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Singapore Sovereign Wealth Invests in Indian E-Commerce Flipkart

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Singapore’s GIC Private Limited has joined existing investors Accel Partners, DST Global, Iconiq Capital, Morgan Stanley Investment Management (MSIM) and Sofina to invest a total of US$ 1 billion in Flipkart. This adds to the company’s existing US$ 770 million war chest raised. Flipkart is India’s biggest e-commerce company, competing against another Indian company called Snapdeal. Singapore’s other sovereign wealth fund, Temasek Holdings, invested in Snapdeal. Snapdeal and Flipkart are vying to be called the “Amazon.com of India.”

Flipkart has 22 million registered users and has the potential to grow as 250 million people are online in India. The capital raise reflects institutional investors’ heightened appetite in Indian e-commerce companies. The funds will be used to invest in other companies and make internal strides in mobile technology.

Flipkart co-founders, Sachin Bansal and Binny Bansal, both went to the Indian Institute of Technology (IIT). The founders are not related to each other. Both Bansals worked at Amazon before creating the online bookstore in 2007.

Amazon countered Flipkart after the company announced a capital raise. Amazon is investing US$ 2 billion in its Indian operations – to open up five additional warehouses.

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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