A leading Mumbai-based real estate firm Housing Development and Infrastructure (HDIL) has entered into a definitive agreement with Kerala-based Carnival Films to sell its chain of multiplex business across India operated under the brand name Kulraj Broadway at an undisclosed amount.
HDIL has sold its entire 100 per cent shareholding in HDIL Entertainment, a wholly owned subsidiary of the company, 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," HDIL vice-president finance and investor relations, Hariprakash Pandey said.
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This will also enable HDIL to reduce its debt as planned, he added.
As on March end, 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.
