HDIL puts Baroda land parcel on the block

Move part of its plan to reduce debt

Mumbai-based developer HDIL has put on the block an industrial plot in Gujarat as part of its plans to reduce debt.

The 113.47-acre land parcel is adjacent to the Ranoli railway station, on the Ahmedabad-Vadodara corridor, and falls under the jurisdiction of Vadodara Urban Development Authority.

Over the last year, HDIL has reduced its debt by nearly Rs 685 crore to Rs 3,142.4 crore as of December 2014.

"The decision to put on block the industrial land parcel in Gujarat is in sync with the company's strategy of exiting non-core assets and consolidating our core business. Our objective is to reduce debt and streamline the operations", said Hariprakash Pandey, Vice-President, Finance and Investor Relations, HDIL.

Besides reducing debt, the on-going strategy of HDIL is to focus on project launches and sales.

Planet HDIL, a proposed affordable housing township in peripheral Mumbai, will have 75 million sq. ft across 550 acres and will generate ample cash flows for the company in the coming years.