FORWARD TOGETHER Notes to the Consolidated Financial Statements 31 December 2022 206 34. BUSINESS COMBINATION (continued) Acquisition of subsidiaries that are not businesses Gati Realtors Private Limited (“Gati”) and Future Retail Destination Private Limited (“FRDPL”) The Group previously held 51% interests in ESR Nagpur 1 Pte Ltd (“Gati”) and ESR Delhi 3 Pte Ltd (“FRDPL”) and classified the investments as investments in joint ventures (the “joint ventures”). In January 2022, the other shareholder of these joint ventures sold its stakes to an external party. Accordingly, a revised shareholder agreement was entered into by the Group with the new shareholder. Pursuant to the revised shareholder agreement, the Group continues to hold 51% interests in these joint ventures but will be the key decision maker. Consequently, the Group deemed to have control over Gati and FRDPL and consolidated both entities with effect from 1 January 2022. On the acquisition date, there were no other material assets and liabilities other than those disclosed in the table below. Net assets acquired US$’000 Net assets acquired Investment properties 44,942 Cash and bank balances 22,196 Other assets 7,022 Bank and other borrowings (44,780) Other liabilities (17,918) Total identifiable net assets at fair value 11,462 Non-controlling interests (5,654) 5,808 Satisfied by Investment in joint ventures 5,808 An analysis of the cash flows in respect of the acquisition of subsidiaries are as follows: Cashflow on acquisition US$’000 Cash and bank balances acquired 22,196 Net inflow of cash and cash equivalents included in cash flows related to investing activities 22,196
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