If the talks bear fruit, IDFC will get full control over the park. This is because DLFs 30% partner in the venture, another real estate firm 3C, has also decided to sell out.
When contacted, a DLF spokesperson said: The company does not respond to market speculation. IDFC PE managing director Raja Parthsarthy also declined to comment.
The DLF IT park in Noida has a total of 1.3 million sq ft space with Computer Sciences Corporation as the marquee tenant. The building is yet to reach full occupancy.
While announcing first-quarter earnings earlier this month, DLF had said that the company expected to finalise at least two big-ticket deals for sale of non-core assets and had expressed confidence that it would achieve the target of raising R7,000 crore from sale of non-core assets in two to three years.
DLF executive director (finance) Saurav Chawla had said: We are now in an advanced stage of finalising at least two deals. We should close two deals within this quarter and some would flow in October.
The sale of DLFs Pune IT Park which it has developed with another real estate firm Akruti is also in the works. DLF officials said the sale of the Pune IT Park will follow Noidas IT Parks sale.
As on June 30, 2011 DLFs total debt stood at R21,524 crore. It has so far realised a little over R3,200 crore from sale of non-core assets that include hotel plots.
DLF reported a 12.81% decline in its consolidated net profit at R358.36 crore during the first quarter ended June 30.
IDFC is an integrated infrastructure finance player providing end-to-end infrastructure financing and project implementation services. Foreign investors hold about 47% stake in the company, in which the government has around 18% stake and retail investors over 10%.