Realty major DLF said it has transferred shopping mall in Noida, Uttar Pradesh, to its subsidiary firm for ₹2,950 crore, as part of efforts to settle dues of its joint venture firm with GIC. DLF has to pay ₹8,700 crore to the DLF Cyber City Developers Ltd (DCCDL), which is a joint venture firm of DLF and Singapore's sovereign wealth fund GIC. DLF has 66.66% stake in the joint venture firm, while GIC has 33.34% shareholding. The JV was formed in December 2017 when DLF promoters sold entire 40 per cent stake in DCCDL for nearly ₹12,000 crore. This deal included sale of 33.34 per cent stake in DCCDL to GIC for about ₹9,000 crore and buyback of remaining shares worth about ₹3,000 crore by DCCDL.

Source: Mint May 03, 2019 05:37 UTC