GIC-DLF Venture Plans ₹1,100 Crore NCDs for Project Funding

DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF (66.67% stake) and Singapore’s GIC, plans to raise up to ₹1,100 crore through non-convertible debentures (NCDs) to support project construction and refinance existing debt.

The move is part of DCCDL’s broader strategy to maintain financial flexibility while capping net debt levels. For FY26, the company has outlined a capital expenditure plan of ₹3,500–4,000 crore, expected to moderate to around ₹2,000 crore annually over the medium term. With annual interest obligations in the range of ₹1,500–2,000 crore, most repayments are anticipated to be refinanced.

Proceeds from the NCD issue will help strengthen the company’s balance sheet and fund its ongoing and upcoming commercial real estate developments, reflecting a cautious yet forward-looking approach amid continued investment in India’s high-growth commercial property market.

News by Rahul Yelligetti.