On Wednesday, realty firm Ansal Properties & Infrastructure Ltd said the company has admitted to selling its entire 66.24% stake in IT SEZ in Greater Noida to Migsun group. In a regulative filing, Ansal Properties said, the company has opened into an agreement to sell its entire shareholding of 66.24% held in its subsidiary firm Ansal IT City and Parks Ltd, which holds IT Park of 37.5 acres of land at Greater Noida. It has now been sold to Mahaluxmi Infrahome, part of Migsun Group.
The deal is subjected to the permission of governing powers of SEZ, Greater Noida Industrial Development Authority, and the Ministry of Commerce.
“This will lessen the debt of the firm on a consolidated base by Rs 11 crore. Moreover, the company in this calendar year 2020 on a consolidated basis has abated its debts/liabilities towards banks/monetary institutions etc. by approx Rs 500 crore,” the filing said.
Separately, Migsun group said it had obtained an entire 100 per stake in this project from Ansal Properties and HDFC. In a statement, Migsun group said it had procured HDFC and Ansal’s stake in Ansal IT City and Parks.
Migsun group now plans to develop the 37.5-acre mixed-use project.
Yash Miglani, MD, Migsun Group, declared that the company would evolve office, retail and industrial spaces in this project. Migsun is currently completing 16 projects, both residential and commercial, in various parts of Delhi/NCR.
(Source- Economic Times)
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