Indian developer DLF Ltd. is in talks with unidentified private equity funds to raise 7.50 billion rupees for a planned joint venture with Singaporean wealth fund GIC Pvt. Ltd. in Gurgaon, India, Mint (New Delhi) reported.

The fundraising target, according to the publication, will be used help pay for its 14.96 billion-rupee purchase of an 11.76-acre development site in the city in February. DLF plans to build a grade A commercial complex with retail spaces at the site.

Earlier, it was reported that upon its completion, the project will be transferred to a joint venture between DLF Cyber City Developers Ltd. and GIC.

Separately, the real estate company is also planning to develop new office and residential projects in the Indian cities of Hyderabad and Chennai as it looks to expand outside of its home market in the National Capital Region, DLF Group CFO Saurabh Chawla said in an interview with the local paper.

The strategy comes after the company broke even in operating cash flow during the June quarter after about eight quarters. According to the Aug. 13 report, free cash flows from the December quarter will fund the planned projects in the two new markets for the medium term.

As of Aug. 10, US$1 was equivalent to 68.99 rupees.