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We recognise the complex, nascent and rapidly developing and volatile nature of this ancient country’s modern market and economy as it grows and expand internationally and seek to work as partners with leaders who wish to create value from ideas

The Investment Case: A Focus on India

Macro Insights

Investment Drivers: Market Strategy
Investing in the New India Story
Investing in the New India Story

It is by now clear that the new Modi government is re-instating and re-shaping the India story with substantive initial policy decisions which has started to change the mood of the domestic and international community. Based on GPC’s experience in India, we take a closer look at the implications for different asset classes and sectors which should inform investors’ decisions on how to participate in and benefit from India’s re-invigorated economic growth.

The "Hindu Rate" or a Pause Before the Next Lap?
The "Hindu Rate" or a Pause Before the Next Lap?

With India’s growth having slowed sharply from 10% to 5%, we examine the underlying reasons for the slowdown as well as the implications for investors and policymakers.

Fighting for Corporate Position, Size is Not Enough
Fighting for Corporate Position, Size is Not Enough

We take a closer look at what large companies in India and China need to do to establish global leadership, including focusing on innovation, establishing strong capital markets and a market for corporate control.

Investment Drivers: Regional & Sector Strategy
Creating Growth Through its States, How India Can Become A Long Term Driver of Economic Growth
Creating Growth Through its States, How India Can Become A Long Term Driver of Economic Growth

The key to India’s economic rise lies in a combination of a macro “top-down” approach which puts in place a robust policy framework and draws in foreign capital with a path-dependent approach of unlocking the value of different states in different manners. Following up on our analysis of India’s states in July 2015, we take a look at four different growth models from East Asia and examine how they can be applied to India’s different states to unlock the country’s full economic potential.

India States: The India Within India
India States: The India Within India

We take a closer look at the large inter-regional variations in India in terms of income levels, growth, risk profiles, policies, productivity and industrial composition, and put forward the key implications both for investors and policy makers.

India Has to Create Big Waves to Succeed
India Has to Create Big Waves to Succeed

India needs to focus on simultaneously developing agriculture, industry and its knowledge economy. We examine the key priority sectors where India should focus on creating economic hubs to accelerate to double-digit growth.

Investment Drivers: Politics, Policies & Reforms
The First Steps in the Creation of the New India Story: How the Modi Government is Seeking to Reshape India
The First Steps in the Creation of the New India Story: How the Modi Government is Seeking to Reshape India

India has always had strong long-term assets, namely its people, its resources and its institutions. However a combination of local and global factors resulted in an erosion in India’s attractiveness as an investment destination in the years preceding the historic May 2014 general election. We take a closer look at the new Modi governments achievements (and failures) since the election in terms of policy decisions and economic results.

12% Growth Agenda: A Blueprint for India’s New Government
12% Growth Agenda: A Blueprint for India’s New Government

With elections looming, we put forward an overall agenda for the new government to accelerate India from 5% to double-digit growth focusing on the ten key policy priorities which can energise the economy.

Decoding India’s 2014 Election: The Potential for Resetting India’s Course
Decoding India’s 2014 Election: The Potential for Resetting India’s Course

We de-mystify India’s complex political landscape and examine the potential outcomes in the upcoming general elections in terms of the political landscape, reforms, the economy and markets.

Investment Drivers: India-Global
US-India Leaders’ Agenda: Aligning Their Visions for the 21st Century
US-India Leaders’ Agenda: Aligning Their Visions for the 21st Century

US-India relations have made little material progress in the years following the financial crisis with the relationship strained due to a series of diplomatic mishaps. Ahead of the first meeting between President Obama and PM Modi, we look at the key economic, defence, and foreign policy areas where the two countries can collaborate in order to re-invigorate the strategic relationship.

India and Japan: The Strategic Agenda
India and Japan: The Strategic Agenda

We make the case for a strategic partnership between the two countries who have the potential to be natural allies across a wide spectrum of economic, political, military and cultural issues.

The India-China Link – Cross Border Opportunities
The India-China Link – Cross Border Opportunities

We take a closer look at economic cooperation between the two Asian giants, the key factors for deepening cooperation across trade, investments and other areas and implications for investors.

