Oman and India Introduce Third Joint Investment Fund, Strengthening Bilateral Ties

Oman and India Introduce Third Joint Investment Fund, Strengthening Bilateral Ties

VoM News Desk | December 17, 2023 | 10:39 AM IST | India, Oman, Politics | Follow on Google News

Oman and India Introduce Third Joint Investment Fund, Strengthening Bilateral Ties Image/X@narendramodi

Oman and India Introduce Third Joint Investment Fund, Strengthening Bilateral Ties

The Chairman of Oman Investment Authority (OIA), Abdulsalam Mohammed Al Murshidi, has confirmed the initiation of the third Oman-India Joint Investment Fund, citing the successes of the preceding two funds. These previous funds yielded substantial returns through diverse investments across sectors such as banking, pharmaceuticals, technology, automobiles, and more, as reported by Oman News Agency.

The announcement of this third tranche of the Oman-India Joint Investment Fund signifies a significant stride in trade and capital collaboration between the two nations, emphasized during the State Visit of Sultan of Oman, Haitham bin Tarik, to India, according to Foreign Secretary Vinay Kwatra.

Kwatra highlighted the bilateral initiative between the State Bank of India and the Oman Investment Authority, outlining the fund’s worth of $300 million (approximately 2500 crores). This venture aims to fuel economic ties by directing investments into India’s fastest-growing sectors.

Al Murshidi of OIA indicated the target sectors for investment in the Indian market, foreseeing growth due to robust consumer demand. He noted an expected 6.3% growth rate for the Indian economy in both 2023 and 2024.

The new fund, comprising $300 million (including $50 million from OIA), is slated for investments across various sectors like technology, healthcare, banking, and consumer services, focusing on companies with strong governance, sustainable competitive advantages, and robust exit strategies for lucrative returns.

This initiative marks the progression from the first Omani-Indian Joint Investment Fund launched in 2011, valued at $100 million, followed by the establishment of a second $230 million fund in 2017. Additionally, OIA continues direct investments in India, beyond the framework of joint investment funds, signaling a deepening economic engagement between Oman and India.

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