CCI Approves GIC’s Rs 9,000 Crore Deal With DLF’s Rental Arm
Under the deal, GIC’s subsidiary will acquire 33.34% stake in DLF rental arm.
The Competition Commission of India (CCI) has approved Singapore’s sovereign wealth fund GIC’s plan to acquire 33 percent stake in DLF Cyber City Developers for Rs 8,900 crore.
Under the deal, GIC’s subsidiary Reco Diamond will acquire 33.34 percent stake in DLF Cyber City Developers Ltd (DCCDL), held by the realty major’s promoters—Rajdhani Investments & Agencies, Buland Consultants and Investments, Sidhant Housing and Development Co.
In a BSE filing, DLF said the CCI has issued a letter dated 3 November to GIC which states that the regulator has approved the deal. GIC recently approached the fair trade regulator seeking approval of its deal to acquire 33.34 percent stake in DCCDL, rental arm of DLF, for Rs 8,900 crore.
DCCDL has rent yielding assets of 26.9 million square feet with annual rental income of over Rs 2,500 crore. It has an under-development pipeline of 2.5 million square feet with further development potential of 19 million square feet within the portfolio.