DLF Ltd., India’s biggest developer, said it sold its stake in Kenneth Builders and Developers Ltd. to its equal partner in the venture, Indiabulls Real Estate Ltd.
DLF and Indiabulls formed the joint venture in 2006 to develop high-end residential apartments at Okhla in New Delhi. The unit bought its only holding, 35.8 acres (14.5 hectares) of land, for 4.5 billion rupees ($114 million) from the Delhi Development Authority in the same year.
“Buying and selling land is a continuous process for us,'’ Sanjey Roy, a spokesman for the New Delhi-based DLF, said in a phone interview, confirming that the transaction took place while declining to give details. Kubeir Khera, a spokesman for Indiabulls, declined to comment.
DLF sold its stake for 5 billion rupees, the Economic Times said today, without saying where it got the information.
DLF shares traded 4.3 percent lower at 884.2 rupees at 2:16 p.m. on the Bombay Stock Exchange. The company, founded and mostly owned by billionaire Kushal Pal Singh, raised $2.3 billion selling shares in June last year.
Indiabulls Real Estate, partly owned by Goldman Sachs Group, and Merrill Lynch & Co., was spun off from Indiabulls Financial Services Ltd. last February. It traded 6.2 percent lower at 728.5 rupees while the key Sensex index was down 1.5 percent.
Indiabulls, the nation’s fourth-biggest developer by market value, is developing 1.12 million square feet of residential and office space in Gurgaon, adjoining New Delhi, and also 150 acres of land at Sonepat, 51 kilometers north of the Indian capital.
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Added: Mon Jan 28, 2008 2:53 am GMT 