Q&A About the Jefferies India Forum
The economic relationship between India and the UAE is entering a new phase. What began primarily as a trade and capital relationship is evolving into a broader strategic corridor spanning investment, technology, infrastructure, energy, logistics and talent.
That evolution comes as India continues to establish itself as one of the world’s most compelling long-term investment markets. With a market capitalization exceeding $5 trillion, nearly 600 companies valued at more than $1 billion and representation across more than 15 sectors, the country’s public markets offer investors both scale and diversity.
Against this backdrop, the 5th Jefferies India Forum has brought investors together with founders, promoters, business owners and senior executives in Gurgaon from September 16-18 for three days of company meetings, site visits, thematic presentations and discussions.
Ahead of the Forum, we sat down with Ashish Jhaveri, Managing Director and Head of India Investment Banking, and Majed Al Mesmari, Managing Director and Head of MENA Investment Banking, to discuss the deepening UAE–India relationship, where they see the next wave of investment opportunities emerging and how Jefferies is helping connect companies and capital across the corridor.
The UAE–India relationship has expanded significantly in recent years. What makes the corridor particularly compelling today?
Majed: The UAE–India corridor has become one of the most dynamic and strategically important capital flows globally. What we are witnessing today is no longer simply a trade relationship. It is evolving into a fully integrated corridor spanning capital, technology, talent and infrastructure, underpinned by strong political alignment between the two governments, deep people-to-people ties and complementary economic strengths.
India offers one of the world’s most compelling long-term growth stories, supported by favorable demographics, digital transformation, manufacturing expansion and infrastructure development. The UAE brings capital, connectivity and world-class logistics capabilities. Put those together and you have a very powerful combination.
Over the past five or six years, we have seen a series of significant investments from leading UAE institutions into India across technology, financial services, logistics, renewable energy and other sectors. We believe that trend is here to stay and will intensify as UAE entities continue to seek investment opportunities, partnerships and greater exposure to India.
Ashish: The relationship has also evolved in terms of the type of capital flowing into India. The first phase was led by large sovereign funds, initially through private equity and subsequently through large-scale infrastructure investment. The breadth of sectors has continued to expand.
More recently, we have started to see strategic capital entering India as well. That is an important development because it demonstrates that Middle Eastern companies are increasingly thinking about India as a long-term strategic market rather than purely as a financial investment opportunity.
There will inevitably be some fluctuation in capital flows from year to year as global investors respond to opportunities elsewhere, including AI in the U.S. and particular sectors in China. But structurally, India remains extremely attractive to both sovereign investors and corporates in the region.
Where do you expect the next wave of UAE investment into India to be concentrated?
Ashish: Infrastructure will remain important, but the definition of infrastructure is becoming much broader. The first phase included significant investment in renewable energy. Today, we are seeing interest extend into areas such as airports, power transmission, renewable energy storage and data centers.
Financial services will also remain an important part of the story as well. We have already seen substantial activity from Middle Eastern financial investors and, increasingly, strategic investors.
Majed: I would group the opportunity around a couple of strategic priorities. The first is artificial intelligence and digital infrastructure, including computing capacity, data centers, cloud infrastructure and enterprise software.
The second is infrastructure and logistics, including ports, logistics parks and supply chain infrastructure that can enhance trade connectivity between the two countries.
How important is the political relationship between the UAE and India in supporting this investment corridor?
Majed: There are relatively few countries where the UAE has elevated the relationship to this level of strategic importance. CEPA is one manifestation of that.
The relationship with India has historically been strong, remains strong today, and everything we hear locally points to a desire to take it to an even higher and more strategically important level. That alignment provides an important foundation for the investment, trade and corporate partnerships developing between the two countries.
What types of Indian companies are attracting capital from Middle Eastern investors?
Ashish: For private investments, we typically see the greatest interest in transactions where investors can deploy $250 million to $300 million or more. UAE and other Middle Eastern sovereign investors will often participate as minority shareholders, which naturally leads them towards larger companies.
There are several approaches. Some institutions partner with private equity firms on large buyout transactions, while many have also established sophisticated direct investment strategies and can take a more active role in evaluating and executing investments themselves.
Public market strategies are different and can operate across a broader range of company sizes, but for private investment, the ability to deploy meaningful amounts of capital remains an important consideration.
As investors gather for the Jefferies India Forum, what will you be watching most closely?
Ashish: Growth will naturally remain a major focus. This year we have more than 130 companies participating and many investors expected to attend, both foreign and domestic.
What’s particularly interesting is that India’s investment cycle is extending into new areas. Power transmission, renewable energy storage and data centers are all attracting significant attention. Investors will want to understand which companies are positioned to participate in those opportunities and how quickly those investments can translate into growth.
Financial services will also be an important theme. Credit growth has accelerated recently, which will bring attention to both banks and specialty finance companies. Historically defensive sectors such as healthcare remain robust.
The Forum gives investors an opportunity to hear directly from management teams about those trends and understand how they are translating into company-level opportunities.
Jefferies has significant businesses in both India and the Middle East. How does that position the firm to support the continued development of this corridor?
Ashish: One of our fundamental roles as bankers is connecting companies with pools of capital. India has historically been an importer of capital from the Middle East, and helping extend that relationship into new areas remains a major focus for us.
That increasingly means identifying opportunities in digital infrastructure, manufacturing, specialty chemicals and other sectors where Middle Eastern investors are looking to deploy capital. It also works in the other direction. Through our conferences and broader platform in the Middle East, we can give Indian companies an opportunity to engage with investors from the region and make the case for India from both a top-down and bottom-up perspective.
We have already advised on some of the most significant recent transactions connecting the two markets, and we intend to remain highly focused on the corridor in the years ahead.
Majed: Ashish is too modest! Jefferies India is indisputably the number one international investment bank in the region. Jefferies’ position in India gives us an extremely powerful platform. Combine the strength of our Indian franchise with the access and relationships we have with major exporters of capital in the Middle East, and we are uniquely positioned to connect the two.
As the UAE–India relationship becomes broader, deeper and more strategic, we believe that combination positions Jefferies to play an increasingly important role in the investment corridor.
