Singapore Government Becomes Largest FPI in India with Rs 2.69 Lakh Crore Investments
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- The Singapore government has solidified its status as the largest foreign portfolio investor (FPI) in India, with its investments now valued at approximately Rs 2.69 lakh crore. This amount surpasses the combined holdings of the next two largest FPIs, Norges Bank and Capital Group, which hold Rs 1.42 lakh crore and Rs 1.33 lakh crore respectively.
- Over the past two to three years, the Singapore government's portfolio in India has more than doubled from Rs 1.29 lakh crore in September 2022. This rapid growth has positioned the Singapore government as a dominant player in the Indian market, having overtaken the Capital Group in September 2022.
- The Singapore government has diversified its investments, now holding shares in 78 different Indian companies, up from 50 in September 2021. This strategy includes a significant focus on mid-cap stocks, which have outperformed blue-chip stocks in recent years.
- As of November 1, the Singapore government’s largest holdings include HDFC Bank (worth Rs 27,519 crore), Reliance Industries (Rs 22,557 crore), and ICICI Bank (Rs 18,379 crore). The fund is also investing heavily in consumption stocks, indicating a strategic shift in its investment approach.
- The total equity value of all shares owned by FPIs in India is around Rs 77 lakh crore, with the top 20 FPIs holding shares worth Rs 8.96 lakh crore. This highlights the significant role of foreign investments in the Indian equity market.
- Market analysts note that the Singapore government's unique approach to investing in mid-cap stocks has yielded substantial returns, with the BSE Mid-cap index showing a 215 percent return over the past five years, compared to 99 percent for the benchmark Sensex.
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