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Wednesday, June 05, 2013

HDIL to sell land in Kochi to mobilse funds
~~K Raghavendra Kamath/Mumbai 05 Jun 13
HDIL, which was recently in news for Mumbai airport scrapping its slum rehabilitation project, is looking to sell 70 acres of land in Kochi in Kerala to mobilise resources.

In February 2011, HDIL announced that it will build a mixed use project Cybercity at Kalamassery special economic zone at an investment of Rs 2,300 crore. The project would have a built up area of 10 million square feet.

HDIL has been selling development rights and land parcels to reduce its debt and fund projects and it is a part of company's strategy to mobilise funds, said an analyst.

"HDIL is looking for prospective buyers/Joint Venture partner for land at Kalamassery, Kochi, Kerala," the company said in a release.

HDIL stock was trading at Rs 41.45, down 0.84% from previous close.

Courtesy: Smart Investor