A group of foreign investors including the Singapore government’s investment arm GIC and Citigroup’s investment arm CVC International have between them purchased a 15 percent stake in a special purpose vehicle floated by Indian construction group Shapoorji Pallonji, according to Indian newspaper The Economic Times.
The $290-million deal involves investment in six large residential and commercial real estate projects including shopping malls in cities throughout India such as Pune, Kolkata and Nagpur. Shapoorji Pallonji confirmed the deal but declined to provide details.
The Indian construction group, at 141 years old, is one of the country’s most well-known. The group is currently developing approximately 50 million square feet of residential and commercial space including IT parks, hotels, shopping malls and residential properties.
The deal comes at the close of an impressive year for investments in India. The country, which has experienced a nine percent growth rate for the past two years, is seeing its real estate sector grow exponentially. IndusView Advisors, an Indian consultant that advises multinationals on cross-border deals, released a report last month that $5 billion (€2.5 billion) has been invested in property and infrastructure in the country by private equity alone. According to Indian government estimates, the two sectors have the capacity to absorb as much as $300 billion over the next five years.
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