Mumbai: India’s biggest developer, DLF Ltd, plans to borrow $300 million (around Rs1,440 crore) in its first overseas loan, a person with knowledge of the transaction said on Friday.
The New Delhi-based realtor is borrowing the money from Standard Chartered Plc. in a loan maturing in seven years, said the person, who declined to be identified because the loan hasn’t been concluded. The loan will help the firm lower its average cost of borrowing to about 12.2%, from 12.5%, according to the person.
Arijit De, the London-based spokesman for the bank, declined comment. Sanjey Roy, a spokesman for DLF, didn’t immediately respond to an emailed query.