Blackstone chairman and chief executive officer Stephen Schwarzman reaffirmed his commitment to investing in India at an event in New York City Tuesday honoring the Indian Prime Minister Manmohan Singh.
“Our firm is very active in India,” Schwarzman said while accepting his own humanitarian award at the event. “We own 12 companies and have invested over $1.2 billion in their country, with a lot more coming.”
Schwarzman’s remarks came after he was presented with the Appeal of Conscience award by The Appeal of Conscience Foundation. Prime Minister Singh received the 2010 World Statesman award from the foundation.
During Schwarzman’s speech, he noted that in the weeks following the collapse of Lehman Brothers, Prime Minister Singh accurately predicted India would grow over five percent in 2009. “A very bold prediction,” Schwarzman said.
Last month, Blackstone invested $300 million in Indian power developer Moser Baer. In July, the firm announced it would invest INR2.75 billion (€47.2million; $59 million) for an estimated 12.5 percent stake in Monnet Power, a power generator and supplier in Chhattisgarh, India. The investment comes from Blackstone’s mega fund, Blackstone Capital Partners V, which closed in 2007 at $21.7 billion.
Blackstone senior managing director Akhil Gupta recently told a press conference the firm is expected to increase its investments in India to up to $3 billion over the next five years, according to various news reports.