孟买10月29日电 - 花旗印度投资银行业务主管拉胡尔·萨拉夫（Rahul Saraf）表示，尽管卢比走弱且股市下挫，印度的交易撮合活动依然保持韧性，因为交易是由战略而非金融工程驱动的。
MUMBAI, Oct 29 - India's dealmaking remains resilient despite a weaker rupee and a slump in equity markets, as deals are being driven by strategy rather than financial engineering, said Rahul Saraf, Citi's head of investment banking for India.
伦敦证券交易所集团（LSEG）本周汇编的数据显示，在此背景下，印度今年迄今的并购交易额从去年同期的1185亿美元下降了逾19%，降至955亿美元，但交易数量变化不大，这表明市场更具选择性，而不是胃口减弱。
His comments come as India's year-to-date M&A deal value fell more than 19% to $95.5 billion from $118.5 billion a year earlier, according to data compiled by LSEG this week, though the number of deals was little changed, suggesting selectivity rather than diminished appetite.
萨拉夫在路透全球市场论坛上表示：“我没有看到任何人试图在金融工程或投资上耍小聪明，以便榨取更多利益——（这）更多是一种战略博弈。”
"I'm not seeing anybody trying to be cute on financial engineering or investments such that they can extract a little bit more - (it is) much more strategic play," Saraf told the Reuters Global Markets Forum.
萨拉夫表示，他预计中国企业与印度大型企业集团将在工业和消费领域开展更多合作，因为中国企业在制造和技术方面具有优势，他并以JSW集团与上汽集团旗下名爵汽车的合作联手为例。
Saraf said he expects more partnerships between Chinese companies and large Indian conglomerates in the industrial and consumer sectors, where Chinese firms have manufacturing and technology strengths, citing JSW Group's tie-up with SAIC Motor's MG Motor.
在经历六年的限制后，印度于3月放宽了针对中国少数股权的投资规则。
India eased investment rules for minority Chinese stakes in March after six years of curbs.
萨拉夫看好医疗健康、消费、基础设施和科技领域的强劲活跃度，因为“发起人对于整合和股权稀释持更加开放的态度”。
Saraf sees strong activity in the healthcare, consumer, infrastructure and technology sectors, as "promoters (are) a little bit more open around consolidation and dilution".
萨拉夫表示，1%到2%的汇率变动对战略交易来说“是一个变量，但不是一个大变量”，并补充称，这对以财务回报为导向的交易会更重要。
A 1%-2% currency move is "a variable, but not a big variable" for strategic deals, Saraf said, adding that it would matter more for deals driven by financial returns.
在5月创下96.96的纪录低点后，卢比在2026年迄今已贬值约6%。印度央行为遏制卢比下跌已花费约800亿美元。
The rupee has lost about 6% of its value so far in 2026, after hitting a record low of 96.96 in May. India's central bank has spent around $80 billion to stem the fall.
萨拉夫驳除了对印度储备银行实施新的资本管制的担忧，并表示他乐观地认为全球投资者将重返印度寻求增长。他表示：“我真心相信他们会回到印度，而且会强劲回归。”
Dismissing fears of fresh capital controls from the Reserve Bank of India, Saraf said he was optimistic that global investors would return to India for growth. "I genuinely believe they will come back to India, and come back strongly," he said.
根据印度国家证券托存有限公司（National Securities Depository）的数据，截至10月26日，外国投资组合投资者今年已抛售了创纪录的325.6亿美元印度股票。基准Nifty指数较1月创下的历史高点下跌了近14%，表现落后于新兴市场和亚洲同行。
Foreign portfolio investors have sold a record $32.56 billion of Indian stocks this year, as of October 26, according to data from National Securities Depository. The benchmark Nifty index is nearly 14% below its record high in January, underperforming emerging market and Asian peers.
萨拉夫说：“随着国内共同基金和保险公司持有约7000亿美元的股票，且发起人持有45%的股票，与许多其他地方相比，印度市场相对具有很大的稳定性。”
"With the domestic mutual fund and insurance companies holding about $700 billion of equity (and) promoters holding 45% of the equity, there's a lot of stability relatively in the Indian markets compared to many other places," Saraf said.
萨拉夫表示：“印度资本相信，中长期发展的故事依然完好无损。”
"Indian capital believes the medium- to long-term story remains intact."