Qatar’s release of eight Indian Navy veterans, seven of whom are already come home, 18 months after their arrest, is being seen as a huge boost to bilateral relationship, especially the growing economic ties between the two countries.
The arrest of the former officers and the death sentence, which was later dropped, 18 months ago had threatened to derail ties at a time when Gulf countries were stepping up investment in India.
In 2020, India and Qatar formed a special task force to facilitate investments by QIA, especially in the energy sector. Qatar is India's largest LNG supplier, accounting for over 50 percent of the country’s imports.
Recently, Qatar Energy and India's Petronet LNG signed their biggest single deal for the supply of 7.5 million metric tons LNG per year.
Also Read: State-run Petronet signs long term LNG agreement with QatarEnergy
QIA investment print
QIA, the sovereign wealth fund of Qatar, has investments in many listed and unlisted companies of India such as Adani Green, Adani Transmission, Reliance Retail and Byju's.
The fund's investments have been substantial and diverse, spanning various sectors over recent years. Notable among these investments is the $200 million injected into Bharti Airtel's Airtel Africa in January 2019. The following July QIA led a $150-million investment round in Byju’s.
Also Read: Qatar frees eight ex-Navy veterans jailed on espionage charges
In February 2020, QIA made a significant move by investing $450 million for a 25.1 percent stake in a unit of Adani Transmission.
This was followed by a $100 million investment in Verse Innovation, the parent company of vernacular news aggregator Dailyhunt and short video entertainment app Josh, in February 2021.
In April 2021, Qatar participated in a consortium of investors injecting $800 million into Swiggy. This was followed by $175 million investment in Rebel Foods.
In February 2022, QIA invested $1.5 billion in Bodhi Tree Systems. This infusion facilitated Bodhi Tree's subsequent investments in Allen Career Institute and Viacom 18.
Also Read: QIA deal reaffirms Reliance Retail Venture's $100 billion valuation
In August 2023, QIA announced plans for a $1 billion investment in Reliance Retail Ventures, a subsidiary of Reliance Industries, alongside acquiring a 2.5 percent stake in Adani Green Energy.
Not just Qatar, United Arab Emirates' Abu Dhabi Investment Authority (ADIA) is also looking to invest more in India. ADIA is setting up a $4-5 billion fund to invest in India through Gift City, according to report.
Prime Minister Narendra Modi will be in UAE for a two-day visit from February 13 which is expected to give a push to economic ties.
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