Jawala Real Estate ceases to be subsidiary of DLF

02 Nov 2012

Jawala Real Estate (Jawala) has ceased to be subsidiary company of DLF. This is pursuant to fulfillment of all conditions by the parties and receipt of payment of all amounts under the agreement totaling to Rs 2,727 crore from Lodha.

Besides, the above transaction is in line with the company’s objective of divesting its non-strategic assets.

Earlier in August this year, DLF along with its three wholly-owned subsidiaries - DLF Cyber City Developers, DLF Universal and Jawala, have entered into an agreement with Lodha Developers (Lodha) for divesting the entire stake of the company, DLF Cyber City Developers and DLF Universal in Jawala for an enterprise value estimated to be Rs 2,700 crore, subject to final adjustments at completion.

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