GIC, a sovereign wealth fund, agreed to acquire a 7.5% stake in Aditya Birla Fashion and Retail, an Indian fashion retail company, for $283m. “Indian Apparel industry is set for robust long-term growth due to strong fundamentals of a large and growing middle class, favourable demographics, rising disposable incomes and aspiration for brands. ABFRL has become one of the leading players in this market through its diversified portfolio of strong brands, wide distribution, and an established business model and is well positioned to benefit from this opportunity. I am delighted to welcome GIC, a global institutional investor, as a long-term partner in the company’s exciting growth journey. An investment of this nature serves to underscore ABFRL’s strong position and dynamic growth model," Kumar Mangalam Birla, Aditya Birla Group Chairman.