Singapore-based GIC Investments Special (GIC SI) will invest Rs 900 crore in Reid & Taylor (India) Ltd, a subsidiary of S Kumars Nationwide.
“The transaction provides us with significant opportunity not only to expand the Reid & Taylor business, but also to execute several plans that we have in mind,” S Kumars Nationwide managing director and vice chairman Nitin S Kasliwal said.
GIC Special Investments will invest Rs 900 crore in Reid & Taylor through a fresh issue of shares and warrants. Pursuant to that, GIC SI will acquire up to 25.4 per cent stake in Reid & Taylor (India), while the balance 74.6 per cent stake will remain with S Kumars Nationwide.
“We plan to utilise the proceeds of the transaction for enhancing manufacturing capacity, introducing new operating lines, and adding brands that have the potential to further enrich our business portfolio,” Kasliwal added.