DLF to sell 40% stake in rental arm to GIC

Singapore-based equity firm beats Blackstone to buy 40% of DCCDL

In one of the biggest real estate deals, leading developer DLF has decided to sell 40 per cent of the stake in the company’s rental arm DCCDL for an estimated Rs 12,500 crore-Rs 13,000 crore to an affiliate of Singapore-based private equity firm GIC. While around 25 companies were in the fray when talks began to find a prospective buyer in April 2016, the race had eventually narrowed down between GIC and American private equity firm Blackstone.

At an audit committee meeting on Wednesday, DLF closed the decision to get into an exclusivity agreement with GIC. But the deal will