An affiliate of Singapore sovereign wealth fund GIC plans to take control of India's Nirlon Ltd in a deal estimated to be worth up to $197 million, the companies said on Tuesday.

Reco Berry Private Ltd has agreed to purchase up to 30.8 million shares, or a 34.2 percent stake, from some shareholders of Nirlon at 222 rupees a share, according to a joint statement.

Reco Berry will also make a tender offer for public shareholders of Nirlon, which owns an information technology office park in Mumbai, to buy a 28.4 percent stake at the same price, the statement said.

If the tender offer is fully subscribed, Reco Berry will hold 62.6 percent of Nirlon after the offer, the statement said.

Reco Berry said it had also signed definitive agreements with some other shareholders for a 5 percent stake in Nirlon, subject to conditions. Separately, it is in talks with another group of shareholders of Nirlon to buy about 2 percent more, Reco Berry said.

Nirlon shares closed at 193 rupees in Mumbai trading on Tuesday, ahead of the announcement.