The Public Investment Fund (PIF) of Saudi Arabia, which has invested in SoftBank’s Vision Fund and ride-hailing firm Uber, is looking to invest in India’s infrastructure sector.
“They are trying to create an investment portfolio that lasts beyond oil,” said a person aware of the sovereign wealth fund’s plans, requesting anonymity.
Saudi Arabia is a crucial source of energy for India and hosts a number of expatriate Indians. PIF, which acts as the Kingdom’s main investment arm, plans to increase assets under management from around $230 billion to over $400 billion by 2020. Building “strategic economic partnerships” is among its key objectives.
Another person, who also didn’t want to be named, confirmed PIF’s interest in India’s infrastructure sector. Read More