DLF Ltd and Singapore-headquartered global investment manager Everstone Group have entered into a binding and exclusive term sheet to form a joint venture (JV) to invest in IREO Private Ltd and its group companies in India.

DLF plans to invest approximately ₹3,750 crore for a majority stake in the proposed JV, which will hold an economic interest in IREO’s Indian entities. Investments in these entities are currently held through foreign direct investment (FDI) funds.

Under a separate binding and exclusive term sheet signed with the IREO FDI Funds, the JV proposes to acquire a stake of at least 20% in the Indian entities, along with certain governance rights. Its aggregate economic interest, including contractual and other interests, is expected to be approximately 40%, with the FDI Funds retaining the balance.

IREO FDI Fund, described as India’s first and largest real estate private equity fund, holds substantial land banks in the National Capital Region (NCR) and other locations, besides having interests in around two dozen projects across the country.

The proposed partnership aims to unlock development potential across Delhi, Gurugram and other regions. Following completion, the IREO entities will be managed by an independent team executing an agreed business plan within a governance framework overseen by DLF and Everstone.

The transaction is expected to close during 2027.

“Bringing together strong industry experience and global investment capabilities, we look forward to unlocking the growth potential of the IREO India Companies,” said Ashok Kumar Tyagi, Managing Director, DLF.

“Consistent with our fiduciary responsibilities we look forward to working hard and creating significant value for our IREO Funds investors,” said Sameer Sain, Co-Founder & CEO, Everstone Group.