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India’s Finance Minister Nirmala Sitharaman met executives from five global financial firms in Singapore on October 11, 2026, to discuss potential investment and financing opportunities in India. The discussions ranged from infrastructure and housing finance to renewable energy and artificial intelligence. They were invitations to explore opportunities—not announcements of signed deals or committed investment amounts.
What the Singapore meetings covered
The discussions paired established financing needs—such as infrastructure, capital markets, housing and trade—with newer priorities including renewable energy, sustainable finance and AI. The meeting account names five institutions and describes areas for possible engagement.
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Infrastructure, capital markets and renewable energy
Sitharaman met Yukinobu Saeki, MUFG’s Chief Executive for Asia Pacific. They discussed expanding the Japanese group’s India presence in capital markets, infrastructure and project finance, renewable energy, and M&A financing. She encouraged MUFG to engage more with NaBFID on infrastructure financing. SME financing support and regulatory roadshows on market transparency and governance also featured in the discussion. PTI’s account reports the meeting topics.
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At a meeting with Rajeev Kannan, Managing Executive Officer and Co-Head of Asia Pacific at Sumitomo Mitsui Banking Corporation (SMBC), the topics included affordable housing finance, financing for non-bank financial companies (NBFCs), trade finance and other priority areas. Sitharaman encouraged SMBC to explore opportunities through the National Investment and Infrastructure Fund (NIIF) and GIFT IFSC, particularly in aircraft leasing.
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Sustainable finance and European institutional investors
With SEB Chairperson Marcus Wallenberg, Sitharaman discussed India’s economic outlook and engagement with European institutional investors. Other topics included private equity in NBFCs, sustainable finance, the green transition and skills. She invited SEB to explore opportunities through GIFT IFSC and NIIF.
Private credit and long-term business financing
Sitharaman met Scott Kapnick, CEO of HPS Investment Partners, to discuss private credit, structured finance and long-term business financing. The account says HPS highlighted debt capital as complementary to equity. Sitharaman encouraged the firm to explore setting up a fund in GIFT IFSC and collaborating with NIIF on infrastructure financing.
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Sovereign AI and financial services
At her meeting with Raj Ganguly, B Capital Group’s co-founder and CEO, the discussion focused on sovereign AI and the broader AI ecosystem, including potential applications in Indian banking and financial services. The account says the B Capital team emphasized currency stability and predictable, transparent tax policies.
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The meetings referred to three institutions as possible routes for further engagement. The report does not set out their full mandates or confirm that any proposed activity has advanced.
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- NaBFID: Sitharaman encouraged MUFG to engage with it on infrastructure financing.
- NIIF: It was mentioned as a channel to explore by SMBC and SEB; HPS was encouraged to consider collaboration with it on infrastructure financing.
- GIFT IFSC: It was raised as a route for SMBC to explore, including aircraft leasing, and for SEB to explore opportunities. HPS was encouraged to consider setting up a fund there.
What has—and has not—been announced
The account describes a ministerial investment pitch and discussions about possible opportunities. It does not report signed transactions, specific sums committed, or resulting investments. Nor does it provide a verbatim quotation from any participant; the meeting summaries are reported in indirect speech.
A second PTI publication carries the same named executives, firms and discussion areas, but it appears to reproduce the same wire account rather than offer an independent account of the meetings. PTI’s publication is therefore best read as corroboration that the account appeared in more than one outlet, not as a separate witness to the discussions.
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