DLF to enter insurance in next one year
The company has plans to take up major projects in hospitality, SEZ and infrastructure sector.
By PTI |
MUMBAI: DLF Limited on Tuesday announced its plans to diversify into insurance sector in the next one year, for which it has tied up with US-based Prudential.
"We have joined hands with Prudential of USA to enter into the insurance sector by the end of this year," DLF Chairman K P Singh told reporters here.
The company has plans to take up major projects in hospitality, SEZ and infrastructure sector.
"We intend to diversify into new businesses such as SEZs, hospitality, infrastructure and insurance," Singh said.
The company intends to participate in the construction of infrastructure projects, including roads, bridges, tunnels, pipelines, ports, runways and power projects through joint venture company, DLF Laing O'Rourke.
"As part of our growth strategy, we plan to use our real estate development capabilities to build and own hotels. We have taken preliminary steps in the hotel business through joint ventures with Bharat Hotels and Hilton," Singh said.
It also plans to expand its multiplex cinema business - DT Cinemas - through the development and operation of multiplex cinemas in its malls.
DLF is coming up with an initial public offering to raise Rs 8,750 crore to Rs 9,625 crore. The IPO is opening on June 11 at a price band of Rs 500-550 per share. It will result in a dilution of 10.26 per cent of the post-issue capital of the company.
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