DLF and Everstone to invest ₹3,750 crore in IREO real‑estate joint venture

DLF Ltd will put about ₹3,750 crore into a new joint venture with Singapore‑based Everstone Group to take a stake in IREO Private Ltd’s Indian assets. The joint venture will hold an economic interest in IREO’s Indian entities, which are currently owned through foreign direct investment funds. Under a separate term sheet with the IREO FDI Funds, the JV aims to acquire at least a 20% equity stake and will have roughly a 40% aggregate economic interest, while the remaining share stays with the FDI funds. IREO FDI Fund, described as India’s first and largest real‑estate private‑equity fund, controls large land banks in the National Capital Region and has interests in about two dozen projects nationwide. The partnership is targeted to unlock development potential across Delhi, Gurugram and other regions. After the deal closes, an independent team will run the IREO entities under a governance framework overseen by DLF and Everstone. The transaction is expected to be completed in 2027. Ashok Kumar Tyagi, Managing Director of DLF, said the firms aim to unlock growth potential of the IREO India companies. Sameer Sain, Co‑Founder and CEO of Everstone, said the JV will create significant value for IREO fund investors. ## Context Joint ventures of this type let Indian developers pair local market knowledge with global capital, speeding up large‑scale projects. The IREO FDI Fund holds foreign investment in Indian real‑estate, and the new JV gives DLF and Everstone direct governance while preserving the foreign investors’ stake.