| Singapore sovereign fund GIC is in the lead to pick up a stake in Mumbai’s Viviana Mall, three people familiar with the development said. The 1 million sq ft mall, located in the northern suburb of Thane, is expected to be valued between Rs 700-800 crore. While it could not be ascertained as to how much stake GIC will acquire, industry sources indicated that it might be equal to what is held by the promoters Sheth Developers.
Ashwin Sheth, the chairman of the company did not respond to calls and text messages for a comment on the story till the time of going to the press. The proceeds from the transaction is likely to be used by Sheth Developers to pare its debt...............................................Full Article: Source
|