New Delhi: Oman Investment Authority (OIA) has expanded its cooperation with the Indian side by launching the third Omani-Indian Joint Fund with the State Bank of India.
The agreement marking the establishment of the Fund was signed on the sidelines of the State Visit made by His Majesty Sultan Haitham bin Tarik to the Republic of India.
Abdulsalam Mohammed Al Murshidi, OIA Chairman, said that the establishment of the third fund builds on the success of the first two joint funds with the Indian side.
He added that the ventures brought about good returns from successful investments in different domains, most notably banking and financial services, medical care and pharmacology, chemical and industrial technologies, automobiles, Information Technology, commodities, defence, aerospace, mining and the retail sector.
The OIA targets various vital sectors to strike partnership and investment deals in the Indian market, said Al Murshidi, noting that such protfolios benefit from the growth of the Indian economy due to strong consumer demand of the population there.
Al Murshidi cited the incentives, advantages and capabilities that make India an attractive investment destination. He pointed out that the Indian economy is expected to see a growth rate of 6.3% in the current year (2023) and next year (2024).
The new fund boasts a volume of $300 million (with $50 million as OIA investment), said Al Murshidi, who explained that the sum would be invested in a variety of sectors, most notably technology, health and pharmacy, banks and banking services, industries and consumer services.
The third investment fund eyes an increase in capital in the long term and generates lucrative returns through investment in companies that command high levels of governance, sustainable competitive advantage and a sound exit strategy after achieving good returns, said Al Murshidi.
It is worth noting that the OIA established the first Omani-Indian Joint Investment Fund in 2011, with a value of $100 million, in partnership with the State Bank of India. In 2017, the OIA established its second portfolio with a $230 million fund that focused on medium-sized companies in the Indian market.
The OIA also runs direct investments in the Republic of India beyond the scheme of joint investment funds. -ONA
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