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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.

GIC Raises Stake in China Oilfield Services

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On November 14 2018, Singapore’s GIC Private Limited acquired 2,982,000 H- shares in China Oilfield Services Ltd at an average price of HK$ 6.9883. GIC increased its ownership in China Oilfield Services to 9.07% from 8.91%. China Oilfield Services is an oilfield services company. It is a majority owned subsidiary of Chinese state owned company CNOOC Group.

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Carlyle Group Completes Deal on 19.9 Percent Stake in Fortitude Re

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More private equity firms are scooping up reinsurance assets. The Carlyle Group finalized its acquisition of a 19.9% stake in Fortitude Group Holdings, LLC, whose group companies operate as Fortitude Re (formerly DSA Re) from American International Group, Inc. (AIG) The transaction was first announced on August 1, 2018. Part of this deal included Fortitude Re inking an investment management agreement (IMA) whereby US$ 6 billion of assets will be committed into a variety of Carlyle investment strategies.

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RDIF, Indorama Corporation, and Yadran Oil Ink Joint Investment in Tartarstan

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The Russian Direct Investment Fund (RDIF), and Singapore-based Indorama Corporation Pte Ltd, a chemical corporation in Asia, and JSC Yadran-Oil, the company authorized by the Government of the Republic of Tatarstan, have agreed to jointly implement investment projects in Russia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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