Singapore governmentowned investment company, Temasek has taken a 27.74 percent equity stake in First Flight, a courier and express delivery company based in Mumbai, India.

The deal is reported to be valued at Rs 107.5 crore. The funds raised by the transaction would enable First Flight to expand its aviation and warehousing businesses. Established in 1988, First Flight offers traditional courier services, as well as surface and air cargo services.