Singapore's GIC To Pump In Rs 1,020 Crore In Bandhan Financial Services

GIC, Singapore's sovereign wealth fund, will invest Rs 10.2 billion (about $165.5 million) in India's Bandhan Financial Services (BFS). Bandhan is going to establish a new bank in the country.

“The company will get a total equity investment of 16 billion rupees, including 5.8 billion rupees from existing investor IFC,” Bandhan Chairman Chandra Shekhar Ghosh said. “I’m very happy because with this money we’ll be able to upgrade our operations,” he added.
However, he did not reveal how much stake GIC would get.

Bandhan had received bank permit from the Reserve Bank of India (RBI) in 2014.

Kolkata-based Bandhan, a specialist in small-value loans, said that its capital base would increase to about Rs 32 billion following the latest round of investment.

GIC had recently revealed that it is planning to buy a controlling stake in Mumbai-based real-estate firm Nirlon Ltd for $200 million. GIC has total assets worth more than $100 billion.