ALSO READGIC seeks CCI nod for Rs 9,000 cr deal to acquire stake in DLF rental arm Record deal: DLF promoters to sell rental arm stake for nearly Rs 12,000 cr DLF sells 33% of rental arm to GIC for Rs 8,900 crore DLF Cyber City stake sale to GIC: Shardul Amarchand Mangaldas advising DLF DLF to decide on arm's stake sale to GIC tomorrow
The Competition Commission of India (CCI) has approved Singapore's sovereign wealth fund GIC's plan to acquire 33 per cent stake in DLF Cyber City Developers for Rs 8,900 crore. Under the deal, GIC's subsidiary Reco Diamond will acquire 33.34 per cent stake in DLF Cyber City Developers Ltd (DCCDL), held by the realty major's promoters -- Rajdhani Investments & Agencies, Buland Consultants and Investments, Sidhant Housing and Development Company. In a BSE filing, DLF said the CCI has issued a letter dated November 3, 2017 to GIC which states that the regulator has approved the deal. GIC recently approached the fair trade regulator seeking approval of its deal to acquire 33.34 per cent stake in DCCDL, rental arm of DLF, for Rs 8,900 crore. DCCDL has rent yielding assets of 26.9 million square feet with annual rental income of over Rs 2,500 crore.
It has an under-development pipeline of 2.5 million sq ft with further development potential of 19 million sq ft within the portfolio.