DLF Urban, DLF Midtown cease to be DLF arms post GIC investment

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26 Aug, 2025 12:21

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Realty major DLF today said DLF Urban Pvt Ltd and DLF Midtown Pvt Ltd ceased to be its subsidiaries following the Rs 1,992-crore investment by Singapore's sovereign wealth fund GIC in the two upcoming projects in the national capital.Last week, DLF had received Rs 1,992 crore from GIC, thereby completing the deal to sell 50 percent stake each in two upcoming projects in the national capital.In a filing to the BSE, DLF informed that "subsequent to receipt of funding and issuance of securities, two joint venture companies namely, DLF Urban Pvt Ltd and DLF Midtown Pvt Ltd, ceased to be subsidiaries of DLF."."Accordingly, DHDL (DLF Home Developers Ltd) owns 49 percent equity shares in each of the said entities," it added.In September, DLF had announced that its arm DHDL and GIC have entered into a joint venture for two upcoming projects located adjacent to existing project Capital Green at Moti Nagar here.DLF has raised private equity at project levels after a gap of 4-5 years. The company's group CFO Ashok Tyagi had said that funds would be used to improve cash flow and reduce debt."We hope that this investment is a beginning of a new relationship with GIC at the project level. We look forward to working together with GIC in many projects, both residential and commercial," DLF Senior Executive Director Finance Saurabh Chawla had said on the GIC deal.GIC is a leading global investment firm with well over USD 100 billion in assets under management, while DLF is leading realty firm with a land bank of 300 million sq ft.