Real estate developer DLF Limited plans to invest approximately ₹3,750 crore in a proposed joint venture (JV) with Singapore-based Everstone Group to acquire an economic interest in IREO Private Limited and other IREO group companies in India. The proposed investment will give DLF a majority stake in the joint venture, which aims to acquire a significant interest in IREO’s Indian real estate businesses.
DLF and Everstone have signed a binding and exclusive term sheet dated November 6, 2026, to establish the joint venture. The proposed arrangement will provide the partners with exposure to IREO’s real estate portfolio across Delhi, Gurugram and other markets.
Under a separate agreement signed with the IREO group’s foreign direct investment (FDI) funds, the proposed JV intends to deploy the investment to acquire a stake of at least 20% in the IREO India companies, along with certain governance-related rights. Through the transaction, the joint venture’s aggregate economic interest, including contractual and other interests, is expected to reach approximately 40%. The IREO funds will retain the remaining interest.
Independent Management and Development Plans
Following the completion of the transaction, the IREO India companies will operate under an independent management team responsible for implementing an agreed business plan. The management structure will function within a defined governance framework, with strategic guidance from DLF and Everstone.
The proposed partnership aims to unlock the growth potential of IREO’s existing real estate portfolio, restore business momentum and support future development activities. The companies believe that combining DLF’s real estate development experience with Everstone’s global investment capabilities will help strengthen the operations of the IREO India businesses.
Ashok Kumar Tyagi, managing director of DLF, said the partnership brings together industry experience and global investment capabilities. He added that the companies intend to unlock the growth potential of the IREO India businesses through the proposed strategic investment.
Sameer Sain, co-founder and chief executive officer of Everstone Group, said the partnership with DLF would benefit from the developer’s capabilities and understanding of the Indian property market. He also expressed the group’s intention to create value for investors in the IREO funds.
Transaction Expected to Close in 2027
The proposed transaction remains subject to several conditions, including satisfactory completion of due diligence, necessary corporate and regulatory approvals, third-party consents and execution of definitive agreements. The companies expect the transaction to close during 2027.
Gurugram-based IREO Group entered the Indian real estate market in 2004 as a foreign private equity investor before expanding into property development. Its portfolio includes residential, commercial, retail and hospitality projects, with a presence across Delhi-NCR and other markets.
The proposed investment will provide DLF and Everstone an opportunity to participate in IREO’s existing property portfolio and development potential across key markets. However, the companies have not disclosed specific details about the proposed residential or commercial development plans under the arrangement.
