Synopsis
Finance Minister Nirmala Sitharaman met Prudential's Shriti Vadera in London to discuss investment opportunities in India. She emphasized the growth in the Indian insurance sector and invited Prudential to engage with GIFT City for fund management and other financial services.Key Takeaways
- Nirmala Sitharaman met with Prudential's Shriti Vadera.
- Discussions revolved around investment opportunities in India.
- Focus on GIFT City in Gujarat for financial services.
- Growth in India's insurance sector highlighted.
- Emphasis on collaboration between UK and India.
New Delhi, April 8 (NationPress) The Minister for Finance and Corporate Affairs, Nirmala Sitharaman, engaged with Shriti Vadera, chair of the UK insurance leader Prudential PLC, in London on Tuesday to discuss potential investments in India, as per the Finance Ministry.
The Finance Minister enlightened Vadera about the promising prospects within India’s inaugural International Financial Services Centre located at GIFT City in Gujarat, urging Prudential to delve into more profound engagement with the ecosystem there, particularly in areas like global reinsurance services and contemplating GIFT City services for global fund management aimed at investing in India, stated the Ministry.
She highlighted the expansion within the insurance sector in India, attributed to reforms in the FDI policy, and stressed the importance of focusing on reinsurance and third-party insurance alongside health insurance and other products.
Vadera shared insights on Prudential's forthcoming initiatives in the health insurance segment in India, expressing interest in further engagement with GIFT City to explore investment and fund management avenues.
Minister Sitharaman also emphasized potential collaboration areas between the UK and India, especially in business and investment, including private equity, venture capital investments, asset management, financial services, and insurance.
Moreover, the discussion encompassed recent budget announcements aimed at bolstering the expansion of India’s Global Capability Centres (GCCs), as indicated in the statement.
GCCs have been instrumental in propelling India's office market, accounting for 44% of the total demand, with 12.4 million square feet transacted. Bengaluru led this segment, contributing nearly 8 million square feet, or 65% of all GCC transactions in Q1 2025.
In 2024, GCCs leased 22.5 million square feet, representing 31% of total leasing volumes, according to the latest office market analysis by real estate consultancy Knight Frank India.
Among various cities, Bengaluru recorded the highest total GCC leasing at 9.33 million square feet, with 66% (or 6.18 million square feet) stemming from large deals, indicating a 191% increase in absorption. Hyderabad followed with GCC transactions totaling 5.06 million square feet, of which 67% (or 3.41 million square feet) were within the large office space category. Chennai and NCR also reported good activity from GCCs in 2024, with 89 and 53 deals respectively.
