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.
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.
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.
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