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KMUKS_NR110_2021
Strictly Confidential: Only for the use of certain types of investment professionals
including accredited investors, qualified purchasers and financial institutions. Not for the
use of retail investors
GovernanceSocialEnvironmental
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Top Global Risks in Terms of Likelihood | World Economic Forum 2012–2021
Source: World Economic Forum Global Risks Perception Survey 2020, Global Risk Reports published 12th January 2021. Note: Global risks may not be strictly comparable across
years, as definitions and set of global risks have evolved with new issues emerging on the 10-year horizon. Some global risks have been reclassified: water crises and income
disparity were recategorized as societal risks in the 2015 and 2014 Global Risks Reports, respectively. Historical trends are not a guide to future trends
This increase in the likelihood of environment-oriented risks in the 21st century is influencing companies to adopt a standard
cohesive with the ESG framework
From 2012-2021, economic risks relatively declined whereas technological & environmental risks have significantly increased
Regulatory changes for IndiaESG disclosure score on a rising trajectory and narrowing with global benchmarks
Expected to bring in greater transparency through disclosure of material ESG-related information
National Guidelines on
Responsible Business Conduct
(NGRBC)
Principles form part of Section C of BRSR
• Ethical nature of business
• Environmental restoration
Business Responsibility
Report (BRR)
Replacement
Source: Edelweiss Research, EY India, Vinod Kothari Consultants. 1MCA – Ministry of Corporate Affairs, 2TCFD – Task Force on Climate-Related Financial Disclosures
NGRBC: Alignment with UNGPs,
UN SDGs, Paris Agreement on
Climate Change etc.
P1: Governance, Integrity,
Transparency
P2: Sustainable and Safe
Processes
P3: Employee Well-being P4: Respect, Responsive to Stakeholders
P5: Respect, Promote Human
Rights
P6: Respect, Protect, Restore
Environment
P7: Responsible Public Policy
Advocacy
P8: Inclusive Growth, Equitable
Development
P9: Consumer Engagement, Value
Business Responsibility and Sustainability
Reporting (BRSR)
• 140 questions – 98 essential, 42 leadership
• Provides for inter-operability of reporting such as GRI,
TCFD2 etc.
Section A: General
disclosures
About the entity
Section B: Management
and process disclosures
About management
approach
Section C: Principle-wise
performance disclosure
About each principle
Essential
Compulsory
Leadership
indicatorsVoluntary
Transition to BRSR Key changes in BRSR
Reporting
Sections
Five Reporting Sections:
A) General Information
B) Financial Details
C) Other Details
D) BR Information
E) Principle wise
performance
Three Reporting Sections:
A) General Disclosures
B) Management and
processes
C) Principle wise performance
Concise and minimal
bifurcation of
important areas
Disclosure
location
Disclosure in Annual
Report
Disclosure in both Annual
Report and 1MCA21 Portal
This would ensure that
all information already
filled on MCA21 portal
will be automatically
filled while filling
BRSR
Disclosure
focus
Focus on Qualitative
Disclosure only
Qualitative and quantitative
disclosures with essential and
leadership indicators for
disclosures
Increased importance
for quantitative
disclosure for
enhanced
transparency
FormatUniversal / Single format
for all companies
Differentiated disclosure
requirements like BRSR Lite
and Comprehensive for
companies introduced for the
first time
Companies planning
to develop BRSR with
no prior experience
may consider BRSR
Lite as the starting
point to understand
the requirements
No. of
questions and
indicators
59 Total Questions
Very limited Quantitative
Indicators
140 Total Questions (~2.5x
more) – 98 Mandatory, 42
Leadership
300+ Quantitative Indicators
Better data
management and
consolidation required
for companies
BRR BRSR
KMUKS_NR110_2021 Image credit: Shutterstock
01Social and Environmental Issues in India critical from Global perspective
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India and the Global Sustainability Goals
• India accounts for 17.7% of
the world’s population
• ~50% of the population is
under 25 years of age
Demography
• India is the 5th largest
economy in the world; third
largest country by GDP
(PPP basis)
• It is among the fastest
growing major economies
of the world
• 3rd highest consumer of fossil fuels
• 5th largest auto market
• 4th largest renewables market
• Plan to base 40% of installed power
generation capacity on non-fossil fuel
resources by 2030
