DLF Says India’s Credit Market Turmoil Will Help Its Home Sales
(Bloomberg) -- The turmoil in India’s credit markets, brought on by defaults at a major infrastructure financier, will benefit the nation’s largest developer, allowing it to sell homes while peers struggle to get money to finish their projects.
- Gurugram-based DLF has adequate liquidity and access to capital to meet all of its obligations on time. It believes that it is well placed to grab opportunities, the company said Thursday at the release of its second-quarter results
- A unit of DLF and Hines have agreed to jointly develop a commercial project in Gurugram, near New Delhi. The 51:49 partnership will result in more than 2.5 million square feet of commercial space. The transaction is expected to be closed in the current quarter, DLF said Thursday
- Hines is a U.S.-based privately owned global real estate investment, development and management firm with $116.4 billion of assets under management
- Net consolidated profit at DLF more than doubled to 3.8 billion rupees ($51.7 million) in the quarter ended Sept. 30
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