CCI Clears Temasek And Ivanhoe Cambridge India Realty Deal

09 Oct 2025 CW Team

The Competition Commission of India (CCI) has approved a proposed combination involving Jongsong Investments Pte Ltd, Ivanhoe Cambridge Singapore Investments II Pte Ltd (IC Singapore), and several Singapore-based holding entities with investments in India’s real estate sector.

The approved transaction includes Jongsong Investments, an indirect wholly owned subsidiary of Temasek Holdings, and IC Singapore, a wholly owned subsidiary of Ivanhoe Cambridge Inc — the real estate arm of Canada’s Caisse de dépôt et placement du Québec (CDPQ).

Under the approved structure, Jongsong Investments will acquire 20 per cent of the equity share capital in six entities — Adamas Asset Holdings Pte Ltd (AHPL), RGIP Holdings Pte Ltd (RHPL), Vikhroli Holdings Pte Ltd (VHPL), Airoli Holdings Pte Ltd (AIHPL), Bangalore Asset 2 Pte Ltd, and Bangalore Asset 3 Pte Ltd.

Meanwhile, IC Singapore will acquire a 40 per cent equity stake in Bangalore Asset 2 and Bangalore Asset 3 Pte Ltd, strengthening its position in India’s commercial real estate segment.

Temasek Holdings, incorporated in Singapore, is a global investment company with a diversified portfolio spanning financial services, telecommunications, media and technology, consumer and real estate, life sciences, industrials, and agri-food sectors. Its subsidiary, Jongsong Investments, serves as an investment holding entity.

Ivanhoe Cambridge, through its Singapore subsidiary, develops and invests in real estate assets and companies worldwide, with an expanding portfolio in India’s commercial property market.

The entities involved in both transactions are incorporated in Singapore and operate primarily as investment holding companies with exposure to Indian real estate assets.

A detailed order outlining the CCI’s decision and conditions will be issued separately.

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