JPMorgan says global firms keen to grow in India

25 Sep 2024 CW Team

He noted that some global strategic investors are showing increasing involvement in the country's financial services sector. According to Wadhwani, India has become a hotspot for dealmaking, with nearly $9 billion raised through IPOs this year. Data compiled by Bloomberg reveals that the volume of deals involving Indian companies has surged by 28%, reaching $77 billion.

Several high-profile financial services deals are currently in progress, including stakes in Yes Bank Ltd. and IDBI Bank Ltd., which have attracted attention from investors in Japan and the Middle East. Zurich Insurance Group AG recently acquired a majority stake in Kotak General Insurance, marking the first instance of a foreign insurer entering India following the relaxation of regulations. Additionally, a consortium led by BPEA EQT AB agreed last year to purchase a majority stake in a unit of Housing Development Finance Corp., making it one of the largest private equity deals in India’s financial sector.

Wadhwani highlighted that the average annual M&A volume had doubled from 2011-2020 to $140 billion between 2021 and 2024. He added that private equity firms and financial sponsors remain highly active, engaging in both buying and selling activities, and that this trend is expected to continue. Unlike earlier trends of global companies favouring large transactions, firms are now adopting a partnership approach, establishing joint ventures and taking strategic minority positions with domestic companies.

Wadhwani further suggested that, in addition to M&A and joint ventures, many multinational companies are considering listing their Indian units to leverage the country’s economic growth. Hyundai Motor Co. is reportedly planning to list its Indian unit this year, which could become one of the largest-ever listings in India. LG Electronics Inc. has also selected banks for a potential IPO of its Indian business, aiming to raise as much as $1.5 billion.

Kevin Foley, JPMorgan's global head of capital markets, explained that emerging markets portfolio managers globally are currently under-allocated to India and are seeking to increase their investments in the region. He predicted that sectors like clean energy and infrastructure would attract more capital, noting that there are significant opportunities in both India and China, with slightly more momentum currently in India.

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Top executives from JPMorgan Chase & Co. indicated that global companies and financial sponsors remain interested in exploring mergers and acquisitions (M&A) as well as initial public offerings (IPOs) to capitalise on India's economic growth. Navin Wadhwani, JPMorgan's head of investment banking in India, mentioned that financial services, including insurance and banking, are attracting significant interest. He noted that some global strategic investors are showing increasing involvement in the country's financial services sector. According to Wadhwani, India has become a hotspot for dealmaking, with nearly $9 billion raised through IPOs this year. Data compiled by Bloomberg reveals that the volume of deals involving Indian companies has surged by 28%, reaching $77 billion. Several high-profile financial services deals are currently in progress, including stakes in Yes Bank Ltd. and IDBI Bank Ltd., which have attracted attention from investors in Japan and the Middle East. Zurich Insurance Group AG recently acquired a majority stake in Kotak General Insurance, marking the first instance of a foreign insurer entering India following the relaxation of regulations. Additionally, a consortium led by BPEA EQT AB agreed last year to purchase a majority stake in a unit of Housing Development Finance Corp., making it one of the largest private equity deals in India’s financial sector. Wadhwani highlighted that the average annual M&A volume had doubled from 2011-2020 to $140 billion between 2021 and 2024. He added that private equity firms and financial sponsors remain highly active, engaging in both buying and selling activities, and that this trend is expected to continue. Unlike earlier trends of global companies favouring large transactions, firms are now adopting a partnership approach, establishing joint ventures and taking strategic minority positions with domestic companies. Wadhwani further suggested that, in addition to M&A and joint ventures, many multinational companies are considering listing their Indian units to leverage the country’s economic growth. Hyundai Motor Co. is reportedly planning to list its Indian unit this year, which could become one of the largest-ever listings in India. LG Electronics Inc. has also selected banks for a potential IPO of its Indian business, aiming to raise as much as $1.5 billion. Kevin Foley, JPMorgan's global head of capital markets, explained that emerging markets portfolio managers globally are currently under-allocated to India and are seeking to increase their investments in the region. He predicted that sectors like clean energy and infrastructure would attract more capital, noting that there are significant opportunities in both India and China, with slightly more momentum currently in India.

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