<div> </div><div>An affiliate of Singapore sovereign wealth fund GIC plans to take control of India's Nirlon Ltd in a deal estimated to be worth up to $197 million.</div><div> </div><div>Reco Berry Private Ltd has agreed to purchase up to 30.8 million shares, or a 34.2 per cent stake, from some shareholders of Nirlon at 222 rupees a share, according to a joint statement.</div><div> </div><div>Reco Berry will also make a tender offer for public shareholders of Nirlon, which owns an information technology office park in Mumbai, to buy a 28.4 per cent stake at the same price, the statement said.</div><div> </div><div>"This acquisition is consistent with our strategy in India to invest in assets that generate stable income streams over the long term," said Loh Wai Keong, managing director and co-head Asia of GIC Real Estate Pte Ltd.</div><div> </div><div>If the tender offer is fully subscribed, Reco Berry will hold 62.6 per cent of Nirlon after the offer, the statement said.</div><div> </div><div>Reco Berry said it had also signed definitive agreements with some other shareholders for a 5 per cent stake in Nirlon, subject to conditions.</div><div> </div><div>Separately, it is in talks with another group of shareholders of Nirlon to buy about 2 per cent more, Reco Berry said. </div><div> </div><div>Nirlon shares closed at 193 rupees in Mumbai trading on Tuesday, ahead of the announcement.</div><div> </div><div>Nirlon Limited owns Nirlon Knowledge Park, which is located along the Western Express highway in Goregaon and comprises seven blocks.</div><div> </div><div>Kunal Sagar, executive vice chairman of Nirlon Limited, said "We are delighted to have a global investor with the profile, record and stature of GIC as a long-term partner in Nirlon Limited. It is testimony to our commitment of developing a high quality, ecologically friendly commercial asset of lasting value in Mumbai".</div><div> </div>
