DLF transfers Rs 330 crore land to JV with GIC for settlement of dues
PTI May 28, 2019
Realty major DLF has transferred a three acre land worth Rs 330 crore in Gurugram to its joint venture with Singapore sovereign wealth fund GIC and is in process to hand over a Noida shopping mall to settle dues.
DLF owed Rs 8,700 crore to DLF Cyber City Developers Ltd (DCCDL) as on December 31, 2018.
In December 2017, the realty firm DLF entered into this joint venture with GIC when DLF promoters sold their entire 40 per cent stake in DCCDL for nearly Rs 12,000 crore.
This deal included sale of 33.34 per cent stake in the DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by the DCCDL.
DLF holds 66.66 per cent while GIC holds 33.34 per cent stake in the JV firm DCCDL.
In its latest analyst presentation, DLF has informed that the company has transferred 3.05 acre land parcel near Mall of India, Gurugram for Rs 330 crore.
The 2 million sq ft Mall of India project at Noida in Uttar Pradesh is in process to be transferred to DCCDL at a valuation of Rs 2,950 crore, it added.
Post this transaction, the outstanding amount would come down to around Rs 5,450 crore.
To settle this balance amount by next year, DLF has proposed to sell its stake in its prime commercial project Horizon Centre in Gurugram, Haryana for about Rs 850 crore.
That apart, it plans to transfer its mall at Saket in South Delhi at a valuation of Rs 1,050 crore. Another Rs 1,000 crore is proposed to be settled through transfer of DLF's commercial land in Chennai, while Rs 1,100 crore would be settled as per the previous contract with group firm DLF Assets Ltd.
DLF is in discussion with the DCCDL for identifying other assets to settle the remaining Rs 1,450 crore dues.
DCCDL currently holds about 28 million sq ft of rent-yielding commercial assets, largely in Gurugram, with annual rental income of about Rs 2,800 crore.