GIC has sold its stake in Indian development company DLF Home Developers to its partner DLF for INR497 crore (€53.7m).
GIC formed the partnership with DLF Home, a subsidiary of DLF, to invest in two residential projects in central Delhi in 2015. The Singaporean sovereign wealth fund invested in the Indian company through its subsidiary Reco Greens.
DLF said its subsidiary, DLF Home Developers had acquired nearly 50% of the total paid-up equity share capital and compulsory convertible debentures held by Reco Greens in DLF Urban Private.
DLF Urban Private is subsidiary of DLF Home Developers, which is involved in the real estate industry and has developed upmarket residential project called, One Midtown.
The transaction gives DLF, one of India’s longest-established property groups, 100% ownership of the residential apartment developer.
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