DLF has entered into a definitive Master Framework Agreement (MFA) with Srijan Realty and their subsidiary company(ies) (Srijan Group) for sale of its IT/ITeS SEZ comprising freehold land parcel admeasuring around 25.90 acres, situated in Kolkata along with constructed building namely DLF Tech Park with a gross leasable area of around 10,54,357 square feet.
The Gangapurna Projects LLP and Makalu Builders LLP are the buyer entities which are subsidiaries of Srijan Realty. The consideration to be received from the sale is around Rs 693 crore, subject to the requisite adjustments as agreed in the MFA. The transaction is expected to be completed within 12 months, subject to any extension as per terms of the MFA.
DLF is one of India's biggest property developers. The company’s primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals.
