News: DLF to purchase 20% stake in Feedback Ventures

(PTI 01/10/2006) New Delhi - Real estate major DLF, which is reviving its plans to tap the capital market to raise more than Rs 10,500 cr, will purchase 20 per cent stake in an infrastructure development advisory firm Feedback Ventures for an undisclosed amount.

"We have agreed to purchase 20 per cent share in Feedback Ventures," company sources told PTI.

The agreements with existing shareholders have already been signed and the company would complete the transaction within next 10 days, sources added.

The value of the deal was not known as the stake purchase constituted of acquisitions from various shareholders.

"We are buying stake in Feedback Ventures because it has good technical consulting manpower to give advisory services in infrastructure projects," they said.

Through this acquisition, DLF aims to service its infrastructure projects, which includes SEZs and townships.

DLF had floated a joint venture company with UK-based Laing O'Rourke to foray into infrastructure sectors like airports.

The Vinayak Chatterjee-promoted Feedback Ventures offers advisory services for infrastructure projects right from conceptualisation to commissioning in sectors like highways, aviation, ports, SEZs, IT Parks, townships, retail and hospitality.

At present, the promoters own 31.3 per cent share in the company while IDFC has 21.8 per cent stake, Thapar Group 13.3 per cent and HDFC 12 per cent, sources at Feedback Ventures said.