Bain Sees Opportunity in India With Modi Reforms, Pagliuca Says

India will be a more attractive place for private equity investment because of business reforms by Prime Minister Narendra Modi, said Bain Capital’s Steve Pagliuca.

“There’s a renaissance in India with the Modi government,” Pagliuca, a managing director at Boston-based Bain, said Friday in an interview with Bloomberg Television’s Erik Schatzker and Stephanie Ruhle at the World Economic Forum in Davos. “The finance ministers here, they’re pointing toward major reforms there and it could be a great investment area.”

Modi, who became prime minister in May 2014, has promised reforms to India’s regulatory structure to attract more foreign investment to the world’s largest democracy. He will use executive orders to push the changes if political opposition continues to slow the progress, Indian trade minister Nirmala Sitharaman said in a Bloomberg TV interview this month.

Bain, which manages $80 billion in assets, is an investor in Emcure, an Indian pharmaceutical company, motorcycle maker Hero MotoCorp. and Himadri, an industrial company, according to the firm’s website. Bain was cautious about investing in the country because of weak fraud detection and policy enforcement, Pagliuca said in 2013.

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