ADIA among funds investing $60bn in Indian stocks

Reuters/Hemanshi Kamani

Two sovereign wealth funds from the GCC and one from Singapore have invested a total of Rs5 trillion ($60 billion) in the Indian stock markets and startups as of March 31, 2024, a news report said.

These investors include Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority and GIC Holdings Pte, Mint, an Indian financial newspaper, reported.

Investments of close to Rs3 trillion were made over the past three financial years starting in 2021-2022, the newspaper said.

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ADIA invested in India-based Emcure Pharmaceuticals’ initial public offering last week. In addition, the UAE’s largest sovereign wealth fund is partnering with US private equity firm Blackstone to acquire a controlling stake in Indian food company Haldiram’s snacks business.

The UAE sovereign fund led the $120 million funding round of Indian online beauty retailer Purplle Group last week. It announced plans to invest $240 million in four residential projects of real estate developer Prestige Group in collaboration with India’s Kotak Alternative Investment Fund.

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ADIA will set up a $4-5 billion fund to invest in India through Gujarat International Finance Tec-City, India’s special economic zone.

Last year, the fund participated in a $400-million investment round in eyewear maker Lenskart.

GIC holds as much as Rs2.5 trillion in Indian stocks, the newspaper said, adding that KIA and Norway’s Norges Bank have invested more than Rs1.5 trillion in the stock market.

Other sovereign funds, such as Abu Dhbai’s Mubadala Investment Company and Qatar Investment Authority, have made significant investments in the Indian market, the report said.