DLF, partner sell Pune IT SEZ to Blackstone for Rs810 crore

DLF said that "the company along with its joint venture partner Hubtown have sold 100% of their respective shareholding in DLF Ackruti Info Parks, Pune, for an aggregate consideration of Rs810 crore to an entity controlled by realty fund affiliated with Blackstone Group, BRE/Mauritius Investments II".

Realty giant DLF announced that the company, and its partner, has sold an IT SEZ in Pune to private equity firm Blackstone for Rs810 crore. DLF, the country's largest realty firm, is selling its non-core assets to reduce debt, which stood at Rs22,519 crore as on 30 September 2011.

In a filing to the Bombay Stock Exchange (BSE), DLF said that "the company along with its joint venture partner Hubtown have sold 100% of their respective shareholding in DLF Ackruti Info Parks [Pune] for an aggregate consideration of Rs810 crore to an entity controlled by realty fund affiliated with Blackstone Group, BRE/Mauritius Investments II".

DLF and Hubtown held 67% and 33% equity shares in DLF Ackruti SEZ, respectively. "The above transaction is in line with the DLF's objective of divesting its non-strategic assets," the BSE filing added.

DLF has so far raised Rs3,480 crore from sale of non-core assets and is planning to raise about Rs7,000 crore in the next 2-3 years.

In the late afternoon, DLF Ltd was trading at around Rs187 per share on the Bombay Stock Exchange, 2.91% down from the previous close.

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GMR completes 30% stake sale in Singapore arm to Petronas

“The company is developing an 800 MW Combined Cycle Gas Turbine power plant on Jurong island in Singapore:” GMR Infrastructure

GMR Infrastructure said it had completed sale of 30% stake in its Singapore-based subsidiary GMR Energy to Malaysian oil and gas major Petronas for about SGD 50 million.

"The transfer of [30%] shares [in GMR Energy] to Petronas Power Sdn Bhd [PPSB], a power subsidiary of Petronas International, was completed on December 27 for a consideration of SGD 50 million," GMR Infrastructure said in a statement. It added that the stake sale, announced in September this year, was done after getting approval from the lenders of GMR Energy. The company is developing an 800 MW Combined Cycle Gas Turbine power plant on Jurong island in Singapore. The statement further said that Petronas has also paid SGD 19 million equivalent towards the 30% shareholder loan contributed by GMR to date.

Besides this, the Malaysian oil and gas major would also be "contributing to future equity requirements of the project prorated to its 30% stake. In addition, Petronas International has become a joint sponsor of the project," the statement added.

The power generating facility of GMR Energy is being constructed by a consortium of Siemens and Samsung. It will be fuelled by re-gassified LNG and is scheduled for commercial operations in 2013. The acquisition of 30% stake in GMR Energy marks Petronas group's maiden foray into the international power market.

GMR Supply Singapore Pte Ltd, a wholly-owned subsidiary of GMR Energy, that holds an electricity retail license in Singapore, would manage the electricity retail business.

In the late afternoon, GMR Infrastructure was trading at around Rs19.75 per share on the Bombay Stock Exchange, 0.75% down from the previous close.

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Indian market trends

The Nifty and the Sensex rose 5% each in the fortnight. ML Mega-cap Index gained 3%. The ML...

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