Reliance Communications invites offers to sell 133-acre IT park in Navi Mumbai

Mumbai: Reliance Communications Ltd, part of Anil Ambani-led Reliance Group, has invited offers to sell or jointly develop 133-acre Dhirubhai Ambani Knowledge Centre (DAKC) located in Navi Mumbai.

DAKC, an information technology (IT) park, has a development potential of 13 million sq.ft, including a captive residential area. So far, around 2 million sq.ft has been developed, as per a newspaper advertisement by the company.

The company is looking to sell the IT park, which comprises 12 office buildings, two premium buildings with a total size of 6 lakh sq.ft and seven buildings in Millennium Business Park, also part of DAKC. Real estate advisory firm JLL is running the mandate for the sale of these properties.

On 19 June, the company also ran an advertisement to sell its around-4-acre Delhi office at Connaught Place. Both the properties in Mumbai and Delhi could fetch the company around Rs10,000 crore, according to a person with direct knowledge of the development, who did not want to be named.

A Reliance Communications spokesperson declined to comment on the development.

In 2013, Reliance Group partnered with Chinese real estate major Dalian Wanda Group to develop 20 million sq.ft at its corporate headquarters at DAKC in Navi Mumbai and new business district projects in Hyderabad.

The group has been planning to sell most of its real estate assets to raise cash and pare its debt. In 2015, the company sold nearly 150 residential flats situated at the NRI complex at Seawoods in Navi Mumbai for Rs330 crore.

Few other properties that the group has been looking for outright sale include properties at Kolkata’s Chowringhee Road, 19 acres in Bengaluru and properties in Ambattur near Chennai.

Reliance Communications (RCOM)