From energy, infrastructure and pharmaceuticals to famous snack brands and baby products, the Abu Dhabi Investment Authority has been pumping money into India over the past six months.
The sovereign wealth fund invested $1 billion in five deals with Indian companies in the first half of 2024 as the UAE pushes to expand bilateral non-oil trade with India, its second-largest trading partner.
At a time of growing geopolitical and economic uncertainty elsewhere, India is becoming an attractive magnet for government investment.
Last month, the UAE’s Minister of Economy, Abdullah bin Touq, led a trade delegation of Emirati business leaders and government officials to the world’s most populous country.
This follows reciprocal visits between UAE President Sheikh Mohammed bin Zayed and Indian Prime Minister Narendra Modi.
ADIA has grown its presence by leveraging its relationships with India’s largest conglomerates, including Mukesh Ambani’s Reliance Industries and Gautam Adani’s Adani Group.
The fund, along with Abu Dhabi International Holding Co., has been named as a leading investor in Adani Energy’s upcoming $1 billion public offering.
Among other non-oil deals currently in the works, ADIA is part of a consortium led by Blackstone seeking to buy a majority stake in snacks giant Haldiram’s for $4.8 billion, which if successful would likely be India’s largest private equity buyout to date.
The fund has also received an inquiry from the Indian government about acquiring shares in Vodafone Idea.