The Hindu Business Line : DLF in talks with Ikea for jt venture

New Delhi, Dec. 22 India’s largest real estate company DLF is understood to be in talks with international home furnishing retailer Ikea to explore the possibility of a joint venture.

According to sources close to the development, the agreement could entail Ikea taking up retail space in DLF malls across the country.

Biz avenues

The two sides could also explore the option of Ikea looking at possible business opportunities from the customers of DLF’s residential projects. Ikea officials could not be contacted for comments, while DLF spokesperson declined to comment.

“The talks are in advanced stage and a deal could be inked anytime,” sources said, but did not comment on how much would the two sides hold in the proposed joint venture.

DLF, headed by billionaire Mr K.P. Singh, currently has 22 million sq. ft. of mall space under development over the next 3-4 years. The company had recorded consolidated revenue of Rs 3,349 crore for the quarter ended September 30, 2007, an increase of 7.3 per cent from Rs 3,121 crore in the first quarter of the current fiscal. EBIDTA was at Rs 2,363 crore, an increase of five per cent compared with Rs 2,251 crore in the first quarter of fiscal 2008.

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