Left Menu
Development News Edition

DLF lowers payable to JV firm to Rs 5,600 cr

PTI | New Delhi | Updated: 04-08-2019 15:46 IST | Created: 04-08-2019 15:10 IST
DLF lowers payable to JV firm to Rs 5,600 cr
Image Credit: ANI

Realty major DLF has settled Rs 3,100 crore amount payable to its joint venture with Singapore investment firm GIC by transferring Noida shopping mall and some land parcels. At the end of 2018, DLF owed Rs 8,700 crore to DLF Cyber City Developers Ltd (DCCDL), which is a joint venture between DLF and Singapore sovereign wealth fund GIC.

"DCCDL payable reduced from Rs 8,700 crore to Rs 5,600 crore by July 1, 2019," DLF said in an investors presentation. Updating settlement status, DLF said that its Mall of India project at Noida, Uttar Pradesh has been transferred to DCCDL at an enterprise value of Rs 2,950 crore. The realty firm has also transferred 3.05 acres land parcel at Gurugram, Haryana.

In December 2017, DLF entered into this joint venture with GIC when DLF promoters sold their entire 40 per cent stake in DCCDL for nearly Rs 12,000 crore. This deal included sale of 33.34 per cent stake in the DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by the DCCDL.

DLF holds 66.66 per cent while GIC holds 33.34 per cent stake in the JV firm DCCDL. To settle the balance Rs 5,600 crore, DLF has proposed to sell stake in its prime commercial project Horizon Centre in Gurugram for about Rs 850 crore. That apart, it plans to transfer its mall at Saket in South Delhi at a valuation of Rs 1,050 crore.

Another Rs 1,000 crore is proposed to be settled through transfer of DLF's commercial land in Chennai. The remaining Rs 2,700 crore would be settled by transferring properties in SEZs at Hyderabad and Chennai as per the previous contract with group firm DLF Assets Ltd and net cash payment of around Rs 700 crore.

According to the presentation, DLF is aiming to settle its entire dues with the DCCDL in the second quarter of this fiscal year. DCCDL currently holds nearly 30 million sq ft of rent-yielding commercial assets, largely in Gurugram, with annual rental income of about Rs 3,000 crore.

Recently, DLF reported over two-fold jump in its consolidated net profit at Rs 414.72 crore for the quarter ending June as against Rs 172.77 crore in the year-ago period. Total income, however, declined to Rs 1,540.95 crore during the April-June quarter of this fiscal from Rs 1,657.67 crore in the corresponding period of the previous year.


TRENDING

OPINION / BLOG / INTERVIEW

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Rwanda’s COVID-19 response commendable but health information system needs improvement

Rwanda is consistently working to improve its health information system from many years. However, it is primarily dependent on the collection and reporting of health data on a monthly basis. Besides, evaluation studies on Rwandas HIS publis...

Videos

Latest News

Thai protesters challenge monarchy as huge protests escalate

Openly challenging the monarchy of Thai King Maha Vajiralongkorn, thousands of protesters marched in Bangkok on Sunday to present demands that include a call for reforms to curb his powers. Protesters have grown ever bolder during two month...

Yankees clobber hapless Red Sox for 10th straight win

J.A. Happ struck out nine batters over eight innings as the visiting New York Yankees recorded their season-high 10th straight win on Saturday with an 8-0 victory over the Boston Red Sox. Clint Frazier homered among his three hits and drove...

Nadal beaten by Schwartzman in 1st tournament in 7 months

Rafael Nadals first tournament in seven months ended with a 6-2, 7-5 loss to Diego Schwartzman in the quarterfinals of the Italian Open. Nadal, a nine-time champion in Rome, had never lost to the 15th-ranked Schwartzman in nine previous mee...

Liberal Americans mourn passing of icon Ginsburg, prepare for political battle

Grief-stricken Americans gathered at makeshift memorials around the country on Saturday to mourn the death of U.S. Supreme Court Justice Ruth Bader Ginsburg, a liberal, feminist icon, as President Donald Trump signaled his intention to fill...

Give Feedback