IDFC PE looking to sell two IT parks – in Pune and Noida
Infrastructure Development Finance Corporation (IDFC)’s private equity arm – IDFC Alternatives Ltd – is apparently looking to sell two of its IT parks for Rs 1,100 crore.
According to the details shared by two anonymous sources aware of the proceedings, the IT parks which IDFC Alternatives Ltd is looking to sell are two of the company’s IT parks in Pune and Noida. The move to sell two IT parks marks IDFC Alternatives Ltd’s efforts to monetise two of its investments made in the commercial real estate arena.
The Pune IT park which IDFC PE is looking to sell is the Hinjewadi special economic zone (SEC), for IT/ITes (enabled services) firms and luxury residential space. IDFC had made an investment of Rs 250 crore the IT park in March 2013, to purchase assets.
Meanwhile, IDFC’s Noida IT park has been developed on an area of 1.36 million sq ft and is fully owned by Galaxy Mercantiles Ltd. – a special purpose vehicle promoted by DLF Ltd. IDFC had invested Rs 500 crore in Galaxy Mercantiles in 2011.
About the move to sell the two IT parks, IDFC said in an exchange filing on Monday that though it is currently in talks to sell the parks, no binding document has been signed thus far. Earlier, on July 1, a Moneycontrol report had revealed that IDFC is negotiating the sale of the two IT parks with GIC, RMZ, Ascendas and Blackstone.
Source – Mint
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