Abu Dhabi Investment Authority’s intention to establish a presence in Gujarat’s GIFT City, was first announced last July in a joint statement by India and UAE. | Photo Credit: Reuters
Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the United Arab Emirates (UAE), is setting up a $4-5 billion fund to invest in India through a tax-neutral finance hub in Prime Minister Narendra Modi’s home state of Gujarat, according to two sources with direct knowledge of the matter.
The regulatory authority for financial services at Gujarat International Finance Tec-City, or GIFT City, has granted in-principle approval to ADIA to set up the fund, sources said, declining to be identified as they are not authorised to speak to media.
ADIA’s intention to establish a presence in the hub was first announced last July in a joint statement by India and UAE. The amount of investment planned and the approval from the regulatory authority has not been previously reported.
A spokesperson for ADIA declined comment. An email to the International Financial Services Authority (IFSCA), which regulates financial services in the hub, was not answered.
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