Policies• Incentives for Electric Vehicles
• Govt. push on “Swachh Bharat”,
Financial Inclusion & Affordable
Housing
• Govt. has committed INR 110 Trillion
(~US$1.51 Trillion) to meet UN SDG
goals
This material was prepared and information referenced to is as of end Sept 2021. Source: Indiatimes, Livemint, Economictimes, US Energy
Information Administration, Govt of India, IBEF, Bernstein research. Exchange rate at 1USD:73INR
India’s size, demographics, stage of development and policies make its sustainable
development critical to achieving global sustainable development goals
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India is critical to the cause of Global Sustainability
India and the Global Sustainability Goals
This material was prepared and information referenced to is as of end Sept 2021. Source: Indiatimes, IQAir, CNN World, World Economic
Forum, Global Gender Gap Report 2021, weforum.org › WEF_GGGR_2021
• Indian cities make up 15 of
the top 20 globally for
annual PM 2.5
concentrations
Pollution Gender Inequity
• More than 50% of the
population has no access to
safe drinking water, with
200,000 people dying each
year due to inadequate access
to safe water in India
• World Economic Forum ranks India
62nd out of 74 emerging economies
in their Inclusive Development Index
• The 2021 Global Gender Gap
Report ranked India 140 out of
156 countries
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India and the Global Sustainability Goals
India’s pledge and targets towards climate change
Source: UNCC, Climate Action Tracker, Weforum
• In the Copenhagen Accord in 2010,
India has pledged to reduce the
emissions intensity of its GDP by 20–
25% in 2020 below 2005 levels
• Emissions level of the target is
reduced compared to the estimate
before the pandemic (by 9-12%)
• India has committed to cut GHG
(Green House Gas) emissions
intensity of its GDP by 33-35%
• Increase non-fossil fuel power
capacity to 40% from 28% in 2015
• Add carbon sink of 2.5-3 billion tonne
CO2 per annum by increasing the
forest cover, all by 2030
• In 2019, Prime Minister Modi set a
goal to generate 450GWs of
renewable energy by 2030, 5x the
current capacity
• India look to transit to green
mobility and making India an
export hub of electric vehicle (NITI
Aayog, 2020)
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02Kotak Asset Management -approach towards ESG
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ESG journey at Kotak Asset Management
4th Apr
2018
Signatory to UNPRI
Responsible Investment
policy and framework:
Debt and Equity
2018
&
2019
July
2020
Established
KMAMC
stewardship
policy
Signatory to Climate
Action 100+
12th
Jan
2021
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ESG at Kotak Asset Management: Marathon and not a sprint
Kotak Mahindra Asset Management – First in India to sign up for
Kotak Mahindra Asset Management1 has signed the UNPRI : Kotak Mahindra is the first Indian
asset management group committing to make its investment decisions in a more responsible and
sustainable manner using the PRI’s voluntary framework.
ESG policy framework and Voting policy : ESG policy formulated and Voting policy modified and
implemented.
Voting on Board resolutions: Strive to vote on board resolutions of our investee companies Proxy
advice advisory is non binding. The voting committee decision is final
Voting record : Voting done for all investee companies. All voting records are maintained and available.
Designated Head of Research of KMAMC2 as an ESG coordinator with the objective of coordinating on all
ESG related activities for the asset management company. Appointed ESG coordinator for fixed income.
Stewardship policy : Stewardship policy formulated and implemented
Kotak Mahindra Asset Management has signed up for climate action 100+: as part of our
sustainability strategy to increase engagement and disclosures on climate risks and opportunities with
focus companies
1Kotak Asset Management for the purpose of this presentation refers to both Kotak Mahindra Asset Management Company Limited, India (KMAMC) and Kotak Mahindra Asset
Management (Singapore) Pte. Ltd (KMAMS). 2The research team including the head of research are part of Kotak Mahindra Asset Management Company Limited, India (KMAMC)
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ESG Investment FrameworkInvestment Strategy - Map of ESG Strategies
Source: Eurosif – The European Sustainable Investment Forum
IMP
AC
T O
N
SU
STA
INA
BIL
ITY
Pas
siv
eA
cti
ve
Ch
an
ge
Pro
mo
teA
vo
id
1 Engagement &
voting
Active investor role in companies (e.g.
voting at shareholders meetings, etc.)
