DLF to sell assets worth Rs 9,300 cr to JV with GIC

New Delhi, February 14 

Realty major DLF will sell completed rental assets and commercial land parcels worth about Rs 9,300 crore to its joint venture with Singapore’s sovereign wealth fund GIC.

In the joint venture firm DLF Cyber City Developers Ltd (DCCDL), DLF has 66.66% stake while GIC holds the remaining 33.34%. GIC acquired the stake in DCCDL in late December from DLF promoters for about Rs 9,000 crore. In an analyst presentation, DLF said it needs to pay about Rs 9,300 crore to DCCDL.

“Payables to DCCDL Group to be settled via sale of certain yielding assets and land parcels earmarked for commercial use,” it added.

Later in a conference call, DLF’s CFO Saurabh Chawla said the company would like to transfer all commercial assets, including land parcels, to the JV but certain assets cannot be transferred due to regulatory norms.

DLF has completed rent-yielding assets in Delhi and has commercial land parcels in Gurugram and Chennai that can be transferred to DCCDL, Chawla said. — PTI

Net debt down to Rs 5,513 crore

DLF has cut its net debt substantially to Rs 5,513 crore with the help of fund infusion by promoters and now targets to become a zero-debt company by the end of next fiscal, a senior company official said on Wednesday. It has repaid loans of Rs 7,100 crore using fund infused by the promoters in late December.