Real Estates Major, DLF has entered into an agreement with US-based Prudential Insurance to set up a joint venture company to sell life insurance products in India. The company, which would be coming up with one of the country's largest IPO to net Rs.9,625 crore, in its red herring prospectus, said it was exploring various business opportunities, including hospital properties, A S Minocha, Chairman, DLF Commericial Developers, a group company, told reporters here today. He said the company had got the Centre's approval for setting up five special economic zones and was awaiting approval for two more, including one here. Of the proceeds from IPO, the company proposed to spend Rs.3,500 crore to increase its land bank, besides spending Rs.3493 crore for development and construction costs of the existing projects and the remaining part to clear the debts,he said.
http://economictimes.indiatimes.com/News/News_By_Industry/Finance__Insurance/Insurance/DLF_ties-up_with_US-based_co/articleshow/2097606.cms
Tuesday, June 5, 2007
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