10:24 AM
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DLF plans to sell stakes in Pune, Noida IT parks; sells 400plots in Gurgaon; Positive in short to medium term.
DLF will sell its stake in two IT SEZs in Pune and Noida, for a combined value of
`13bn, as it steps up the disposal of non-core assets to pay down
debt of almost $5 billion. Two partners, Ackruti City and The 3C Company, will also exit. Blackstone is likely to buy the IT SEZ in Pune for
`9bn,
while a high net worth investor will buy the Noida IT Park for
`4bn. DLF's has a 70% stake in each of the two properties. Ackruti City is a copromoter
in the Pune venture, while The 3C Company is a partner in the Noida IT park both with 30% each. Both partners are selling their stakes.
DLF also sold 400 plots worth about ~
` 7bn in Gurgaon. These plots are part of the 101-acre township where a large group housing project is being
developed in Noida and the company has received more than 400 applications for booking the plots. We believe the sale of stakes in SEZ’s will
help the company’s cash flows and reduce its debt burden while the overwhelming response the company got it for the Gurgaon project depicts
