Unitech denies Blackstone asset sale report

Newspaper report stated that Unitech was in talks tp sell three of its assets for about Rs 3,000 cr to Blackstone

Unitech, India's No. 3 property developer, on Wednesday denied a newspaper report that it was in talks to sell three of its assets for about Rs 3,000 crore to US private-equity firm Blackstone.

Unitech said the newspaper report was "factually incorrect" and that the company was not in discussions with either Blackstone or any other investor to sell the assets.

The report said Unitech was in talks to sell three of its assets - two special economic zones (SEZs) in Gurgaon and Noida, and a technology park in Kolkata - to Blackstone.

The assets are owned by Unitech Corporate Parks, in which Unitech has a 45% stake, the report said, adding that the assets sale was part of Unitech's plan to reduce its debt of about Rs 5,300 crore.

"Unitech is focused on developing and leasing these SEZs," the company said in a statement.

An external spokeswoman for Blackstone did not immediately return phone calls seeking comment.

Earlier in May, Unitech said its quarterly profit slumped 98% because of high borrowing costs and a slowdown in house sales.