The UAE’s largest sovereign wealth fund, Abu Dhabi Investment Authority (ADIA), has established a subsidiary at the Gujarat International Finance Tec-City (GIFT City), after acquiring the mandatory regulatory approvals to open its office in India.

The International Financial Services Centre Authority (IFSCA) has given the go-ahead for the subsidiary to operate from GIFT City, India’s international financial services centre.

ADIA hopes to transfer certain existing Indian investments, in a phased manner, to its GIFT City subsidiary, which will also hold future Indian investments.

H.H. Sheikh Hamed bin Zayed Al Nahyan, Managing Director of ADIA, said, “India is one of the world’s fastest growing economies and has been a key focus for ADIA’s investment activities for a number of years. We have built an extensive portfolio that spans asset classes, and we remain confident in India’s long-term growth prospects. Establishing ADIA’s subsidiary at GIFT City underlines our belief in the opportunities presented by India’s continued growth. GIFT City is creating a dynamic, world-class financial services ecosystem, operating under a strong regulator and a robust legal framework.”

ADIA’s investments in India include major asset classes, besides significant holdings in public and private equity. – editor@nrifocus.com