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Citi, GIC buy into Indian realty venture

Citigroup , Singapore's Government Investment Corp (GIC) and other international investors are buying 15 percent of a real estate venture of India's Shapoorji Pallonji group for about $300 million, Indian papers reported.

The deal involved investments in six projects in the commercial, residential and shopping malls sectors in Kolkata, Pune, Nagupur and other cities, the Economic Times reported on Tuesday, citing an unidentified source.

It said the deal was worth $290 million, while the Times of India said the stake was valued at $320 million.

A spokesman for Citigroup in India declined comment.

The Shapoorji Pallonji group is run by Pallonji Mistry, whose family is the single biggest shareholder of Tata Sons, the holding company of the Tata Group.

The family holds about 18 percent in Tata Sons, which oversees nearly 100 companies including Tata Steel , which acquired Corus this year, and Tata Motors , which is bidding for Ford's  Jaguar and Land Rover brands. (Reporting by Himangshu Watts; Editing by John Mair)

Source: Reuters

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