DLF Ltd Sells Its 74% Equity Stake to Its Insurance JV

New Delhi, 25 July: DLF Ltd today signed definitive agreements to sell its 74% equity stake in its the Life Insurance Joint Venture – DLF Pramerica Life Insurance Company Ltd, a joint venture with Prudential International Insurance Holdings Ltd (“PIIHL”), a subsidiary of Prudential Financial, Inc USA “PFI” to Dewan Housing Finance Corporation Ltd (“DHFL”) & its group entities. As these agreements are   subject to regulatory approvals, hence the transaction consideration shall be disclosed post receipt of all such approvals.DLF said the business of the current entity will continue without interruption and the management will continue to run the joint venture.Though DLF did not disclose the deal size in media but sources close to the development said the company may have got Rs 200-250 crore.

Mr Ashok Tyagi, Group CFO, DLF Ltd said: “This transaction is in line with our ongoing strategy to divest non-core businesses/ assets. We have had a very cordial relationship with PIIHL and wish them the best in their new partnership with DHFL."

Sources By : DLF Ltd