DLF updates on proposed JV between DLF Home Developers & GIC

Proposed JV gets approval of Competition Commission of India

With reference to DLF Home Developers (DHDL), a wholly-owned subsidiary of DLF (DLF), and GIC, Singapore's sovereign wealth fund (GIC) signing an agreement to enter into a joint venture to invest in two upcoming projects located in Central Delhi wherein, GIC will invest a sum of approximately Rs. 1990 crore in the said projects, subject to meeting all statutory requirements and conditions precedents which are customary, prior to the closing.

DLF announced that the Hon'ble Competition Commission of India vide its letter dated 12 November 2015 has communicated that the Commission in its meeting held in 10 November 2015 considered and approved the proposed combination in terms of sub-section (1) of the Section 31 of the Competition Act, 2002. The detailed Order of the commission in this regard is awaited. Pursuant to receipt of this approval, both parties are initiating the necessary steps to successful closing of this transaction.

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