DLF Ltd. has transferred its shopping mall in Noida, Uttar Pradesh, to subsidiary DLF Cyber City Developers Ltd. for Rs 2,950 crore, as part of its efforts to settle dues of the joint venture with Singapore's GIC Pvt. Ltd.
DLF has to pay Rs 8,700 crore to DLF Cyber City, the joint venture of DLF and GIC. It aims to settle those dues by September 2019 through transfer of rental assets and land parcels.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
In a regulatory filing on Thursday, DLF said that the company has transferred its property, Mall of India in Noida, to subsidiary Paliwal Real Estate Ltd. in the ordinary course of business at an arm's length consideration of Rs 2,950 crore--arrived on the basis of the valuation report of an independent valuer.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
"This is in line with the company's stated objective of streamlining and consolidating the operations and holding structure of its rental assets," DLF said in the regulatory filing.
Mall of India is located in Sector 18, Noida, with a leasable area of 2 million sq. ft. It was developed at a cost of about Rs 2,000 crore.
According to people familiar with the matter, the transfer of Mall of India to a subsidiary firm has paved the way for selling this retail asset to DLF Cyber City to clear the dues.
DLF has 66.66 percent stake in DLF Cyber City, while GIC owns 33.34 percent.
At present, DLF Cyber City holds around 30 million sq. ft of rent-yielding commercial assets, largely in Gurugram, Haryana, with annual rental income of over Rs 2,500 crore.
The DLF Cyber City joint venture was formed in December 2017 when DLF promoters sold their entire 40 percent stake in the entity for nearly Rs 12,000 crore.
The deal included sale of 33.34 percent stake in DLF Cyber City to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by DLF Cyber City.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories ā On NDTV Profit.