2 Impact Investing
Investments aimed at
social/environmental benefit
5 Sustainability-
themed
Investments to address specific
sustainability issues (climate
change, water supply)
3 Best-in-class
Investments in companies
with higher ESG
score/performance
4 ESG
integration
Consideration of ESG factors
in the investment decision-
making process
7 Norm-based
screening
Exclusion of investments that breach
international ESG norms
6 Exclusions*
Screening of companies, sectors or
countries involved in non-ESG
activities (weapons, etc.)
ESG Strategies deployed by Kotak Considered but not actively pursued Not our investment approach currently
*For Kotak, ESG exclusion(s) are fund or mandate specific
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Investment Philosophy at Kotak Asset Management
Management
Valuation
Vision/
Growth
Orientation
Execution
Track Record
Corporate
Governance
Capital
Allocation
GARP
RoE/ ROCE/ Free Cash Flow
Business
Size
Competition
Scalability
Sustainability
Evaluation
• Business, Management & Valuation
• Governance, Environmental Impact & Social Factors*
• Using 3rd party Research to evaluate companies on ESG
• Focused Questionnaire to potential and investee companies on various E, S & G parameters
• Meeting top management twice a year and discuss ESG issues
• Voting to promote ESG in the company
Exclusion(fund or mandate specific)
• Sectoral Exclusions like Tobacco, Gambling, Coal, controversial weapons
• Companies scoring poorly on ESG factors
Engagement
*ESG factors considered include management practices, capital allocation policies, accounting norms & changes, audit & control, regulatory norms, climate & pollution
control, resource scarcity, social factors etc.
Broad Investment Framework ESG Integration into the Investment Process
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Who will make it to the portfolio?
Low High
Allocation based on
visible ESG
initiatives
No Allocation
Maximum Allocation
Allocation based on
visible improvement
in financial
performance
Financial / Growth
Impact Analysis
through Kotak’s
Business,
Management &
Valuation (BMV)
Approach
Non Financial / ESG Impact Analysis
based on ESG Scores
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Investment and stewardship process within Kotak Asset Management
RESEARCH, FUND MGMT &
VOTING COMMITTEEVoting Committee endeavors to:
1. Ensure effective oversight of its stewardship activities
2. Review monitoring and engagement activities being
carried out by the investment team on an annual basis
RESEARCH TEAM & FUND
MANAGEMENTDaily updates on companies between
research and with fund management team
COMPANIES & RESEARCH TEAM
Head of
research
Sector
specialists
Dedicated
ESG resourcesAll strategies
Companies
Research team Fund Managers
Voting Committee
The companies are monitored and assessed on regular basis.
If there is a persistent issue that may be of importance – the
company is monitored closely
The centralised research including the head of research and ESG team members are employees of Kotak Mahindra Asset Management Company Limited (India),
except for Ms Ng Hwee Keng who is an employee of Kotak Mahindra Asset Management (Singapore) Pte. Ltd
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Integrating ESG using resources at Kotak Asset Management
We engage Sustainalytics to
provide us with
• in-depth ESG coverage and
ratings of Indian companies
• controversies and other
research coverage on ESG
Sustainalytics
We engage SES to assist with
• Proxy/ voting advice along
with bespoke ESG research
on companies
Stakeholder
Empowerment Services
Kotak Asset Management is a
signatory to UN-PRI and
Climate Action 100+ and are
committed to the principles of
responsible investments &
climate change.
UNPRI & Climate Action
100+
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Wide and deep coverage of Indian investment universe
Each member is sector
specialist
Cover ~89%* of market
cap in India
Covers entire
spectrum of stocks
from large to small cap
• Twice a year mandatory senior management
interaction
• Quarterly updates on all companies
• ESG analysis / scoring of all companies
• ESG specific engagement with companies, sector
specialists, ESG conferences
• Engagement with global companies on ESG with
specific focus on Environment
This is for Kotak Mahindra Asset Management Company Limited (India). Data as on September 30, 2021.
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Kotak Asset Management - Centralized Research and ESG TeamIn-house team of analysts who also perform ESG research
Ms. Shibani S Kurian
Head – Equity Research
ESG Coordinator20 years of industry experience
Sectors: Financial Services Economy, IT
Mr. Ashish Chopra11 years of industry exp.
Sectors: Tech, Staffing,
Internet & Exchanges
Mr. Ashish Jagnani15 years of industry exp.
Sectors: Specific stocks in
small & mid caps
Mr. Bhargav Buddhadev15 years of industry exp.
Sectors: Specific stocks in
small and mid caps
Mr. Devender Singhal19 years of industry exp.
