DLF receives Rs 1,992 crore from GIC
Date: 24-12-2015DLF, India's largest real estate firm, has received Rs 1,992 crore from Singapore's sovereign wealth fund GIC after the completion of its deal to sell 50% stake in two of its new projects in Delhi. The move is in line with debt-ridden company’s strategy to sell stakes in projects by bringing in private equity investors.
Earlier, the company’s subsidiary -- DLF Home Developers and GIC had signed an agreement to enter into a joint venture to invest in two upcoming projects located in Central Delhi, wherein GIC would invest Rs1,990 crore in the said projects. The company had received the Competition Commission of India’s approval for this joint venture.
DLF is one of India’s largest real estate companies that has over 60 years of track record of sustained growth, customer satisfaction, and innovation. The company has 288 million square feet (approximately) of development potential with 45 million square feet of projects under construction.