Unitech Corporate Parks, a Unitech group firm listed in london, on Thursday said the company is in talks to sell its majority stake in 6 IT SEZ/Park projects in India being developed jointly with the realty major.
UCP, which got listed on Alternative Investment Market (AIM) of the london Stock Exchange in 2006, had invested in Unitech's six IT SEZ/Park projects -- two in Gurgaon, three in Noida and one in Kolkata. According to sources, the total value of these six assets could be in the Rs 8,000-10,000 crore range at present.
UCP has 60 per cent stake in each of these projects while Unitech has the remaining. Unitech holds 13.7 per cent stake directly in UCP, which had raised 360 million pounds in 2006 via IPO to invest in Indian commercial real estate.
In a regulatory filing to the lSE, UCP said that “it has received an approach from a third party expressing interest in a potential acquisition of the company's wholly owned subsidiary Candor Investments ltd and that it is currently in discussions regarding a possible sale of this subsidiary”.Candor Investments is the holding company for UCP's interests in its six real estate projects.