Skip to content Skip to Search
Skip navigation

ADIA backs Indian developer in $240m deal

By Pramod Kumar
High rises in Mumbai – one of the four locations for Prestige's planned developments along with Bengaluru, Goa and the National Capital Region Reuters/Francis Mascarenhas
High rises in Mumbai – one of the four locations for Prestige's planned developments along with Bengaluru, Goa and the National Capital Region

Abu Dhabi Investment Authority, the UAE’s largest sovereign wealth fund, and India’s Kotak Alternative Investment Fund will support Indian developer Prestige Group in building residential projects across four Indian cities.

The deal is valued at 20 billion rupees ($240 million), Prestige Group said in a statement to the Bombay Stock Exchange on Monday.

The projects will be built in Bengaluru, Mumbai, Goa and the National Capital Region, with a combined gross development value of more than 180 billion rupees, the statement said.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

Prestige Group CEO Venkat K Narayana said the deal would help accelerate growth thanks to rising demand and consolidation in the Indian residential sector. 

Last month Abu Dhabi Investment Authority (ADIA) said it planned to pump additional funding into Cheyne Capital’s European real estate debt fund, increasing the total investment to £650 million ($832 million).

India accounted for more than half of all the investment deals made by Middle Eastern funds in Asia since 2020, dwarfing China and Southeast Asia. It represented 58 percent of the capital invested.

“There is a really diverse opportunity across the asset classes in India compared to China,” Jeff Schlapinski, managing director of research at GPCA, told AGBI.

ADIA has already acquired shares in the Indian budget carrier SpiceJet.

In February another Abu Dhabi sovereign wealth fund, Mubadala, signed a $1 billion deal with Goldman Sachs to invest in private credit opportunities in Asia, with a focus on India. 

Latest articles

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]

Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market

Turkey’s renewables scheme given $1bn by World Bank

The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives. The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance […]