DLF transfers ₹330 crore land to JV with GIC for settlement of dues
.jpg)
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.
Other Latest News
.webp)
Voting in the first phase of the Lok Sabha elections 2024 started early morning on Friday. The first phase will see 102 out of 543 Lok Sabha seats go to polls in 17 states and four Union Territories (UTs).
Social networking service Instagram launched a new feature aimed at encouraging voters to participate in the elections. Upon opening the app, Instagram gives an alert on top which says, "Voting in India’s Lok Sabha elections starts today, April 19."
.webp)
The Supreme Court on Friday asked yoga guru Ramdev to implead the complainants, who have lodged cases against him over his alleged remarks against the use of allopathic medicines during the Covid pandemic, as party in his plea seeking stay of criminal proceedings.
The Patna and Raipur chapters of the Indian Medical Association (IMA) have lodged complaints in 2021 alleging Ramdev's remarks were likely to cause prejudice to Covid control mechanism and may dissuade people from availing proper treatment.
.webp)
Shares of Bharat Petroleum Corporation Ltd (BPCL) were down by 4.2 per cent at Rs 560.20 intraday on Friday.
Similarly, other oil and marketing companies (OMCs) such as Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL) slumped 4.1 per cent each at Rs 162.20 and Rs 457, respectively in intraday deals.
.webp)
Cryptocurrencies fell heavily and bitcoin broke below $60,000 on Friday in a rush out of risky assets following reports of an Israeli missile strike on Iran.
Bitcoin slid more than 5.5 per cent to $59,961 in the Asia session as the US dollar rose broadly. Ether fell by a similar margin, dropping below the $3,000 barrier to $2,895.
.webp)
Israeli missiles targeted a site in Iran in response to a recent drone and missile attack launched by Iran, reportedly in retaliation against an alleged Israeli airstrike on Iranian embassy in Syria, according to a report in ABC News.
ABC News reported on the unfolding situation, amid fears that the clash between Israel and Iran might escalate into a wider regional conflict.
.webp)
.webp)
.webp)
.webp)
.webp)
