GIC investing $420m in joint venture with Indian developer DLF

GIC will invest about S$420 million in a new joint venture with Indian real estate developer DLF that will build two projects in the Indian capital New Delhi.
GIC will invest about S$420 million in a new joint venture with Indian real estate developer DLF that will build two projects in the Indian capital New Delhi. PHOTO: BLOOMBERG NEWS

SINGAPORE (REUTERS) - Singapore sovereign wealth fund GIC will invest about 19.9 billion rupees (S$420 million) in a new joint venture with Indian real estate developer DLF that will build two projects in the Indian capital New Delhi, the two firms said in a joint statement on Wednesday (Sept 2).

The deal is one of several by GIC in India this year, after its investments in Bandhan Financial Services, which is setting up one of the country's two newest banks, and online taxi-hailing company Ola.

The statement did not say how much stake GIC will take in the joint venture with DLF.