In late July 2012, India experienced the worst power outage in their history. More than 680 million people, more people than the United States, Mexico, and Canada combined were without electricity. India had a second outage. Factories, offices, and other buildings at the time either switched to backup generators or closed temporarily. Backup generators in India are common for many large-scale businesses. India is Asia’s third largest economy, the economic workshop for outsourcing and technology services. Indian businesses cite that electricity supply is a key impediment to economic growth.
The manifestation of the power outage was a failure of power grids. The extreme heat during the summer of 2012 caused record levels of heat in New Delhi. Along with other factors, it was a perfect storm for an outage. Power Grid Corp. of India Ltd., is the state managed company that operates five regional grids. It runs more than 100,000 kilometers of electricity transmission lines.
India mostly relies on coal as their primary energy source.
Sovereign wealth funds like Singapore’s Temasek Holdings are keen on India’s infrastructure sector despite bureaucratic hurdles. They see the sector as promising. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
Singapore’s GIC Private Limited named Dr Tony Tan Keng Yam (Tony Tan) as director and special advisor to the wealth fund, effective January 1, 2018. Tan was the former Deputy Chairman and Executive Director of GIC from September 2005 to June 2011. In 2011, He went on to serve as the 7th President of Singapore until August 31, 2017.
In a press release, Lim Chow Kiat, Chief Executive Officer of GIC, said, “As Special Advisor, Dr Tan will provide much value in broadening and strengthening GIC’s network of senior statesmen and leaders of corporations and institutions who may be constructive in advancing the business and interests of GIC. We will also benefit from his extensive knowledge and perspectives on global matters.”
New York-based buyout firm Lindsay Goldberg LLC has announced that Former U.S. Treasury Secretary Jacob J. Lew will join the company as a partner focusing on investments across sectors, institutional relationships, and firm management, according to an announcement released on Monday, November 20. Lindsay Goldberg is a private equity firm co-founded by Alan E. Goldberg and Robert D. Lindsey, both veterans of Morgan Stanley in which they worked in the Transaction Development Group.
[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
The San Diego City Employees’ Retirement System plans to reduce annual commitments to private equity and infrastructure down to US$ 75 million for fiscal year 2018. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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