DLF Ltd, one of India’s leading real estate developers, has entered into a binding and exclusive term sheet with Singapore-headquartered global investment manager Everstone Group to form a joint venture to invest in IREO Private Ltd and other group companies in India.
Under the proposed arrangement, DLF intends to invest approximately ₹3,750 crore for a majority stake in the JV, which will hold an economic interest in the IREO India companies currently held by the IREO group of foreign direct investment funds.
JV to acquire at least 20% stake
Under a separate binding and exclusive term sheet signed with the IREO Funds on November 6, 2026, the proposed JV intends to invest the funds to acquire a stake of at least 20% in the IREO India companies, along with certain governance-related rights.
Following the proposed investment, the JV’s aggregate economic interest, including contractual and other interests, in the IREO India companies is expected to be approximately 40%. The IREO Funds will hold the balance.
Focus on unlocking development potential
The proposed transaction covers a portfolio of assets across Delhi, Gurugram and other regions. The companies said the scale, size and strategic locations of the assets offer an opportunity to undertake high-quality developments and unlock their growth potential.
On completion, the IREO India companies will be managed by an independent management team, which will execute an agreed business plan within a governance framework under the guidance of DLF and Everstone.
Management team to drive growth
The partnership combines DLF’s real estate development expertise with Everstone’s global investment management capabilities. It aims to restore business momentum, unlock the embedded growth potential of the IREO portfolio and build a more resilient business.
The transaction is expected to be completed during 2027, subject to the fulfilment of applicable conditions.
Leadership comment
“Bringing together strong industry experience and global investment capabilities, we look forward to unlocking the growth potential of the IREO India companies,” DLF, Managing Director, Ashok Kumar Tyagi, said.
“Consistent with our fiduciary responsibilities, we look forward to working hard and creating significant value for our IREO Funds investors,” Everstone Group, Co-Founder and CEO, Sameer Sain, said.