Quotes from India Investment Summit
MUMBAI (Reuters) - Following are selected quotes from executives speaking at the Reuters India Investment Summit this week.
MANISHA GIROTRA, INDIA INVESTMENT BANKING HEAD, UBS UBSN.VX
"I strongly believe the capital markets will not be open for business at least in the first half (of 2009)"
"IPOs will be difficult to do even in the second half."
"The best opportunity for any bank will be inbound M&A. It will be the theme of 2009. You will see a lot of activity there,"
AKHIL GUPTA, CHAIRMAN, BLACKSTONE INDIA (BX.N)
"Infrastructure stocks have come to a point they are valuable but we need to be cautious."
On the outlook for the second half of 2009: "India will be a shining star to the whole world. Low inflation, low rates, growth, and the pressure on the rupee will go away." TUESDAY
K.V. KAMATH, CEO, ICICI BANK (ICBK.BO)
"We are allowing for a correction to happen in our liability mix. If that warrants some recalibration of our market share, we are comfortable."
"We now have almost all the businesses that a broad-based bank should have. We will press the accelerator when we see the opportunity.
"Indian banks' are not right-sized to meet the economic growth of 8-10 percent. If we aspire to grow to the size of China, our financial system needs to get the size and scale."
PRAMOD BHASIN, CEO OF GENPACT (G.N)
On the global financial crisis: "It is the worst we will ever see. There is no question about it."
On U.S. president-elect Barack Obama's stance on outsourcing:
"I don't see Obama doing anything terribly drastic. I think he has enough on his plate; he has got a trillion-dollar bailout and probably got another trillion dollars coming on top of that which he has to finance."
On Indian infrastructure: "Indian entrepreneurs are dragging us into the 21st century and our public services are dragging us back into the 18th century."
ANANTHA RADHAKRISHNAN, VICE PRESIDENT AND HEAD - STRATEGIC
PLATFORMS, KEY SOLUTIONS, ALLIANCES, TRANSFORMATION AND
TECHNOLOGY - INFOSYS BPO
On the global slowdown: "I don't think any of us has seen the recession of the 1930s and 1940s. This will take a while. I clearly don't expect this to get over in a hurry."
SURESH SENAPATY, CFO OF WIPRO LTD (WIPR.BO)
On opportunities from slowdown: "Since there is consumption contraction in the western economies, there is significant pressure on customers to realign their cost structures."
VEDIKA BHANDARKAR, MANAGING DIRECTOR AND HEAD OF INVESTMENT
BANKING IN INDIA, JPMORGAN (JPM.N)
"Our focus is inbound activity and private equity deals from a strategic standpoint. There are a few large companies that do think this is a good time to make a move, provided the volatility settles down."
"A lot of companies that felt the necessity, have scaled back their capital expenditure. Having said that, there is an enormous amount of capital expenditure that is already being implemented, which needs to be funded."