DLF Limited — Important, 29-11-2024: Updates

DLF Info City Developers (Kolkata) Limited, a wholly-owned subsidiary of DLF Cyber City Developers, has entered into a definitive agreement to sell its Kolkata Tech Park to RDB Primarc Techno Park LLP for approximately ₹637 crore (Rupees Six Hundred Thirty-Seven Crore). This tech park is one of the largest in eastern India, featuring a gross leasable area of around 1.49 million sq. ft. and holding LEED Platinum certification.

The deal underscores DLF’s strategy to enhance shareholder value through asset optimization while supporting the growth of Bengal's tech ecosystem. Sriram Khattar, Vice Chairman & MD of DLF Rental Business, emphasized the deal's reflection of the intrinsic value in DLF's core assets cultivated over time. Primarc Group's leadership also expressed enthusiasm about the transaction, highlighting its role in strengthening their growth and diversification strategy.

JLL acted as the sole transaction advisor, while legal and financial advising was handled by Shardul Amarchand Mangaldas & Co. and PwC, respectively. This divestiture marks a significant strategic shift for DLF, warranting close investor attention.