DLF, The 3C Company likely to sell Noida IT Park to IDFC for Rs 500 crore

22 Sep 2011

DLF, India's largest realty firm and green building developer - The 3C Company are likely to sell their IT park in Noida to Infrastructure Development Finance Company (IDFC) for about Rs 500 crore. The deal is likely to be closed next week. DLF has about 70% stake in the IT Park and rest is with The 3C Company.

DLF eyes to raise up to Rs 7,000 crore in the next 2-3 years from the sale of non-core assets to cut net debt of over Rs 21,000 crore and it is expected to finalize at least two big-ticket deals for sale of non-core assets during this quarter. Apart from Noida IT Park, DLF has approached the Board of Approval (BOA) under Commerce Ministry to sell about 24-acre in Pune IT SEZ, in which it has about 70% stake.

DLF is in talks with private equity firm Blackstone to sell IT SEZ at Pune and the deal size is expected to be around Rs 900 crore. As part of its decision to exist from non-core businesses, DLF is in talks to sell stake in its hospitality venture Aman Resorts.

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