New Delhi: DLF Ltd has cleared all the dues amounting to Rs 8.700 crore towards its joint venture company DLF Cyber City Developers Ltd (DCCDL) by way of transfer of certain completed commercial properties, land parcels and also by way of cash payment.
DCCDL is JV between DLF Ltd and Singapore’s sovereign wealth fund GIC. The former holds 67 percent equity while the latter holds 33 percent in it.
With this settlement, DLF has attained the task of transforming its balance sheet and also that of consolidation of all rental properties under DCCDL, it said in a filing to the Bombay Stock Exchange.
To carry out this settlement, DLF transferred its shareholding in its subsidiary DLF Info Park Developers (Chennai) at an enterprise value of Rs 1,000 crore. DLF Info Park Developers holds about 27 acres of land.