News ArticleDLF Limited and Everstone Group Plan Rs 3,750 Crore Investment in Joint Venture to Acquire Major Stake in IREO India Companies
Transaction sets JV to hold approximately 40% economic interest in IREO group, targeting key developments in Delhi and Gurugram with closing expected in 2027
DLF Limited and Everstone Group announce a proposed joint venture with an investment of approximately Rs 3,750 crore to acquire around 40% economic interest in IREO India Companies, aiming to develop high-quality projects across Delhi and Gurugram. The transaction involves acquiring at least 20% stake from IREO Funds and is expected to close in 2027, subject to regulatory and customary approvals.
DLF Limited
New Ventures
DLF Limited and Everstone Group have entered a binding agreement to form a joint venture investing around Rs 3,750 crore for a majority stake focused on acquiring approximately 40% economic interest in the IREO India Companies, controlled by IREO Funds, with the JV aiming to develop real estate projects primarily in Delhi and Gurugram.
The joint venture will involve DLF investing Rs 3,750 crore to acquire a majority stake in the partnership, which will then purchase at least a 20% stake in the IREO India Companies from the IREO Funds along with governance rights.
The JV’s total economic interest in IREO India Companies is expected to be around 40%, with the remaining interest retained by IREO Funds.
The IREO India Companies will be managed by an independent team adhering to an agreed business plan and governance structure under guidance from both DLF and Everstone.
The collaboration leverages DLF’s development expertise and Everstone’s investment management capabilities to unlock growth and build a resilient business foundation.
The transaction awaits customary closing conditions including due diligence, approvals, and final documentation, with completion anticipated in 2027.
Highlights
- DLF to invest approximately Rs 3,750 crore for majority stake in the JV with Everstone Group.
- JV to acquire at least 20% stake in IREO India Companies, resulting in about 40% total economic interest.
- IREO Funds will retain the balance economic interest and governance rights.
- JV focuses on real estate developments across Delhi, Gurugram, and other regions.
- Transaction subject to regulatory approvals and due diligence with expected closing in 2027.
Key Data Snapshot
What happened
- DLF Limited and Everstone Group signed a binding and exclusive term sheet to form a joint venture investing in IREO India Companies.
- DLF plans to invest approximately Rs 3,750 crore for a majority stake in the joint venture.
- The JV aims to hold an aggregate economic interest of about 40% in IREO India Companies while acquiring a minimum 20% stake from IREO Funds.
Key details
- The IREO India Companies are held by IREO group FDI funds with reputed global investors.
- The JV will have governance-related rights in addition to the stake acquisition.
- An independent management team will operate IREO India Companies under a strong governance framework.
- The alliance combines DLF’s development expertise with Everstone Group’s global investment management capabilities.
Transaction details
- The binding term sheets were signed on 6th November 2026.
- The agreement is subject to customary closing conditions including due diligence, regulatory approvals, and execution of definitive documents.
- Closing of the transaction is expected during 2027.
Strategic context
- The transaction offers opportunities to deliver high-quality real estate developments in Delhi, Gurugram, and other regions.
- This collaboration aims to restore momentum and unlock growth within the IREO India Companies.
Regulatory and governance context
- The joint venture will be governed under an agreed business plan and a robust governance framework.
- The transaction requires approval from regulatory authorities and third parties before closing.
Highlights
- DLF to invest approximately Rs 3,750 crore for majority stake in the JV with Everstone Group.
- JV to acquire at least 20% stake in IREO India Companies, resulting in about 40% total economic interest.
- IREO Funds will retain the balance economic interest and governance rights.
- JV focuses on real estate developments across Delhi, Gurugram, and other regions.
- Transaction subject to regulatory approvals and due diligence with expected closing in 2027.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 11th July 2023, updated 30th January 2026
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