Industry

GIC, DLF promoters to sign deal

Realty major DLF’s promoters are likely to enter into an agreement with Singapore’s sovereign wealth fund GIC in the next few weeks to sell their 40% stake in rental business for an estimated ₹13,000 crore.

DLF, the county’s largest realty firm, expects the deal to be concluded by October this year after receiving regulatory and all other approvals, its CFO Ashok Tyagi said.

“We have made significant progress in the proposed transaction. We expect GIC to conclude extensive due diligence in the next few weeks. Simultaneously, legal documentation is at an advanced stage which will be completed in the next few weeks,” DLF senior executive director (finance) Saurabh Chawla said. He said it was difficult to give an exact timeline as it is a “very large transaction.”

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Printable version | Sep 26, 2020 3:50:15 AM | https://www.thehindu.com/business/Industry/gic-dlf-promoters-to-sign-deal/article18591098.ece

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