The move is part of the company’s strategy to reduce debt. DLF is looking to raise around Rs. 950 crore through the sale.
If the talks bear fruit, IDFC will get full control over the park. This is because DLF’s 30% partner in the venture, another real estate firm 3C, has also decided to sell out.
The DLF IT park in Noida has a total of 13 lakh sq ft space with Computer Sciences Corporation as the marquee tenant.
As on June 30, 2011 DLF’s total debt stood at Rs. 21,524 crore. It has so far realised nearly Rs. 3,200 crore from sale of non-core assets that include hotel plots.
DLF reported a 12.81% decline in its consolidated net profit at R358.36 crore during the first quarter ended June 30.
IDFC is an integrated infrastructure finance player providing end-to-end infrastructure financing and project implementation services. Foreign investors hold about 47% stake in the company, in which the government has around 18% stake and retail investors over 10%.
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