SINGAPORE (Sept 27): Affiliates of GIC have entered into a 50-50 joint venture (JV) shareholding with Indian real estate developer K Raheja Corp Group (KRC), to acquire a 3-acre land parcel in Mumbai, India, from Siemens for approximately US$94 million ($127.4 million).

In a joint press release issued on Tuesday, the sovereign wealth fund and KRC say they intend to develop a landmark office development in the city of Mumbai via their new JV.

The land is located at Worli, off Dr Annie Besant Road, which GIC and KRC describe as prime location with excellent connectivity, and an office location which “has always been sought after”.

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