By Gillian Tett, The Financial Times, 28 December 2006
Why have the Chandler brothers recently started focusing on Indian banks? The two men have hitherto been wary of discussing the issue in public.
However, in a statement to the FT, Legatum - Christopher Chandler's fund - notes that "India itself is so vast and diverse it is misleading to think of it as a single market".
However, the company adds that "in general ... India is transitioning toward a more open, market-based economy.
"Legatum sees this slow but steady liberalisation, combined with a growing middle class, as an opportunity to support the development of strategic sectors that will accelerate the country's future growth.
"Thus, Legatum's focus in India has been on identifying sectors that will assist most directly in the country's sustained development ... We have therefore concentrated on the financial sector in particular, as we know that well-allocated capital is an accelerator of prosperity, enabling the productive to start and build businesses through investment in capital goods and income-producing infrastructure.
"Finally, the way in which the management teams in the financial sector demonstrate high standards of integrity and world-class ability is most attractive - attributes which many Indian companies share."
Source: The Financial Times