Sectors: Consumer, Fund
Management
Mr. Dhananjay Tikariha14 years of industry exp.
Sectors: Capital Goods, Pharma ex
diagnostics, Logistics, Retail Broking
Mr. Mandar Pawar16 years of industry exp.
Sectors: Oil & Gas, Retail,
Diagnostics, Telecom
Mr. Nalin Bhatt16 years of industry exp.
Sectors: Auto, Real Estate,
Aviation, Infrastructure
Mr. Arjun Khanna13 years of industry exp.
Sectors: Auto Ancillary, Media,
Midcaps, Hotel, Agricultural
Commodities
Mr. Archit Varshney2 years of industry exp.
Sectors: Consumer Staples &
Discretionary
Mr. Hrishikesh Bhagat9 years of industry exp.
Sectors: Cement and
Building Material
Mr. Arijit Dutta18 years of industry exp.
Sectors: Metals, Power,
small caps in Infra
Mr. Umang Shah15 years of industry exp.
Sectors: Financial Services
Sector Specialists with ESG angle overlay
Ms. Preeti JadhavInvestment (ESG) Analyst
with 5 years of ESG
research experience
ESG dedicated research
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Engagement & Monitoring
Monitoring changes in the ratings/ ESG
scores by our service providers
Sustainalytics and SES for the portfolio
companies
ESG review of the portfolio by the
Investment Committee on a monthly basis
Company/Industry engagement
Meeting with the top management of
companies under coverage at-least twice
in a year
Frequent interactions with industry experts,
regulators & other stakeholders
Monitoring ESG score Internal Review
Continuous monitoring of ESG risk post investment
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Our public disclosuresPolicies publicly available on our websites
Stewardship at the heart of Kotak Asset Management
structure of equity and debt, that far outweigh lack of
attractive valuation presented for sale of thermal power
assets.
Voted "For" with the same as
rationale
Steel and Energy
company
Divestment of entire
shareholding of the
Company of a material
subsidiary of the Company
AGAINST - lack of disclosures and
transparency.
Consulted the company – that it is a right strategic step
which will help in deleveraging the balance sheet by
reducing debt exposure, improving ESG parameters and
reducing carbon footprint of overall consolidated
operations.
Voted – “FOR” – Simplified
transaction structure of equity and
debt, that far outweigh lack of
attractive valuation presented for
sale of thermal power assets.
Castings &
Forgings
Material related party
transactions
AGAINST - Disclosed the manner of
determining the pricing and other
commercial terms for the proposed
purchase and sale from the related
party.
Consulted the company - they have been sourcing some
raw material for a long time in the normal course of
business. Quantum of sourcing has reduced as a
percentage of overall revenue of the company over last
few years.
Voted – “FOR” – In ordinary course
of business and on arm's length
basis.
Metal producing
company
Re-appointment of
Statutory Auditors of the
Company
AGAINST - Company had not
mentioned eligibility for appointment
and proposed fee.
Spoke to the management. Clarification on the
Ratification of the remuneration of Cost Auditor for the
Financial Year ending March 31, 2022 would be same as
last year.
Voted – “FOR” – Within regulatory
guidelines.
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04 Case Studies at Kotak: Active engagement with companies
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Engagement with a Power Co: Case study #1
Net Zero Benchmark
IndicatorScore
Reasons / Steps company could
potentially improve on
Net zero GHG
emissions by 2050
ambition Company is yet to set long term targets
Long term GHG
reduction target
Medium term GHG
reduction target Targets have been set, but they are not
aligned with 1.5C scenarioShort term GHG
reduction target
Decarbonization
Strategy
Company is yet to develop
decarbonisation strategy
Capital allocation
alignment
Company is yet to align capex with
targets
Climate policy
engagement
Company has not articulated how it
engages with policy-makers
Climate Governance
Company is yet to link executive
remuneration with the achievement of
climate goals
Just Transition Not scored
TCFD DisclosureCompany is yet to conduct climate
scenario analyses
No, does not meet any criteria
Partially, meets some criteria
Yes, meets all criteria
Not currently assessed
Not applicable
Source:
Climate
Action 100+
• Company is reliant on coal for generation of over 90% of its electricity; faces increasing risks related to air
emission regulations
• International organizations like Transition Pathway Initiative (TPI) and CA100+ deem company not aligned with
Paris Agreement Goals
Key Issue
Engagement content: Climate
Engagement type:
Direct and Collaborative, member of investor
coalition under Climate Action 100+
Engagement and actions
• Specific goals and targets. Already reduced GHG emissions to 840gm/KWh (3.4% y-o-y reduction). Targets
~60GW of renewable power in another 10 years which include solar, hydro, wind by 2032; this will reduce portfolio
in fossil fuels
• First energy player using coal firing using biomass
• However, emission intensity (absolute) will increase (248mt last year and 250mt this year, but peaking within next
2-5 years. Renewable Energy will see reduction happening
• Setting up pilot projects for green hydrogen and green ammonia; use to decarbonise sectors like transport, steel
etc.
