Dec 18, 2007

Singapore's Government Investment Corp (GIC) and Citigroup division CVC International are among a clutch of foreign investors that have picked up a 15 per cent stake of a real estate venture floated by India's Shapoorji Pallonji Group, a news report said Tuesday.

The deal is worth 290 million dollars and includes investments in commercial and residential projects and shopping malls in the eastern metropolis Kolkata and southern cities Pune and Nagpur, the Economic Times newspaper reported quoting unidentified sources.

Shapoorji Pallonji director Jimmy Parekh confirmed the deal had been concluded but refused to give details, citing a non-disclosure agreement with the investors, the report said.

Shapoorji Pallonji is one of India's oldest construction companies and has interests in construction, finance, power and property development.

It's chairman Pallonji Shapoorji Mistry holds 18.35 per cent stake in Tata Sons, the holding company of the Tata group, India's largest private conglomerate.

GIC is a global investment management company set up by the Singapore government, while CVV International is a division of Citigroup engaged in private equity investments in emerging markets.

India, which has posted an average 9 per cent growth for the past two years, has a booming real estate market that industry analysts predict will be seven times larger by 2015.

Global property consultants Jones Lang LaSalle, in a report released in June, estimated India's real estate sector would draw over 10 billion dollars worth of foreign investment in the next 12 to 18 months.
Read more
Reply
2 Replies
Sort by :Filter by :
  • Gic

    Gic is looking start aggressively at the hospitality sector in the coming future. For this company has started its basic planing.
    CommentQuote
  • There seems to be no end to the growth

    The economy sure is booming on the indian subcontinent. Europe and the US are going to pull themselves together (especially Europe). There was a chart showing which countries use the largest amounts of concrete annually and India was right up there behind China at double the consumption of the US.

    I want to participate in this growth. The whole continent is a fascinating adventure. I'm still looking into opportunities there and I do not really know much about India besides what I saw on the media and read on Wikipedia.

    Especially the area around Bangalore. Sounds interesting. You get extreme skyscrapers with hundreds of thousands of tech-workers and wonderful housing projects. I was looking into investing in indian property right there. I am flabbergasted by the offers.

    I much prefer India to other countries in Asia because English is spoken there and it seems much more open than e.g. China. I guess that is a personal preference.

    As soon as I get the specifics on where I am moving to, I'll keep you guys posted.

    Cheers!

    Andy
    CommentQuote