| Housing Development Finance Corporation (HDFC) and IL&FS pulled out of Colliers International (India) Property Services by selling their combined 30 per cent stake to the Canada-based Colliers International for an undisclosed amount. |
| HDFC managing director Keki Mistry confirmed the development. Sources close to the development said Colliers International, one of the top four global real estate services companies, bought 15 per cent each from HDFC and IL&FS through its Mauritius-based subsidiary. Colliers International (India) has a paid-up equity capital of Rs 1 crore. |
| With this acquisition, Colliers International (India) Property became a wholly-owned subsidiary of Colliers International. The foreign real estate services firm had entered India in mid-1990s through a joint venture HDFC and IL&FS. |
| A Mumbai-based law firm advised Colliers International on the transaction which was completed last week. The sellers were represented by their in-house legal teams. |
| Industry sources said the consolidation of Indian operation was, perhaps, lured by the emerging opportunities in Indian real estate space. |
| "Post the deal, Colliers' Indian operations will be more in sync with its global operations," they said, adding Colliers is present in 51 countries through 248 offices. |
| Colliers's global services consist of real estate agency, property management, real estate valuation and leasing of real estate to technology and BPO sectors. |
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