Dear friends and well-wishers of Kampani Capital,

I write this edition of our monthly newsletter just after our annual roadshows in the United Kingdom.It was really exciting to meet our clients and partners in London, Dublin and Cork getting to hear their views on the India story. It was really heartening to see some of the large and traditional asset allocators like local Family Offices and Fund Managers upping their investments in the Indian market as part of their core strategy instead of just an ancillary bet on the EM side. I must also add that about 10 years back, my overseas visits were always meetings with capital allocators requesting them to invest more in Indian funds or investing in Indian firms seeking capital. Things are different now with Indian Family Offices flexing some money (and muscle!) into overseas assets-both into portfolio investments as well as strategic deals.

While a lot of our newsletters have spoken about the turbo charged growth in Indian markets and services like aviation and hospitality, there are also giant leaps being taken by Indian firms in the manufacturing space on the back of the “Make in India” and PLI schemes launched by the Govt of India. We can see this in sectors like semiconductors as well as telecom hardware where onshoring of the offshore is now gaining traction. As per industry estimates, the Indian Semiconductor market is expected to reach USD 80 BN by 2026 due to strong local demand of electronic equipment and mobile phones. As of now nearly 100% of this requirement is imported but this will soon change with top firms setting up manufacturing units in India. On the telecom side, large houses like the TATAs are also likely to double capacities for their phone production units which cater exclusively to Apple. This comes on the back of Apple’s diversification of production units from China to India.

As we approach 2024, we would love to introspect and reflect on the year gone by, but the race to USD 5 Tn is keeping us extremely busy both on the inbound side as well as outbound side. We are currently working on a host of mandates both on the Cap Intro side as well as assisting Family Offices on potential investments. We hope to reach out to all of you soon as we keep this amazing journey going – trying to keep pace with India Unstoppable!!

Yours truly
Amar Kampani
CEO and Founder,
Kampani Capital (a division of Anak Consulting LLP)
27th Nov 2o23