Ansal Properties to sell 66% stake in Ansal IT City Park, Greater Noida

Ansal Properties & Infrastructure Ltd has agreed to sell its entire 66.24 per cent stake in IT SEZ in Greater Noida to Migsun group. In a regulatory filing, Ansal Properties said the company has entered into an agreement to sell its entire shareholding of 66.24 pe

BY Realty Plus
Published - Saturday, 02 Jan, 2021

Ansal Properties to sell 66% stake in Ansal IT City Park, Greater Noida

Ansal Properties & Infrastructure Ltd has agreed to sell its entire 66.24 per cent stake in IT SEZ in Greater Noida to Migsun group. In a regulatory filing, Ansal Properties said the company has entered into an agreement to sell its entire shareholding of 66.24 per cent held in its subsidiary firm Ansal IT City and Parks Ltd, which owns IT Park of 37.5 acres of land at Greater Noida to Mahaluxmi Infrahome, part of Migsun Group. The deal is subject to the approval of regulatory authorities of SEZ, Greater Noida Industrial Development Authority, and the Ministry of Commerce. This will reduce the debt of the company on a consolidated basis by Rs 11 crore. Further, the company in this calendar year 2020 on a consolidated basis has reduced its debts/liabilities towards banks/financial institutions etc by approx Rs 500 crore. Migsun Group will have a 100 percent stake in the city park after acquiring HDFC’s 37 percent stake and that of Ansal API, the company said. The project will have 50 percent IT/ITeS offices, 15 percent industrial, and 15 percent commercial.