New Delhi : Realty major DLF will settle Rs 8,500 crore payable to its joint venture with Singapore’s sovereign wealth fund GIC by 2020, mainly by transferring certain assets, the company said.
In the joint venture firm DLF Cyber City Developers (DCCDL), DLF has 66.66 per cent stake while GIC has 33.34 per cent shareholding. DCCDL currently holds about 27 million sq ft of rent-yielding commercial assets, largely in Gurugram, with annual rental income of about Rs 2,400 crore.
The JV was formed in December 2017 when DLF promoters sold entire 40 per cent stake in DCCDL for nearly Rs 12,000 crore.
This deal included sale of 33.34 per cent stake in DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by DCCDL.
In an analyst presentation, DLF said that about Rs 8,500 crore amount is inter-company payable by DLF Group to DCCDL.