DLF to sell commercial assets worth Rs 9,300 cr to JV with GIC
Realty major DLF will sell completed rental assets and commercial land parcels worth about Rs 9,300 crore to its joint venture with Singapore's sovereign wealth fund GIC.
In the joint venture firm DLF Cyber City Developers Ltd (DCCDL), DLF has 66.66 per cent stake while GIC holds the remaining 33.34 per cent. GIC acquired the stake in DCCDL in late December from DLF promoters for about Rs 9,000 crore.
In an analyst presentation, DLF said it needs to pay about Rs 9,300 crore to DCCDL.
"Payables to DCCDL Group to be settled via sale of certain yielding assets and land parcels earmarked for commercial use," it added.