| DLF, India’s largest real estate company, has formed a 50-50 joint venture with GIC, Singapore’s sovereign wealth fund, to develop two residential projects in New Delhi. While GIC will invest $300 million (around Rs 1,990 crore), DLF will develop the projects. The investment, which needs to be approved by the Competition Commission of India (CCI), has come at a time when the Indian real estate sector continues to be sluggish.
DLF is likely to use the money raised from GIC to part-service its debt, pegged at Rs 21,600 crore as of the end of June this year. GIC has invested in India’s real estate projects earlier as well. For instance, it had last year entered into a Rs 1,500-crore JV with Brigade Enterprises to develop properties in southern parts of the country...............................................Full Article: Source
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