Country's largest private equity firm ICICI Venture (I- Ven) has initiated the exit process to sell Express Tower owned by the Indian Express Newspaper company. If believed to the sources, the company has hired a real estate advisor, Jones Lang LaSalle, to search buyer for its significant minority stake.
However, the news is yet to be confirmed from the private equity firm.
The firm bought a 49 per cent stake in the 25storey iconic building in Nariman Point in 2008 for about Rs 350 crore, while the remaining stake is held by Viveck Goenka, chairman and managing director of the Indian Express Group.
I-Ven has valued the iconic property worth Rs 500- 600 crore and is expecting to raise the same by selling the stake.
The industry experts believes that Express Towers can fetch a good valuation to the I-Ven after the recent renovations have made the building attractive.