Archived Articles

India: The “Certainties” in a World of Uncertainty

  1. 1.4bn Indians by 2025 (largest population in the world)
  2. c.1 out of 5 people in the world an Indian
  3. c.1 out of 10 people an Indian under the age of 30
  4. 188m net additions to working age population in next 10 years, 26% of the world total
  5. 100m high school and college students in 2020 (from 67m in 2015)
  6. 12m people to move to cities each year, implying the need to create a New Mumbai every 18 months
  7. 650m internet users by 2020, ~900m by 2025 (up from c.300m in 2015)
  8. 95% of internet users on smartphones, not computers
  9. 6-7% minimum average Real GDP growth implying c.US$6tn nominal GDP in 2025 (3rd largest in the world)
  10. US$400+ per capita income by 2025 (up from US$1800 in 2015)
  11. 1.5x increase in total energy consumption by 2025
  12. Continuity of democracy and stable politics: 2 general elections (2019 and 2024)

Selected Industry Insights

Unleashing India’s Industrial Potential: Building a Globally-Competitive Manufacturing Base
Unleashing India’s Industrial Potential: Building a Globally-Competitive Manufacturing Base

We study how India’s manufacturing sector can foster a rapid industrial expansion, by leveraging its huge and low-cost labour pool, to create a manufacturing cost advantage over other developing countries.

Big Data Analytics: At the Tip of an Iceberg
Big Data Analytics: At the Tip of an Iceberg

We examine how introducing productivity enhancing analytics applications into India, can benefit the way people, businesses and organisations function, and transform the manner in which these groups interact with each other.

Pensions and Social Security in India and China: A c.US$30 trillion Liability in the Making
Pensions and Social Security in India and China: A c.US$30 trillion Liability in the Making

We calculate that India and China will need to generate c.US$30tn of combined pension assets to provide social security for their growing populations, to help them cope with the rapidly rising costs of living.

Pharma Industry’s R&D Restructuring Can be Facilitated by India
Pharma Industry’s R&D Restructuring Can be Facilitated by India

We make the case for India emerging as the leading global hub for CRO services, providing a low cost outsourcing alternative to large pharma companies, which are facing an impending “patent cliff”.

India, Aviation
India Can Become the World’s Third Largest Aviation Market

We study how the Indian Aviation sector can mimic the Indian “telecom revolution” of the 1990s and grow to become the world’s third largest aviation market on the basis of more affordable and easier to access air travel services.

Archived Articles

Investment Philosophy

Greater Pacific Capital’s thematic approach lies at the core of the firm’s investment philosophy. We have developed an in-house research capability to develop cross-border and cross-industry investment themes for India, based on the long term rise of the country, increasing globalization of markets and ideas, and the growing link between India and the rest of the world. Our investment themes are proprietary in nature and based on its in-house research. Read More

Investment Approach

GPC’s investment origination is based on its top-down thematic approach, its ground-up analysis and its on-the-ground search for companies that meet its investment criteria. The firm has developed significant investment structuring expertise to manage the intrinsic risks of investing in this dynamic and high growth market in order to provide investors with superior and consistent risk adjusted returns. GPC’s approach to portfolio management is closely tied to its core investment strategy of focusing on high quality companies with strong management teams looking to expand into international markets. Read More

 

Investments, Selected

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Mass quality pharmaceuticals and healthcare delivery

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Project Agent – Developing highly specialised quality drugs: One of currently six and the only independent US FDA approved speciality generic pharmaceutical manufacturing and R&D company in the US, India and China
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Project Raptor – Distributing drugs to the mass population: The third largest pharmaceutical retail and distribution company in China with a network of distribution hubs and c.4,000 retail outlets

Intellectual property leverage across boundaries

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Project Tango – Applying Indian intellectual property worldwide: The largest independent Indian contract research organization with an end-to-end global service offering transformed by expanding geographic and service scope

Growth of financial services in India

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Project Edgar – Creating value from financing: A former Indian brokerage that is now one of India’s top five investment banks with debt capital, asset management and private wealth management capabilities

Information technology development in India and China

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Project Prologue – Scaling the provision of IT services to global enterprises: One of China’s top three IT services, software and solutions companies transformed from a top 15 position
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Project Amazon – Provision of modern information technology for students across India: One of India’s entrepreneurs launching the number one integrated information service for students integrating hardware, software and services

Infrastructure-related services in the build out of India’s infrastructure

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Project Flight – Modernising the provision of Indian airport services: One of India’s three largest independent airport services providers with advertising and ground handling service offerings amongst the country’s largest airports
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Project Tornado – Investing in Indian power provision: One of India’s leading traditional fuel power companies with one of the most efficient operations in the country, operated as an end-to-end customer service and with carbon credits based on its eco policies