India our number one performing market, says Blackstone CEO
“When we decided to come here, we announced that we would invest $1 billion in India. And people here probably forget that 20 years ago, that was a huge number, and we were on the front pages of all the newspapers. And now, as you say, we’re many times what we expected to be because the country is such a great place to operate. India happens to be our number one performing market in the world for Blackstone. Our returns here, on a gross basis, are somewhere around 40% a year, way in excess of any other market. And we’ve spent our time building businesses in India to make India better, and we foresee being able to double where we are to have a total exposure of $100 billion at some point in the future,” Schwarzman said.
Since its foray into India, Blackstone has witnessed tremendous success, with the country emerging as its top-performing market globally.
“Our returns in India are around 40% annually, far surpassing any other market we operate in,” Schwarzman added. This exceptional performance has solidified Blackstone’s position as the largest foreign investor in India and the biggest private equity firm and real estate owner in the country.
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Blackstone confident of India’s long-term prospects
Despite the recent market fluctuations, Blackstone remains confident in the long-term growth prospects of India. Schwarzman, in particular, has expressed optimism regarding the country’s economic fundamentals. He has acknowledged significant improvements in India’s regulatory environment over the years, which have facilitated smoother operations for global investors like Blackstone.
While the company initially faced challenges navigating the Indian business landscape, Schwarzman notes that Blackstone now prefers to take a controlling stake in businesses rather than remaining a minority partner, which reflects the firm’s growing confidence in the market. The ease of doing business in India has significantly improved, further enhancing Blackstone’s investment appetite.
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