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Hindustan Construction Company (HCC) today said it has sold its entire 26% stake in Mumbai-based Vikhroli Corporate Park to Blackstone Purchase Entities for about Rs 200 crore.
While HCC owned 26% of the stake, the remaining 74% is owned by ILFS Milestone Fund and others, HCC Ltd said in a filing to the BSE.
In FY10-11, HCC Group had raised approx Rs 300 crore when it had sold its 74% stake to ILFS Milestone Fund.
Rajgopal Nogja, Group Chief Operating Officer, HCC said, “This completes our first real estate development resulting in positive cash flow of over Rs 500 crore in total for the HCC Group over the lifecycle of this commercial property. This transaction is an integral part of our plans to monetise our non-core assets to further reduce our debts. The funds will be used to pare our debts. ”
