DLF will carve out the residential projects into a subsidiary. Merrill Lynch will acquire a 49% stake in the subsidiary via an offshore affiliate, which holds the rest of the bank's real estate investments in India. Merrill will also receive proportionate board representation in the subsidiary.
The price tag on Merrill's stake in the joint venture suggests that the seven projects have been valued at Rs30.2 billion. The bank was advised on the investment by DSP Merrill Lynch.
The projects are mid-income housing projects, of which three are...
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