×

Need any help? Write to us at support@reliobrix.com

DLF transfers Noida mall to its subsidiary for Rs 2,950 crore

DLF transfers Noida mall to its subsidiary for Rs 2,950 crore

NEW DELHI: Realty major DLF Thursday said it has transferred shopping mall in Noida, Uttar Pradesh, to its subsidiary firm for Rs 2,950crore, as part of efforts to settle dues of its joint venture firm with GIC.
 
DLF has to pay Rs 8,700 crore to the DLF Cyber City Developers Ltd (DCCDL), which is a joint venture firm of DLF and Singapores' sovereign wealth fund GIC. It wants to settle this dues by September this year through transfer of rental assets and land parcels. 

In a regulatory filing, DLF informed that the company has transferred itsproperty, Mall of India, Noida to one of its subsidiaries Paliwal Real EstateLtd, in the ordinary course of business at an arm's length consideration of Rs2,950 crore, arrived on the basis of the valuation report of an independentvaluer. 

May 08,2019 | Economic Times
Mail Icon
Subscribe Today!

Don’t miss our future updates. Get Subscribe today to getting Updates!