DLF, 3C likely to sell Noida IT park to IDFC for Rs 500cr

NEW DELHI: India's largest realty firm DLF and green building developer The 3C Company are likely to sell their IT park in Noida to Infrastructure Development Finance Company ( IDFC) for about Rs 500 crore.

The deal is likely to be closed next week, according to sources.

DLF has about 70 per cent stake in the IT Park and rest is with The 3C Company.

When contacted, DLF spokesperson said, "the company would not like to comment on market speculations". The spokesperson of The 3C Company also declined to comment.

In May this year, DLF had said the company plans to raise up to Rs 7,000 crore in the next 2-3 years from the sale of non-core assets to cut net debt of over Rs 21,000 crore.

DLF had said in August that it expects to finalise at least two big-ticket deals for sale of non-core assets during this quarter.

Apart from Noida IT Park, DLF has approached the Board of Approval (BOA) under Commerce Ministry to sell about 24-acre in Pune IT SEZ, in which it has about 70 per cent stake.

According to sources, DLF is in talks with private equity firm Blackstone to sell IT SEZ at Pune and the deal size is expected to be around Rs 900 crore.

As part of its decision to exist from non-core businesses, DLF is in talks to sell stake in its hospitality venture Aman Resorts.

DLF had acquired luxury hotel chain Aman Resorts for USD 400 million in 2007. It is likely to keep the Aman resort in Delhi with itself.