entrepreneurship Theory & Practice
      • Journal of Financial Management of Property and Construction
      • AIMS International Journal of Management
      • International Journal of Energy Sector Management
      • Journal of Construction Engineering and Management
      • ICFAI Journal of Business Strategy
      • Energy Policy
      • Policy and Society
      • Impact, a journal of Indian Institute of Management Indore

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