Modi in US: PM Modi meets Blackstone CEO, discusses investment opportunities in India
Sep 23, 2021
WASHINGTON: Prime Minister Narendra Modi on Thursday during his high-level US visit met with Blackstone's Chief Executive Officer (CEO) Stephen Schwarzman in Washington DC and discussed ongoing projects and further investment opportunities in India.
This is a part of series of meetings that Prime Minister Modi undertook with select heads of corporates that have the potential to invest significantly in India.
"India remains an attractive investment destination! PM @narendramodi met Stephen Schwarzman, CEO @blackstone. Discussed ongoing projects and further investment opportunities in India, including under the National Infrastructure Pipeline and National Monetisation Pipeline," said Official Spokesperson, Ministry of External Affairs.
Blackstone started operations in India in 2006 and has so far invested around USD 15 Billion across sectors such as private equity, real estate, education, fashion, packaging and housing finance. Blackstone Real Estate Fund is the largest owner of commercial real estate in India.
The company played a key role in launching India's first real estate investment trust (REIT) along with its partner Embassy Group in 2019 and has since then launched two REITs in the country.
Talking about the company's plans in India, Schwarzman said Blackstone is planning another USD 40 billion of assets over the next five years. "I had a very good meeting with the Prime Minister. I told him that Blackstone had already invested 60 billion US dollars in assets in India. And over the next five years, we're planning another USD 40 billion of assets," he said.
Answering a question on India as an investment destination, Schwarzman said that "India's been Blackstone's best market for investment in the world."
Earlier today, Prime Minister held talks with Qualcomm CEO Cristiano R Amon and discussed several issues including electronics, telecom manufacturing and various measures to strengthen the innovation ecosystem.
Prime Minister met with General Atomics CEO Vivek Lall and discussed advancing defence manufacturing, use of emerging technologies and augmenting capacity building in India.
PM Modi also met with Adobe chairman Shantanu Narayen. Earlier on Wednesday, Prime Minister Modi arrived in Washington for his much-touted US visit.
Later, Prime Minister Modi is scheduled to meet Australian Prime Minister Scott Morrison and Japanese Prime Minister Yoshihide Suga.
US President Joe Biden will host PM Modi at the White House on September 24. This is going to be the first in-person meeting between the two leaders after Biden took over as the US President on January 20.