Competition Commission Approves Temasek and Ivanhoe Cambridge Real Estate Investment Deal

The Competition Commission of India (CCI) has given its formal approval for a multi-entity investment deal involving Singapore-based investment arms of Temasek Holdings and Ivanhoe Cambridge, paving the way for a major capital infusion into India’s real estate and infrastructure sectors. The deal, which brings together several Singapore-registered holding companies, underscores growing global investor confidence in India’s property market.

Approval for Complex Multi-Entity Combination

According to the CCI announcement, the proposed combination involves the acquisition of equity stakes in multiple Singapore-incorporated entities with significant real estate investments in India.

Under the terms of the transaction:

• Jongsong Investments Pte. Ltd. (Jongsong) will acquire 20% of the equity share capital in a group of target entities, including 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.

• Ivanhoe Cambridge Singapore Investments II Pte. Ltd. (IC Singapore) will acquire 40% of the equity share capital of Bangalore Asset 2 and Bangalore Asset 3, both of which hold real estate assets in India.

The transaction collectively represents a strategic partnership between Temasek Holdings and Ivanhoe Cambridge Inc., two of the world’s largest institutional investors, focusing on the long-term development of commercial real estate in India.

The CCI stated that the detailed order approving the combination will be issued soon, after a full assessment of the competitive implications under the Competition Act, 2002.

Temasek’s Expanding Investment Footprint

Jongsong Investments Pte. Ltd., an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited, is primarily an investment holding company. Although Jongsong does not engage in direct business operations, its parent, Temasek Holdings, is one of Singapore’s largest sovereign investment firms, with a global portfolio exceeding US$280 billion (as of recent financial data).

Temasek’s portfolio spans transportation and industrials, financial services, telecommunications, media and technology (TMT), consumer goods, real estate, life sciences, and agri-food, along with multi-sector funds and credit. The firm has been an active investor in India for more than two decades, with stakes in Bharti Airtel, Zomato, Policybazaar, Manipal Hospitals, and several leading real estate ventures.

The latest deal through Jongsong strengthens Temasek’s long-term exposure to India’s growing urban infrastructure and real estate sectors, particularly in office space, logistics hubs, and residential development.

Ivanhoe Cambridge’s Global Real Estate Strategy

Ivanhoe Cambridge Singapore Investments II Pte. Ltd. (IC Singapore) is an indirect subsidiary of Ivanhoe Cambridge Inc., the real estate investment arm of Caisse de dépôt et placement du Québec (CDPQ) — one of Canada’s largest institutional investors managing more than C$400 billion in assets.

Ivanhoe Cambridge invests in real estate projects, operating companies, and funds across major global cities, focusing on sustainable, high-yield properties. The company has an expanding footprint in Asia-Pacific, particularly in India, China, Singapore, and Japan.

In India, Ivanhoe Cambridge has co-invested in commercial, residential, and logistics platforms through partnerships with major developers, including Lodha, Embassy Group, and Mahindra Lifespace. The latest approval marks another milestone in its efforts to deepen its engagement in India’s real estate market, one of the world’s fastest-growing.

Strategic Real Estate Entities in Focus

The Proposed Transaction 1 Targets — AHPL, RHPL, VHPL, and AIHPL — are Singapore-based investment holding companies primarily managing investments in Indian real estate. Similarly, the Proposed Transaction 2 Targets, Bangalore Asset 2 and Bangalore Asset 3, are holding entities with direct investments in Indian property projects.

These entities are believed to be linked to major Indian commercial and mixed-use real estate developments, including projects in Bengaluru, Mumbai, and Navi Mumbai — key growth markets in India’s expanding urban economy.

Industry analysts suggest that the collaboration between Temasek and Ivanhoe Cambridge will facilitate the creation of large-scale real estate portfolios, providing both long-term capital and operational expertise in sustainable development and green building infrastructure.

Regulatory Oversight and Competition Considerations

The Competition Commission of India reviewed the transaction to ensure it does not adversely impact competition in the Indian real estate market or create dominant market positions. Given the investment-holding nature of the involved entities and their limited overlaps in India, the transaction was deemed unlikely to raise anti-competitive concerns.

The CCI’s swift approval reflects India’s pro-business regulatory stance, particularly toward foreign direct investment (FDI) in real estate, infrastructure, and green energy sectors.

Growing Institutional Interest in Indian Real Estate

The approval highlights the increasing role of global institutional investors in shaping India’s property landscape. Over the last five years, foreign investment in Indian real estate has surged, driven by regulatory reforms, REIT (Real Estate Investment Trust) listings, and the digitisation of land records.

Singaporean and Canadian investors — including Temasek, GIC, and CDPQ — have been at the forefront of this transformation, seeking stable returns amid global market volatility.

The joint involvement of Temasek and Ivanhoe Cambridge in this transaction signifies growing confidence in India’s long-term economic fundamentals, supported by strong urbanisation trends, rising demand for commercial space, and government-backed housing initiatives.

Economic Implications and Future Outlook

Experts view the approval as a strategic boost for India’s real estate sector, particularly in the context of urban renewal, logistics infrastructure, and green building innovation. The collaboration is expected to attract further co-investments from international pension funds, sovereign wealth funds, and private equity players.

According to the CCI, “The detailed order will follow,” which will outline the specific competitive considerations assessed during the review.

With the deal’s approval, both Temasek and Ivanhoe Cambridge are poised to play a pivotal role in financing India’s next phase of urban and commercial growth, aligning with the country’s ambition to become a $5 trillion economy by the end of the decade.