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Mumbai-based developer Housing Development and Infrastructure Ltd (HDIL) has sold its multiplex business to Carnival Films for Rs 105 crore.
HDIL said it has sold its 100% in HDIL Entertainment, which runs 33 multiplexes under the brand name Kulraj Broadway to Carnival films.
"The sale of HDIL Entertainment to Carnival Films has been part of the group's strategy to exit its non-core business and fully focus on its core business. This will also enable HDIL to reduce its debt as planned." said Mr Hariprakash Pandey, vice-president finance and investor relations, HDIL.
As on March 31, 2013, consolidated net debt of the company stood at Rs 3,284.76 crore, while standalone debt was Rs 2,441 crore. The company reduced its debt by around Rs 600 crore in the year ended March 2014.
HDIL exited its leisure business which included hotels about seven to eight months ago and sold land parcels and development rights in the past to reduce its debt.
