DLF sells IT SEZ in Kolkata for nearly Rs 700 cr to monetise commercial assets

New Delhi, Apr 16 (PTI) Realty major DLF has sold its IT-ITeS SEZ (special economic zone) project in Kolkata for Rs 693 crore to Srijan Group as part of its strategy to monetise commercial assets.

In a regulatory filing, DLF informed that it has entered into a "definitive Master Framework Agreement (MFA) with Srijan Realty Pvt Ltd and its subsidiary companies for sale of its IT/ITeS SEZ comprising freehold land parcel admeasuring 25.90 acres, situated in Kolkata along with constructed building namely DLF Tech Park with a gross leasable area of 10,54,357 square feet." The agreed consideration is around Rs 693 crore. The proposed transaction is subject to certain conditions precedent, regulatory approvals, consents, sanctions, as specified in the transaction documents.

In November last year, DLF's joint venture firm DCCDL sold an IT park in Kolkata to Primarc and RDB group for Rs 637 crore to monetise the rent-yielding commercial asset.

DLF Cyber City Developers Ltd (DCCDL) -- a joint venture firm between DLF Ltd and Singapore sovereign wealth firm GIC -- owns a large portfolio of commercial assets (office complexes and shopping malls) mainly in Delhi-NCR and Chennai. DLF owns 66.67 per cent stake while GIC holds 33.33 per cent in DCCDL.

DLF Group is primarily engaged in the business of development and sale of residential properties (the Development Business) and the development and leasing of commercial properties (the Annuity Business).

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. PTI MJH MJH ANU ANU