Hindustan Construction Company has sold its entire 26 per cent stake in Vikhroli Corporate Park to private equity player Blackstone for ₹200 crore.
ILFS Milestone Fund and others hold 74 per cent stake in the Corporate Park.
The deal was valued at over ₹1,000 crore, which includes assumed debt, resulting in a net cash inflow of approximately ₹200 crore to HCC.
In FY 2010-11, HCC Group raised about ₹300 crore when it sold 74 per cent stake in the Park to ILFS Milestone Fund.
Rajgopal Nogja, Group CEO, HCC, said: “This completes our first real estate development resulting in positive cash flow of over ₹500 crore in total for the HCC Group over the lifecycle of this commercial property.
“This transaction is an integral part of our plans to monetize our non-core assets to further reduce our debts. The funds will be used to pare our debts. Through more such initiatives, we are confident of bringing long term stability to our balance sheet.”
Blackstone is one of the biggest owners of office space in the country.