Transaction Overview
DLF Limited and Everstone Group, a Singapore-headquartered global investment manager, have entered into a binding and exclusive term sheet dated November 06, 2026 to form a joint venture (JV) for investing in IREO Private Limited and other group companies in India (collectively referred to as "IREO India Companies") held by the IREO group of FDI funds ("IREO Funds").
Investment Structure and Amount
- DLF intends to invest approximately ₹3,750 crore for a majority stake in the joint venture
- The JV will hold economic interest in the IREO India Companies
- Under a separate binding term sheet with IREO Funds, the JV intends to use these funds to acquire at least 20% stake in IREO India Companies
- The JV's aggregate economic interest (contractual and otherwise) in IREO India Companies will be approximately 40%
- IREO Funds will hold the balance 60% interest
Strategic Rationale and Geographic Focus
The transaction presents an opportunity to deliver high-quality, valuable developments across Delhi, Gurugram and other regions, leveraging the size, scale and strategic locations of the assets. The alliance combines DLF's development expertise with Everstone's global investment management capabilities with the aim of restoring momentum, unlocking embedded growth and building a more resilient business.
Post-Transaction Management Structure
Upon 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.
Conditions and Timeline
The proposed transaction is subject to:
- Customary closing conditions
- Satisfactory completion of due diligence
- Receipt of all applicable corporate, regulatory and third-party approvals
- Execution of definitive documents
Closing is expected to occur during 2027.
Management Commentary
Ashok Kumar Tyagi, Managing Director of DLF: "We are pleased to partner with Everstone Group on this strategic investment. Bringing together strong industry experience and global investment capabilities, we look forward to unlocking the growth potential of the IREO India Companies."
Sameer Sain, Co-Founder & CEO of Everstone Group: "It's our privilege to partner with DLF, especially given their incredible capabilities in a market they understand extremely well. Consistent with our fiduciary responsibilities we look forward to working hard and creating significant value for our IREO Funds investors."
Company Background
DLF Limited: India's leading real estate developer with nearly eight decades of track record. Has developed more than 185 real estate projects covering over 352 million square feet. The group has 275 msf of development potential across residential and commercial segments, including an annuity portfolio of 50 msf.
Everstone Group: Premier alternative investment group with assets under management in excess of ₹1 lakh crores, with expertise in Real Estate, Private Equity, Infrastructure, Credit and Venture Capital.