DLF to sell Kolkata SEZ asset, land parcel to Srijan Group for ₹670 crore

Realty major DLF Ltd on Tuesday (February 3) said it has executed definitive agreements to sell its IT/ITeS SEZ undertaking in Kolkata, along with a separate parcel of vacant land, to entities of the Srijan Group for a total consideration of about ₹669.86 crore, subject to agreed adjustments.

The company has entered into a business transfer agreement with Makalu Builders LLP and Srijan Realty Private Ltd, entities forming part of the Srijan Group, for the sale of its IT/ITeS SEZ undertaking.

The transaction involves the sale of the SEZ property comprising the constructed building known as DLF TechPark II, along with a freehold land parcel measuring about 8.15 acres in Kolkata.

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The SEZ asset has a gross leasable area of about 10,54,357 square feet. The agreed consideration for this transaction is about ₹409.86 crore, subject to requisite adjustments as per the definitive documents.

In a separate transaction, DLF has also executed an agreement with Gangapurna Projects LLP, another Srijan Group entity, for the sale of about 17.75 acres of vacant land in Kolkata. The agreed consideration for the land parcel is about ₹260 crore, subject to adjustments as agreed between the parties.

The completion of both transactions is subject to the fulfilment of certain conditions precedent, including receipt of relevant regulatory approvals, consents and sanctions, as specified in the respective agreements.

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Subject to these conditions, the company expects the completion of the sale of the SEZ business undertaking and the land parcel in about four months from February 3, 2026, unless the timelines are extended in accordance with the terms of the agreements.

DLF disclosed that the Kolkata IT/ITeS SEZ business proposed to be sold had a turnover of about ₹66.88 crore in FY25, comprising gross rental income of ₹41.74 crore and maintenance and other income of ₹25.14 crore. This accounted for about 1.49% of the company’s total turnover for the year.

The buyer entities, Makalu Builders LLP and Gangapurna Projects LLP, are subsidiaries of Srijan Realty Private Ltd and do not belong to the promoter or promoter group of DLF.

The transactions do not qualify as related party transactions and are not part of any scheme of arrangement. The SEZ business undertaking is being transferred by way of a slump sale, and DLF stated that there will be no change in its shareholding pattern pursuant to the proposed transactions.

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Shares of DLF Ltd ended at ₹650.20, up by ₹23.20, or 3.70%, on the BSE.