Realty major DLF Ltd on Wednesday announced that the company and its partner Hubtown Ltd have sold their entire 100% stake in information technology special economic zone (SEZ) in Pune to private equity firm Blackstone for Rs810 crore.
The stake is being sold to an entity controlled by real estate fund affiliated with the private equity major Blackstone.
DLF and Hubtown held 67% and 33% equity shares, respectively, in DLF Ackruti Info Park.
"The above transaction is in line with the DLF's continuing objective of divesting its non-strategic assets," said a DLF spokesperson.
DLF has so far raised Rs3,480 crore from sale of non-core assets and plans to raise about Rs7,000 crore in the next 2 to 3 years.
In September, the government allowed developers of SEZs to sell equity to foreign investors, a move that will pave the way for inflow of foreign capital to many large export-driven duty free enclaves peppered across country.
The Board of Approval (BoA), the nodal authority for SEZs in India, has clarified that developers selling of equity to foreign investors do not result in sale or transfer of ownership of land.
A number of SEZ developers have firmed up plans to exit from joint ventures by selling equity to foreign investors.