DLF and Everstone announce ₹3,750 crore joint venture
Partnership to acquire stakes in IREO India companies
By Capital Kranti desk, Gandhinagar · Editor: Parth Thakkar
6 November 2026, 6:13 pm · Updated 6:21 pm · 2 min read
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DLF Limited and Singapore-based global investment manager Everstone Group have entered into an agreement to form a joint venture (JV) to invest in IREO Private Limited and its group companies based in India. According to a report by The Hindu, both parties have signed a binding and exclusive term sheet for this purpose.
DLF plans to invest approximately ₹3,750 crore for a majority stake in this proposed joint venture. This venture will hold financial interests in IREO's Indian entities, which are currently invested in by Foreign Direct Investment (FDI) funds.
As per separate agreements made with IREO FDI funds, this joint venture will acquire at least a 20% stake and certain governance rights in the Indian entities. The total economic interest, including contractual and other interests, is expected to be approximately 40%, while the remaining stake will stay with the FDI funds.
IREO FDI fund is India's first and largest real estate private equity fund. It possesses a significant land bank stock in the National Capital Region (NCR) and other locations, as well as interests in approximately two dozen projects across the country. The primary objective of this partnership is to develop development capabilities in Delhi, Gurugram, and other areas.
Following the completion of the deal, the IREO entities will be managed by an independent team, which will work on a business plan determined under a governance framework overseen by DLF and Everstone. This transaction is likely to be completed during 2027.
Ashok Kumar Tyagi, Managing Director of DLF, stated, “By bringing together strong industry experience and global investment capabilities, we hope to unlock the growth potential of IREO India companies.” Meanwhile, Sameer Seth, Co-founder and CEO of Everstone Group, said, “In line with our fiduciary responsibilities, we hope to work hard to create significant value for the investors of IREO funds.”
According to a report by Business Standard, DLF had previously entered into a joint venture with US-based Hines to develop commercial projects.
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