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Shapoorji Pallonji has offloaded a 15 per cent stake in a special purpose vehicle set up for real estate business. Government Investment Corporation of Singapore and Citigroup Venture Capital International have together bought a 15 per cent stake for $290 million in the company, The Economic Times reported, quoting unnamed sources. The deal, said to be arranged by HDFC Realty, includes investing in six FDI-compliant residential and commercial real estate projects in several cities in India, the report said.
Jimmy Parakh, director of Shapoorji Pallonji & Co., has confirmed the deal to the newspaper, but didn't give any details.
The deal, arranged by HDFC Realty, includes investing in six large FDI-compliant projects, including commercial, residential and shopping malls. The projects are located in Pune, Kolkata and Nagpur, among other places.