DLF to sell 49% stake in Gurugram project to Hines for about Rs 900 cr

NEW DELHI: Realty major DLF has agreed to sell 49 per cent stake in its upcoming commercial project at Gurugram to Us-based Hines for about Rs 900 crore and the deal is expected to be concluded by December, according to sources.

DLF has already signed a term sheet with Hines to develop a prime commercial project on 11.76 acre land parcel in Gurugram that it bought for nearly Rs 1,500 crore through e-auction conducted by the Haryana government in February. The company on Thursday said it has signed a non-binding term sheet with a fund managed by Hines for a 51:49 partnership to develop a high-end commercial project on NH8 at Gurugram.

The transaction documents are being negotiated and are expected to be closed within third quarter of this fiscal, it added.

“This project entails development of more than 2.5 million sq ft of commercial space,” DLF said. According to sources, Hines, will invest around Rs 900 crore for 49 per cent stake in the project. NEW DELHI: A meeting was held between Airports Authority of India (AAI) and Department of International Trade, British High Commission at AAI’S Corporate Headquarters on 31 October 2018.

The meeting was attended by UK Airports Delegation comprising companies of UK Airport Trade Associations, British Aviation Group (BAG) and British Airport Services and Equipment Association (BASEA). Delegates present were from various services and product organizations such as AIQ, Atkins, Bechtel, Chapman Taylor, CHS Engineering, Foster + Partners, Gate Technologies, GATIC, Grimshaw, Hoare Lea, ICF, Ipsotek, Indigovision, Mace, Kingspan Jindal, Pascall+watson, NATS, Zoeftig, Turner & Townsend.

The meeting was chaired by Dr. Guruprasad Mohapatra, Chairman, AAI who highlighted the phenomenal growth of Indian Aviation market and stated that India’s overall aviation market is expected to reach 3rd position by 2020. Domestic aviation passenger traffic is growing at over 20% per year and comes among the top 5 fastest growing among the global aviation fraternity. India’s Regional Connectivity plan is budgeted and aims to revitalize 160 airports and airstrips.

During the meeting, AAI presented a detailed action plan which generated a lot of interest within various business entities present. The UK Airports Mission delegation led by Mathew Butters, held discussions which included an interactive session also with the UK companies who showed keen interest in partnering for development and growth in Indian Aviation.

Anil Gupta, Executive Director (Land Management & Business Development), AAI envisaged about opportunities to the visiting delegates for investments in the various fields of Indian Aviation Market. The meeting ended with a positive note where Chairman, AAI invited UK companies to take part actively in Global Aviation Summit 2019 to be held in January 2019.