this story originally appeared in on jul 22 2014 mumbai a company owned by the promoters of leela group has sold an it park in kochi to mumbaibased carnival group for rs 280 crore asian business connection the holding company of carnival group has acquired the property spread over 65 acres leela lace holdings the promoter group firm and the current owner of the property earns around rs 30 crore annually through lease rentals from 53 tenants of total four towers the main objective of acquiring this park is asset creation and lease rental income carnival group plans to run the it park with its existing business model said shrikant bhasi chairman of carnival group leela lace is a privately held company and the money raised will be used for future expansion and has nothing to do with the listed company said vivek nair cmd of hotel leelaventure carnival group is a mumbaibased company with interests in hospitality media and entertainment and multiplexs earlier this month carnival groups subsidiary carnival cinemas acquired realty developer housing development infrastructures multiplex business broadway cinemas for rs 110 crore we are financing the transaction through internal accruals bhasi said we are currently in talks for acquiring two more it parks including one more in kerala and the other one in chennai leela lace operated leela infopark out of infopark in kochi out of the total 65 acres around 5 acres has special economic zone status the company which carries out sez development has developed the infopark in a phased manner since 2004 though the current deal is not related to debt reduction hotel leelaventure the groups flagship is looking to divest stakes in its luxury hotels resort properties and real estate development in order to pare down debt of rs 5000 crore in 2011 the company sold its kovalam beach hotel for rs 500 crore and the chennai it park building for aroundrs 170 crore in 2012 earlier this month a consortium of its 14 lenders lead by state bank of indiabse 037 sold loans worth around rs 3880 crore to jm financial asset reconstruction company the consortium had restructured the companys debt under corporate debt restructuring cdr mechanism with effect from january 2012 out of its total debt around rs 4000 crore was from the cdr lenders