The Competition Commission of India (CCI) has approved Singapore’s sovereign wealth fund GIC’s plan to acquire 33% stake in DLF Cyber City Developers (DCCDL), rental arm of DLF, for Rs 8,900 crore.
Under the deal, GIC’s subsidiary Reco Diamond will acquire 33.34% stake in DCCDL, held by the realty major’s promoters -- Rajdhani Investments & Agencies, Buland Consultants and Investments, Sidhant Housing and Development Company.
DLF is one of India's biggest property developers. The company’s primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals.
