Mumbai: India’s largest listed property developer, DLF Ltd, has sold its stake in an equal joint venture with Ackruti City to a US-based real estate fund for more than Rs200 crore ($41 million), the Economic Times said on Thursday, citing two unnamed DLF executives.
The joint venture is for developing two office buildings spread over nine million square feet in Mumbai. The venture is part of a larger slum rehabilitation project by Mumbai-based realty firm Ackruti, the newspaper said.
DLF had bought the stake in the project more than two years ago and its exit was part of its asset sale programme to raise Rs5, 500 crore by the end of this fiscal year, it said.
DLF may also receive up to Rs25 crore for the proportionate cost of construction done so far in the project, it said.
A spokesman for DLF declined comment.
In May a DLF executive had said the company aimed to raise Rs10, 000 crore over the next three years from asset sales to cut its debt. It had a net debt of Rs13, 958 crore at the end of March.