Singapore’s sovereign wealth fund GIC Pte Ltd is again betting on India’s real estate sector as it announced plans to buy a controlling stake in Nirlon Ltd, a Mumbai-based real estate company. GIC is ready to pay USD200m for the stake, a press release said. It will be GIC’s second investment in India’s real estate market in a month. Earlier, it entered into JV with India’s Vatika Group to develop two residential projects in Delhi. According to the press release, the Nirlon investment will be carried out by GIC’s affiliate, Reco Berry Pvt Ltd. The Bombay Stock Exchange-listed Nirlon owns Nirlon Knowledge Park, which is an office complex spread over 3.3 million square feet in Mumbai.
