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Unitech plans to offload Gurgaon IT SEZ

Tuesday, 02 Jul 2013
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Unitech Group, a real estate developer, is planning to offload its Infotech Special Economic Zone (SEZ), in Gurgaon, Haryana.


For the purpose, the company is in talks with global investors like Morgan Stanley - the Singapore government-owned GIC, and Blackstone. The project, estimated to cost Rs 1,800 crore, is spread over 3.6 million sq ft at Dundahera in Gurgaon. The project is expected to be completed by December 2013.


In the SEZ, Unitech Corporate Parks (UCP), holds a 60 per cent stake, while real estate firm Unitech, holds a 40 per cent stake. The offloading of the SEZ is part of UCP's strategy to exit the assets that are substantially leased out and completed.


The process is expected to take a few months, as the prospective buyers are evaluating the project and are likely to put in their bids in a couple of months.


UCP is building six IT projects in Gurgaon, Noida and Kolkata in a JV with Unitech. The second SEZ in Gurgaon is expected to come up in March 2016.

 

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