Realty major DLF Ltd on Wednesday (April 16) said it has entered into a definitive master framework agreement (MFA) with Srijan Realty Pvt Ltd and its subsidiaries to sell its IT/ITeS special economic zone (SEZ) in Kolkata for ₹693 crore.
“…we would like to inform you that the company has today, i.e. Wednesday, 16th April 2025, entered into a definitive Master Framework Agreement (MFA) with Srijan Realty Private Limited and its subsidiary company(ies) [hereinafter referred to as Srijan Group] for sale of its IT/ITeS SEZ comprising freehold land parcel admeasuring 25.90 acres, situated in Kolkata along with constructed building, namely DLF Tech Park with a gross leasable area of 10,54,357 square feet,” DLF said in a regulatory filing.
The transaction includes a 25.9-acre freehold land parcel and the DLF Tech Park building, which has a gross leasable area of approximately 10.54 lakh square feet. The deal, signed on April 16, 2025, is structured as a slump sale and will be completed through a business transfer agreement and conveyance deeds.
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The transaction is subject to regulatory approvals and other conditions outlined in the MFA. DLF expects to close the transaction within 12 months, though this timeline may be extended according to the terms of the agreement.
The Kolkata SEZ generated ₹86.26 crore in revenue in FY24, accounting for 2.11% of DLF’s total turnover. The acquirers — Gangapurna Projects LLP and Makalu Builders LLP — are subsidiaries of Srijan Realty and do not belong to DLF’s promoter or group companies.
DLF clarified that the sale is outside any scheme of arrangement and does not fall under the definition of a material “undertaking” under the Companies Act, 2013. The entire consideration will be received in cash, subject to adjustments agreed upon in the MFA.
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Shares of DLF Ltd ended at ₹656.60, down by ₹6.05, or 0.91%, on the BSE.
(Edited by : Shoma Bhattacharjee)
