India: Competition Commission approves DLF’s JV with Singapore GIC for Delhi projects

Visual from DLF website

DHDL Home Developers (DHDL), a wholly-owned subsidiary of realty major DLF Ltd, has received Competition Commission of India’s approval to form joint venture with Singapore’s sovereign wealth fund GIC to invest in two upcoming projects in Central Delhi.

The two firms expressed their interest to form a joint venture in an earlier statement dated September 02, 2015.

“In continuation of the above, …the Hon’ble Competition Commission of India vide its letter dated November 12, 2015 has communicated that the Commission in its meeting held in November 10, 2015 considered and approved the proposed combination in terms of sub-section (1) of the Section 31 of the Competition Act, 2002,” the BSE filing said.

The detailed Order of the commission in this regard is awaited. Pursuant to receipt of this approval, both parties are initiating the necessary steps to successful closing of this transaction, the statement added.

While the stake of each company in the JV is still unknown, the proposed projects in Central Delhi will be developed under DHDL.

GIC will invest a sum of approximately Rs.1990 crore in the said projects, subject to meeting all statutory requirements and conditions precedents which are customary, prior to the closing, DLF disclosed in a BSE filing.

GIC, which manages assets worth $100 billion globally, has been actively scouting for investment opportunities in the Indian real estate sector. It announced a joint venture with Bengaluru-based Brigade group to invest Rs 1,500 crore in September last year in acquiring land for residential and mixed-use developments. In December, the firm signed a joint venture deal with Vatika group to develop two residential projects in Gurgaon.

Also Read: India: Supreme Court declines Sebi’s plea to hold DLF subsidiary stake sale

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.