DLF Limitless Developers has approached the government to allow its Dubai-based co-promoter Limitless to repatriate its Rs 200 crore investment in the company by selling the entire stake to the Indian partner. Hit by global downturn,Limitless,a part of Dubai government-owned Dubai World,proposes to sell its 50 per cent stake in the joint venture to DLF at a discount of Rs 10 crore. As per the current FDI policy for real estate,there is a lock-in period of three years for foreign funds. Foreign investor can exit before the stipulated period only with the prior approval of the Foreign Investment Promotion Board (FIPB). According to sources,DLF Limitless Developers has approached FIPB to allow transfer of 20.12 crore shares of Rs 10 each held by Limitless to DLF subsidiary DLF Home Developers. DLF Limitless Developers was formed to execute a township project spread over 9,178 acre at Bidadi in Karnataka,but the project did not take off as the state government could not initiate land acquisition. Karnataka government had returned Rs 400 crore to the joint venture in April 2009. Dubai World and Limitless have suffered huge losses and are already under restructuring mode. Sources said the joint venture company has sought that Limitless be permitted to transfer the shares representing its investment in the company to DLF subsidiary and exit from the company.
