Singapore-based sovereign wealth fund GIC has joined a consortium to invest around $418 million in China-based biopharmaceutical company I-Lab, according to media reports.

The consortium which GIC has joined is being led by Hillhouse Capital Group and include other members such as Avidity Partners, OrbiMed, Octagon Capital Advisors, Invus, Lake Bleu Capital, Perceptive Advisors, Cormorant Asset Management, Sphera Healthcare and Alyeska Investment Group.

The funds will be used by I-Lab to fund its ongoing and planned research and clinical programmes, as well as to develop its commercialisation capabilities in China.

Recently, GIC has joined investors such as Canada’s Brookfield Infrastructure Partners, to purchase an Indian telecom tower company from Reliance Industries for $3.4 billion.

Ang Eng Seng, GIC’s chief investment officer for Infrastructure told the media, “The portfolio offers resilient income and long-term value given India’s attractive data demand growth outlook as 4G and smartphone penetration is still very low.”

“While we remain cautious in this period of high uncertainty, we continue to seek good, long-term opportunities in India,” he added.

After the completion of the transaction, GIC and its partners will own a 100 percent stake in the telecom tower company.

GIC said in a statement that the deal covers around 135,000 communication towers which form Reliance Jio Infocomm Limited’s telecommunication network recently constructed for cellular network coverage across India.

According to media reports, GIC is in the final round of talks with ESR, a logistics investor backed by Warburg Pincus.

Reportedly, GIC is planning to invest around $100 million in the latter’s second India-focused logistics fund.

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