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Reco Berry Private Ltd, an affiliate of GIC, Singapore’s sovereign wealth fund, said it is acquiring 63.9 per cent for ₹ 1,280 crore in real estate firm Nirlon.
The stake is being acquired at ₹222 per share and is pursuant to the open offer and agreements with shareholders of the company. The company said that acquisition of 28.4 per cent stake under the open offer has been completed. Reco Berry is in the process of acquiring 35.5 per cent under the agreements.
Nirlon was originally a nylon textile yarn and conveyor belt maker. The company turned sick in the 80s and had been moving out of manufacturing business and eventually turned into a real estate player. Its realty assets were essentially surplus land previously housing its manufacturing units. Currently, it owns Nirlon Knowledge Park (NKP), an IT office park located in Mumbai.
NKP comprises seven blocks and is spread across a total construction area of 3.3 million square feet.
GIC, in the recent past, has been investing aggressively in Indian real estate.
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