HDIL is reportedly in advance talks to sell two land parcels outside Mumbai that could garner around Rs 750 crore. The Mumbai-based property developer will sell five million sq ft each in the Palghar and Vasai-Virar areas and is expected to generate Rs 350-400 crore for each. The company will use the issue proceeds for lowering its debt from Rs 2,700 crore to around Rs 1,900 crore.
HDIL is a real estate development company. Its business activity comprises of construction and development of residential projects, commercial, retail and slum rehabilitation projects. It is also engaged in construction of special economic zone (SEZ).
