DLF and Everstone form JV to invest in IREO India companies

DLF and Everstone Group have signed a binding and exclusive term sheet to form a joint venture that will invest in IREO Private Limited and other Indian group companies held by IREO Group's foreign investment funds. The deal is subject to due diligence, approvals and definitive documents, and closing is expected in 2027.

IREO Group is a Gurugram-based real estate developer and investment group active in India since 2004, when it began as a foreign private equity investor. Its projects span residential, commercial, retail and hospitality, concentrated in Delhi-NCR, with well-known Gurugram projects including The Grand Arch, Ireo Skyon, Ireo Uptown and Victory Valley.

DLF intends to invest about ₹3,750 crore for a majority stake in the joint venture. Under a separate term sheet with the IREO Funds, the joint venture plans to acquire at least 20% of the IREO India companies, giving it aggregate economic interest of about 40%, with the IREO Funds holding the balance.