DLF and Everstone Group (Everstone), a Singapore-headquartered global investment manager, have entered into a binding and exclusive term sheet, dated 06 November 2026 to strategically collaborate and form a joint venture (JV) to invest in IREO and other group companies in India (IREO India Companies) held by the IREO group of FDI funds (IREO Funds), with investments from reputed global investors.

Through the proposed arrangement, DLF intends to invest approximately Rs 3,750 crore for a majority stake, in the JV, which will hold economic interest in the IREO India Companies. Under a separate binding and exclusive term sheet executed on the same date by the parties with the IREO Funds, the proposed JV intends to invest these funds to acquire a stake of at least 20% in the IREO India Companies, together with certain governance-related rights. Through the proposed transaction, the JV's aggregate economic interest (contractual and otherwise) in the IREO India Companies will be approximately 40%, with the IREO Funds holding the balance.