Realty firm Unitech on Thursday said its subsidiary, Unitech Corporate Parks (listed in London), is in talks to sell its majority stake in six IT SEZ/park projects in India, being developed jointly with the parent firm.
According to sources, the total value of the six assets could be in the R8,000-10,000 crore range. UCP has 60% stake in each of these projects while Unitech has the remaining. Unitech holds 13.7% stake directly in UCP, which had raised 360 million pounds in 2006 via IPO to invest in Indian commercial real estate.
In a regulatory filing to the LSE, UCP said “it has received an approach from a third party expressing interest in a potential acquisition of the company’s wholly owned subsidiary Candor Investments and that it is currently in discussions regarding a possible sale of this subsidiary”. Candor Investments is the holding company for UCP’s interests in its six real estate projects.
UCP also announced that a separate discussion to sell one of the SEZs in Gurgaon has been “suspended”.
UCP and Unitech were last year negotiating with PE firm Blackstone and Singapore’s sovereign wealth fund GIC to sell a IT-SEZ in Gurgaon for about R2,700 crore, sources had said.
Separately, Unitech informed the BSE that the company has also been approached by the third party for entering into a strategic alliance to complete the six under-construction projects.
The interested buyer is also keen to purchase Unitech’s stake in certain projects.
