DLF and Singapore-based investment manager Everstone Group have signed a binding and exclusive term sheet to establish a joint venture to invest in IREO and other group companies in India. DLF will invest about Rs. 37.5 bn in the proposed venture for a majority stake, according to a company statement issued on November 6, 2026.

The joint venture will use the funds to acquire at least 20 per cent in the IREO India companies, along with certain governance-related rights. Including contractual and other interests, the venture is expected to hold an economic interest of about 40 per cent, while the IREO Funds will retain the remaining interest.

The parties have also signed a separate binding and exclusive term sheet with the IREO Funds. The proposed transaction covers companies with projects and development potential in Delhi, Gurugram and other regions, although the statement did not specify whether the projects would be residential or commercial.

Following completion, the IREO India companies will be managed by an independent team tasked with implementing an agreed business plan under a governance framework guided by DLF and Everstone. The stated objective is to restore momentum and strengthen the business, with the partnership combining DLF’s real estate expertise and Everstone’s investment capabilities.

Completion remains subject to customary closing conditions, including satisfactory due diligence, corporate, regulatory and third-party approvals, as well as the execution of definitive agreements. Closing is expected during 2027. DLF has previously partnered with US-based Hines to develop commercial projects through a joint venture, but the proposed Everstone arrangement involves investing in existing companies that own land and have development potential rather than jointly developing a specific project.