Dubai's Tabreed to set up JV with IFC to invest $400mln in India | ZAWYA MENA Edition
Dubai-based district cooling firm Tabreed has entered into a strategic partnership with the International Finance Corporation (IFC), a member of the World Bank Group, to invest about $400 million in India over the next five years.
Under the partnership agreement, Tabreed India, currently a wholly owned subsidiary of Tabreed, will be transferred to a new holding company established in Singapore, in which Tabreed will hold a 75 percent stake and IFC will have 25 percent, according to a filing by Tabreed on the Dubai Financial Market where its shares trade.
The holding company will be set up with initial equity commitments from the partners of $100 million with a mandate to invest in projects of up to approximately $400 million over the next five years.
The investment will target a portfolio of approximately 100,000 refrigeration tonnes (RT) servicing industrial, commercial and retail developments across India.
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