Brigade Group And GIC Seals Joint Venture Deal

Brigade group, the Bangalore based property developer and government of Singapore Investment corporation (GIC) Singapore's sovereign wealth fund entered into a MoU on Monday. The agreement was mutually decided wherein both the parties would be investing upto Rs 1500 crores in residential developments in cities of South India. The objective of this joint venture is to bring in land for residential and mixed use developments in cities.

This is Brigade's first joint venture project - "Brigade cosmopolis is a well conceived, resedential community with several amenities coming up at Whitefield, Bangalore that will be home to over 880 families". Said M R Jaishankar, CMD, Brigade Group in the stock market disclosure. In the joint statement the company that the Joint venture will provide a platform to acquire and execute a series of similar projects in South India.

Recently a number of infrastructure developers have joined hands with global investors. For instance Piramal Enterprise and Canada based CPPIB credit investment sealed the deal for development of various projects in urban centres of India. Further Godrej properties joined hands with a Dutch pension service provider to develop residential properties in Mumbai, Delhi and Bangalore.

On September 03, 2014, Brigade enterprise closed at Rs 133 133.05, up Rs 1.20, or 0.91 percent. The 52-week high of the share was Rs 145.40 and the 52-week low was Rs 48.80.