DLF has transferred shopping mall in Noida, Uttar Pradesh to one of its subsidiaries- Paliwal Real Estate for Rs 2,950 crore, as part of efforts to settle dues of its joint venture firm with GIC.
DLF has to pay Rs 8,700 crore to the DLF Cyber City Developers (DCCDL), which is a joint venture firm of DLF and Singapores' sovereign wealth fund GIC. It wants to settle this dues by September this year through transfer of rental assets and land parcels.
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.