NEW DELHI: Realty major DLF has received Rs 1,992 crore from Singapore's sovereign wealth fund GIC, thereby completing the deal to sell 50 per cent stake each in two upcoming projects in the national capital. The country's largest realty company had in September this year had announced the stake sale in the two projects to GIC. Last month, the fair trade regulator CCI had approved joint venture with GIC for these two projects in central Delhi.
MUMBAI: State-run national re-insurer GIC Re is likely to list on the stock exchanges by the end of the fiscal year. "The board has today approved listing of shares and we have sent the proposal on the same to the government," said Alice Vaidyan, chairman of GIC Re. "This is good for the company as it will improve transparency and corporate governance." Vaidyan, however, did not divulge any details on the quantum of the stake sale. GIC Re is expected to divest 10% initially and subsequently raise this to 25% in three years as that is the requirement under the listing norms.
NEW DELHI: India's largest real estate firm DLF has said that it has received Rs 1,992 crore from Singapore's sovereign wealth fund GIC after the completion of its deal to sell 50 per cent stake in two of its new projects in Delhi. DLF had earlier announced that it has signed an agreement with GIC to enter into a joint venture to invest in two upcoming projects located in central Delhi. The deal was later approved by the Competition Commission of India.
MUMBAI: ICICI Bank Canada, a subsidiary of ICICI Bank, has launched a scheme named as Student GIC (Guaranteed Investment Certificate) program for students aspiring to study in Canada. Under the scheme, students applying for a study permit under the student partner program (SPP), are required to invest in a GIC of Canadian $ 10,000 with a bank in Canada authorised to offer this facility.
NEW DELHI: India's largest real estate firm DLF today said that its subsidiary DLF Home Developers has entered into a joint venture with Singapore's sovereign wealth fund GIC to invest in two upcoming projects of the company in central Delhi. GIC will invest a sum of around Rs 1,990 crore in the JV, which is expected to benefit from GIC's experience of investing in integrated developments across the globe. "We hope that this investment is a beginning of a new relationship with GIC at the project level.
MUMBAI: Petro dollars from Abu Dhabi are increasingly eyeing a bigger piece of the green energy action in India. Just six months after making its first bet in the country, the Emirates' sovereign wealth fund Abu Dhabi Investment Authority (ADIA) on Tuesday announced its second investment in the sector, signing a definitive agreement with Greenko Energy Holdings.
Hyderabad-headquartered Greenko said it has secured $230 million in new funds from an entity owned by ADIA and an affiliate of GIC Singapore, the principal shareholder of the company, at a billion dollar valuation.
NEW DELHI: Singapore's sovereign wealth fund GIC has picked up 50 per cent stake in American property developer Tishman Speyer's WaveRock office project in Hyderabad. The enterprise value of the asset is close to Rs 1,000 crore, said two people with knowledge of the development. WaveRock currently has 1.5 million sq ft of office space spread over two towers that are leased to large corporates such as TCS, Accenture, DuPont, Cap Gemini, BirlaSoft. Another 1 million sq ft of space is currently being built and will be completed in the next two years.
The Blackstone Group L.P. (NYSE:BX) has entered into an agreement with Singapore’s sovereign-wealth fund GIC Pte. Ltd to sell the real estate-based portfolio company, called IndCor Properties. GIC will buy the industrial landlord for $8.1 billion, according to The Wall Street Journal, to make inroads in the US real estate market.