Singapore's sovereign wealth fund GIC has approached fair trade regulator CCI seeking approval for its deal to acquire stake in DlF rental arm for Rs 8,900 crore and form joint venture with the realty firm. GIC had in late August agreed to buy 33.34 per cent stake in DlF's rental arm DlF Cyber City Developers ltd (DCCDl) for Rs 8,900 crore.
GIC will buy shares in DCCDl from DlF promoters. As per sources, GIC has approached the Competition Commission of India (CCI) to get approval for this deal. The deal is expected to be approved by next month, they added. On its part, DlF last week got shareholders approval for promoters' decision to sell their entire 40 per cent stake in the rental arm for Rs 11,900 crore.