GIC invests $35m in Chennai’s Jain Housing

Singapore’s sovereign wealth fund GIC Pvt Ltd has invested $35 million in Chennai based builder Jain Housing and Construction and the company plans to use the proceeds to undertake high end projects in the capital city of Tamil Nadu.

This marks the latest in GIC’s investment spree in India.

DEALSTREETASIA recently reported that the Singapore fund was in talks to invest around $250 million in two separate realty projects in India.

In the first instance, GIC is in advanced talks to invest about $150 million in realty company Vatika Group, and may form a joint venture or an exclusive alliance with the latter, for a platform, that will in turn invest in realty ventures across North India. In the second instance, GIC is in advanced talks to invest just under $100 million in a residential project of developer Ambience Pvt Ltd, according to executives aware of the development.

Also read: GIC may invest $250m in two realty deals in India

Currently many of Jain Housing’s existing projects are around the outskirts of Chennai, the capital city of the Southern Indian state of Tamil Nadu.

“Jain Housing and Construction has received funding to the tune of Rs 220 crore from Singapore’s GIC Pvt Ltd. With this funding, Jain Housing will develop high end residential projects in Old Mahabalipuram Road, Thoraipakkam.”, the company, which claims to have completed 10.82 lakh square feet across various residential projects in 2014,  said in a statement.

“The company with a turnover of Rs 250 crore in 2013-14 and is aiming to register a 10 per cent growth in 2014-15”, the statement added.

In December, GIC had  announced that it would invest 30 per cent stake in Indian developer Nirlon Ltd that owns 3.3-million-sq-ft IT park in a Mumbai suburb, in a deal that is worth up to $198 million.

Also read: GIC buys stake in India’s Nirlon for $198m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.