GIC to invest S$425m in two India property projects

SINGAPORE: Singapore sovereign wealth fund GIC will invest Rs 1,990 crore (S$425 million) in two upcoming property projects in central Delhi, as part of a joint venture agreement with India’s DLF Home Developers Ltd (DHDL).

The two projects will be developed under DHDL, which is a wholly-owned subsidiary of India’s DLF Ltd.

DLF and GIC said in a joint statement on Wednesday (Sep 2) that the venture will benefit from GIC’s experience in investing in integrated developments across the globe.

Mr Loh Wai Keong, Managing Director and Co-Head Asia of GIC Real Estate said GIC is confident about India’s long-term growth potential.

“Globally, we have successfully nurtured long-term partnerships with strong and well-established developers across our key markets, and we hope to do the same with DLF in India,” he added.