C Sivasankaran plans to exit investments in Hindustan Mills

Emminent entrepreneur C Sivasankaran plans to encash his Rs 310 crore investment in Hindustan Mills but sources says that the exit might have to weather rough conditions, reports Priyanka Ghosh of CNBC-TV18.

Currently, there are two problems with the deal. Sivasankaran who bought the stake from DLF is looking for an excess of 110% appreciation in investment which he made in 2009. Second, it is not clear if Hubtown, who hold 50% stake, wants to exit this project.
Initially, there were plans to construct a hotel on this project, but since then the Development Control Rule (DCR) guidelines have changed and no one is knows whether what is the permissible FSI on the plot and whether Hubtown really wants to stay invested or not.
If Hubtown stays invested, do they want to go ahead with a residential or a hotel project, so, that's the confusion on this deal, having said that Sunteck Realty, Ajay Piramal and a hotelier have all evaluated the transaction. IL&FS might have been mandated for this deal as well. However, Hubtown could not be reached for a comment.