Realty Giant DLF sold IT Special Economic Zone (SEZ) in Pune to Private Equity Firm Blackstone

Realty giant DLF, and its partner Hubtown in a joint venture, DLF Ackruti Info Parks sold its IT special economic zone (SEZ) in Pune to private equity firm Blackstone for Rs.810 crore. DLF and Hubtown held 67 per cent and 33 per cent stake respectively  in the joint venture firm DLF Ackruti Info Parks (Pune).

Real estate firm Ackruti City has been rechristened Hubtown Ltd. The transaction is in line with DLF's continuing objective of divesting its non-strategic assets.

DLF, the country's largest realty firm, is currently selling its non-core assets such as hotels and plots in the last few years to cut debt, which stood at Rs.22519 crore as on 30 September 2011.

DLF could so far raised Rs.3480 crore from sale of non-core assets and is planning to raise about Rs.7000 crore in the next 2-3 years. It is aiming to bring down its total debt to about Rs.10000 crore by 2013 and as part of this strategy, the firm is closing in on a few deals to sell non-core assets.

The company expects to raise about Rs.3000 crore by March 2012 through the sale of non-core assets such as IT Park in Noida and hospitality business Amanresorts.