DLF, a leading real estate developer, on Monday said that the company has received the Competition Commission of India's (CCI) approval for the joint venture with Singapore's sovereign wealth fund GIC.
In September, DLF Home Developers (DHDL), a wholly-owned subsidiary of DLF and Singapore's sovereign wealth fund GIC had signed an agreement to enter into a joint venture to invest in two upcoming projects located in Central Delhi, wherein GIC would invest Rs 19.90 billion in the said projects.
The CCI has communicated that the Commission in its meeting held in Nov. 10, 2015 considered and approved the proposed combination in terms of sub-section (1) of the Section 31 of the Competition Act, 2002.
"The detailed order of the commission in this regard is awaited. Pursuant to receipt of this approval, both parties are initiating the necessary steps to successful closing of this transaction,'' DLF said.
Shares of the company declined Rs 0.25, or 0.23%, to settle at Rs 110. The total volume of shares traded was 1,304,978 at the BSE (Monday).