Speculation on South City Projects: Shareholder Downplays $400M Blackstone Deal Rumors

A major shareholder of South City Projects has dismissed recent reports about a potential USD 400 million deal with Blackstone as speculative. South City Projects, owners of Kolkata's South City Mall, continues to evaluate various offers, but denies being under any urgency to finalize a deal or being heavily indebted.

A principal shareholder of South City Projects, which oversees Kolkata's landmark South City Mall, has labeled rumors of a $400 million deal with Blackstone as mere speculation.

The consortium behind South City Projects, comprising renowned real estate developers like Merlin Group and Emami Group, is reportedly evaluating offers from numerous investors, according to an unquoted source.

The shareholder emphasized the consortium's financial stability and its focus on strategic offers. South City Projects may consider a Real Estate Investment Trust (REIT) as part of its growth strategy, particularly as they look to further expand by acquiring DLF IT Park II.

(With inputs from agencies.)