GIC ‘formalises’ acronym

The Government of Singapore Investment Corporation has changed its name simply to GIC.

The Government of Singapore Investment Corporation, Singapore’s sovereign wealth fund, has legally changed its name to GIC, the acronym it was widely known for, the firm announced earlier this week.

“The name change formalises the widely-used brand name of ‘GIC’ in the global investment community and markets that GIC operates in. The operations of the company remain unchanged and the name change does not affect the identity of the company or its rights or obligations,” GIC said in a statement.

The $100 billion sovereign wealth fund is an active investor in the infrastructure space. In March, GIC invested £100 million (€117 million; $151 million) in Indian renewable developer Greenko, joining existing shareholders Aloe Private Equity and TPG.

Earlier in February, GIC surfaced as part of a consortium comprising French energy group EDF and Italian gas firm Snam that entered into exclusive negotiations with French oil company Total to buy Transport Infrastructures Gaz France (TIGF) – a 5,000-kilometre gas network and storage business.

The GIC consortium tabled a €2.4 billion bid for TIGF, with the deal expected to close later this year.