DLF Home Developers (DHDL), a wholly-owned subsidiary of DLF and GIC, Singapore's sovereign wealth fund, have entered into a joint venture to invest in two upcoming projects located in Central Delhi.

Both projects will be developed under DHDL. GIC will invest a sum of approximately Rs 19.90 billion. The JV is expected to benefit from GIC's experience of investing in integrated developments across the globe.

Saurabh Chawla, senior executive director, finance of DLF, ''We hope that this investment is a beginning of a new relationship with GIC at the project level. We look forward to working together with GIC in many projects, both residential and commercial.''

Loh Wai Keong, Managing Director and Co-Head Asia, GIC Real Estate said, "GIC is confident in India's long-term growth potential and we look forward to partnering DLF, a leading real estate developer in India, to tap into the attractive opportunities of India's real estate sector."

Shares of the company gained Rs 3.85, or 3.63%, to trade at Rs 109.85. The total volume of shares traded was 390,944 at the BSE (10.17 a.m., Wednesday).