DLF Ltd. on Wednesday announced that it has entered into an agreement with the Srijan Group and its subsidiaries to sell its IT-ITeS SEZ project in Kolkata for about Rs 693 crore.
The deal comprises a freehold land parcel admeasuring about 25.90 acres along with DLF Tech Park, which has a gross leasable area of about 10,54,357 square feet, according to the company's exchange filing.
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According to DLF, the move is part of its strategy to monetise commercial assets.
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However, the company said that the deal is subject to requisite adjustments as agreed in the agreement.
It is also "subject to certain conditions precedent, regulatory approval(s), consent(s), and sanction(s), as specified in the transaction documents", the disclosure added.
In addition to Srijan Realty Pvt., the deal also involves its subsidiaries Gangapurna Projects LLP and Makalu Builders LLP.
The realty firm stated that the turnover of the IT/ITeS SEZ business was about Rs 86.26 crore for the financial year 2023-24.
In November last year, DLF's joint venture firm DLF Cyber City Developers Ltd. had sold an IT park in Kolkata to Primarc and RDB Group for Rs 637 crore to monetise the rent-yielding commercial asset.
DCCDL—a joint venture firm between DLF and Singapore sovereign wealth firm GIC—owns a large portfolio of commercial assets like office complexes and shopping malls in Delhi-NCR and Chennai.
DLF owns a 66.67% stake, while GIC holds 33.33% in DCCDL.
The DLF Group is primarily engaged in the business of development and sale of residential properties, as well as the development and leasing of commercial properties.
DLF is the country's largest real estate firm in terms of market cap.
The company has developed more than 185 real estate projects and developed an area of more than 352 million square feet since inception.
The group has 220 million square feet of development potential across residential and commercial segments.
Shares of DLF Ltd. closed 0.91% lower at Rs 656.60 apiece on the BSE, compared to a 0.40% advance in the benchmark Sensex. However, the company's disclosure happened after the stock markets had closed for Wednesday.
—With PTI inputs
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