DLF Ltd. has entered into a binding and exclusive term sheet with Singapore-headquartered Everstone Group to form a strategic joint venture, marking a major expansion across key Indian real estate markets.
In an exchange filing on Friday, November 6, DLF said that it plans to invest nearly ₹3,750 crore to secure a majority stake in the newly formed joint venture.
The proposed JV will acquire at least a 20% direct stake in IREO Private Limited and other group companies, bringing its total aggregate economic interest to approximately 40%.
The proposed partnership intends to targets high-quality developments across Delhi, Gurugram, and other high-growth regions.
IREO India Companies will operate under a robust governance framework managed by an independent team, backed by DLF’s development expertise and Everstone’s global investment capabilities, the company said in its exchange filing.
“We are pleased to partner with Everstone Group on this strategic investment. Bringing together strong industry experience and global investment capabilities, we look forward to unlocking the growth potential of the IREO India Companies,” Ashok Tyagi, the Managing Director of DLF was quoted as saying.
The transaction remains subject to customary closing conditions, including due diligence, regulatory approvals, and the execution of definitive documents, with a final closing expected during 2027.
Shares of DLF had ended 3.5% higher on Thursday at ₹745.2. The stock has risen 12% in the last one month, and as a result, has turned positive on a year-to-date basis as well.
DLF to invest ₹3,750 crore for majority stake in new strategic JV with Everstone Group