While markets often react to short-term narratives, some of the most enduring wealth has been created by investors who think in decades, not quarters. Japanese and Korean capital in India offers a powerful case study of this long-term mindset. Across automobiles, financial services, energy, electronics, and manufacturing, they have invested in 2,000+ Indian companies, consistently backing scale, governance, and execution rather than short-term cycles.
From Suzuki’s journey with Maruti, to Hitachi’s transformation of ABB’s power grid business, to Nippon Life’s revival of Reliance Mutual Fund, these investments reveal a clear pattern:
Long-term capital + operational discipline + local execution = sustained wealth creation.
As global patient capital commits to India’s multi-decade growth story, we believe investors should align with this same long-term conviction.
Maruti Suzuki: 120X in 23 years
Maruti Suzuki is India’s largest carmaker, selling more cars annually than several global markets combined. With deep localization, the country’s widest sales and service network, and strategic backing from Suzuki Motor Corporation, the company has remained the market leader for over 40 years. It is India’s Largest Exporter of Passenger Vehicles with a Share of Nearly 43%.
Initially, Maruti was majority-owned by the Indian government, with Suzuki only taking a 26% stake during its establishment in 1982. The Indian government gradually reduced its stake, partially departed the business in 2003 by making it a public company and then sold all of its remaining shares to Suzuki Motor Corporation in 2007.
Hitachi Energy’s Acquisition of ABB: 1500X in 6 years
Hitachi is a global Japanese conglomerate focused on technology, industrial systems, and infrastructure solutions, including energy, mobility, and digital technologies.
In July 2020, Hitachi Ltd. acquired an 80.1 % stake in ABB’s Power Grids business, creating a global energy technology leader with about $10 billion in annual revenue and a presence in 90+ countries. The business was renamed Hitachi Energy as part of the Japanese group’s strategic expansion into power transmission and digital grid solutions.
Lumax Industries
Lumax Industries is one of India’s leading automotive lighting and components manufacturers, supplying to major OEMs across passenger vehicles, two-wheelers, and commercial vehicles.
Lumax Industries has compounded steadily on the back of its long-standing technical partnership with Japan’s Stanley Electric, which holds a strategic stake and provides access to advanced automotive lighting technology. Since its listing, Lumax’s stock has risen from ~₹31 (1999) to ~₹4,700+, translating into over 150× wealth creation, driven by consistent capacity expansion, strong OEM relationships, and disciplined manufacturing aligned with Japanese quality standards.
Nippon’s Reliance MF Journey: 5X in 6 years
Prior to the 2019 Nippon takeover, Reliance Mutual Fund saw its overall market share fall from about 12% to around 8.5% over a four‑year period. In 2019, Nippon Life Insurance of Japan acquired a majority stake (75%) in Reliance Mutual Fund, leading to its rebranding as Nippon India Mutual Fund. This marked the transition from being part of the Reliance group to being majority‑owned by one of Japan’s largest life insurers, bringing global expertise and stronger risk‑management frameworks to the business.
Japan/Korean-linked corporates continue to deepen their India play. LG Electronics (listed recently) has significantly expanded manufacturing in India across consumer electronics and home appliances, tapping local demand and exports, while Hyundai Motor Company (recently listed), reflects strong localization and EV strategy. These developments highlight a broader shift toward technology transfer, scale creation, and long-term structural investments — reinforcing the theme of disciplined, patient capital in India.
Japanese/Korean Investments in India in 2025
In 2025, Japan’s SMBC (Sumitomo Mitsui Banking Corporation) — part of the Sumitomo Mitsui Financial Group (SMFG) — agreed to buy a large stake (around 24.22%) in Yes Bank from existing Indian shareholders.
In late 2025, Japan’s MUFG (Mitsubishi UFJ Financial Group) agreed to invest around ₹39,600+ crore to buy a 20% stake in Shriram Finance Ltd — one of India’s largest non-bank financial companies (NBFCs).
I believe Japan/Korea will increasingly view India as its next major growth market, and I am willing to bet on this trend due to the following structural factors:
Japanese corporations are globally respected for their ethical governance, punctual execution, and long-term orientation, making them reliable partners and investors.
Japan is a cash-rich economy facing structural stagnation due to an ageing and declining population. As the world’s fourth-largest economy, it urgently needs high-growth destinations to deploy capital.
Under the Japan–US trade framework, Japan has committed to investing ~$500 billion in the US while sharing profits with US, making diversification imperative to avoid over-dependence on its largest market.
China–Japan relations are at multi-decade lows, with Japan increasingly viewing China as a strategic threat. In contrast, Japan has significantly over-invested in India, deploying ¥247 billion more than its committed amount in FY2025, signalling strong long-term confidence in India as a strategic and economic partner.
As investors, the opportunity is not to predict the next quarter, but to align with businesses and themes that can compound over many years. When some of the world’s most disciplined investors are committing patient capital to India, it reinforces our belief that long-term ownership, not short-term timing, is the most reliable path to wealth creation. We remain focused on staying invested in quality, scale, and governance-led opportunities that can benefit from India’s multi-decade growth journey.
