The return of large scale foreign investment in India will take another six months, that's the word coming in from private equity giant Warburg Pincus. Speaking to CNBC-TV18, the two company heads of Warburg Pincus's India operations said that 10 percent of their USD 11.5 billion global fund is invested in India and if the government sticks to its reform push, investment in 2015 would definitely be higher.
Niten Malhan, MD - India, Warburg Pincus says people are feeling more positive about governance and the fact that the government is keen to do a bunch of things to make business easier, to make it more attractive for all investors.
While Vishal Mahadevia, MD - India, Warburg Pincus expects to see actual turnaround in 6-12 months.
Below is the verbatim transcript of Niten Malhan & Vishal Mahadevia's interview on CNBC-TV18
Q: Do you see a sentiment change as far as India is concerned?
Malhan: There is definitely a change in sentiment. People are feeling more positive about governance and the fact that the government is keen to do a bunch of things to make business easier, to make it more attractive for investors. Not just foreign investors, but all investors. And some of that sentiment is being seen even in our companies and businesses. It is still early days though for actual change on the ground, but people are definitely more hopeful than they were here a year ago.
Q: How long to actually see a turn around and a pick up in investments? Any timeframe that you can give us?
Mahadevia: I think it is hard to put a definitive time frame on it, but we would expect personally in the next 6-12 months, you are going to see some of this happen on the ground.
Q: There's been USD 3 billion worth of investments so far. Would you say that you would be able to increase the pace of investment going forward? Next five years, how much are you looking at investing?
Malhan: From our perspective as a firm, our appetite to do more in India, our willingness to put more capital to work, our resources that we have built as a team and a franchise here, we would be disappointed if we were not aggressive and doing more.
Q: The USD 11.5 billion fund that you raised last year globally, what is the exposure for India so far?
Mahadevia: India is approximately 10 percent of the fund more or less is what it has been over time. Again, there are years when that moves up, there are years when it moves down depending on exits and investments, but by and large, it has been 10 percent. As you think about it from a Warburg Pincus perspective, our hope is to grow that over time.
Q: And even in Warburg Pincus's global strategy, be it versus emerging markets, be it versus the global markets, where does India stack up?
Malhan: I think China as a portfolio for us has done very well in the last few years and we have in fact increased the pace of our investing. We had hoped that India follows the same path.
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