UCP sells 6 realty projects for INR 1,850 crore.

Unitech Corporate Parks (UCP), the London listed Unitech group firm, said that the company had completed a deal to sell its stakes in 6 IT-SEZ projects in India to Canada's Brookfield Asset Management for INR 1,850 crore.

However, the total sale proceeds are lower than the amount agreed initially in June at INR 2,050 crore.

In June, UCP had signed the agreement to sell its 60% stake in the six projects to Brookfield for about INR 2,050 crore. Separately, Unitech had also sold its 40% stakes in four projects to Brookfield.

With completion of sale of UCP's stake in 6 projects and Unitech's 40% stake in four projects, sources said that Unitech is likely to receive around INR 1,500 crore from this entire deal and the fund would be used to retire debt.

Unitech's net debt stood at around INR 5,900 crore at the end of June quarter. UCP and Unitech were jointly developing five IT special economic zones and one IT Park in Gurgaon, Noida and Kolkata. In these 6 projects, UCP held 60% stake and Unitech 40%.

That apart, Unitech had direct stake of about 13-14% in UCP.

Recently, the Board of Approval (BoA) for SEZs has cleared the deal of UCP to sell its stake in the 5 SEZs in India to Brookfield Asset Management.


STEELGURU