Real estate major DLF on Friday said one of its subsidiaries has entered into a definitive agreement to sell its Kolkata Tech Park 1 business undertaking to RDB Primarc Techno Park (an affiliate of Primarc and RDB groups) on a slump sale basis for a consideration of around ₹637 crore.

Kolkata Tech Park 1 is one of the largest IT park in eastern India with gross leasable area of around 14.9 lakh square feet.

“...we would like to inform that DLF Info City Developers (Kolkata), a wholly-owned subsidiary company of DLF Cyber City Developers, a material subsidiary company, today entered into a definitive agreement to sell and transfer on slump sale basis of its Kolkata Tech Park business undertaking on as is where is basis, situated at Kolkata, to RDB Primarc Techno Park, a limited liability partnership, at an aggregate consideration of around ₹637 crore,” DLF Ltd said in a stock exchange filing.

Commenting on the deal, Sriram Khattar, Vice Chairman & MD, DLF Rental Business, said, “This is reflective of the value embedded in our core assets created over the years with good quality tenant partners and asset management. It also demonstrates our commitment to continuously enhance shareholder value.”

Pivotal step 

Sidharth Pansari, Managing Director of Primarc Group, said, “We are excited about this transaction which is a pivotal step in our growth and diversification journey. It strengthens our contribution to Bengal’s tech ecosystem, and we will benefit immensely from DLF’s learnings, systems & processes.”

“This step strengthens our joint commitment to supporting Bengal’s dynamic economy through projects that prioritise both sustainability and excellence,” said Vinod Dugar, promoter of RDB Group.

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