Management of GHG emissions; risk
and opportunities related to low-
carbon transition
Has the company set GHG
emission reduction targets?
Has the company published info
on Scope 1 & 2 GHG?
Source: Company reports and engagement
Public Sector Undertaking (PSU) engaged in the
generation and sale of electricity
Background
Source: Transition Pathway Initiative, Nov 2019
Information (Sep’21)
Market Capitalisation US$18.5bn
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Engagement with a Thermal Coal Co: Case study #2
Net Zero Benchmark
IndicatorScore
Reasons / Steps company could
potentially improve on
Net zero GHG
emissions by 2050
ambition
Company is yet to set long, mid or short
term targets
Long term GHG
reduction target
Medium term GHG
reduction target
Short term GHG
reduction target
Decarbonization
Strategy
Company is yet to develop
decarbonisation strategy
Capital allocation
alignment
Company is yet to align capex with
targets
Climate policy
engagement
Company has not articulated how it
engages with policy-makers
Climate Governance
Company is yet to link executive
remuneration with the achievement of
climate goals
Just Transition Not scored
TCFD DisclosureCompany has yet to implement TFD or
conduct climate scenario analyses
No, does not meet any criteria
Partially, meets some criteria
Yes, meets all criteria
Not currently assessed
Not applicable
Source:
Climate
Action 100+
• Contributes to more than 80% of India's coal production, its carbon-intensive business increasingly faces risks
associated with the demand for low carbon fuels
• No targets committed publicly
• Coal mines may turn into stranded assets – long term scenarios
Key Issue
Engagement content: Climate
Engagement type:
Collaborative, member of investor coalition
under Climate Action 100+
Engagement and actions
• Just started disclosing Scope 1 and Scope 2 emissions; sustainability report available publicly
• Carbon reduction projects through goal gasification plans, looking at moving to net zero through installation of solar
capacity system – By end June 2022 will have ~20% energy demand through solar energy and by 2024 to become
a net zero energy company
• Regularly doing energy audits as well as looking at carbon capturing systems as currently ~50% of open cast
comes from surface miners
Management of GHG emissions; risk and opportunities
related to low-carbon transition
Source: Transition Pathway Initiative, Dec 2019
Does the co recognise climate
change as relevant risk / and or
opportunity for business?
Does co have a policy
commitment to action on
climate change?
Source: Company reports and engagement. GHG – Greenhouse Gas
Public Sector Undertaking (PSU) engaged in coal mining
Background
Source: Transition Pathway Initiative, Nov 2019
Information (Sep’21)
Market Capitalisation US$15.4bn
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Engagement with a Transportation Co: Case study #3
Source: Carbon Disclosure Project
• Disclosure to CDP moving forward
• Elaboration of emission (set at 40%) and carbon neutrality targets (100% carbon neutral by 2030)
• Electric Vehicles (EVs) investments
• Securities and Exchange Board of India’s (SEBI) new sustainability report on Business Responsibility and
Sustainability Reporting (BRSR)
Key Issue discussed
Engagement content: Environment and Social
Engagement
type:Direct (1 to 1) and via group conference
Engagement and actions
• ~30.27% target achieved for FY21 against 40%
• Got rid of single use plastics
• Way forward would be EVs, Internal Combustion Engine (ICE) will go down in volume and will keep ramping up on
EV front
• Cautious on disclosing Scope 1 & 2 numbers to CDP before; already disclosed Scope 1 & 2 to CDP in 2021 and
figures available in Sustainability Report. 2030 and beyond will start to disclose Scope 3
• Internal Carbon Pricing (ICP) under discussion with CFO; paper is ready and document is available (shadow pricing
selected and have benchmarked against other companies)
• Climate Strategy - Trying to do assessment on climate strategy (RCP8.5 – planning a 2°C scenario). Looking at
how to mitigate physical and transition risk. Having assessments on SBTi and TCFD; will fix agency going forward
and target to have it ready by FY23
Disclosure to Carbon Disclosure Project (CDP)
Category Disclosure
2020 Permission Status Private
Final score 2020 D
Scope 1 Private
Scope 2 Private
Scope 3 Private
Internal Carbon Pricing Private
Only Motorcycle/scooter manufacturer included in
Dow Jones Sustainability Index
Source: Company reports and engagement
• Two-wheeler (2W) manufacturer. Co manufactures and
sells motorized 2Ws up to 350 cubic centimetres engine
capacity, spare parts and related services
