DLF to sell Kolkata IT SEZ in a slump sale worth ₹693 Crore

17 Apr 2025 , 09:20 AM

DLF Limited informed the bourses that it has signed a definitive master framework agreement (MFA) with Srijan Realty Private Limited and its subsidiaries to sell off its IT/ITeS special economic zone (SEZ) in Kolkata for ₹693 Crore.

The IT/ITeS comprises freehold land parcel equalling 25.90 acres, situated in Kolkata along with constructed building, namely DLF Tech Park having a gross leasable area of 10,54,357 square feet, stated the company in its filing with the exchanges.

The agreement was signed on April 16, 2025, and is structured as a slump sale. The company expects to complete the transaction through a business transfer agreement and conveyance deeds. 

The transaction is, however, subject to regulatory approvals and other conditions mentioned in the MFA. DLF expects to complete the transaction within a period of 12 months. However, it expects to extend the timeline according to the terms of agreement.

In FY24, the Kolkata SEZ generated ₹86.26 Crore, aggregating to 2.11% of total turnover of DLF. The companies – Gangapurna Projects LLP and Makalu Builders LLP are the acquirers. These companies are subsidiaries of Srijan Realty and therefore, do not belong to DLF’s group companies or promoters.

DLF stated that the sale is not part of any scheme of arrangement and does not come under the definition of a material “undertaking” under the Companies Act, 2013. The company shall receive the full consideration in cash, following adjustments agreed upon in the MFA.

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