Druk Holding and Investments

Bhutan · Asia · Founded 2007 · State holding company · Not an IFSWF member

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Focus

Druk Holding and Investments: what it invests in

Energy: oil and gasRenewables and climateFinancial servicesTelecoms and mediaTransport and logisticsMining and metals

Strategic state holdingsPrivate equityVenture capital

Geography Mainly domestic

Scale

Druk Holding and Investments: how big it is, and on what basis

Nu 402.17B

Total assets (balance sheet)As of 2026-07-18

In US dollars: about USD 4.475B. Nu 402.17B group total assets; ngultrum at par with the Indian rupee, converted at the ECB INR reference rate for 2025-12-31

Transparency

Druk Holding and Investments: what it publishes

7.5 of 10 Band 4 of 5

Published 6 · Partly 3 · Not published 1

Our 10 item score. It measures what is public, not how well a fund is run.

Group assets FY2025S5: Nu 402.17B (about USD 4.5B); As of 2026-07-18
Paid to government FY2025S5: Nu 24.83B (dividends, taxes, royalties); As of 2026-07-18
Group profit FY2025S5: Nu 18.29B (up 32.79 percent); As of 2026-07-18
Portfolio companiesS3: 24; As of 2024-12-31
FoundedS1: 2007
Transparency scoreS9: 7.5 of 10

At a glance. Druk Holding and Investments (DHI) is Bhutan's state holding company, set up by Royal Charter in 2007 to hold and grow the country's main enterprises. It owns stakes in 24 companies, led by hydropower producer Druk Green Power, Bhutan Power, Bank of Bhutan, Bhutan Telecom and Drukair. Group assets reached Nu 402.17 billion in FY2025, and it paid a record Nu 24.83 billion to the government. S1 S3 S5

Key points

FY2025 group assets of Nu 402.17 billion (up 13.46 percent), net worth Nu 146.21 billion and profit after tax Nu 18.29 billion. S5
Paid Nu 24.83 billion to the government in dividends, taxes and royalties in FY2025, its highest ever. S5 S6
Energy and resources earned Nu 66.78 billion of FY2025 revenue as new hydropower and solar capacity came online. S5
Druk Green Power alone carried Nu 62.2 billion of net worth at end 2024, by far the largest holding. S3
The 10X Roadmap aims to grow group revenue tenfold in ten years through energy, infrastructure, technology and new industries. S5 S7
Holdings are grouped as owned, controlled or linked, from 100 percent of Druk Green Power to 12 percent of Bhutan National Bank. S3

Interesting facts

Its charter frames the people of Bhutan as the ultimate shareholder, with a mission guided by Gross National Happiness. S1
It runs a Super FabLab for start-ups and a business acceleration programme alongside its company holdings. S7
Drukair began international flights from Gelephu in FY2025 and posted record revenue of Nu 6.88 billion. S5

Mandate and goals

DHI exists to safeguard and enhance national wealth for all generations through prudent investment. It helps its companies compete globally so they maximise returns for the shareholder, and is now steering toward a science, technology and innovation economy. S1 S7

Maximise long-term returns for the Bhutanese people. S1
Strengthen state enterprises to compete in a global economy. S1
Grow group revenue tenfold in a decade under the 10X Roadmap. S5
Diversify beyond hydropower into solar, wind, hydrogen, critical minerals and technology. S7

How it invests

Industries	Energy: oil and gas, Renewables and climate, Financial services, Telecoms and media, Transport and logistics, Mining and metals, Technology, Real estate S3 S7
Asset classes	Strategic state holdings, Private equity, Venture capital S3
Stages	Buyout, Growth, Venture, Infrastructure S3 S7
Geography	Mainly domestic. Almost all in Bhutan; a subsidiary, DHI PTE Ltd, is based in Singapore S5 S3
Direct / through funds / co-invest	Yes / No / Yes S3
Ticket size	No ticket range is published. S3
Deal sizes seen	Linked stakes from 12 percent to full ownership; Nu 12.98B share issue for the Mangdechhu transfer
External managers	No external managers are reported S3
Co-investment programme	Partners on research and technology projects S10

Largest holdings: Druk Green Power Corporation Nu 62.20B net worth (100%), Bhutan Power Corporation Nu 16.74B net worth (100%), Bank of Bhutan Nu 9.74B net worth (80%), Bhutan National Bank Nu 7.60B net worth (12%), Bhutan Telecom Nu 5.94B net worth (100%), Royal Insurance Corporation Nu 5.08B net worth (18%), Drukair Nu 1.71B net worth (100%) (as of 2024-12-31) S3

Published criteria

Diversify energy beyond hydropower: geothermal, hydrogen, solar and wind. S7
Identify rare earth and critical minerals for future industries. S7
Back emerging technology such as AI, drones and IoT, using the Super FabLab. S7

