GIC to invest $520m into Indonesian retail conglomerate

To ride on the country’s rapidly expanding consumer base.

Singapore’s sovereign wealth fund GIC has committed to invest an aggregate of IDR 5.2 trillion ($520 million) into PT Trans Retail, the main retail arm of Indonesian conglomerate CT Corp.

Trans Retail runs a chain of hypermarkets, supermarkets, and cash & carry stores under the Carrefour and TRANSmart brands.

According to a joint news release, the investment will allow Trans Retail to capture the full potential of Indonesia’s rapidly expanding consumer class.

"The partnership with GIC is a significant step forward in enabling Trans Retail to expand its store footprint and realize its vision of becoming a leading multi-format retailer,” said CT Corp Chairman Chairul Tanjung.

“The investment by GIC reflects our confidence in Indonesia’s long-term growth potential,” said Amit Kunal, Head, Direct Investments Group, South East Asia, GIC.