DLF inks 50:50 JV deal with UK realty firm

Real estate company DLF Universal has entered into a joint venture agreement with UK-based Laing O'rourke for infrastructure projects.

"We have formed a 50:50 JV company, DLF Laing O'rourke, which will make an initial investment of close to Rs 500 crore," Rajiv Singh, vice chairman of DLF, said.

The JV will initially execute on-going large projects of DLF across the country, and would later bid for infrastructure projects in the field of express highways, airports and power plants.

The JV is also planning to set up dedicated funds for infrastructure projects with a corpus of $1.5 billion.

"The aim of such an exclusive fund would be to extend the capital needs to executive agencies involved in infrastructure project," Singh said, adding that such funds would be extended to only BOT projects.

The fund will become operational by next fiscal, he added.