• Management aware on Sustainability and have strong
frameworks related to ESG
Background Information (Sep’21)
Market Capitalisation US$15.4bn
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Largest non-bank private-sector
life insurer in India
Background
Engagement with a Life Insurance Co: Case study #4
ESG engagement and rating
• Was classified by a large service provider as conglomerate and
assigned a higher than industry average risk rating score
• Inadequate public disclosure and knowledge in terms of ESG and
sustainability
Key Issue
• Engaged, educated and provided the company with best practices carried out by peers
• Connected them with the ESG rating agency to get their industry/sector classification sorted out
Subsequently, the company broadened their public disclosures and efforts on ESG, such as Energy Reduction, Waste Management, Water
Management etc.
As a result, the company was reclassified by the ESG rating agency under Life & Health Insurance category in Jun’21 and rerated with a much
lower ESG risk rating (lower the rating, the better the company) considering the reclassification and their ESG disclosures
Engagement and Action
Engagement content: Environment, Social & Governance
Engagement type: Direct (1 to 1)
Information (Sep’21)
Market
CapitalisationUS$4.7bn
Source: Company engagement
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Important Notice
This document is not a financial promotion and is intended only for the use of persons to whom it may legally be made available under local qualification criteria, such as
certain types of investment professionals, accredited investors, wholesale investors and financial institutions. This document is not intended to be accessed by retail
investors.
Investments in India are subject to a number of risks including, but not limited to, risk of losing some or all of the capital invested, high market volatility, variable market
liquidity, geopolitical risks (including political instability), exchange rate fluctuations, changes in tax regime and exchange rate fluctuations, changes in tax regime
and restrictions on investment activities of foreign investors. Past investment performance should not be viewed as a guide to, or indicator of, future performance and the
value of investments and the income derived from them can go down as well as up. Investments in India should be considered only as part of a diversified overall portfolio of
assets.
In the preparation of this document we have used information that may be from publicly available sources, from third parties or developed in-house. Information gathered &
material used in this document is believed to be from reliable sources. However, no representation, undertaking or warranty (express or implied) is given as to its accuracy or
completeness, and the content may change without notice. No liability is owed to any persons with respect to the information contained in this document. For data reference
to any third party in this material no such party will assume any liability for the same. This document may also contain certain statements, estimates and projections that are
forward-looking statements. We do not make any representations or warranties (express or implied) about the accuracy of such forward-looking statements. Actual outcome
of estimates and projections could differ materially from forward-looking statements and users of this document should not to place undue reliance on forward-looking
statements.
This document has been prepared by Kotak Mahindra Asset Management (Singapore) Pte. Ltd. (“KMAMS”) whose registered office is at 16 Raffles Quay #35-04A, Hong
Leong Building, Singapore, 048581. Phone: +65 63956970 is regulated by the Monetary Authority of Singapore and is a registered investment adviser with the Securities
and Exchange Commission, USA. This document is communicated by the following, whose prior written consent must be obtained before onward distribution or
communication to any other person:
Kotak Mahindra (UK) Ltd (authorised and regulated by the Financial Conduct Authority), 8th Floor, Portsoken House, 155-157 Minories, London, EC3N 1LS, United Kingdom.
Phone: +44 207 977 6900
Kotak Mahindra (UK) Ltd (Dubai Branch), (which is regulated by the Dubai Financial Services Authority) Office No. 701, Level 7, Tower 2, Al Fattan Currency House, DIFC,
P.O. Box 121753, Dubai, UAE. Phone: +9714 3848900
Kotak Mahindra (UK) Ltd (Singapore Branch), (which is regulated by the Monetary Authority of Singapore), 16 Raffles Quay #35-02/03, Hong Leong Building,
Singapore, 048581. Phone: +65 6290 5590
KMUKS_NR110_2021
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