Lanco Group considers selling off commercial office space business
DSIJ Intelligence / 31 Jul 2017
Lanco Group may sell its commercial office space business for Rs 1,000 crore (USD 160 million) to Divyasree Developers, as per a leading news agency.
Lanco Group may sell its commercial office space business for Rs 1,000 crore (USD 160 million) to Divyasree Developers, as per a leading news agency.
Divyasree Developers, a south-based builder, emerged as a strong contender to acquire Lanco Hills Technology Park, which has a planned development of 7.8 million sq. feet special economic zone (SEZ) and non-SEZ office spaces at Manikonda in Hyderabad. Lanco Hills is currently in the early stages of construction with just over half a million sq. feet space leased as of now.
The group had launched this office zone with the ambition of making it the country’s tallest skyline and corporate hub. However, the group’s worsening debt profile has forced the company to take a re-look at its real estate development plans.
Lanco Infratech is among the 12 companies mentioned by the RBI for action under the Insolvency and Bankruptcy Code.
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