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India: DLF gets nod for GIC Deal

 |  November 16, 2015

DLF, India’s largest realty firm, on Monday said it has received approval of the Competition Commission of India for the joint venture with Singapore’s sovereign wealth fund GIC, which is investing Rs 1,990 crore in two projects here.

The realty firm would use this fund to boost cash flow and reduce debt, which stood at Rs 22,520 crore as of September 30.

DLF had sold in September about 50 per cent stake each in two upcoming projects in the national capital to GIC.

On September 2, DLF had announced that its arm DLF Home Developers and GIC have entered into a joint venture for two upcoming projects located in Central Delhi.

“GIC will invest approximately Rs 1,990 crore.”

Full content: Business Today

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