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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments

GIC to bid for HFCL unit land

Posted on 18 October 2012

Government of Singapore Investment Corporation (GIC) and private equity investor Red Fort Capital are among the potential bidders to acquire the real estate assets of Hindustan Teleprinters (HTL), in which Himachal Futuristic Communications (HFCL) holds a 74% stake. State Bank of India (SBI) took possession of the 10.16-acre company land in Chennai after HTL was deemed as a non-performing asset.
The land may fetch more than Rs 400 crore in a bidding process, said people familiar with the matter. Singapore’s sovereign investment arm GIC has increased its exposure to domestic real estate facing liquidity constraints. GIC and Red Fort are expected to rope in real estate firms for a mixed use development in one of the largest land banks in Chennai’s central business district………………………………………..Full Article: Source


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