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SINGAPORE sovereign wealth fund GIC and DLF Home Developers, a unit of India-listed real estate developer DLF Ltd, have formed a joint venture to invest in two upcoming projects in Central Delhi.
Both projects will be built under DLF Home Developers. GIC will invest about Rs1,990 crores (S$422.4 million).
GIC said it is confident of India's long-term growth potential and the "attractive opportunities" of India's real estate sector.
DLF said it hopes the investment can be the start of a new relationship with GIC at the project level, and aims to work with the fund in other residential and commercial projects, and also to unlock embedded value in DLF's own development projects.
Shares of DLF reportedly traded higher by 4 per cent to 110 rupees on the Bombay Stock Exchange after the news was out.
The investment is subject to meeting all statutory requirements and conditions.