- Reliance Industries Limited (NSE: RELIANCE / BOM: 500325) – Reliance Industries (4.82% of net assets*) is India’s most valuable company by most metrics. The conglomerate is at the forefront of transformation focusing on telecommunications, retail and renewable energy industries. More recently, Reliance has doubled down on its commitment to pursue these strategic ventures. In August 2022, Jio Platforms, the internet arm of Reliance Industries bid $11.5 billion for the 5G spectrum in India. Mukesh Ambani, the chairman of Reliance Industries, announced a $25 billion commitment to launch 5G in India. Ambani announced that Jio aims to provide 5G service to every district in the country by December 2023. Jio’s ambition is to become the world’s largest and most advanced 5G network, ahead of China and the United States. A dominant position in this space allows Reliance to build digital, scaled adjacent businesses in e-commerce, entertainment, education, etc.Reliance Industries has plans to usher in an era of renewable energy in India with $75 billion committed to its renewable energy endeavors…
- ReNew Energy Global (NASDAQ: RNW)- We believe ReNew (0.40% of net assets*) is going to be a likely beneficiary of India’s plan to boost renewable energy capacity to 500 GW by 2030…
- HDFC Bank (NYSE: HDB) – HDFC Bank Limited (4.60% of net assets*) is a private sector bank in India that caters to a range of banking services covering commercial and investment banking as well as transaction or retail banking. In scale, it could be conceptualized as the “J.P. Morgan Chase of India.”
- HDFC recently used its vast balance sheet to acquire HDFC Ltd, the country’s largest housing & mortgage lender. This acquisition brings new skills and customers, and, for shareholders, there are some valuable synergies to be exploited post-acquisition. We view HDFC as a high-quality bank that could offer a persistent high return of equity, per our estimates, up to 23% over the next 2-3 years…
- Delhivery Limited (NSE: DELHIVERY / BOM: 543529) – Delhivery (0.79% of net assets*) is India’s fastest-growing logistics operator by revenue. The company provides an ultra-low-cost, asset-light software platform for express parcel transportation, partial truckload, cross-border and supply chain services. Delhivery supports India’s leading e-commerce marketplaces, direct-to-consumer e-tailers, consumer brands and enterprises across diverse sectors. We met with the company’s CEO during our recent trip and collected on-the-ground observational data…
Source: India’s Opportunities: Impossible to Ignore (Van Eck)
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