India is looking to strengthen international investment ties across key sectors, with Union Finance Minister Nirmala Sitharaman meeting senior representatives of 5 global financial institutions and investment firms during her visit to Singapore.
According to the Finance Ministry, the discussions covered infrastructure financing, private credit, artificial intelligence (AI), renewable energy, housing finance and opportunities to expand business engagement in India. The meetings involved Sumitomo Mitsui Banking Corporation (SMBC), Skandinaviska Enskilda Banken (SEB), HPS Investment Partners, B Capital Group and Mitsubishi UFJ Financial Group (MUFG).
During her meeting with HPS Investment Partners CEO Scott Kapnick, Sitharaman discussed “private credit, structured finance and long-term financing for businesses”. She encouraged HPS to consider setting up a fund in GIFT IFSC and working with the National Investment and Infrastructure Fund (NIIF) to “mobilise financing for large infrastructure projects in India”. HPS highlighted how debt capital could complement equity investments.
Talks with MUFG Chief Executive for Asia Pacific Yukinobu Saeki focused on expanding the bank’s Indian operations across “capital markets, infrastructure and project finance, renewable energy and M&A financing”. Sitharaman also encouraged stronger engagement with the National Bank for Financing Infrastructure and Development (NaBFID). Discussions included financing for Indian small and medium enterprises and regulatory roadshows to “enhance market transparency and governance”.
In her meeting with SEB Chairperson Marcus Wallenberg, discussions covered India’s economic outlook and ways to attract more European institutional investment. SEB highlighted opportunities in “energy and data centres, IT and tax services, healthcare, financial services and housing finance”. Other topics included sustainable finance, private equity investments in non-banking financial companies (NBFCs), the green transition and skill development.
Sitharaman met SMBC Managing Executive Officer and Co-Head for Asia Pacific Rajeev Kannan to discuss “affordable housing finance, financing for NBFCs, trade finance and other priority sectors”. She encouraged SMBC to explore opportunities through NIIF and GIFT IFSC, particularly in aircraft leasing.
Discussions with B Capital Group Co-founder and CEO Raj Ganguly focused on “Sovereign AI and the broader AI ecosystem”. Sitharaman highlighted India’s potential in AI services and encouraged the firm to explore AI applications in banking and financial services.
B Capital stressed the importance of a “stable currency and predictable, transparent tax policies” for investors. The meetings also explored ways to increase financing for Indian businesses and infrastructure and attract investment across technology, energy and other sectors.
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