DLF gets first tranche payment of Rs 200 crore for Galaxy Mercantile buyout deal

Realty major DLF on Friday said IDFC has made the first tranche payment of Rs 200 crore, as part of acquiring the realty major's group firm Galaxy Mercantile Ltd.

Galaxy Mercantile is a joint venture between DLF Home Developers Ltd - a wholly-owned subsidiary of DLF - and 3C.

DLF Home has received "the first tranche of infusion of capital from IDFC as part of a process for IDFC to acquire 100 per cent stake in the joint venture company", according to a regulatory filing.

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An amount of Rs 200 crore has been received by the joint venture partners including DHDL, it added.

"Prior to the infusion. DHDL had a 71 per cent equity stake in Galaxy Mercantile Ltd, the owner of the 1.3 msf IT Park located in Noida, Uttar Pradesh," the filing said.

The sale of Galaxy Mercantile is part of DLF's strategy of selling the group's non-strategic assets.

"This investment in GML is the first by IDFC as a part of a strategy to invest in a portfolio of yield generating office infrastructure assets in major markets around the country," the filing noted.