GIC, the Singapore sovereign wealth fund, will invest 19.9 billion rupees ($300 million) in a joint venture with New Delhi-based real estate developer DLF Home Developers.
In a joint news release Wednesday, GIC and DLF said the joint venture would invest in two “upcoming projects located in Central Delhi.”
Details on the structure of the joint venture, and the respective ownership stakes of the two parties, couldn't immediately be learned.
Rajiv Goel, DLF’s vice president, finance and investor relations, couldn’t immediately be reached. GIC spokeswoman Jennifer Lewis forwarded questions to the sovereign wealth fund’s India-based team.
In the news release, Saurabh Chawla, senior executive director-finance, with parent company DLF Ltd., and Loh Wai Keong, managing director and co-head Asia, GIC Real Estate, both said they hoped the joint venture would lead to further collaboration on projects in the future.