Adia digs its heels into infrastructure player’s stake, after SBI Funds IPO

The Abu Dhabi Investment Authority (Adia) acquired a stake in Indian building materials and steel supplier SG Mart, Zawya reports, continuing its recent run of investments across India’s industrial and financial sectors. The SWF purchased 1.1 mn shares worth INR 730 mn (USD 7.6 mn) through an open market transaction at INR 650 apiece.

Why it matters: The investment reflects Adia’s strategy of building diversified exposure to India’s growth story. Beyond large wagers on infrastructure, renewables, and tech, the fund is increasingly investing in the industrial supply chains that underpin India’s infrastructure expansion.

Part of a broader strategy

The investment comes just a day after Adia emerged as a key anchor investor in SBI Funds Management’s USD 1.2 bn IPO. India’s largest asset manager raised INR 26.6 bn (USD 278.5 mn) from anchor investors, as per an exchange filing (pdf). The fund house allotted 46.4 mn shares at INR 574 apiece — the upper end of the price band — implying a valuation of up to USD 12.2 bn.