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RDIF and State Bank of India to Invest up to 1 Billion USD Each in Joint Projects



The press release states, “Russian Government promoted sovereign wealth fund the Russian Direct Investment Fund (RDIF) and State Bank of India (SBI) have created a new co-investment consortium in order to expand bilateral economic cooperation. A memorandum of understanding was signed today as part of Russian President Vladimir Putin’s official visit to India. The document was signed by RDIF CEO Kirill Dmitriev and SBI Chairman Mr Pratip Chaudhuri in the presence of the leaders of both countries – Russian President Vladimir Putin and Prime Minister of India Manmohan Singh.

Following the agreement, RDIF and SBI will team up to develop infrastructure to facilitate access to long-term capital in Russia and India, and to actively promote mutual investments between the two countries.

The MoU notes that each of the parties may invest up to 1 billion USD each or facilitate investment in projects and companies with a Russia-India angle, as well as initiatives associated with privatization, globalization or mutual trade. The document also reflects the main principles of selecting investment targets and managing investments by the parties, with the emphasis being promotion of trade and economic cooperation between Russia and India. Emphasis will be placed on projects geared towards higher purchasing power of the population, ensuring demand for infrastructure, creation of value addition in the extraction and processing of natural resources, and the development of manufacturing businesses and service sector companies.

Commenting after the signing Russian President Vladimir Putin said: “I believe that the Memorandum signed between RDIF and State Bank of India will provide additional stimulus to build mutually beneficial cooperation, including SME. It is about creating an efficient, real and actionable mechanism for co-financing investment projects of approximately one billion dollars.”

Commenting on the signing of the Memorandum Kirill Dmitriev said: “We are delighted to find a new partner represented by India’s largest state-owned banking institution. At present, BRICS countries show strong investment potential, and the co-investment consortium, given the government support, helps mitigate the risks that might arise from the global economic situation. Our agreement is focused primarily on the most promising and highest-demand sectors. Also, let us not forget that given Russia’s and India’s macroeconomic performance one can expect high investment returns.”

State Bank of India Chairman Mr Pratip Chaudhuri said: “By partnering with a sovereign wealth fund like RDIF, our bank will have access to interesting and very attractive projects from an investment point of view. Both the Russian and Indian economies are in need of substantial investment. Together this partnership between RDIF and SBI is expected to make a major contribution towards enhancing the economic cooperation between the two countries. In our view, a partnership of developing economies can really result in a win-win situation for both the countries.”

Read more: RDIF Press Release

DP World and NIIF Joint Venture Embarks on First Investment



Hindustan Infralog Private Limited, the US$ 3 billion joint venture formed in January 2018 between DP World and the National Investment and Infrastructure Fund (NIIF) to invest in ports, logistics and warehousing, agreed to acquire 90% of Continental Warehousing Corporation (Nhava Seva) Limited for US$ 400 million. 10% is being retained by the company’s founders – the Reddy family. Adi Keshav Reddy is the founder of Continental Warehousing. This is the first investment of the Hindustan Infralog platform.

The sellers include Warburg Pincus India Pvt Ltd, International Finance Corporation (IFC) and Aureos Capital, a joint venture between the CDC and Norfund that was acquired by Abraaj Capital.

Barclays, Citi and Detusche Bank advised on the transaction.

Continental Warehousing was formed in 1997 and is one of India’s biggest container warehousing firms – operating container freight stations and private freight terminals across India. In April 2011, Warburg Pincus invested in Continental Warehousing, committing US$ 100 million. In December 2015, IFC invested US$ 25 million in equity and lent US$ 35 million in debt to Continental Warehousing.

In India, DP World has been operating container port terminals since 1997.

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SWFI First Read, March 18, 2018



Surbana Jurong and China Vanke Tie up Deal for Industrial Town Projects

Surbana Jurong, a real estate development company focused on urban projects, inked a deal with China Vanke to partner on new industrial towns in China’s midwest regions. Surbana Jurong is majority-owned by Singapore’s Temasek Holdings. The first joint project is Vanke’s Jianzhou Dream Town in Chengdu. Surbana will provide the design for this project.

PIF Eyes Hollywood Talent

Saudi Arabia’s Public Investment Fund (PIF) is looking at investing around a 7% stake in Endeavor, LLC, a talent agency holding entity of WME for a reported US$ 400 million. Ari Emanuel is the CEO of Endeavor. PIF’s financial advisor for this deal is Michael Klein & Co. Endeavor is being advised by Ares Holdings.

Alex Wilmot-Sitwell of BAML Resigns

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Mubadala Invests in No Fly Zone Drone Radar Company



Data Collective led a US$ 15 million Series A round into Salt Lake City-based Fortem Technologies, Inc., a company that works on solutions that can detect, identify and classify drones in real time to maintain airspace safety. Other investors in the round include Boeing, Mubadala Investment Company, Manifest Growth, New Ground Ventures and Signia Venture Partners.

Ibrahim Ajami, Head of Mubadala Ventures said in the press release, ” Mubadala is excited to work with Fortem and its outstanding leadership team to help grow its business to new markets.”

Ajami added, “We strongly believe the TrueView radar is essential to maintain a safe airspace for both the aircraft and the critical infrastructure on the ground.”

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