Bharti Eyes Stake in DB Realty Arm’s Delhi Airport SPV

Co in talks to acquire 49% in SPV for . 350 cr The realty arm of telecom major Bharti Group is in talks with DB Realty's hospitality arm to buy a 49% stake in the SPV that is developing a plot at the Delhi International Airport's new hospitality district, for . 350 crore.  DB Hospitality had got the land on a 30-year sublease for . 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 an arm of the company got embroiled in the 2G spectrum scam and its promoters Vinod Goenka and Shahid Balwa were attested for their alleged role in the scam. Now, to speed up construction, 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 realty firms, said a person close to the development, who did not wish to be named. Vipul Bansal, CEO of DB Realty, confirmed that the company was in the process of selling a 49% stake in the SPV, but did not comment on its talks with Bharti Realty. "At the moment, the stake is open to all interested parties," he said in an email. David Rebello, the CEO of Bharti Realty, declined to comment on the deal. GMR Infrastructurecontrolled DIAL had invited bids for developing hotels in the new hospitality district spread over 43 acres near the Delhi airport. It auctioned 14 hotel plots, with the 7.7-acre plot given to DB Hospitality being the biggest of the lot.  DB Realty has been trying to sell some of its other assets as well, including its 170-room Hilton hotel property near Mumbai airport and a new 314-room Grand Hyatt property in Goa.