Today he presides over closely held DLF group, India’s largest real estate developer with an estimated land bank of 3,000 acres in prime city locations. Singh, who owns 99.5% of parent DLF Universal with his family, is worth, by our reckoning, at least $5 billion.
...Rajiv, 46, an MIT-trained engineer, and daughter Pia, 35, a Wharton B.S. who also is in the business, running the retailing side,..are aiming even higher than he did. Cashing in on India’s mall boom, DLF is planning a massive retail rollout: Over the next five years 100 malls will be built in 60 cities, including a 4-million-square-foot Mall of India, the country’s biggest, in Gurgaon
...Rajiv estimates that these expansion plans, which include building hotels, middle-income homes and special economic zones, will translate into investments of at least $10 billion. To finance their ambitions the Singhs are going beyond their bankers, talking to private equity investors and considering a future listing. They’ve retained McKinsey & Co. to advise on executing strategy and converting DLF to professional management.
Arun Natarajan is the Founder of Venture Intelligence India, which tracks venture capital activity in India and Indian-founded companies worldwide. View sample issues of Venture Intelligence India newsletters and reports.