Fair trade regulator CCI has approved Singapore’s sovereign wealth fund GIC's proposal to acquire 33 per cent stake in realty major DlF’s rental arm DCCDl for Rs 8,900 crore. GIC had in late August agreed to buy 33.34 per cent stake in DlF Cyber City Developers ltd (DCCDl) for Rs 8,900 crore. GIC will buy shares in DlF Cyber City from DlF promoters.
GIC had approached the Competition Commission of India (CCI) to approve this deal and enable formation of joint venture with the real estate firm. Post this deal, DlF will have 66.66 per cent stake in DlF Cyber City. Under the deal, GIC's subsidiary Reco Diamond will acquire shares in DCCDl from promoters. In a BSE filing, DlF Saturday said that the CCI has issued a letter to GIC which states that the regulator has approved the deal.