Singapore’s Sovereign Wealth Fund GIC Funded in the Upcoming Projects of DLF in New Delhi
Major realty develop DLF said DLF Urban Pvt Ltd and DLF Midtown Pvt Ltd ceased to be its subsidiaries followed by Rs 1,992 cr investment by the prominent Singapore’s sovereign wealth fund GIC (Guaranteed Investment Certificate) in the two sterling projects in the National Capital.
Week before, DLF builder received Rs 1,992 cr from GIC, with the completion of 50 per cent stake in each of the upcoming project.
DLF unveiled to the Asia’s oldest stock exchange “Mombay Stock Exchange” that the two venture companies DLF Urban Pvt Ltd and DLF Midtown Pvt Ltd ceased to be its subsidiaries.
Also DHDL (DLF Home Developer Ltd) holds 49 per cent equity shares in both the ventures.
DLF also raised private equity after a break of 4-5 years and the funds will be used to enhance and perk up the cash flow and curtail the debt.
This whole scenario has created a good relationship with the GIC and DLF further is happy to work with them ahead in both residential and commercial projects to outspread more and more better projects and give excellent options to the investor/buyer.
DLF with the revenue of $ 1.87 billion (2012) holds big hand in creating India and offering them top notch- office, retail, shopping malls, golf courses, apartments, etc.