Realty firm Ansal Properties & Infrastructure Ltd on Wednesday said the company has agreed to sell its entire 66.24 per cent stake in IT SEZ in Greater Noida to Migsun group. In a regulatory filing, Ansal Properties said the company has entered into an agreement to sell its entire shareholding of 66.24 per cent held in its subsidiary firm Ansal IT City and Parks Ltd, which owns IT Park of 37.5 acres of land at Greater Noida to Mahaluxmi Infrahome, part of Migsun Group.
The deal is subject to the approval of regulatory authorities of SEZ, Greater Noida Industrial Development Authority, and the Ministry of Commerce. "This will reduce the debt of the company on a consolidated basis by Rs 11 crore. Further, the company in this calendar year 2020 on a consolidated basis has reduced its debts/liabilities towards banks/financial institutions etc by approx Rs 500 crore," the filing said.
Ahmedabad most affordable housing market in 2020, Mumbai most expensive: Report
Separately, Migsun group said it has acquired an entire 100 per stake in this project from Ansal Properties and HDFC. In a statement, Migsun group said it has acquired HDFC and Ansal's stake in Ansal IT City and Parks.
Migsun group now plans to develop the 37.5-acre mixed-use project. Both Ansal Properties and Migsun did not disclose the deal value.
Yash Miglani, MD of Migsun Group, said the company would develop office, retail and industrial spaces in this project. Migsun is currently executing 16 projects, both residential and commercial, in various parts of Delhi NCR.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
