PM Modi meets Blackstone CEO; latter plans to invest $40 bn in India in next 5 years

Prime Minister Narendra Modi on Thursday met with Blackstone's Chief Executive Officer (CEO) Stephen Schwarzman and discussed collaboration and future investment plans in India. During the meeting, Schwarzman stated his intent to invest in various sectors including real estate, education, fashion, packaging and housing finance. According to the statement released by the External Affairs Ministry, the American global investment firm emphasised working on the National Infrastructure Pipeline and National Monetisation Pipeline projects in India. Further, Blackstone's CEO explicated its vision to make India a 'commercial real estate hub' in the world.

It is worth noting that the Prime Minister arrived in Washington on Wednesday for his much-touted US visit. On September 23, Thursday, PM Modi met several global CEOs including, Schwarzman in order to attract investment in India. Blackstone, which had started its operations in India in 2006, has so far invested USD 60 Billion. The key areas of the company's investments in India include private equity, real estate, education, fashion, packaging and housing finance. Notably, Blackstone Real Estate Fund is the largest owner of commercial real estate in India. Read the official tweet of PM Modi here:

Blackstone to invest USD 40 billion of assets over next five years in India

In 2019, it has launched India's first Real Estate Investment Trust (REIT) with Embassy Group. Since then, the company has launched two REITs in the country. While meeting PM Modi, Blackstone's CEO asserted its plan to invest another USD 40 billion of assets over the next five years in India. "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," Schwarzman said. Further, he reiterated that New Delhi has always been his favourite destination in terms of investment. 

Prime Minister also met CEOs of other multinational companies in Washinton

Apart from meeting with Schwarzman, Prime Minister also held one-on-one meetings with CEOs of Qualcomm, First Solar, Adobe and General Atomics in Washington. PM Modi, in his tweet, said that the Adobe CEO discussed interesting ideas related to ed-tech. He also asserted the software company has promised to support Indian start-ups and boosting innovation. Meanwhile, the Indian-origin CEO applauded the efforts of the Indian government in tackling the COVID virus. Further, he appreciated the rapid vaccination drive that helps to secure the vulnerable population from getting infected with the deadly virus. It is worth noting that the ongoing US tour is the first in-person meeting after the COVID pandemic. The Prime Minister met Australian Prime Minister Scott Morrison and Japanese Prime Minister Yoshihide Suga. PM Modi will also meet US President Joe Biden on September 24 at the White House.

(With inputs from PTI)

(Image: Twitter/narendramodi)