DLF scions appointed on company board

NEW DELHI: DLF boss Rajiv Singh's two daughters, Savitri and Anushka, have been appointed on the board of India's largest listed real estate developer.

Singh, who took over as the chairman of DLF Ltd when his father and company founder Kushal Pal Singh hung up his boots in June last year, has two daughters.

In a regulatory filing, DLF on Friday said the board has "co-opted Savitri Devi Singh and Anushka Singh as additional directors of the company with immediate effect, subject to the approval of shareholders."

Both have been appointed as non-executive and non-independent directors, it added.

On June 4 last year, billionaire K P Singh retired as the company's chairman and became chairman emeritus of the DLF Ltd.

Savitri Devi Singh, 36, has a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania, where she graduated with a double concentration in real estate and management.

She did her internship training with Vornado Realty Trust, a fully integrated real estate investment trust in US, the filing said.

She has more than 10 years of experience with international business exposure in strategy, project development, leasing and marketing in office and retail real estate.

Anushka Singh, 34, has a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania, where she graduated with a double major in real estate and management.

She has varied experience in residential development, hospitality operations, sales and marketing and strategic guidance.

DLF is the country's largest real estate firm with a market capitalisation of nearly Rs 77,000 crore. It has developed many projects across the country, with huge presence in Gurugram.

DLF, a major player in India's office market, has built over 30 million sq ft of office and retail complexes, generating a rental income of over Rs 3,000 crore per year.

DLF's board now has 14 members.

On Friday, Ashok Kumar Tyagi and Devinder Singh, the two whole-time directors, were elevated as the CEOs of the company with immediate effect.

G S Talwar and Pia Singh are the non-executive directors.

While Pia Singh is the daughter of K P Singh, Talwar is the husband of Renuka Talwar, the elder daughter of the company founder.

There are seven independent directors on the board -- Pramod Bhasin, Rajiv Krishan Luthra, Ved Kumar Jain, Lt Gen Aditya Singh (retd), A S Minocha, Vivek Mehra and Priya Paul.