Brigade Group and GIC, Singapore's sovereign wealth fund, through its affiliate company, have entered into a memorandum of understanding on to jointly invest up to Rs 15 billion in residential and mixed-use developments in select cities of South India.
The joint venture aims to acquire land for residential and mixed-use developments in cities primarily where the secular demand for high quality units is high.
MR Jaishankar, CMD, Brigade group, 'Brigade Group is happy to extend its association with GIC. This JV will provide a platform for us to acquire and execute a series of similar projects in South India and further strengthen our partnership.'
Shares of the company gained Rs 10.05, or 7.98%, to trade at Rs 136. The total volume of shares traded was 142,660 at the BSE (2.34 p.m., Monday).