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Real estate company DLF Ltd on Monday said that it has got the Competition Commission of India’s approval for the joint venture with Singapore’s sovereign wealth fund GIC.
In September, DLF Home Developers Ltd. (DHDL), a wholly-owned subsidiary of DLF Ltd, and Singapore’s sovereign wealth fund GIC had signed an agreement to enter into a joint venture to invest in two upcoming projects located in Central Delhi, wherein GIC would invest ₹1,990 crore in the said projects.
The move is in line with debt-ridden DLF’s strategy to sell stakes in projects by bringing in private equity investors.
“The CCI has communicated that the Commission in its meeting held in November 10, 2015 considered and approved the proposed combination in terms of sub-section (1) of the Section 31 of the Competition Act, 2002. The detailed Order of the commission in this regard is awaited. Pursuant to receipt of this approval, both parties are initiating the necessary steps to successful closing of this transaction,” DLF informed the BSE on Monday.
Real estate major DLF has seen a 4.2 per cent rise in net debt from ₹21,598 crore in the April-June quarter of 2015-16 to ₹22,520 crore in July-September quarter.
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