DLF, partner sell Pune IT SEZ to Blackstone for R810 cr

Written by Press Trust of India | New Delhi | Updated: Dec 29 2011, 07:43am hrs
Realty giant DLF on Wednesday announced that the company and its partner has sold an IT SEZ in Pune to private equity firm Blackstone for R810 crore.

DLF, the countrys largest realty firm, is selling its non-core assets to reduce debt, which stood at R22,519 crore as on September 30, 2011.

In a filing to the BSE, DLF said that the company along with its joint venture partner Hubtown have sold 100% of their respective shareholding in DLF Ackruti Info Parks (Pune) for an aggregate consideration of R810 crore to an entity controlled by realty fund affiliated with Blackstone Group, BRE/Mauritius Investments II.

DLF and Hubtown held 67% and 33% equity shares in DLF Ackruti SEZ, respectively.

The above transaction is in line with the DLFs objective of divesting its non-strategic assets, the filing added.

DLF has so far raised R3,480 crore from sale of non-core assets and is planning to raise about R7,000 crore in the next 2-3 years.