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Blackstone buys DLF Ackruti Info Parks for $153m

  • Susannah Birkwood
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An affiliate of Blackstone Group has acquired a firm that owns a special economic zone in India from DLF, the country’s biggest real estate developer, for INR8.1 billion ($153 million).

DLF Ackruti Info Parks (Pune) was 67%-owned by DLF, with fellow real estate developer Hubtown, formerly Ackruti City Limited, holding the remainder of the balance. The private equity giant will pay DLF around INR 5.4 billion for its share, and Hubtown will receive INR 2.6 billion.

Blackstone channeled the investment via BRE/Mauritius Investments II, an entity controlled by one of its real estate funds.

Rajeev Talwar, executive director at DLF, said that the proceeds generated from the sale will be used to pay down the company's debt, which is currently at more than INR220 billion.

DLF Ackruti Info Parks owns an information technology-based special economic zone in the west Indian city of Pune.

Other assets which DLF is planning to exit this year in a bid to cut debt include its luxury Southeast Asia-based hotel chain Amanresorts International. Last September, an unnamed private equity firm was reported to be competing with LVMH Group for the deal, which could be worth up to $450 million.

At the time, DLF had received at least five non-binding bids of $400 million to $450 million for Amanresorts, which owns 25 small luxury resorts in South and Southeast Asia, the Pacific Islands and select spots in Europe and the US.

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