DLF to buy residual stakes in entities owning land in Gurugram for Rs 40 cr

The land-owning companies collectively hold around 63 acres of land parcels in and around Gurugram, for which the DLF already has existing agreements.

Realty major DLF will acquire residual stakes in certain entities that own 63 acres of land parcels in and around Gurugram for around Rs 40 crore.

DLF acquired development rights of these land parcels during 2009-10.

In a regulatory filing on Tuesday, DLF said the finance committee of its board has approved the acquisition of around 5.22 per cent shareholding in Invecon Pvt Ltd and 4.48 per cent and 3.24 per cent shareholding in its affiliates namely Vikram Electric Equipment and Uni International, respectively.

These entities are collectively referred to as 'land owning companies'.

The land-owning companies collectively hold around 63 acres of land parcels in and around Gurugram, for which the company already has existing agreements.

DLF said it is executing definitive agreements with the sellers and the land-owning companies along with its six other affiliates.

After execution, these land-owning companies and six affiliates would become subsidiaries of the company. The consideration for these residual stakes is around Rs 40 crore.

The deal will conclude within 180 days of the execution of the definitive agreements with the sellers.

DLF also gave an update related to its earlier announcement to develop a 400-bed multi-specialty hospital in Delhi in partnership with Medanta.

The finance committee of the board gave approval to enter into, execute and perform definitive agreement(s) through the company or its subsidiary with Global Health Ltd (GHL) to establish a special purpose vehicle to construct, operate and manage super specialty hospitals in the national capital.

The company and GHL, which operates under the Medanta brand, would subscribe to a 50 per cent stake each in the special purpose vehicle.