DLF, Everstone join hands to invest in IREO group companies

DLF Ltd has entered into a strategic alliance with Singapore-based Everstone Group to form a joint venture (JV) that will invest in IREO Private Ltd and other IREO group companies in India. As part of the proposed arrangement, DLF intends to invest approximately Rs 3,750 crore for a majority stake in the joint venture.

The two companies have signed a binding and exclusive term sheet dated November 6, 2026. The proposed JV intends to use the investment to acquire a stake of at least 20% in the IREO India companies, along with certain governance-related rights. The joint venture's aggregate economic interest in these companies, including contractual and other interests, is expected to be approximately 40%, with the IREO funds holding the remaining stake.

DLF shares fell as much as 2% during Friday's trading session. The stock touched a low of Rs 732.75 compared with its previous close of Rs 745.

DLF said the proposed transaction offers an opportunity to develop properties across Delhi, Gurugram and other regions. The companies believe the alliance will combine DLF's real estate development expertise with Everstone's global investment management capabilities to unlock the growth potential of the IREO India companies.

Following completion of the transaction, the IREO India companies will be managed by an independent management team. The team will operate under an agreed business plan and governance framework, with guidance from DLF and Everstone.

The proposed transaction remains subject to customary closing conditions, including satisfactory completion of due diligence, applicable corporate, regulatory and third-party approvals, and execution of definitive documents. The companies expect the transaction to close during 2027.

DLF Managing Director Ashok Kumar Tyagi said, "The partnership would bring together industry experience and global investment capabilities to unlock the growth potential of the IREO India companies." Everstone Group Co-Founder and CEO Sameer Sain said the group looked forward to creating value for its IREO Funds investors through the proposed arrangement.