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India’s Finance Minister Nirmala Sitharaman met executives from five global financial institutions in Singapore on October 11, 2026, to invite exploration of opportunities in India. The discussions ranged from infrastructure and housing finance to renewable energy and artificial intelligence. The reported meetings were outreach—not announcements of signed deals, committed sums or completed investments.

What the Singapore meetings covered

The meetings brought together traditional financing priorities—such as infrastructure, capital markets, housing and trade—with newer areas including renewable energy, sustainable finance and AI. Each discussion was described as an opportunity to explore, rather than a completed transaction.

MUFG: infrastructure, markets and project finance

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 mergers and acquisitions financing. She encouraged greater engagement with the National Bank for Financing Infrastructure and Development (NaBFID) on infrastructure financing. SME financing support and regulatory roadshows on market transparency and governance also featured.

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SMBC: housing, trade and aircraft leasing

At her meeting with Rajeev Kannan, Sumitomo Mitsui Banking Corporation’s Managing Executive Officer and Co-Head for Asia Pacific, the topics included affordable housing finance, financing for non-bank financial companies (NBFCs), and trade finance. Sitharaman encouraged SMBC to explore opportunities through the National Investment and Infrastructure Fund (NIIF) and GIFT International Financial Services Centre (GIFT IFSC), particularly in aircraft leasing.

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SEB: European investors and sustainable finance

With SEB Chairperson Marcus Wallenberg, Sitharaman discussed India’s economic outlook and engagement with European institutional investors. Their discussion also covered private equity in NBFCs, sustainable finance, the green transition and skills. She invited SEB to explore opportunities through GIFT IFSC and NIIF.

HPS Investment Partners: private credit and infrastructure

Sitharaman met HPS Investment Partners CEO Scott Kapnick to discuss private credit, structured finance and long-term business financing. The report says HPS highlighted debt capital as complementary to equity. She encouraged the firm to explore establishing a fund in GIFT IFSC and working with NIIF on infrastructure financing.

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B Capital Group: sovereign AI and financial services

Her meeting with B Capital Group Co-founder and CEO Raj Ganguly focused on sovereign AI and the broader AI ecosystem, including potential applications in Indian banking and financial services. The report says B Capital’s team emphasized currency stability and predictable, transparent tax policies.

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Which channels were proposed for follow-up?

The account mentions three institutions as possible routes for further exploration. NaBFID was raised in connection with infrastructure financing; NIIF and GIFT IFSC were suggested as channels for investment or financing opportunities, including aircraft leasing, a possible fund and infrastructure financing. These references describe invitations and proposed engagement, not confirmation that any transaction or fund was established.

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What the report does—and does not—establish

  • It establishes: Sitharaman held the reported meetings in Singapore on October 11, 2026, with executives from MUFG, SMBC, SEB, HPS Investment Partners and B Capital Group, and invited exploration across the stated sectors.
  • It does not establish: signed agreements, investment commitments, specific sums, or outcomes resulting from the discussions.
  • No investment statistic is reported: the meeting account gives no figure for investment, funding or deal value.

The named executives and discussion areas also appear in a second PTI publication, but both reports carry PTI copy; that repetition is not independent confirmation from a separate account.

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