DLF gains on JV with GIC of Singapore to develop two projects

Shares of DLF were trading higher by 4% to Rs 110 on the BSE after real estate developer establish joint venture (JV) with GIC, Singapore’s sovereign wealth fund to develop two projects in Central Delhi.

“DLF Home Developers Ltd. (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,” DLF said in a BSE filing.

Both projects will be developed under DHDL. 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, it added.

Mr Loh Wai Keong, Managing Director and Co-Head Asia, GIC Real Estate said, “GIC is confident in India’s long-term growth potential and we look forward to partnering DLF, a leading real estate developer in India, to tap into the attractive opportunities of India’s real estate sector."

The investment is subject to meeting all statutory requirements and conditions precedents which are customary, prior to the Closing, the company said.

The stock hit a high of Rs 114 on the BSE in early morning trade. A combined 1.86 million shares changed hands on the counter on the BSE and NSE till 09:21 AM.