Labourers work at a construction site of a metro rail station in Kolkata, India July 2, 2018. REUTERS/Rupak De Chowdhuri
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Sovereign wealth funds are piling into India, buying stakes in everything from airports to renewable energy, attracted by political stability, a growing middle class and reforms making it more enticing for foreigners to invest.Private equity deal activity in India surged to $19 billion in 2018, the highest level in at least a decade, according to PitchBook data.In April, ADIA and India's National Investment & Infrastructure Fund agreed to buy a 49 percent stake in the airport unit of Indian conglomerate GVK Power & Infrastructure.ADIA, the world's third-biggest sovereign wealth fund, which has been investing in Indian equities and fixed income for years, has broadened its focus to include asset classes such as infrastructure, real estate and private equities, people familiar with ADIA's thinking said.Indian-based fund managers were from this year licensed to manage foreigners' portfolio holdings in the country, where previously such assets had to be managed outside India.Bankruptcy resolution rules introduced in 2016 helped pave the way for ADIA's $500 million investment earlier this year in a distressed debt fund.
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