DLF receives Rs200 cr from IDFC
Realty major DLF said IDFC has made the first tranche payment of Rs200 crore, as part of acquiring the realty major’s group firm Galaxy Mercantile.
Galaxy Mercantile is a joint venture between DLF Home Developers Ltd, a wholly-owned subsidiary of DLF and 3C. DLF Home has received the first tranche of infusion of capital from IDFC as part of a process for IDFC to acquire 100% stake in the joint venture company.
An amount of Rs200 crore has been received by the joint venture partners including DHDL. Prior to the infusion. DHDL had a 71% equity stake in Galaxy Mercantile, the owner of the 1.3 msf IT Park located in Noida, Uttar Pradesh. The sale of Galaxy Mercantile is part of DLF’s strategy of selling the group’s non-strategic assets. This investment in GML is the first by IDFC as a part of a strategy to invest in a portfolio of yield generating office infrastructure assets in major markets around the country.