The State Company for Industrial Investments (Spanish: Sociedad Estatal de Participaciones Industriales, SEPI) is a Spanish state-owned holding company that is characterized as a sovereign wealth fund. It is part of the Ministry of Finance.
SEPI was preceded by the Instituto Nacional de Industria (INI) and the Instituto Nacional de Hidrocarburos (INH). On June 16, 1995, SEPI was created in a provisional restructure which was authorized by Decree number 5/1995. On January 10, 1996, SEPI was ratified by Act of Parliament number 5/1999.[3] This provided for the creation of various public legal entities and the abolition of the INI and the INH.
SEPI Group
SEPI has a direct and majority participation in nineteen companies, which make up the Grupo SEPI (SEPI Group). Its employees number around 80,000 workers.[citation needed] It also has interest in the Corporación Radiotelevisión Española (RTVE). SEPI also has minority direct shareholdings in seven companies, and indirect shareholdings in more than 100 companies.[citation needed]
The SEPI Group has four divisions. These are the energy, defence, food and environment and communications industry investment divisions.[citation needed]
The energy division includes ENSA, a nuclear power operator; the ENUSA group, a nuclear fuel producer; the HUNOSA[es] group, a coal mining entity; and the SEPIDES group for energy consulting. SEPI also has minority shareholdings in ENAGÁS, the Spanish national gas supplier; ENRESA[es], a nuclear residue processor (SEPI 20 percent and CIEMAT[es] eighty percent); and the Red Eléctrica de España (REE) corporation, the national electricity supplier.[citation needed]
The defence division includes DEFEX for defence equipment exports and security consulting; and the Navantia Group for military and civil construction. SEPI holds minority shareholdings in EADS Aircraft NV and HISPASAT satellite communications.[citation needed]
The food and environment division includes Cetarsa tobacco; the Hipódromo de la Zarzuela royal horse racing; Mayasa consulting and project management; the Mercas group for wholesale markets; SAECA food sector investments; the TRAGSA Group for rural and agricultural development; and the Alimentos y Aceites, a producer of fine foods and olive oil.[citation needed] Alimentos y Aceites has shares in Ebro Foods which produces and sells rice and pasta sauces.[citation needed]
The communication industry division included the Agencia EFE, a news entity; the RTVE corporation, the state broadcaster; the Ente Publico RTVE; a public information service promoting citizen participation; and the Correos Group, the national postal service.[citation needed]
The SEPI Group has overview of the social trust fund, Fundacion SEPI which arranges internships, student loans, and grants for technical training and business development activities.
The SEPI group holds indirect shares in more than one hundred commercial enterprises and retains some minority shareholdings in the International Airlines Group (IAG, formerly Iberia/BA) and España, Expansión Exterior (a Spanish exports development company with consulting, finance and technical assistance activities within foreign markets).[citation needed]
In February 2022, SEPI received authorization to increase its stake in Indra Sistemas to up to 28%;[4] it subsequently held a 25.2% stake.[5]
In December 2023, SEPI announced plans to acquire a stake of up to 10% in Telefónica worth $2.2 billion.[6] The operation was concluded in May 2024.[7]
Current investments
The SEPI Group is currently made up of 15 companies in which it has a majority and direct participation and another dozen of them in which it has a minority participation. Likewise, it participates indirectly in another hundred companies.[8]
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€5.9 billion (2023) [2] 
€10 million (2023) [2] 
