DLF signed a deal with Everstone Group to invest about Rs 3,750 crore in a joint venture buying into IREO’s Indian realty firms.

The agreement is a term sheet that is both binding and exclusive, DLF told exchanges on Friday, 6 November.

Think of it as a signed outline, with the final contracts still to follow.

The partners will form a new joint venture, with DLF holding the majority.

The venture will buy into IREO Private Limited and other group companies in India, now held by IREO’s overseas funds.

It will take a direct stake of at least 20%, along with certain governance rights.

Counting contractual rights too, its total economic interest will reach roughly 40%, and the IREO funds will keep the balance.

A separate term sheet signed the same day with the IREO funds covers that purchase.

IREO is a Gurugram-based developer and investment group that has operated since 2004.

It started as a foreign private equity investor in Indian property and later began building projects of its own, from homes to offices, retail and hotels, mostly in Delhi-NCR.

After closing, an independent management team will run the IREO companies on an agreed business plan, guided by DLF and Everstone.

The filing says the aim is to revive momentum and build a steadier business.

DLF Managing Director Ashok Kumar Tyagi said the company is pleased to partner Everstone and sees room for the IREO companies to grow.

Everstone co-founder and CEO Sameer Sain said the firm will work to create value for investors in the IREO funds.

Nothing is final yet. The deal still needs due diligence, corporate and regulatory approvals and signed final documents.

Both sides expect closing in 2027. DLF has had a busy few weeks.

On 4 October, it said all 172 homes at The Aureva, its senior living project in Gurugram, had sold out for about Rs 1,985 crore. Its second-quarter net profit rose 10% to Rs 1,301.35 crore.

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