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GIC adds manufacturing company to India portfolio with $150-mn bet

VCCircle

VCCircle · 1y ago

GIC adds manufacturing company to India portfolio with $150-mn bet

Singapore sovereign wealth fund GIC has made a $150 million investment in a manufacturing company to expand its portfolio in India. GIC, known for its private equity-style investments in Indian firms, was one of the most active investors in the country last year and continues to maintain a strong pace in 2021. The move showcases GIC's confidence and commitment to the Indian market.

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GIC strikes fresh bet in an Indian listed player

VCCircle

VCCircle · 1y ago

GIC strikes fresh bet in an Indian listed player

Singapore's sovereign wealth fund, GIC, has made a strategic investment in an Indian listed company during a market downturn. GIC is known for its private equity-style investments in India and has added this company to its portfolio in an open market transaction worth around $500.6 million. The move comes as key indices in India experienced their largest decline in two years. GIC continues to demonstrate confidence in India's potential despite market uncertainties.

General Atlantic doubles down on Indian tech sector with nearly $110 mn bet

VCCircle

VCCircle · 1y ago

General Atlantic doubles down on Indian tech sector with nearly $110 mn bet

General Atlantic, a private equity firm, has made a significant investment in the Indian tech sector, with a bet of nearly $110 million. The firm has been actively involved in late-stage venture capital and growth equity transactions in India, and this latest investment adds to its portfolio. General Atlantic recently acquired a majority stake in the healthcare delivery sector, marking a successful start to 2024 for the firm in India.

Marquee sovereign funds bet over $50 mn on Blackstone-backed Indian company

VCCircle

VCCircle · 8m ago

Marquee sovereign funds bet over $50 mn on Blackstone-backed Indian company

Three prominent sovereign wealth funds, including Norway's Government Pension Fund Global, Singapore's GIC, and the UAE's Abu Dhabi Investment Authority (ADIA), have made significant investments in an Indian company backed by Blackstone. These funds have been actively investing in India for some time now and have chosen to invest in the company related to the world's largest private equity firm. The exact amount of their investment has not been disclosed.

Singapore sovereign fund GIC bets $70 mn on PE-backed Indian lender

VCCircle

VCCircle · 1y ago

Singapore sovereign fund GIC bets $70 mn on PE-backed Indian lender

Singapore sovereign fund GIC has invested $70 million in an Indian lender backed by private equity. GIC has been actively investing in India and has assets worth over $30 billion in public companies. The sovereign wealth fund has stakes in major banks and has now added a financial services firm to its local portfolio.

Singapore's GIC gets CCI approval to buy stake in IPO-bound Groww - The Economic Times

Economic Times

Economic Times · 1m ago

Singapore's GIC gets CCI approval to buy stake in IPO-bound Groww - The Economic Times

Viggo Investment, a subsidiary of Singapore's GIC, received Competition Commission of India (CCI) approval to acquire a 2.14% stake in Billionbrains Garage Ventures, owner of Groww. This investment is part of a larger funding round of $250-300 million, with GIC expected to contribute $150 million. Groww recently concluded a $250 million funding round led by GIC, at a valuation of $6.5 billion. The company plans to file for an IPO estimated between $700 million and $1 billion.

GIC mints money as Spain’s Ferrovial buys into IRB InvIT for $810 mn

VCCircle

VCCircle · 1y ago

GIC mints money as Spain’s Ferrovial buys into IRB InvIT for $810 mn

Singapore sovereign wealth fund GIC is selling almost half its stake in IRB Infrastructure Trust, an infrastructure investment trust in India, for €740m ($810m). GIC is offloading 24% of the units in the InvIT and a similar stake in its investment manager to Cintra, a subsidiary of Spanish infrastructure development company Ferrovial. GIC had acquired a 49% stake in the InvIT in 2019 for $621m. Following the partial exit, GIC retains a 25% stake in the InvIT and the investment manager.

GIC-backed Amber Group acquires majority stake in Ascent Circuits

VCCircle

VCCircle · 1y ago

GIC-backed Amber Group acquires majority stake in Ascent Circuits

Amber Enterprises' Iljin Electronics has acquired a 60% stake in Ascent Circuits, a PCB manufacturer. The financial terms of the deal were not disclosed. Ascent Circuits, based in southern India, produces PCBs for various industries including aerospace, defense, medical, telecom, and automotive. The acquisition will enable Amber to expand its electronics portfolio and enhance its R&D and PCB assembly manufacturing capabilities. Amber Enterprises is a diversified manufacturing company operating in the consumer durables, electronics, and railway subsystems sectors. It received a ₹113 crore ($13.7 million) investment from Singapore's sovereign wealth fund, GIC, last year.

OrbiMed strikes fresh healthcare bet in an Indian wheelchair manufacturer

VCCircle

VCCircle · 1y ago

OrbiMed strikes fresh healthcare bet in an Indian wheelchair manufacturer

OrbiMed, a global healthcare-focused private equity firm, is reported to have made a new investment in an Indian wheelchair manufacturer. This move adds to OrbiMed's extensive portfolio of healthcare companies. The specific details and extent of the investment have not been disclosed in the provided paragraph.

How Peak XV turned $25 mn bet on a non-tech company to over $300 mn exit

VCCircle

VCCircle · 11m ago

How Peak XV turned $25 mn bet on a non-tech company to over $300 mn exit

Peak XV Partners, a venture capital firm formerly known as Sequoia Capital India and Southeast Asia, has enjoyed success with its investment strategy. After seeing the valuation of portfolio company Awfis double within three months of listing, the firm has now sold another company it invested in a decade ago for a significant profit. Despite not being a tech company, Peak XV's $25 million bet turned into a successful exit worth over $300 million. This highlights the firm's expertise in identifying and nurturing successful non-tech businesses.

IndiGrid backer GIC teams up with Sterlite for another power transmission platform

VCCircle

VCCircle · 1y ago

IndiGrid backer GIC teams up with Sterlite for another power transmission platform

Singapore's sovereign wealth fund, GIC, and Vedanta Group's Sterlite Power have formed a joint venture to develop and operate power transmission projects in India. Sterlite will hold a 51% stake in the platform, with GIC owning the remaining 49%. The partnership aims to play a leading role in India's transmission sector, starting with a $13bn bid pipeline. GIC has been actively investing in Indian infrastructure, with previous deals including collaborations with Genus Power and ESR. Sterlite Power is a private sector power transmission infrastructure developer with a portfolio covering over 15,350 circuit km of transmission lines in India and Brazil.

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