DLF gets Competition Commission's nod for Rs.1,990 crore deal with GIC

Indian realty major DLF Ltd on Monday said it has received approval from the Competition Commission of India for a joint-venture with Singapore's sovereign wealth fund GIC, which is investing close to Rs.1,990 crore in two projects in Delhi.

"DLF Home Developers Ltd (DHDL), a wholly-owned subsidiary of DLF Ltd and GIC, Singapore's sovereign wealth fund, have signed an agreement to enter into a joint venture to invest in two upcoming projects located in central Delhi," the company said in a regulatory filing with the Bombay Stock Exchange.

The statement said GIC would invest a sum of approximately Rs.1,990 crore in the two projects, subject to meeting all statutory requirements and conditions precedents which are customary, prior to the closing.

"In continuation of the above... (the) Competition Commission of India... considered and approved the proposed combination in terms of sub-section (1) of the Section 31 of the Competition Act, 2002, "the company said, adding that it was now awaiting the detailed order from the commission.

"Pursuant to receipt of this approval, both parties are initiating the necessary steps to successful closing of this transaction," the company added.