DLF’s wholly owned subsidiary company- DLF Home Developers’ (DHDL) joint venture (JV) company- Galaxy Mercantile- has received the first tranche of capital infusion from IDFC as part of a process for IDFC to acquire 100% stake in the JV company. An amount of Rs 200 crore has been received by the JV partners including DHDL, with the balance to be received from IDFC linked to leasing milestones.
This move of the company is in line with its objective of divesting its non-strategic asset. Further, this investment in GML is the first by IDFC as a part of a strategy to invest in a portfolio of yield generating office infrastructure assets in major markets around the country.
Prior to the infusion, DHDL had a 71% equity stake in Galaxy Mercantile, the owner of the 1.3 msf IT Park located in NOIDA, Uttar Pradesh.
