DLF and Everstone Form 3,750 Crore JV to Invest in IREO Group

DLF plans to invest ₹3,750 crore for a majority stake in a joint venture with Singapore's Everstone Group to acquire an approximately 40% economic interest in IREO's Indian businesses.

DLF Limited has entered into a strategic partnership with Singapore-headquartered Everstone Group to establish a joint venture (JV) for investing in IREO Private Limited and other Indian companies belonging to the IREO Group. Under the proposed arrangement, DLF intends to invest approximately ₹3,750 crore to secure a majority stake in the JV, which will hold an economic interest in IREO's Indian businesses.

The two companies signed a binding and exclusive term sheet on November 6, 2026. Under a separate agreement with the IREO Group's foreign direct investment (FDI) funds, the proposed JV plans to acquire a stake of at least 20% in the IREO India Companies, along with certain governance-related rights. Following the transaction, the JV's aggregate economic interest, including contractual and other interests, is expected to reach approximately 40%, while the IREO Funds will retain the remaining interest.

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The proposed investment provides an opportunity to unlock development potential across strategically located assets in Delhi, Gurugram and other regions. The companies aim to combine DLF's real estate development experience with Everstone's global investment and asset management capabilities to strengthen the operations and growth prospects of IREO's Indian businesses.

Following completion, the IREO India Companies will operate under an independent management team responsible for implementing an agreed business plan. DLF and Everstone will provide strategic guidance within a governance framework designed to support business development, operational progress and long-term value creation.

Ashok Kumar Tyagi, Managing Director of DLF, said the partnership brings together industry experience and global investment capabilities to unlock the growth potential of IREO's businesses. Sameer Sain, Co-Founder and CEO of Everstone Group, described the collaboration as an opportunity to work with DLF in a market where the developer has established capabilities.

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The proposed transaction remains subject to satisfactory due diligence, applicable corporate, regulatory and third-party approvals, and the execution of definitive agreements. The companies expect the transaction to close during 2027.

The partnership marks a significant investment move in India's real estate sector, with DLF and Everstone seeking to strengthen IREO's business operations and realise the potential of its development portfolio.