In a regulatory filing, real estate firm Ansal Properties & Infrastructure Ltd has said that it has agreed to sell its entire 66.24 percent stake in IT SEZ in Greater Noida to Migsun Group.

Workers erect scaffolding at the construction site of a metro station in Greater Noida on the outskirts of New Delhi, India, September 30, 2015. India's annual infrastructure output growth picked up in August to 2.6 percent from a year ago, mainly driven by higher cement and electricity generation, government data showed on Wednesday. REUTERS/Anindito Mukherjee  - RTS2EK8

The Delhi-NCR-based Migsun Group has announced the acquisition of HDFC and Ansal Properties & Infrastructure Ltd’s stake in Ansal IT City Park (SEZ) Tech Zone, Greater Noida and plans to develop the 37.5 acre mixed-use project.

With the latest announcement, Migsun Group will have a 100 percent stake in the city park after acquiring HDFC’s 37 percent stake and that of Ansal API, the company said. The project will have 50 percent IT/ITeS offices, 15 percent industrial, and 15 percent commercial.

“We are committed to making Noida a commercial hub; the new project is in line with our endeavour to provide world-class real estate in Noida region. We have committed ourselves to deliver projects on time. The time is ripe as there is a positive sentiment in the market,” said Yash Miglani, MD, Migsun Group.

In a regulatory filing, real estate firm Ansal Properties & Infrastructure Ltd has said that it agreed to sell its entire 66.24 percent stake in IT SEZ in Greater Noida to Migsun group. The deal is subject to the approval of regulatory authorities of SEZ, Greater Noida.

The company has entered into an agreement to sell its entire shareholding of 66.24 percent held in its subsidiary company  Ansal IT City and Parks Limited to Mahaluxmi Infrahome Private Limited (part of Migsun Group), subject to the approval of regulatory authorities of SEZ/ Greater Noida Industrial Development Authority/ Ministry of Commerce. This will reduce the debt of the company on a consolidated basis by Rs 11 crore, the company said in a regulatory filing.

Both the companies have not disclosed the deal value.

Major export zones in the country, SEZs are given several incentives by the government. These zones are major contributors to the growth of the country’s GDP.

By developing the project, the group wanted to be a part of the growth story and also bring in employment opportunities, Miglani added.

The company is executing 16 projects, both residential and commercial, in various parts of Delhi and its suburbs.