Blackstone will invest at least $2 billion a year in India for the next five years, a top company executive said, citing the country's fast-growing economy and booming capital markets.
The U.S investment firm counts India among its top markets, and its third biggest by equity investments with a current holding of $30 billion.
It plans to target companies in areas such as healthcare, financial services and energy transition, Asia Private Equity head Amit Dixit said in a press briefing.
The firm, which is also India's biggest landlord with over 120 million square feet (11.1 million square metres), plans to invest a total of $17 billion in India in the coming years and expects its portfolio companies to create $7.5 billion in value, although Dixit did not give a timeline.
India's stock markets are trading at record highs and seeing more initial public offerings (IPOs) than other parts of Asia. Blackstone plans to list at least two of its companies this year at multibillion-dollar valuations, Reuters has reported.
Despite a "traffic jam" of IPOs this year, Blackstone's bet on selling stakes in stock markets has "paid off", and it expects IPO markets to improve, chief operating officer Jon Gray said.
While noting India's improving infrastructure and moves to attract foreign investors, Gray said changing the country's privatisation requirements would help investors further. Indian laws currently need 90% shareholder approval to take a listed company private, more than many other large markets.
