India's largest real estate firm, in terms of market capitalisation, DLF Ltd, said it will hold equal stakes with Adrian Zecha, founder of luxury hotel chain, Aman Resorts, in a transaction valued at $400 million.

DLF will own the stake through its subsidiary, Overseas Hotels Ltd and will assume debt of about $150 million.

A company official said DLF will initially pay $200 million and subsequently raise its stake in Aman Resorts to almost 100 percent while Zecha will be reduced to a minority shareholder.

With the financial backing of DLF, Aman Resorts will now have the resources to significantly scale up its development plans. While we expand our global footprint we are committed to preserving and enhancing the distinctive character of the Aman experience, Zecha said.

We are delighted at this unique opportunity to become a partner in one of the world's leading hospitality & lifestyle brands. We look forward to working closely with the founders and management of this business to further enhance its leadership position in the industry, said Rajiv Singh, Vice Chairman of DLF Ltd.

Aman Resorts owns and operates 22 luxury hotels in 12 countries and has plans for more new properties, DLF said in a press release. The hotel chain has consistently received accolades over the years from leading publications such as Conde Nast, Zagat Survey, Travel and Leisure amongst many others.

Earlier this month, a company source said DLF would buy Aman Resorts for about $250 million and assume debt of about $220 million.

DLF, which has a joint venture with Hilton Hotels Corp to develop 75 hotels and serviced apartments over seven years in India, is also working with Dubai-government owned Limitless to develop a $12 billion housing and commercial real estate project near the technology and outsourcing hub of Bangalore.

The real estate major has also tied up with Four Seasons Hotels and Resorts for developing super luxury hotels in the country.

In August, it formed a joint venture with Hines, a closely held U.S. property investor, to develop an office, retail, hotel and entertainment project on a 15 acre site in Gurgaon, on the outskirts of New Delhi.

DLF is owned by Kushal Pal Singh, the world's richest real estate mogul, who ranks fourth in Forbes' latest India rich list with a fortune estimated at $35 billion. DLF raised $2.3 billion in June in one of the largest initial public offerings (IPO) in the country.

Last month, the company said it was borrowing $1.5 billion from overseas to fund expansion in the rapidly growing Indian real estate market.