Business

GIC in talks to buy stake in property rental firm

MUMBAI: Singapore sovereign wealth fund GIC is in talks to buy a 40 per cent stake in a property rental firm owned by India's biggest listed real estate developer DLF Ltd, the developer said on Wednesday.

It had announced in October 2015 that three shareholders in DLF Cyber City Developers would look to sell their combined 40 per cent stake to reduce conflicts of interest.

The three were among the founders of DLF Ltd.

As of end-December last year, DLF Cyber City Developers had nearly 30 million sq ft of leased space including information technology parks and malls in the suburbs of New Delhi, according to a company presentation.

It expects its revenue for the year to March to be about 27 billion rupees (S$570 million).

Neither DLF, nor the stake sellers, have said how much the sale would fetch, but local media reports have pegged it at as much as 140 billion rupees, Reuters said.

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