DLF invests 375 billion rupees in joint venture with Everstone to acquire stake in IREO India

DLF Limited, the largest market capitalization real estate company in India, and Singaporean investment manager Everstone Group have signed a binding and exclusive memorandum of understanding to create a joint venture (JV). The JV aims to invest in IREO Private Limited and other group companies in India.

According to the agreement dated November 6, 2026, DLF plans to invest approximately 375 billion rupees to gain a controlling stake in the JV. Ashok Kumar Tyagi, Managing Director of DLF, stated that he is pleased with the collaboration with Everstone Group, as combining strong industry experience with global investment opportunities will help unlock the growth potential of IREO India companies.

The parties also entered into a separate binding and exclusive memorandum of understanding with IREO Funds on the same date. Under this arrangement, the JV intends to acquire at least 20 percent of the shares in IREO India companies, as well as obtain certain management rights.

The total economic interest of the JV in these companies, including contractual and other interests, will amount to about 40 percent, with the remaining stake belonging to IREO Funds. The companies reported that this deal opens up opportunities for project implementation in Delhi, Gurgaon, and other regions.

After the transaction is completed, IREO India companies will be managed by a strong, independent team of executives who will implement the agreed business plan within a robust governance system under the guidance of DLF and Everstone. The main objective, according to the statement, is to restore momentum and build a stronger business. The statement does not specify whether the proposed projects will be residential or commercial.

The transaction remains subject to standard closing conditions, including satisfactory completion of due diligence, corporate, regulatory, and third-party approvals, as well as the signing of final agreements. Closing is expected within 2027.

Samir Jain, Co-founder and CEO of Everstone Group, noted that partnering with DLF is a privilege for them, especially given their vast market capabilities which they understand well. He added that, in accordance with their fiduciary duties, they strive to work diligently and create significant value for IREO Funds investors.

Previously, DLF collaborated with Hines, based in the USA, to develop commercial projects through a joint venture. However, this partnership with Everstone involves investing in existing land-owning companies with development potential, rather than co-developing a specific project.

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As reported by the Competition Commission of India (CCI) on Tuesday, KKR is making this investment through its affiliate Sapphire US HoldCo (USA), LLC, which will subscribe to certain securities of Gentari Renewables India Pte Ltd.

Gentari Renewables India Pte Ltd provides electricity generation services using renewable energy sources and battery energy storage solutions in India.

It is an indirect wholly-owned subsidiary of Petroliam Nasional Berhad (PETRONAS) and is part of the Malaysian multinational oil and gas corporation PETRONAS group.

This approval followed a declared investment in October, according to which KKR plans to acquire a stake in the Indian renewable energy business supported by the Malaysian state energy giant PETRONAS, worth approximately 60 billion rupees.

Previously, KKR already had investments in India's clean energy and energy infrastructure sectors, including Hero Future Energies, Serentica Renewables, and IndiGrid, which specializes in power transmission and renewable energy infrastructure.

Under competition law, transactions exceeding established thresholds for assets or turnover require CCI approval to ensure fair competition and prevent anti-competitive business practices.

yourstory.comNovember 1, 15:23

CCI Approves Prosus Investment in Fintech Company Navi Led by Sachin Bansal

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The regulator stated in its announcement that the proposed deal involves the acquisition of certain share packages in Navi Ltd (the target company) by MIH Payments Holdings BV (the acquiring party).

The Competition Commission of India (CCI) officially confirmed the approval of this transaction. The watchdog also specified that MIH Payments Holdings BV does not engage in any activity other than holding investments in portfolio companies operating in India.

Prosus is a global consumer internet group and one of the world's largest technology investment companies. This group is majority-owned by the South African multinational media company Naspers.

Navi, based in Bengaluru, is the holding company of Navi Group, which Bansal founded in 2018 after leaving Flipkart, which was sold to Walmart. The fintech company offers a variety of financial services, such as insurance, lending, digital payments, and mutual funds.

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This collaboration marks a significant expansion of Petronet LNG's presence in the renewable gas sector. The company is already a major player in India's natural gas and LNG infrastructure ecosystem.

In a statement, Gruner Renewable noted that this model is unprecedented for India because the joint venture partner assumes responsibilities for feedstock sourcing, engineering, procurement, construction (EPC), operation and maintenance, as well as the sale of organic fertilizers, thereby integrating the entire CBG value chain.

The proposed partnership involves the creation of ten CBG plants, each designed with a capacity of 18 tons per day, which will provide a total planned capacity of approximately 180 tons per day.

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Gruner stated that the proposed JV could be a turning point for the CBG industry in India, as it combines a large structural base, scale, technology, and institutional strength. Furthermore, it indicates the potential for forming a more organized and commercially sustainable CBG ecosystem, provided the projects are successfully implemented and there are reliable sources of feedstock, financing, and sales agreements.

CBG is increasingly viewed as a supplementary fuel to natural gas, especially for use in industry, transport, and commercial purposes. The cooperation will allow Petronet LNG to leverage its position in gas infrastructure and energy markets while simultaneously developing competencies in the new renewable gas segment.

Gruner emphasized that this partnership will provide a stronger foundation for assessing and financing a larger portfolio of CBG projects, which require significant initial investment and long-term execution. These projects are expected to transform agricultural and other organic waste into renewable gas, unlocking potential economic opportunities in the agricultural, logistics, engineering, and energy sectors.