Blackstone to invest in Indian real estate business
The US private equity firm Blackstone has planned to invest in different real estate projects in India.
As an initiative the private equity firm wants to buy the two special economic zones in Gurgaon and Noida and an IT park in Kolkata in a deal worth over Rs 3,000 crore from Unitech.
Unitech has been in talks with several PE funds to sell its SEZs and IT parks to reduce its debt of over Rs 5,300 crore. The developer is also selling its non-core land assets.
The two SEZs in Gurgaon and Noida have about 3.5 million sq ft of built-up space. The information technology park in Kolkata is spread over 1.90 million sq ft.
Unitech is one of the several developers in India squeezed by a slump in construction activity and rising cost of finance and raw materials.
Selling of properties in India has become a trend among various builders to reduce their debt burden.
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NRI find firmness in Indian real estate investment
Source: Times of India
Blackstone, IT park in Kolkata, Noida, Private equity firm, Real estate investment, Real estate projects in India, special economic zones in Gurgaon, Unitech
