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Last Updated : Oct 20, 2020 05:21 PM IST | Source: Moneycontrol.com

Uday Kotak says now is best time to invest in India, lists 5 'right' sectors

Kotak Mahindra said "right sectors" to invest in India include digital, e-commerce, technology, pharmaceutical and consumers.

Asia's richest banker, Uday Kotak said that now is the best time for overseas investors to invest in India as the economic impact of coronavirus pandemic has made the valuation of businesses attractive.

"I always believed you have to invest in India when things look more challenging," Kotak, managing director of Kotak Mahindra Bank Ltd. said in a conversation with David Rubenstein, co-founder of Carlye Group Inc. during a Bloomberg summit.

According to the banker, "right sectors" to invest in India now include digital, e-commerce, technology, pharmaceutical and consumers.

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Responding to Kotak, Rubenstein said that the best place to invest in the world, outside of the US, over the next ten years is "certainly going to be India and China."

"India has not had as much capital from outside as China has had, but I do think in the next ten years that would change, and India is increasingly seen as an attractive place to invest for foreign capital," the co-founder of Carlye Group added.

Speaking about succession, the founder of Kotak Bank said that there are no rules as yet that cap his tenure at the bank, but at a later stage, he might consider a role as a non-executive director of the bank.

"We are 26 percent shareholders as a family, and are very committed to continuing as long-term owners, shareholders and value creators for all shareholders," Kotak added.

Read: What does RBI’s proposed CEO term rule mean for incumbent private bank bosses such as Uday Kotak

The RBI had earlier this year proposed to limit the tenure of the promoters of the bank as Chief Executive Officers (CEOs) and Whole Time Directors (WTDs) to 10 years if the person is from the promoter group and 15 years if from the non-promoter group.

Kotak been the executive vice-chairman and managing director of the bank since its inception in 2003-2004 and has been at the top of the management for 17 years now.
First Published on Oct 20, 2020 11:06 am
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