Singapore’s investment firm to pump in Rs.1990 cr in Indian joint venture

Singapore’s GIC has entered into an agreement with DLF to carry out two realty projects in Delhi

The Dollar Business Bureau

Singapore-based global investment fund GIC will invest Rs.1990 crore in a joint venture with Indian realty major DLF Ltd. to carry out two big-ticket projects in Delhi. Both the projects located in central Delhi will be developed under DHDL (DLF Home Developers Ltd), the Indian company said in a statement on Wednesday. “We hope that this investment is a beginning of a new relationship with GIC at the project level. We look forward to working together with GIC in many projects, both residential and commercial”, said Saurabh Chawla, Senior Executive Director-Finance of DLF Ltd. According to Mohit Gural, Chief Executive Officer of DLF, the partnership will “unleash many more signature developments and herald a new era of smart cities”. GIC has also expressed willingness to collaborate with DLF in more such projects in future. “GIC is confident in India’s long-term growth potential and we look forward to partnering DLF, a leading real estate developer in India, to tap into the attractive opportunities of India’s real estate sector,” said Loh Wai Keong, Managing Director and Co-Head Asia, GIC Real Estate. GIC, with assets worth more than $100 billion, manages Singapore’s foreign reserves. Investing across a wide range of asset classes, including real estate, private equity, equities and fixed income, GIC has businesses in over 40 countries and has been investing in emerging markets for more than two decades. “Globally, we have successfully nurtured long-term partnerships with strong and well-established developers across our key markets, and we hope to do the same with DLF in India,” Loh Wai Keong said.  

September 02, 2015 | 2:49pm IST.

The Dollar Business Bureau - Sep 02, 2015 12:00 IST