It is a feeling of remembrances. The Delhi based real estate firm DLF who sponsors IPL has declared that it will merge another firm DAL with itself. According to the source claiming at www.propertykhazana.com this move is done so that the DAL can recover from the debts. Furthermore, it should add annual income of INR 500 to 600 Crores in the form of leases and rentals. This will be done in the year 2009-2010. DLF is currently earning around INR 325 Crores from these activities.
The new design involves the merger of DLF subsidiary DLF Cyber City Developers with Caraf constructions and builders, which is under the control of DLF. The deal is in the ration of 60:40 of the merged establishment. The transaction will be cashless. As per the sources cite on www.propertykhazana.com, DLF will be selling the commercial assets to its subsidiary, which is controlled by K P Singh who is holding approx 80% shares, along with his son and DLF promoter Rajeev Singh. DAL purchases the property from DLF and collects the rentals from it. The DLF will have to face the music with an additional debt of INR 2,460 Crores.
Furthermore, Cyber city has got the income of INR 1,450 Crores in the year 2009. This shows the developers share has come down in the DAL, this merger is good and however, we need to see whether this merger will work out or not. For more interesting updates please visit the website www.propertykhazana.com.
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