DLF to invest Rs 3,750 crore for majority stake in JV with Everstone for IREO assets

New Delhi: Realty major DLF will invest Rs 3,750 crore for a majority stake in the JV with Everstone Group (Everstone), a Singapore-headquartered global investment manager, which will invest in IREO Private Limited.

The JV will also invest in other group companies in India (IREO India Companies) held by the IREO group of FDI funds (IREO Funds), with investments from global investors.

DLF and Everstone have entered into a binding and exclusive term sheet, on November 6.


The JV will hold economic interest in the IREO India Companies. Under a separate binding and exclusive term sheet executed on the same date by the parties with the IREO Funds, the proposed JV intends to invest these funds to acquire a stake of at least 20% in the IREO India Companies, together with certain governance-related rights.

Through the proposed transaction, the JV’s aggregate economic interest (contractual and otherwise) in the IREO India Companies will be approximately 40%, with the IREO Funds holding the balance.

“Bringing together strong industry experience and global investment capabilities, we look forward to unlocking the growth potential of the IREO India Companies,” said Ashok Kumar Tyagi, Managing Director, DLF.

With its size, scale and strategic locations, the proposed transaction presents an opportunity to deliver high-quality, valuable developments across Delhi, Gurugram and other regions.

“On completion, the IREO India Companies will be operated by a strong, independent management team executing an agreed business plan within a robust governance framework, under the guidance of DLF and Everstone,” the company said in a statement.

The proposed transaction is subject to customary closing conditions, including completion of due diligence, receipt of all applicable corporate, regulatory and third-party approvals, and execution of definitive documents. Closing is expected to occur during 2027.

“Consistent with our fiduciary responsibilities we look forward to working hard and creating significant value for our IREO Funds investors,” said Sameer Sain, Co-Founder & CEO, Everstone Group.