The government has allowed change of majority ownership of the Special Economic Zone (SEZ) promoted by DLF Ackruti Info Parks, but the foreign investor will have to seek security clearances from the appropriate authorities.
The decision was taken by the inter-ministerial Board of Approval (BoA) on SEZs, headed by commerce secretary Rahul Khullar at its meeting last week. "Request of transfer of equity will be subject to ...Fulfilment of all eligibility criteria applicable to developers, including security clearances by the altered developer entity and its constituents," according to the minutes of the meeting.
Global private equity player Blackstone is understood to have stuck a deal for purchase of the entire 100 per cent stake in the 11.83 hectare SEZ in Pune, sources said. DLF has 70 per cent stake in DLF Ackruti Info Parks (Pune) Ltd and remaining equity is held by Ackruti City Ltd. Earlier, the department of revenue had opposed the proposal stating the transaction would amount to sale of land, which is not permitted under the SEZ Act.
The matter was referred to the Law Ministry, which has since given its nod to the proposal. "Change in equity structure through transfer/sale/amalgamation and consequent transfer of management cannot be treated as transfer or sale of land, which will continue to vest in the company," the minutes quoting Law Ministry's views said.
The new developer would also have to meet the obligations prescribed by the market regulator SEBI, department of company affairs and the department of revenue in regard to issues like capital gains, equity change, transfer and taxability.
DLF plans to raise about Rs 7,000 crore in next two-three years through sale of non-core assets to reduce its debt of over Rs 20,000 crore.
