KIC Holds Opening Ceremony for Mumbai Office in India

The sovereign wealth fund Korea Investment Corporation (KIC) has officially established its first overseas base in an emerging market, the Mumbai office in India.

On the 2nd, KIC announced on the 3rd that it held the 'KIC Mumbai Office Opening Ceremony' at the Geo Convention Center in the Bandra Kurla Complex (BKC) district of Mumbai, India.

The opening ceremony was attended by officials from the Republic of Korea government and public institutions, including Consul General Kim Young-ok in Mumbai, as well as representatives from the Indian government.

Also present were overseas sovereign wealth funds and pension funds already operating in Mumbai, global investment institutions such as Blackstone, KKR, and Brookfield, and representatives from domestic financial institutions.

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At the ceremony, President Jin Seung-ho said in his welcoming remarks, "KIC chose Mumbai as its first overseas base in an emerging market because it highly values the potential of the Indian economy," adding, "The Mumbai office will serve as a platform to enter the dynamic Indian economy."

He continued, "We feel a great sense of responsibility as KIC is the first Korean public investment institution to enter India," and stated, "We will actively seek promising investment opportunities in this rapidly growing region."

Consul General Kim Young-ok of Mumbai said in his congratulatory speech, "As the Indian economy grows, it is expected to provide new business opportunities in various areas, and Korea also wants to participate in this trend," adding, "The KIC Mumbai office will not only elevate the special strategic partnership between the two countries to a higher level but also contribute to the economic growth of both nations."

Ajay Seth, Deputy Finance Secretary of India, said in his congratulatory remarks, "The establishment of the Mumbai office signifies that cooperation between KIC and India will deepen further," and praised KIC for setting an important milestone.

Amit Kumar, Indian Ambassador to Korea, conveyed in a congratulatory video message, "I am confident that KIC will find abundant investment opportunities in India," and expressed hope that "KIC will closely cooperate going forward and further expand financial cooperation with Korea."

The newly established Mumbai office is located in the financial hub of the BKC district and plans to focus on securing promising alternative investment deals in earnest.

It is paying attention to venture capital (VC) and private equity (PE) investment opportunities arising from India's rich IT ecosystem and expanding domestic market, and is expected to invest in real assets such as infrastructure and real estate to support India's economic development.

Meanwhile, the Mumbai office is KIC's fifth overseas base following its branches in New York (2010), London (2011), Singapore (2017), and the San Francisco office (2021). It is also the first overseas office established in an emerging market.

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