DLF Joins Hand With US-Based Co To Sell Life Insurance Products

CHENNAI: DLF has forayed into a pact with US-based Prudential Insurance to establish 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. The company had got the Centre''s clearance for establishing five special economic zones and was awaiting permission for two more, including one here. Of the proceeds from IPO, the company proposed to invest 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.