United Corporate Parks (UPC) has short-listed six bidders for Gurgaon IT SEZ, including the likes of General Insurance Company (GIC), Blackstone, Dishman Pharma, Mapletree and Canadian Pension Fund. However, the market should not think that this deal is going to close anytime soon, reports CNBC-TV18's Nayantara Rai.
UPC is a Unitech group firm listed in London and had planned to sell its IT special economic zone (SEZ) in Gurgaon. UPC has 60 percent stake in it and Unitech has the remaining.
Negotiations and due diligence on its own could take as long as two months. They will all have to go to the government and get permission to sell that IT SEZ as well. If it were to go through, I understand the bids are accounted for enterprise value of its SEZ in Gurgaon at Rs 2,750-3,000 crore. If we do see a sale taking place it is going to be the largest real estate asset sale in India.
It is also very important to note that the UCP has four other operational properties. All this time is the thinking was that perhaps Unitech was going to exit UCP listed in London Alternative Investment Market (AIM), but clearly there is a shift in strategy. Unitech is going to perhaps sale all of its operational SEZs and it has four more in the National Capital Region (NCR) and Kolkata.
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