Lanco to exit real estate business
Infrastructure firm Lanco Group has decided to exit its real estate investments. The company wants to refocus on its core business, according to media reports. The company is not looking to make fresh investment in real estate and is looking to close a joint development deal with DivyaSree Developers to complete its last project.
The infrastructure firm is in talks with Bengaluru-headquartered DivyaSree Developers to jointly construct a 7.8-mn-sft special economic zone and non-SEZ office space – Lanco Hills Technology Park in Hyderabad. This will be Lanco’s last real estate project. Lanco Hills offices can accommodate 75,000 people.
The Hyderabad-based group Lanco Infratech is one of the 12 companies named by Reserve Bank of India under the recently enacted Insolvency and Bankruptcy Code. It has Rs 43,000-crore debt.