Grapevine: Tata Realty may sell roads biz to GIC; Temasek to exit Assetz Park
Photo Credit: Reuters

Tata Realty and Infrastructure, a wholly-owned unit of Tata Sons, is in preliminary talks with Singaporean sovereign fund GIC to sell four of its projects – a move that will mark the firm’s exit from the roads business, two people in the know told The Economic Times.

The deal size could not be ascertained by the report.

Two of the assets are operational — the Durg Bypass in Chhattisgarh and the 110-km Pune-Solapur Expressway on National Highway 65 (NH65) in Maharashtra. The other two are under construction — the 120-km Hampi Expressway section of NH13 in Karnataka, and Uchit Expressway of 93.5 km from Chittorgarh to Udaipur on NH76, the report added.

Meanwhile, Mapletree Investments, a wholly-owned subsidiary of Singapore state investor Temasek Holdings, is exiting an office project in Bengaluru for about Rs 2,500 crore (about $362 million at current exchange rate) in one of the largest commercial private equity pull-outs in India, people in the know told Mint.

Mapletree had acquired the property earlier known as Assetz Global Technology Park in 2011 for Rs 800 crore. “Mapletree has already initiated the process of divesting the property,” said one of the persons. This was the fund’s first investment in India. 

In another development, Liechtenstein's LGT Group, owned by the country's ruling family, is picking up a 10% stake in Kauvery Hospital for Rs 150 crore ($21.7 million at current exchange rate), people in the know told The Times of India.

The primary investment will be utilised to double the capacity in up to five years, said one of the persons.

Sri Kavery Medical Care (Trichy) Pvt. Ltd runs multi-specialty hospitals under the brand Kauvery Hospital in Tamil Nadu.

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