DLF to pump in Rs 160 bn to build 20 malls

Real estate industry leader DLF plans to infuse Rs 160 billion over a period of four years to develop about 20 large shopping malls across the country, reports Mint.

The company intends to make this investment for development of the 22 million sq ft of shopping mall space. It is also coming out with a 4.45 million sq ft mall in Gurgaon, which is touted as the largest such facility in the country.

DLF plans to set up malls at places like Chennai, Kochi, Hyderabad, Kolkata, Bangalore, Panipat, Jalandhar, Baroda, Goa, Mumbai and Ludhiana.

The company which raised over Rs 90 billion from the capital market in June, last week announced to borrow about Rs 60 billion from overseas market to execute its business plan. Its business plan includes investment in projects in India and abroad and buying shares in DLF Offices Trust`s IPO in Singapore.

DLF, which currently has a market capitalisation of about Rs 1,480 billion, sealed the country`s biggest land deal by buying 38 acres in the national capital for Rs 16.75 billion.

Shares of the company closed down Rs 52.90, or 5.76%, at Rs 865.65. The total volume of shares traded at the BSE was 1,614,122.