GIC to acquire about 64% stake in Nirlon for Rs 1,280 crore

MUMBAI: Singapore’s sovereign wealth fund GIC on Tuesday announced that its affiliate Reco Berry Private Ltd has completed acquisition of 28.4% stake in Nirlon Ltd through an open offer.

The company is also in the process of acquiring the 35.5% stake as per an agreement entered into with the promoters of Nirlon last year.

Reco Berry will acquire total 63.9% in Nirlon that owns a 2.2 million sq ft office park at Goregaon suburb of Mumbai for Rs 1,280 crore.

In December, GIC affiliate had announced the agreement to acquire up to 39.2% stake in Nirlon and also the plan to make an open offer to acquire up to an additional 28.4% at Rs 222 per share.

GIC is a leading global investment firm with over $100 billion in assets under management.