The realty arm of telecom major Bharti Group is in negotiations with Mumbai-based DB Realty to buy a 49% stake in a special purpose vehicle (SPV) that is developing a plot located in a hospitality district being developed near the Delhi International Airport. Bharti Realty, the retail unit, could pay up to Rs 350 crore, according to people familiar with the transaction. DB Hospitality - an arm of DB Realty- had obtained the land on a 30-year sub-lease for Rs 400 crore through competitive bidding in 2009.
It was planning to build three hotels and a convention centre on the 7.7-acre plot, but construction is yet to start because of the overall economic slowdown, and also difficulty in raising funds after the company's promoters became embroiled in the 2G spectrum scam. The owners, Vinod Goenka and Shahid Balwa, were arrested for their alleged role in the scam. Both are now out on bail. The company has been looking to sell a significant minority stake to raise funds and has been in talks with a number of funds as well as hospitality and real estate firms, said a person close to the development, who did not wish to be named.