DCM Shriram sells 50 pc of Delhi plot to DLF

New Delhi, Aug 16 (UNI) Integrated business group DCM Shriram Consolidated Ltd today said it has sold 50 per cent of its Delhi land redevelopment project for Rs 837.50 crore to construction major DLF.

The project, likely to be the largest private sector land deal in the country, will give DLF access to about 38 acres of prime land at just about 10 km from Connaught Place, the capital's central business unit.

The project was valued at Rs 1,675 crore, the company said in a statement.

''It has been on our mind for sometime to monetise this asset to support our growth plans. The sale of this project represents a well considered exit option,'' Ajay and Vikram Shriram, the chairman and vice chairman, respectively, said in a joint statement.

SBM Land Redevelopment Project has an area of 38 acres for development as on date after surrendering about 74 acres to Delhi Development Authority (DDA) in terms of the relevant orders of the Supreme Court.

DCM Shriram, which makes chemicals, sugar and cement, would use the money to part fund its expansion.

UNI