Realty major DLF on Wednesday said it has entered into a joint venture (JV) with Singapore's GIC to invest in two upcoming projects located in Central Delhi.
"DLF Home Developers (DHDL), a wholly-owned subsidiary of DLF, and GIC, Singapore's sovereign wealth fund, have entered into a joint venture to invest in two upcoming projects located in Central Delhi. Both projects will be developed under DHDL", DLF said in a Bombay Stock Exchange (BSE) filing.
DLF further said, "GIC will invest a sum of approximately Rs 1,990 crore. The JV is expected to benefit from GIC's experience of investing in integrated developments across the globe".
Commenting on the development, DLF Senior Executive Director Finance Saurabh Chawla said, "We hope that this investment is a beginning of a new relationship with GIC at the project level. We look forward to working together with GIC in many projects, both residential and commercial".
He further said, "Going forward, such project level investments shall lead to unlocking of embedded value in many of DLF's development projects. GIC Real Estate Managing Director and Co-Head Asia Loh Wai Keong said, "GIC is confident in India's long-term growth potential and we look forward to partnering DLF to tap into the attractive opportunities of India's real estate sector".
"We hope to leverage our mutual strengths to grow this partnership with DLF and to collaborate on more projects in the future. Globally, we have successfully nurtured long-term partnerships with strong and well-established developers across our key markets, and we hope to do the same with DLF in India", he added.
The investment is subject to meeting all statutory requirements and conditions precedents which are customary, prior to the closing. Shares of DLF were trading at Rs 109.05 apiece in morning trade, up 2.88 per cent from previous close.