The Government of Singapore Investment Corp (GIC), a sovereign wealth fund and Temasek, the Singapore-based investment firm, have pared their stake in India-based lender ICICI – reported Reuters.
According to Bombay Stock Exchange data, Temasek has trimmed its stake to 5.76% from 7.6% and GIC has cut its stake to 1.53% to 1.66%, reported the news agency. Analysts are of the opinion that the Singapore government and its investment arm are gradually reducing their stakes in the Indian lender, as part of the strategy to realign investments against the back drop of financial crisis.
Reportedly, Temasek has been trimming its stakes in companies after its decision to invest in Merrill Lynch and Barclays boomeranged last year. Subsequently, it sold its stakes for an estimated loss of $4 billion. Manish Kejriwal, senior managing director and country head for India at Temasek, said: “We’re optimistic about the long term growth potential of Asia, including India, and we’ll continue to build on our investments and portfolio in the region.”
