Sovereign wealth funds’ assets in India rise 60%
MUMBAI: Assets under custody of sovereign wealth funds in domestic companies rose by 60% to touch Rs 4.7 lakh crore in the 12 months period preceeding April 2024 as against Rs 3 lakh crore last year, according to the latest NSDL data.
The world’s largest sovereign funds such as the Government Pension Fund Global of Norway, which with $1.4 lakh crore in assets under custody is the world’s largest; the Abu Dhabi Investment Authority, the Sama Foreign Holdings of Saudi Arabia, the Canadian Pension Funds, the GIC & Temasek of Singapore, and the Kuwait Investment Authority, among others, are some of the leading sovereign wealth funds which have been pumping tens of billions into domestic companies/entities/infra assets.
They’re increasing their India bet, as the country remains the fastest growing large market.
These funds have been putting money in the country on the back of tax exemptions they have begun to get since recent years along with relaxation in the KYC norms, which has reduced the compliance cost ad time for them. Total securities/assets owned by sovereign wealth funds in domestic companies/entities/infra assets jumped by 60% to Rs 4.7 lakh crore in the year ending April 2024, show data. In the previous 12 months period ending April 2023, assets under custody of these funds was Rs 3 lakh crore, according to the same data.