Unitech Corporate Parks, the London Stock Exchange-listed group company of real estate developer Unitech Ltd, has said an entity has expressed interest in acquiring its wholly-owned subsidiary Candor Investments Ltd.

The company, however, did not disclose the name of the interested party.

According to industry sources, the total portfolio is valued at £140 million (around ₹1,400 crore).

Unitech Ltd, one of India’s largest property developers, has a 13.7 per cent stake in UCP.

Besides, UCP has a 60:40 joint venture with Unitech under which both are to develop half a dozen special economic zones (SEZs) and IT parks.

Discussions under way In a statement to BSE, Unitech said discussions are currently under way for a possible sale of Candor Investments.

Besides, the Unitech Group has also been approached for a strategic alliance for carrying out the remaining development work of the IT parks and SEZs.

Candor Investments is the holding company for UCP’s interests in six real estate developments (five SEZs and one IT park). It had raised about £360 million in December 2006 through an initial public offering on the London Stock Exchange, mainly to invest in these projects.

In a regulatory filing to the LSE, UCP also announced that a separate discussion to sell one of the SEZs in Gurgaon near Delhi has been suspended.

On a consolidated basis, Unitech's net profit fell 61 per cent to ₹32.83 crore in the third quarter ended December 2013 compared with the year-ago period.

Net sales rose 13.5 per cent during the period to ₹731.68 crore.

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