DLF has transferred a three-acre land worth Rs 330 crore in Gurugram to its joint venture with Singapore sovereign wealth fund GIC and is in the process to hand over a Noida shopping mall to settle dues. DLF owed Rs 8,700 crore to DLF Cyber City Developers Ltd (DCCDL) as on 31 December 2018.
In December 2017, the realty firm DLF entered into this joint venture with GIC when DLF promoters sold their entire 40% stake in DCCDL for nearly ?12,000 crore
This deal included the sale of 33.34% stake in the DCCDL to GIC for about ?9,000 crore and buyback of remaining shares worth about ?3,000 crore by the DCCDL. DLF holds 66.66% while GIC holds 33.34% stake in the JV firm DCCDL.
In its latest analyst presentation, DLF has informed that the company has transferred 3.05-acre land parcel near Mall of India, Gurugram for Rs 330 crore. The 2 million sq ft Mall of India project at Noida in Uttar Pradesh is in the process to be transferred to DCCDL at a valuation of Rs 2,950 crore, it added.
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