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Unitech denies Blackstone asset sale report
Unitech, India’s No. 3 property developer, on Wednesday denied a newspaper report that it was in talks to sell three of its assets for about 30 billion rupees ($541 million) to US private-equity firm Blackstone.
Unitech said the report was “factually incorrect” and that the company was not in discussions with either Blackstone or any other investor to sell the assets.
A newspaper report said Unitech was in talks to sell three of its assets – two special economic zones (SEZs) in the northern Indian cities of Gurgaon and Noida, and a technology park in Kolkata – to Blackstone.
The assets are owned by Unitech Corporate Parks, in which Unitech has a 45 per cent stake, the report said, adding that the assets sale was part of Unitech’s plan to reduce its debt of about 53 billion rupees ($956 million).
“Unitech is focused on developing and leasing these SEZs,” the company said in a statement.
An external spokeswoman for Blackstone did not immediately return phone calls seeking comment.
Earlier in May, Unitech said its quarterly profit slumped 98 percent because of high borrowing costs and a slowdown in house sales.
Source: http://economictimes.indiatimes.com/markets/real-estate/news/unitech-denies-blackstone-asset-sale-report/articleshow/13406489.cms
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