The government of Singapore's sovereign wealth fund, GIC, on Monday announced a joint venture (JV) with the Vatika Group to develop two housing projects in Gurgaon.
"Vatika Group and GIC, through its affiliate, will develop two residential projects on the Dwarka Expressway, Gurgaon," GIC said.
The projects, with development potential at 2.3 million sq ft, would be developed by Vatika. "They (projects) are expected to be completed by financial year 2018-19 and are expected to generate revenues in excess of Rs 2,000 crore," GIC said.
GIC did not disclose the investment it would make in these two projects.
The projects are near the two townships being developed by Vatika Group, Vatika Express City and Vatika India Next, where the company is already providing extensive social infrastructure, including schools, hospitals, malls, parks and recreational spaces.
"GIC is confident of India's growth potential over the long term. Vatika Group is one of the leading developers in Gurgaon and we are pleased to establish this partnership," said Loh Wai Keong, co-head Asia, GIC Real Estate.
Vatika Group Managing Director Gautam Bhalla said: "We see this as a good start to a rewarding long-term partnership."
GIC is a leading global investment firm, with $100 billion in assets under management. Established in 1981, the firm manages Singapore's foreign reserves.
It has investments in about 40 countries and has been investing in emerging markets for about two decades.
Incorporated in 1986, Vatika Group is a leading real estate developer in the National Capital Region.
In 28 years, the Group has an impressive portfolio of projects - in the areas of residential, commercial, townships, hotels, education, business centres and facilities management.
