MUMBAI: In the biggest foreign direct investment deal ever in India's real estate space, Singapore sovereign wealth fund GIC agreed to acquire a 33.34% stake in developer DLF 's rental arm DLF Cyber City Developers (DCCDL) for $1.39 billion ( Rs 8,900 crore). This entire amount, after paying requisite taxes, will be ploughed by the promoters into DLF Ltd as equity, and will be used to reduce the developer's debt. For the quarter ended June, the company reported a more than 58% year-on-year drop in net profit at Rs 109 crore. "With this deal, DLF's debt is expected to reduce by over Rs 10,000 crore," said a person familiar with the matter. Last year, Brookfield Asset Management concluded an agreement to acquire the Hiranandani Group's offices and retail space in the Powai suburb for around $1 billion, making it India's largest office space transaction before the DLF deal.

Source: Economic Times August 25, 2017 16:58 UTC