Listed real estate developer DLF has roped in Vivek Anand from GlaxoSmithKline Consumer Healthcare as its new chief financial officer, replacing acting CFO Ashok Tyagi who continues to be a wholetime director.
The move comes amid a significant improvement in the debt situation for the country’s largest real estate firm that seems well on its way to make the residential business debt-free. It posted a 19% rise in net profit and 16% fall in revenue for the September quarter from a year earlier.
At GlaxoSmithKline, Anand was CFO for India subcontinent and a member of the board. He has over 25 years of experience in India, Singapore and Bangladesh, and brings with himself an extensive background in corporate finance, treasury, financial planning and analysis, tax, investor relations, strategic planning and risk management. Anand has also worked at Unilever and Telenor.
According to JPMorgan, DLF’s “development and rental entities have positive and growing free cash flow with embedded land assets that can sustain growth for an extended period of time without any need for additional capital.”
DLF in October said it had clocked bookings of 376 residential apartments for Rs 700 crore in its new ready-to-move-in project in New Gurugram. In the same month, it said it had settled the entire Rs 8,700 crore dues payable to DLF Cyber City Developers Limited (DCCDL), its joint venture with Singapore-based GIC, through transfer of certain commercial properties and land parcels in the group.
DCCDL Group, the rental platform between DLF and Singapore’s GIC, has started work on creating new supply and has finalised a plan to develop a mixed-use project in proximity to its existing business district of DLF Cyber City. It is also set to embark on the development of two million square feet at Taramani, Chennai out of the total development potential of about seven million square feet.