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Report: CPPIB, GIC in talks to purchase 21% stake in Indian developer

Canada Pension Plan Investment Board and Singaporean sovereign wealth fund GIC are respectively in discussions to purchase Baring Private Equity Partners India's 21% stake in Indian property developer RMZ Corp., Livemint reported, citing two sources with knowledge of the matter.

Baring's interest is worth 24.00 billion Indian rupees, one of the sources told the media outlet. The shareholder injected 4.50 billion rupees in RMZ in 2012.

The Qatar Investment Authority, or QIA, also holds a 25% interest in the developer, which it is looking to shed through a buyback option with the Menda family, an RMZ promoter, the Dec. 18 report noted. The buyback deal will up the Menda family's stake in RMZ to 79% from 54%. QIA initially invested 6.00 billion rupees in RMZ in 2013.

RMZ Corp. Co-founder and Corporate Chairman Raj Menda confirmed with the news outlet that talks were ongoing with QIA, adding that there would be more confirmation coming in a few weeks' time. QIA is also expected to inject funds into special purpose vehicles as part of the deal.

Menda did not comment on Baring's plans to dispose of its RMZ stake.

According to its website, RMZ has assets under management spanning 20 million square feet, 1.3 million square feet worth of premium homes, and 600,000 square feet of retail and hospitality space.

As of Dec. 18, US$1 was equivalent to 64.17 Indian rupees.