DLF to buy out Dubai World in JV for Rs 200 cr-News -Real Estate-Markets-The Economic Times: "DLF is buying out the property arm of Dubai World, its foreign partner in the 50:50 joint venture to make Bidadi Knowledge City. A wholly-owned arm of DLF will buy out the stake owned by Limitless Group, which is a part of Dubai World, for around Rs 200 crore, a person with direct knowledge of the transaction said. Dubai World is the investment vehicle of the Dubai government. When contacted, DLF spokesman declined to comment on the development.
DLF will buy the 50% held by two Limitless Group entities for a price less than the net worth of the shares, as per the deal. The discount would amount to Rs 10 crore for the entire block of shares held by Limitless.
One person with knowledge of the development said Limitless is likely to be paid around $42.8 million, compared with its investment of $50.5 million. Limitless will get less in dollar terms, due to change in forex rates during the past three years. In rupee terms, however, it would be paid almost the same money it had invested."
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