Bank of America said, India will attract $10 billion in green energy investment by 2023

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- Sectors like renewable energy and retail will benefit

- Deals and investments in areas like electric vehicles and green hydrogen will continue: Kaku Nakhat

New Delhi, 13 December 2022, Tuesday

India could attract as much as $10 billion in renewable energy investment by 2023, according to the country's top executives at Bank of America Corporation. Because, public markets are closed for large scale capital raising. Deals and investments in areas such as electric vehicles and green hydrogen will continue, Kaku Nakhate, the lender's president and country head for India, said in an interview, adding that investors look to reflect the energy transition in their portfolios. If you really want to get your ESG story right, and if you're in energy, you can do big things in India,” said Nakhate.

Sectors like renewable energy and retail stand to benefit. Because, India is ahead of its emerging market rivals in attracting foreign investors. Although global dealmaking has been hit by rising interest rates and market volatility, the South Asian nation's geopolitical stability helps position it for greater flows. Investors and companies attending the bank's recent North American roadshow were impressed by the Indian government's clear goals to achieve net zero carbon, Nakhat said. "People take us seriously," she said, "which is why we're seeing more sustainability funds wanting to invest in India." The bank will continue to build its distressed debt financing business in the renewable energy sector, which has delivered double-digit returns. Along with green investment, Nkhate predicts an increase in dealmaking in consumer brands, supported by rising per capita income and spending. "If you want to drive the India story, you want a mix of brands to enjoy the distribution story," Nakhate said. The bank also expects India to benefit from so-called mitra-shoring by companies rethinking their supply chains, disrupted by Covid and the Ukraine war, Nakhat said. India, with its democratic traditions and strong domestic markets, is well suited to attract this capital, Nakhat said.

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