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Realty player Housing Development Infrastructure Ltd (HDIL) today said it will sell its 113—acre land parcel in Gujarat to pare debt.
“HDIL has put on block 113.47 acre industrial plot in Gujarat. The company’s decision is in line with its philosophy of exiting non—core assets and focusing on debt reduction,” the company said in a statement.
The land parcel is located adjacent to Ranoli railway station, on the Ahmedabad—Vadodara corridor, and falls under the jurisdiction of the Vadodara Urban Development Authority, the company said.
Over the last year, HDIL has reduced its debt by nearly Rs 685 crore to Rs 3,142.4 crore as of December 2014.
“Since it is an industrial area we could not do any residential projects there and instead of keeping it lying we decided to sell it. Since it’s our non—core asset, we decided to unlock our investment in that, to reduce the debt,” company’s vice—president for finance Hariprakash Pandey said.
According to sources the land in that area is valued at Rs 1.5—2 crore per acre.
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