Cordea Savills, the European private equity firm, has partnered with Indian investment firm Nichani Holdings to invest in new property developments in India. The fund will be exclusively for investors in the gulf state of Oman, and will be particularly targeted at the country’s significant population of non-resident Indians, according to a statement from the Indian embassy in Oman.
Cordea-Nichani Indian Opportunites No. 1 will primarily invest in a special economic zone near Bangalore and a few other real estate developments in South India. The projects will all be information technology-focused. India’s ambassador to Oman Anil Wadhwa launched the fund at the third meeting of the India-Oman Business Forum over the weekend. The fund is seeking to raise around $30 million to $40 million (€19 million to €26 million) from Omani institutional investors, big corporate houses and government pension funds, according to the statement.
There are around 500,000 expatriate Indians in Oman, many of whom have attained high levels in business administration and are eager to invest in Indian development. The estimated population of NRIs in all GCC countries is around six million. NRIs make up about 40 percent of the population of the United Arab Emirates.