SINGAPORE - The affiliates of Singapore's sovereign wealth fund GIC have entered into a 50-50 joint venture with Indian developer K Raheja Corp Group (KRC) to acquire a three-acre land parcel in Mumbai for about US$94 million.

The site is in Worli, off Dr Annie Besant Road. Worli, with its "excellent connectivity", has always been a sought-after office location, said GIC and KRC in a joint statement on Tuesday (Sept 26).

The joint venture plans to develop a landmark office development. A KRC entity will provide support services for development and management of the asset.