DLF settles Rs 8,700 crore amount payable to GIC

DLF settles Rs 8,700 crore amount payable to GIC
04/10/2019 , by , in News/Views

Realty major DLF has settled the entire Rs 8,700 crore amount payable to DLF Cyber City Developers Ltd (DCCDL), its joint venture with Singapore-based GIC, by transferring various completed commercial properties and land parcels as well as cash payment.

With settlement of this dues, the company said it has completed the exercise of transforming its balance sheet and consolidation of all rental assets under the DCCDL.

DLF holds 67 per cent stake in DCCDL, while Singapore’s sovereign wealth fund GIC holds 33 per cent.

At the end of 2018, DLF owed Rs 8,700 crore to DCCDL and the amount payable came down to Rs 5,600 crore by July 1, 2019.

In a filing to the BSE on Wednesday, DLF said the “inter-company payables have now been fully settled”.

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