DLF transfers ₹330 crore land to JV with GIC for settlement of dues
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New Delhi: Realty major DLF has transferred a three acre land worth ₹330 crore in Gurugram to its joint venture with Singapore sovereign wealth fund GIC and is in process to hand over a Noida shopping mall to settle dues.
DLF owed ₹8,700 crore to DLF Cyber City Developers Ltd (DCCDL) as on 31 December, 2018.
In December 2017, the realty firm DLF entered into this joint venture with GIC when DLF promoters sold their entire 40% stake in DCCDL for nearly ₹12,000 crore.
This deal included sale of 33.34% stake in the DCCDL to GIC for about ₹9,000 crore and buyback of remaining shares worth about ₹3,000 crore by the DCCDL.
DLF holds 66.66% while GIC holds 33.34% stake in the JV firm DCCDL.
In its latest analyst presentation, DLF has informed that the company has transferred 3.05 acre land parcel near Mall of India, Gurugram for ₹330 crore.
The 2 million sq ft Mall of India project at Noida in Uttar Pradesh is in process to be transferred to DCCDL at a valuation of ₹2,950 crore, it added.
Post this transaction, the outstanding amount would come down to around ₹5,450 crore.
To settle this balance amount by next year, DLF has proposed to sell its stake in its prime commercial project Horizon Centre in Gurugram, Haryana for about ₹850 crore.
That apart, it plans to transfer its mall at Saket in South Delhi at a valuation of ₹1,050 crore. Another ₹1,000 crore is proposed to be settled through transfer of DLF's commercial land in Chennai, while ₹1,100 crore would be settled as per the previous contract with group firm DLF Assets Ltd.
DLF is in discussion with the DCCDL for identifying other assets to settle the remaining ₹1,450 crore dues.
DCCDL currently holds about 28 million sq ft of rent-yielding commercial assets, largely in Gurugram, with annual rental income of about ₹2,800 crore.
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