BENGALURU, India: Financing group Greensill Capital on Monday confirmed SoftBank Group’s Vision Fund has invested $800 million in the British company, a vote of confidence in the UK finance sector that has been navigating Brexit challenges.
Greensill, which provides supply chain funding to companies, said it plans to use the injection to accelerate its expansion into Brazil, and enter markets like China and India, as well as tap into the working capital finance sector.
The investment from the Vision Fund, which is one of the world’s biggest technology investment vehicles and has Saudi Arabia’s backing, comes months after it invested $390 million in British banking startup OakNorth.
Bloomberg reported on Sunday that the latest round of fundraising valued Greensill at $3.5 billion.
Greensill, founded in 2011 by former banking executive Lex Greensill, works with global institutional investors, providing financing to more than 8 million customers across 60 countries.
The fundraising at Greensill comes nearly a year after private equity firm General Atlantic invested $250 million in the company, according to a report.
“With the Vision Fund, Greensill will build on its partnership with General Atlantic to continue developing its already extensive global network, and further grow its established origination and distribution strategy,” Greensill said.
Morgan Stanley was the financial adviser to Greensill and Allen & Overy was its legal adviser.
The Vision Fund’s existing investments include those in ride-hailing pioneer Uber, chip designer ARM and shared workspace firm WeWork.
Saudi-backed Vision Fund invests in UK’s Greensill Capital
Saudi-backed Vision Fund invests in UK’s Greensill Capital
India seals $3bn LNG agreement with UAE
- Leaders hold talks to strengthen trade, defense ties
NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.
The agreement was signed during a very brief two-hour visit to India by UAE President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian Prime Minister Narendra Modi.
They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.
Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.
ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.
“India is now the UAE’s largest customer and a very important part of ADNOC Gas’ LNG strategy,” the company said.
The UAE is India’s third largest trading partner and Sheikh Mohammed was accompanied by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.
Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.
“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in particular ways in the conflicts of the region,” he said.
