Saudi “public investments” to further acquire Indian companies
Monday – 16 Rabi Al-Awal 1442 AH – 02 November 2020 AD Issue No. [
15315]
Riyadh: «Middle East»
The Public Investment Fund (Saudi sovereign wealth) continued to focus acquisitions in the Indian private sector. The fund carried out a new purchase, which was recently announced, by injecting $ 507 million (Rs. 37.8 billion) into purchasing units of the Digital Fiber Infrastructure Fund.
According to Bloomberg, this investment follows the PIF’s acquisition, earlier this year, of a 2.32 percent stake in Geo Platforms, a digital services platform, as this investment strengthens the fund’s presence in the Indian market, and the sector. Especially technical.
The deal comes in line with the fund’s strategy to invest in sectors and companies that achieve attractive long-term financial returns. And last May, the Public Investment Fund revealed the acquisition of a significant stake in the Indian Dawaat Company, one of the largest food companies and the most famous exporter of Basmati rice.
The current deal confirms the fund’s commitment to investing and long-term partnership with innovative companies that drive and transform their sectors. The fund’s continuation of its efforts as an effective engine for economic diversification in the Kingdom is in line with the goals of the Kingdom’s Vision 2030.
Saudi
The Saudi economy
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