Aug 7th, 2025, Notwithstanding US president Donald Trump's punitive tariffs on India, New York-based professional services and consulting firm Alvarez & Marsal (A&M) is betting big on the infrastructure boom in the world's fastest-growing major economy.

The global consultancy is planning to triple its headcount to about 60 people in the country for its infrastructure services practice over the next six months, Marcos Ganut, managing director and global head of infrastructure and capital projects at the firm, said.

Alvarez & Marsal's infrastructure consulting practice, now nearly eight years old, is seeing a rising demand from capital-intensive sectors such as energy, transport, real estate, and digital infrastructure in India. Ganut said A&M is planning to double or even triple its infrastructure team in India within the next six months, in response to strong project pipelines.

Confidence Despite Tariffs

"We started with just four people in 2017 ... today, we have about 1,000 globally, and around 20 in India. But we see that number increasing significantly very soon," Ganut told Mint in an interview.

He said that the US tariffs won't impact India's infrastructure projects, which will continue to enjoy momentum. He was speaking to Mint two days before Trump slapped additional 25% tariffs on Indian exports to the US.

On 7 August, Trump imposed extra 25% tariffs on Indian imports for buying Russian crude oil, taking the total duty levied on New Delhi's exports to 50%, a move that New Delhi called unjustified and unreasonable.

"Geopolitical changes always bring both risks and opportunities. But India's domestic market is large enough that most infrastructure projects will remain unaffected," he said.

A&M's global infrastructure unit has been growing at a 40% annual rate, and Ganut believes India could match or even exceed that pace, requiring expansion of operations and raising manpower here.

Broader Expansion in India

A&M, known as a turnaround specialist, is also planning an expansion of its traditional operations where they help organizations tackle complex business issues and maximize stakeholder value using expertise in areas like restructuring, turnaround management, and performance improvement.

"We're building our capabilities in India ... we were 250 consultants two-and-a-half years ago. Now we're about 1,100, and we think this will go to 3,000 in the next three to four years," said Himanshu Bajaj, managing director and head A&M India and Global Capability Center (GCC).

The consulting firm is also expanding its India-based GCC, set up in 2023 to serve engagements spearheaded by the firm's multiple business lines across six continents, which already employs 650 professionals.

Tackling Infrastructure Challenges

Ganut noted that capital projects—such as highways, ports, and industrial parks—are notoriously complex, often seeing cost overruns or facing delays worldwide.

"More than 90% of capital projects face time or cost overruns. That's where firms like ours come in—to help make projects more efficient and avoid delays," he said.

To tackle this, A&M has built a diverse team combining former industry professionals, developers, and financial experts. The firm advises clients across the entire project lifecycle—from planning and procurement to execution and operations.

Ganut downplayed fears of instability caused by recent global tariff hikes or geopolitical shifts. He noted that while tariffs might impact some imported materials—especially for renewable energy—the overall scale of India's infrastructure programme is unlikely to slow down.

"Tariffs may affect some imports, but overall momentum in infrastructure will continue," he said.

When asked about green hydrogen, he offered caution: "Hydrogen is still a few years away. The technology is expensive and transporting it is a challenge. Renewables like solar and wind are seeing more realistic progress right now."

Strategic Positioning

Unlike the low-cost, high-volume engagements typical of the Big Four consulting firms, A&M positions itself as a high-impact strategic adviser.

Ganut said: "We don't compete on price. We offer strategic, high-impact solutions with experienced teams. That's where our value lies."

He added that India's private equity community is also becoming more active in infrastructure, with one major global PE fund recently relocating its infra head to India—a move Ganut sees as a strong vote of confidence in the country's long-term potential.

"India has a continental-sized economy with huge infrastructure needs. That's why we're investing here—not just for now, but for the long run," he said.

Despite increased capital spending by both the public and private sectors, Ganut stressed that execution—not funding—remains India's biggest bottleneck.

"There are a lot of announcements, but execution hasn't always kept pace. We're here to improve that—with better planning, cost control, and digital tools," he said.


This article is an Intellectual Property of Mint. The views expressed here are those of the author and do not necessarily represent the views of Mint or its editorial team.