Citi's Vis Raghavan Sees India as a Long-Term Investment Opportunity

Vis Raghavan, Head of Banking and Executive Vice Chair, Citi, Optimistic on India's Long-Term Fundamentals

Vis Raghavan, a top global dealmaker with over two decades of experience, believes that India's fundamentals are 'phenomenal' in the long term. Speaking at the Citi India Investor Conference 2026, Raghavan emphasized that despite the current macro environment and geopolitical uncertainty, India remains an attractive investment destination.

India's Attractiveness

At 7% growth, India is very attractive from a global lens, according to Raghavan. He highlighted that the country's diaspora, energy, and growth potential make it an attractive destination for investors. Raghavan also noted that India's valuation, at 20-21 times forward multiples, is still rich compared to other markets.

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Impact of Recent Developments

Raghavan discussed the recent sales of Royal Challengers Bengaluru and Rajasthan Royals in the Indian Premier League (IPL). He pointed out that the valuations of these sports assets have kept pace with the massive following generated by the IPL. This trend is not unique to India, as the attractiveness of sports assets is a global phenomenon.

Key Sectors for Deal Activity

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Raghavan identified large cap India, tech, and healthcare as the most exciting sectors expected to witness maximum deal activity in India. He highlighted the potential of these sectors, citing the recent Sun Pharma transaction and the inward investment in Royal Challengers Bengaluru.

National AI Policy

Raghavan emphasized the need for a National AI policy to articulate India's AI proposition. He believes that this would be a powerful way to showcase India's strengths in the AI ecosystem, particularly given its strong services support economy.

Impact of AI

Raghavan noted that AI has gone beyond being a technology dialogue to becoming a mainstream dialogue for every industry. He emphasized the need for every industry to become AI-native, leveraging the productivity, efficiency, and performance that AI can deliver.

Consolidation in the IPL

Raghavan discussed the recent big-bang sales of Royal Challengers Bengaluru and Rajasthan Royals, which may trigger further consolidation in the IPL. He highlighted the scarcity premium and the ultimate vanity factor driving the valuations of sports assets.

Citi's Role

Raghavan showcased Citi's expertise in cross-border transactions, citing the Diageo transaction as an example. He emphasized Citi's commitment to serving the cross-border needs of its clients anywhere in the world.