DLF settles `8,700 crore amount payable to JV with Singapore GIC
NEW DELHI: The Finance Ministry will start pre-budget and Revised Estimates meetings from October 14 to November's first week, an official notification of the ministry said on Wednesday.
"The pre-budget/re meetings will begin on the 14th October 2019. All Financial Advisers should ensure that the necessary details related to these meetings are entered in the RE Module. This data shall be the basis for pre-budget discussions," a Budget Circular (2020-21) of the Budget Division of the Department of Economic Affairs of the Ministry said.
Budget Estimates for 202021 will be provisionally finalised after Secretary, Expenditure, completes discussions with the Secretaries and Financial Advisers. Pre-budget Meetings shall begin from October 14 and will continue till the first week of November, it said.
The upcoming Budget of next fiscal will have gender, and child budget statements as well.
Some of the new inclusions in the Circular relate to instructions regarding filling up of SCSP/TSP, Gender, Child Budget Statements etc. The format for Output-outcome Monitoring Framework 2020-21 has also been revised, said the circular.
In calender year 2019-20, government had to present two budgets due to national elections -- an interim Budget in February and a general Budget on July 5 after formation of the government. Ceilings for all categories of expenditure, including Central Sector and Centrally Sponsored schemes will be discussed. Accordingly, the RE 2019-20 and BE 2020-21 for all categories of expenditure, and select schemes/projects specifically included in the MTEF Statements, may be indicated separately for Revenue and Capital expenditure, the notification said. NEW DELHI: Realty major DLF has settled the entire Rs 8,700 crore amount payable to DLF Cyber City Developers Ltd (DCCDL), its joint venture with Singapore-based GIC, by transferring various completed commercial properties and land parcels as well as cash payment.
With settlement of this dues, the company said it has completed the exercise of transforming its balance sheet and consolidation of all rental assets under the DCCDL.
DLF holds 67 per cent stake in DCCDL, while Singapore's sovereign wealth fund GIC holds 33 per cent.
At the end of 2018, DLF owed Rs 8,700 crore to DCCDL and the amount payable came down to Rs 5,600 crore by July 1, 2019.
In a filing to the BSE on Wednesday, DLF said the "inter-company payables have now been fully settled".
As part of the settlement, DLF has transferred its shareholding in its arm DLF Info Park Developers (Chennai) at an enterprise value of Rs 1,000 crore. This subsidiary holds nearly 27 acres of land.
That apart, it has transferred its shopping mall in Saket, South Delhi for an enterprise value of Rs 1,012 crore.
DLF also transferred its shareholding and compulsorily convertible debentures (48.2 per cent of the fully diluted capital) in Fairleaf Real Estate Pvt Ltd, a joint venture company that owns One Horizon Center commercial project in Gurugram, for an enterprise value of Rs 1,700 crore.
According to sources, DLF has settled around Rs 2,000 crore through cash.
"This has been a major restructuring exercise and has now resulted in a larger alignment of the Group's rental assets under the DCCDL platform," DLF said.
After these transfers and consolidation of commercial assets, DLF said DCCDL is positioned even more strongly to continue its growth journey.
"The total settlement of receivables (net of values received for transfer of shareholding / dividend received from DCCDL and other inter-company adjustments) will result in an increase in the company's net debt by only Rs 475 crores approx," the filing said.
DLF said it has completed the final chapter of its balance sheet transformation.
Earlier, DLF had transferred Mall of India project at Noida, Uttar Pradesh to DCCDL at an enterprise value of Rs 2,950 crore. The realty firm had also transferred 3.05 acres land parcel at Gurugram, Haryana.
DCCDL currently holds nearly 30 million sq ft of rent-yielding commercial assets, largely in Gurugram, with annual rental income of about Rs 3,000 crore.
In December 2017, DLF entered into this joint venture with GIC when DLF promoters sold their entire 40 per cent stake in DCCDL for nearly Rs 12,000 crore.
This deal included sale of 33.34 per cent stake in the DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by DCCDL.