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Singapore’s GIC to set up $3 billion India-focused public market fund: Report

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Singapore-based wealth finance GIC (previously called Government of Singapore Investment Corporation) is likely to prepare a 2-3 billion India concentrated public market finance. Though the prosperity fund GIC hasn’t yet adjusted the new finance quantity, it’s very likely to pump at $2-3 billion (roughly Rs 14K-22K crore).

The new fund is going to be the very first dedicated supply of funds for national equities set up with a large international bank.

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GIC

GIC is Singapore-based autonomous wealth finance, owned by the Singapore authorities to handle its foreign reserves. GIC invests its capital in the global marketplace across financial resources, from independent debt to infrastructure, and manages roughly 80 percent of its portfolio. GIC Private Limited is among the world’s six most prominent autonomous investors, has assets worth $440 billion.

It has invested in $10 billion in publicly listed companies and approximately $20 billion in private equity and infrastructure projects.

It’s anticipated that the new fund will be raised in mid-2021; a group of four-five executives, including Agarwal, will soon be put up for their own finance. Said reports. While in before October 2020, GIC had spent Rs 5,512 crore in Reliance retail arm Reliance Retail Ventures Limited (RRVL) in trade for 1.22percent equity stakes. Back in India, GIC has invested in HDFC, ICICI Bank, Bandhan Bank along with Bharti Airtel.

Read More: Beauty brand Plum Raises 110 Crore in Series B Funding

The autonomous fund recently produced a Rs 5,512 crore investment in the retail component of Reliance Industries.

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