jayant sinha has seen his assets rise from rs 55 crore in 2014 to rs 7691 crore this year new delhi realty major dlf thursday said it has transferred shopping mall in noida uttar pradesh to its subsidiary firm for rs 2950 crore as part of efforts to settle dues of its joint venture firm with gic dlf has to pay rs 8700 crore to the dlf cyber city developers ltd dccdl which is a joint venture firm of dlf and singapores sovereign wealth fund gic it wants to settle this dues by september this year through transfer of rental assets and land parcels in a regulatory filing dlf informed that the company has transferred its property mall of india noida to one of its subsidiaries paliwal real estate ltd in the ordinary course of business at an arms length consideration of rs 2950 crore arrived on the basis of the valuation report of an independent valuer advt this is in line with the companys stated objective of streamlining and consolidating the operations and holding structure of its rental assets dlf added mall of india is located in sector 18 noida with a leasable area of 2 million sq ft it was developed at a cost of around rs 2000 crore according to sources the transfer of mall of india to a subsidiary firm has paved the way for selling this retail asset to dccdl to clear the dues dlf has 6666 per cent stake in the joint venture firm while gic has 3334 per cent shareholding dccdl currently holds around 30 million sq ft of rentyielding commercial assets largely in gurugram haryana with annual rental income of over rs 2500 crore the jv was formed in december 2017 when dlf promoters sold entire 40 per cent stake in dccdl for nearly rs 12000 crore this deal included sale of 3334 per cent stake in dccdl to gic for about rs 9000 crore and buyback of remaining shares worth about rs 3000 crore by dccdl pti published on may 3 2019 at 0810 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates save your favourite articles scan to download app dlf gic dccdl qatar investment authority noida mall homenewsfood entertainmentdlf transfers noida mall to its subsidiary for 2950 crore