The Abu Dhabi Investment Authority (Adia) will invest some USD 750 mn in the debt of Indian infrastructure firm and airport operator GMR Group, Reuters reports, citing an exchange filing. The funds will be used to refinance GMR Group’s external debt as it looks to reduce pledged shareholding in its airports business, Reuters added. The company reported a total debt of INR 44.77 bn (c. USD 532.5 mn), an increase of nearly 4% y-o-y, in its latest annual report.

Adia ❤️ India: The sovereign wealth fund spent nearly AED 3.67 bn on its Indian portfolio in 1H 2024. The most notable transactions include a USD 1.5 bn investment made alongside US private equity firm KKR in Indian Reliance Retail's warehousing assets. It also entered a AED 881.52 mn quasi-equity agreement with Indian real estate development company Prestige to develop residential project in India and backed Indian retailer Purplle in a USD 120 mn funding round.

And there’s more to come: The sovereign wealth fund is also eyeing a 51% stake in Indian food brand Haldiram, valued at USD 4.76 bn, and a 10% stake in education loan provider HDFC Credila Financial Services. It’s also reportedly among the shortlisted bidders for the Indian government’s 23.15% stake in Indian telco Vodafone Idea.

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