If the plan materialises, ADIA will become the first Gulf nation sovereign wealth fund to have a physical presence in the country
Abu Dhabi Investment Authority (ADIA) is hiring a new country head and plans to set up an office in India as part of expansion efforts in the country, according to Indian media reports.
According to LiveMint.com, ADIA has hired global recruitment firm Egon Zehnder to find someone to lead its operations in India, with an unnamed source telling the news outlet that a number of private equity and infrastructure specialists are in discussions concerning the role.
“First priority is to hire a head for Indian operations and eventually a team may be set up,” another source told LiveMint.
Although ADIA currently has no representative office in India, the sovereign wealth fund is already involved in a number of sectors in the country, including infrastructure, real estate, banking, financial services and insurance.
In October, ADIA signed a $1 billion investment agreement with India’s National Investment and Infrastructure Fund, becoming the first institutional investor in its master fund and shareholder in its investment management company, National Investment and Infrastructure Ltd.
In the infrastructure sector, ADIA owns minority states in Indian renewable energy producer ReNew Power Ventures Pvt. Ltd., clean energy company Greenko Energy Holdings, and Infrastructure Pte Ltd, a road platform formed by I Squared Capital and the World Bank’s International Finance Corp.
In December, ADIA also became a minority shareholder in global investment firm KKR’s India Financial Services, an alternative credit business. It has also invested in a number of other companies including a mutual fund, a securities deposit firm and a realty fund.
“India is now one of the most attractive investment destinations globally,” LiveMint quoted Anshul Lodha, director at recruitment agency Michael Page India as saying. “As a result, sovereign funds are investing in setting up their own offices to create a stronfhold in the region unlike the past when they were fine with India exposure through other [private equity] firms.”
If the plan materialises, ADIA will become the first Gulf sovereign wealth fund to set up an office in India.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.