new delhi indias largest real estate firm dlfs proposal to sell its stake in itites special economic zone sez in pune to foreign investors will come up for consideration of the highlevel government panel on september 19the proposal of dlf ackruti info parks pune ltd for sale of shares to foreign investor will be placed before the board of approval headed by commerce secretary an official saidprivate equity major blackstone is likely to buy the entire 100 per cent stake in the 1183 hectare sez in pune sources saiddlf has 70 per cent stake in dlf ackruti info parks pune ltd and remaining stake is with ackruti city ltdearlier the department of revenue had opposed the proposal stating that the transaction would amount to sale of land which is not permitted under the sez act and rulesthe matter was referred to the law ministry which has given its nod to the proposal contending that the change in equity structure through transfersaleamalgamation and consequent change in the management cannot be treated as transfer or sale of land which will continue to vest in the companyhowever the decision has been left to the boa which will meet next week presided over by commerce secretary rahul khullar the boa comprises senior officials from the department of revenue law ministry and other concerned departmentsdlf plans to raise about rs 7000 crore in next twothree years through sale of noncore assets to reduce its debt of over rs 20000 crorebesides the dlf proposal the boa will consider requests for extension of time from 44 sez developers including mukesh ambanipromoted navi mumbai sez and raheja sez for implementing their projectsthe extension of time has been sought in the backdrop of slowdown in the real estate and problems relating to land acquisition