Realty developer Housing Development & Infrastructure Ltd (HDIL) has sold development rights on its land parcel at Kurla, a suburb in Mumbai, to property developer DK Realty (India) Pvt. Ltd for Rs 649.51 crore, the company said in a regulatory filing at the Bombay Stock Exchange.
However, it did not disclose the land size. The sale is part of the HDIL’s plan to cut debt. The firm had plans to cut debt by around 15 per cent in fiscal 2016. As of September 30, it had debt of Rs 2,908.11 crore.
HDIL had also said it would sell land parcels in Vadodara and Hyderabad as part of its strategy to offload non-core assets and improve cash flow.
Shares of HDIL closed at Rs.70.35 on BSE, up 6.2 per cent.
