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DLF's India rental business to get 22.5B-rupee boost by 2018-end

DLF Ltd. CFO Saurabh Chawla said the company's rental portfolio will receive a 22.5-billion-Indian-rupee infusion from promoters by the end of 2018, Mint (New Delhi) reported.

The CFO also said at a May 22 analyst call, according to the same-day report, that the DLF Cyber City Developers Ltd. business, which Singaporean sovereign wealth fund GIC is a part-owner of after a stake sale by DLF promoters, will remain a pure-play rental and investment property company, with an average 14% to 15% yearly growth expected on a long-term basis.

DLF, a local diversified property developer embarking on a journey to be zero-net-debt company by March 2019, expects to add nearly 10 million square feet worth of commercial real estate to its rental portfolio over the next five to seven years, the report noted.

As of May 22, US$1 was equivalent to 68.05 Indian rupees.