DLF divests stake in IDFC JV, gets Rs 200cr as 1st tranche

Source  :  Moneycontrol.: Dec 04, 2011 at 15:02 

DLF , India’s largest real estate company, announced that Galaxy Mercantile (GML), a joint venture company of DLF Home Developers Limited (DHDL), a wholly owned subsidiary of DLF Ltd., has received Rs. 200 crore as the first tranche of infusion of capital fromIDFC .

The amount is received as part of a process for IDFC to acquire 100% stake in the joint venture company which has been received by the joint venture partners including DHDL. The balance which would be received from IDFC has been linked to the leasing milestones.

Prior to this infusion of Rs 200 crore, DHDL had a 71% equity stake in Galaxy Mercantile Ltd., which owns of the 1.3 million square feet (msf) IT Park located in NOIDA, Uttar Pradesh.

DLF spokesperson said, "This stake sale is in line with our objective of divesting the non-strategic assets."

Spokesperson of IDFC Limited said, "We are pleased to partner with DLF, country’s largest and most experienced developer. This investment in GML is the first ever by by IDFC as a part its strategy to invest in a portfolio of yield generating office infrastructure assets in major markets around the country."