Infrastructure major Hindustan Construction Company (HCC) is in talks with private equity players to offload stake in one of its major project in Mumbai.
According to sources, HCC Real Estate is looking at offloading 74% stake in ‘247’ corporate park located in Vikhroli area of Mumbai. The company is expecting to raise around Rs 600 crore evaluating the company at Rs 800 crore. The company is in talks with two private equity firms for the stake sale. One of the sources close to the deal said that one of the parties interested in the stake buyout is Blackstone group. The size of the corporate park is 1.8 million square feet.
This latest move is in line with HCC’s plan of unlocking stock value of its infrastructure & real estate subsidiaries. HCC Real estate is a 100% owned subsidiary of HCC. The company has an order book of Rs19000 crore. The company posted net profit of Rs 42.97 crore for the fourth quarter ended March 31.
Source: Economic Times, Mumbai