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IndiGo parent joins race for GIC-Tishman’s WaveRock; Ola eyes FreshMenu

10 April, 2018

InterGlobe Enterprises Pvt. Ltd, the parent of budget airline IndiGo, has submitted a bid of around Rs 1,800 crore ($277 million) to acquire commercial real estate project WaveRock, Mint reported, citing two people familiar with the development.

WaveRock is a joint venture between Singapore sovereign wealth fund GIC and US-based developer Tishman Speyer.

The other top bidders for the office project in Hyderabad are Canada Pension Plan Investment Board and a joint venture of Shapoorji Pallonji and Allianz Group, the report added.

VCCircle reported in February that Blackstone, Ascendas, CPPIB, Brookfield and CapitalLand had evinced interest in the project.

The Indian arm of international property consultant JLL has the mandate to find buyers.

Spread over 2.5 million sq. ft in the Gachibowli financial district of Hyderabad, the project counts Apple, Tata Consultancy Services, Accenture Plc, Capgemini and DuPont as its tenants.

InterGlobe Real Estate, the real estate arm of InterGlobe Enterprises, started operations last year. It manages the real estate portfolio and funds of the parent company. It aims to participate in a combination of greenfield, brownfield and ready assets across India, according to its website.

In another report, Mint said that homegrown cab-hailing major Ola has held talks to buy food-tech startup Foodvista India Pvt. Ltd, which operates online food delivery platform FreshMenu, and at least one similar firm.

Citing three people aware of the development, Mint said Ola has held discussions to buy private label food firms following its acquisition of the Indian business of food delivery platform Foodpanda in December.

Ola may also raise funds separately for Foodpanda later this year to tap into the strong investor demand for food-tech startups, the report said. It added that Ola is exploring a plan to create an independent food-tech company.

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IndiGo parent joins race for GIC-Tishman’s WaveRock; Ola eyes FreshMenu

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