India's Prestige Group has signed a Rs 20 billion ($240 million) deal with Abu Dhabi Investment Authority, the largest Arab sovereign wealth fund, and Kotak AIF to develop residential projects in four Indian cities, the company said in a stock exchange filing.
The company plans to set up residential projects in Bengaluru, Mumbai, Goa and the National Capital Region with a combined value of over Rs 180 crore, the disclosure said.
The investment comes as the UAE seeks to expand and intensify its investments in India, seeking to pump up to $50 billion there, Bloomberg reported earlier, citing people familiar with the matter.
The two countries have sought to strengthen bilateral ties over the past decade, aiming to increase non-oil bilateral trade to $100 billion. Modi’s recent visit to Abu Dhabi was his fifth to the UAE since he took office in 2014. Indira Gandhi, in 1981, was the last Indian prime minister to visit the UAE before Modi.
The deals being discussed include stakes in key infrastructure projects and state-owned assets, the people said. They are likely to be announced before Modi seeks a third term in elections due next year. Some of the investments could be channeled through sovereign wealth funds such as Abu Dhabi Investment Authority, Mubadala Investment Company and Abu Dhabi Holding, they added.
