Wealth funds in the GCC led the global sovereign direct investments in India to $6.712 billion in 2022 from $ 3.797 billion in 2021, according to the Sovereign Wealth Fund Institute (SWFI).
India surpassed its Asian competitor China in cross-border direct investment from sovereign wealth funds last year. In 2021, China had outshined India with direct investments of $4.535 billion, the SWFI report said.

In April 2022, BlackRock Real Assets, a unit of BlackRock Inc. and Abu Dhabi-based Mubadala Investment Company, agreed to invest INR 40 billion ($525.8 million) in Tata Power Renewable Energy Limited, Tata Power Company Limited’s renewable unit.

On the housing front, the wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) took a 20% stake in IIFL Home Finance in June 2022 for Rs 2,200 crores.

Other notable deals were Qatar Investment Authority’s investment in Bodhi Tree and Singapore’s Temasek Holdings boosting ownership in Manipal Health Enterprises Private Limited.

Active direct sovereign wealth fund investors include Abu Dhabi Investment Authority, Kuwait Investment Authority, Norway Government Pension Fund Global (Norges Bank Investment Management) and GIC Private Limited.

(Editing by Seban Scaria seban.scaria@lseg.com)