Past investments

Year	Investment	Type	Sector	Stage	Amount
2026	Tower Council Foundation health partnership. Research and development partnership on a generational health ecosystem. S10	Joint venture or partnership	Healthcare and life sciences	Venture	Not published
2026	Viome molecular model agreement. With Gelephu Mindfulness City, a molecular model for diagnostics and drug development. S10	Joint venture or partnership	Healthcare and life sciences	Venture	Not published
2025	Bank of Bhutan IFC funding. IFC debt investment in a DHI bank, a first for Bhutan banking. S5	Co-investment	Financial services	Credit	USD 20M
2024	Mangdechhu hydropower transfer. Plant moved to Druk Green Power and Bhutan Power against new DHI shares. S3	State asset transfer	Renewables and climate	Infrastructure	Nu 12.98B share issue
Not published	Phuentsholing Township project. Township development in the southern border city. S7	New company or platform	Real estate	Real estate	Not published

Case studies

Hydropower as the core S3 S5

What: Transferred the Mangdechhu plant into Druk Green Power and Bhutan Power, adding capacity to the group.
When: FY2024 to FY2025
Size: Nu 12.98B share issue
Why: Hydropower is Bhutan's main export and DHI's largest earner.
Outcome: Energy and resources earned Nu 66.78 billion in FY2025.

Launching the 10X Roadmap S5

What: Set a goal to multiply group revenue tenfold in a decade.
When: FY2025
Size: Not published
Why: To build a science and technology economy beyond hydropower.
Outcome: First full year delivered record group profit of Nu 18.29 billion.

Investment process

A board chaired by Dasho Karma Y. Raydi, including the Finance Secretary and independent directors, oversees the CEO and management. DHI acts as owner of its companies under the Royal Charter. S9 S3

Committee	Role
Board of Directors	Oversight of strategy and portfolio S9

Opportunities are screened against the 10X Roadmap themes. S7
New ventures are often run with partners or through portfolio companies. S10
Portfolio companies report results; dividends flow to DHI and on to the Ministry of Finance. S3
Results are published in audited annual reports. S3

How to approach: DHI publishes an Investor Guide and an Opportunity section on its website, plus a business acceleration programme for start-ups. S7

Size and returns

Headline size: Nu 402.17B (Total assets (balance sheet), as of 2026-07-18) S5 S8
In US dollars: about USD 4.475B. Nu 402.17B group total assets; ngultrum at par with the Indian rupee, converted at the ECB INR reference rate for 2025-12-31
Standalone total assets, FY2024: Nu 97.42B (Total assets (balance sheet), as of 2024-12-31) S3
Group total assets, FY2024: Nu 354.44B (Total assets (balance sheet), as of 2024-12-31) S3
Group net worth, FY2025: Nu 146.21B (Net assets or equity, as of 2026-07-18) S5
Returns: the fund does not publish a return figure.

Leadership

Name	Title	Since
Dasho Karma Y. Raydi	Chairman S9	Not published
Ujjwal Deep Dahal	Chief Executive Officer S9	Not published
Namgyal Wangchuk	Chief Operating Officer S11	2026-08-27
Leki Wangmo	Director; Secretary, Ministry of Finance S9	Not published
Nelson T. Thackery	Independent director S9	Not published
Yunny Lee	Independent director S9	Not published
Goh Kai Kui	Independent director S9	Not published

Governance and transparency

Legal basis: Royal Charter of 2007, Companies Act of Bhutan 2016 and Bhutan Accounting Standards S3
Oversight: Ministry of Finance as sole shareholder; board of directors; external audit S3 S1
Audited by S K Mittal and Co, New Delhi (FY2024). S3
Annual reports posted back to 2012 with group and standalone accounts. S12

Transparency score: 7.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership. S3 S9
Partly published: annual return, asset allocation, regular reporting schedule. S3 S10
Not published: long-term returns. S3

History

Date	Event
2007-11-11	Founded by Royal Charter. S1
2012	First annual report on the website. S12
2024	Mangdechhu hydropower plant transferred into the group. S3
2025	First full year of the 10X Roadmap. S5
2026-07-01	Record FY2025 contribution of Nu 24.83 billion announced. S6
2026-08-27	Namgyal Wangchuk named COO. S11
2026-10-01	Health partnership with Tower Council Foundation. S10

For family offices

DHI looks for partners that bring technology and capital to new Bhutanese ventures, especially around Gelephu Mindfulness City. It publishes an investor guide for interested partners. S7 S10

Joint projects in health, energy storage and technology, as with Viome and TYP Energy. S10
Development lenders can fund portfolio companies directly, as IFC did with Bank of Bhutan. S5
Business Acceleration Program (BizAP): Bhutanese start-ups and early-stage founders https://www.dhi.bt/ S7

Reports

Annual Report 2024: https://dhi.bt/content/publication/2025/Annual-Report-2024.pdf S3
Our financials: https://dhi.bt/our-story/our-financials S12

Common questions

When was DHI founded?

11 November 2007, by Royal Charter. S1

Who owns DHI?

The Ministry of Finance of Bhutan is the sole shareholder. S4

How large is DHI?

Group assets were Nu 402.17 billion in FY2025, about USD 4.5 billion. S5

Who leads DHI?

Ujjwal Deep Dahal is CEO and Dasho Karma Y. Raydi is Chairman. S9

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All sovereign wealth funds in Asia · All state holding companys · All funds in Bhutan

Sources

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