London/New Delhi, 16 October 2025 – LetterOne Group (L1), the $20bn global investment firm, today announced its formal entry into India with the launch of its India Advisory Board and the appointment of highly respected business leaders as inaugural senior advisors.
The India Advisory Board will help shape the next phase of L1’s market entry strategy in India, deepening key relationships and supporting the pursuit of investment partnerships across one of the world’s fastest-growing economies. L1 regards India as an important investment geography and has already committed over $125mn to India focused private equity funds, with a further $200mn of commitments in documentation.
Senior Advisors Appointed
- Naina Lal Kidwai – Chairperson Rothschild & Co India; former Chairperson of HSBC India and Executive Director on the Board of HSBC Asia Pacific; former Head of Investment Banking, Morgan Stanley India; distinguished career spanning PwC, ANZ Grindlays and leadership roles in Indian and global finance.
- P S Jayakumar – Former Managing Director and CEO, Bank of Baroda; co-founder of Value & Budget Housing and Home First Finance, former Country Head, Citibank Consumer Bank and nearly three decades of experience on Banking and Financial Sector.
- Ashwani Bhatia – Former Whole Time Member, SEBI; ex-Managing Director, State Bank of India with a four-decade career across leadership roles in banking, asset management and capital markets.
L1’s India Strategy
Founded in 2013, L1 is a privately held partnership of entrepreneurs, CEOs, and global business leaders. With a long-term investment horizon, L1 is committed to building business that matter in sectors critical to sustainable prosperity — energy, healthcare, retail, telecoms and technology and real estate. The company’s disciplined approach emphasises good governance, responsible growth and lasting economic impact, supporting over 120,000 jobs across its portfolio.
L1 is undertaking a phased, long-term approach to investment in India, initially focused on building out a cohort of Indian private equity fund managers and other local partners that can offer relevant co-investment and partnership opportunities that would allow L1 to invest at scale.
Leadership Commentary
Lord Davies of Abersoch, Chairman of L1, said:
“Our India Advisory Board bring extraordinary experience and credibility to our India journey. Their connectivity and insights into the investment, finance and business ecosystem and governance will help us partner effectively with Indian businesses and contribute meaningfully to the country’s economic progress.”
Jonathan Muir, CEO of L1, said:
“India represents one of the most dynamic growth markets in the world. By establishing an India Advisory Board and appointing leaders of such calibre, we are reaffirming our long-term commitment to investing in the country’s future. We see India as a vital part of our global investment strategy.”
Nitin Bhandari, CIO of L1 Treasury, Real Estate and Fund Investments, added:
“India’s scale, demographics, rapid digital adoption and maturing investment ecosystem present compelling long-term investment opportunities for L1. We are pleased to have such distinguished leaders assist us in the next phase of our investment journey in India.”
Nina Lal Kidwai, Senior Advisor to L1, commented:
“India is on the cusp of a transformative growth decade. I am delighted to help guide L1’s investments in a way that strengthens businesses, creates jobs and supports innovation and sustainability.”
P S Jayakumar, Senior Advisor to L1, said:
“L1’s long-term, responsible investment philosophy resonates strongly with India’s development priorities. I look forward to working with the team to build partnerships that deliver enduring value.”
Ashwani Bhatia, Senior Advisor to L1, added:
“I welcome the opportunity to work alongside L1, whose reputation for best-in-class governance and partnership-led capital deployment aligns them well as a partner with the Indian business community.”
About LetterOne
LetterOne (L1) is a privately held global investment firm with $20bn in net assets, investing permanent capital in sectors critical to economic and social progress, including healthcare, energy, retail, and technology. L1 is led by CEO Jonathan Muir and chaired by Lord Davies of Abersoch. Its portfolio companies employ more than 120,000 people worldwide.
For more information, visit: www.letterone.com
Media Contact:
Josh Hardie
jhardie@letterone.com