Leon Black

John Gapper

Chairperson of the Congress-led UPA government Sonia Gandhi (L) talks with Indian Prime Minister Manmohan Singh. Getty Images

Chairperson of the Congress-led UPA government Sonia Gandhi (L) talks with Indian Prime Minister Manmohan Singh. Getty Images

India does not get a lot of love compared with other Bric countries – particularly China and Brazil. As far as many western investors are concerned, it can be a protectionist, bureaucratic market with plenty of political risk.

That was certainly the mood at the Milken Institute conference in Los Angeles on a panel of private equity investors. David Bonderman, a founding partner of TPG Capital, put it most forthrightly:

“We stay away from places that have impossible governments and impossible tax regimes, which means Sayonara to India.”

 Read more