Singapore looking for more opportunities to invest in Bengal

GIC Singapore, the sovereign wealth fund of the island nation, is trying to scout for more opportunities in West Bengal.

“After investing USD 32.5 million in Kolkata Riverside, a 262-acre township, the fund is looking for more opportunities here,” Bengal Finance Minister Amit Mitra said.

The GIC-invested PE fund, sponsored by HDFC Property and domiciled in Singapore, had signed a USD 32.5 million (Rs 200 crore) agreement with Hiland Group during the Bengal Global Business Summit in January this year for Kolkata Riverside development.

Dr Mitra said GIC, owner of one of the world’s largest funds, was very enthusiastic about development of the state and is keen to participate more actively. “They have indicated that they were negotiating with a few others for further investment,” he said.