Runwal Group, a prominent real estate developer, has announced the complete acquisition of R City Mall, located in Mumbai's Ghatkopar area.
The company revealed that it purchased the remaining 50% of shares from its joint venture partner of over 17 years, the Government of Singapore Investment Corporation (GIC). This move positions Runwal Group as a major player in the Indian retail industry and marks a significant milestone in their growth strategy.
According to the company's statement, the acquisition of R City Mall represents one of the largest single acquisitions in the history of the Indian retail sector. Additionally, GIC has realized over four times the returns on its initial investment through this transaction. Runwal Group's primary objective with this acquisition is to expand its annuity portfolio and establish itself as the leading retail player in Mumbai.
The collaboration between Runwal Developers and GIC began in 2006 when they joined forces for the development of R City Mall. This partnership marked one of the early instances in the real estate industry where Foreign Direct Investment (FDI) was attracted through a joint venture. GIC initially invested 50% of the capital, and together, they transformed the project into a flagship mall.
R City Mall, which opened its doors in 2009, sprawls across 1.2 million square feet of retail space. It houses more than 300 renowned Indian and international brands, including 14 anchor brands, covering a wide range of sectors such as fashion, food, beverage, and entertainment.
R City Mall also hosts the first and only in-mall format of Ikea in India, occupying an area of 72,000 square feet.
