Shapoorji Pallonji Real Estate is planning to sell approximately 100 acres of land across India over the next two years to raise about 20.00 billion rupees, Mint (New Delhi) reported from an interview with CEO Venkatesh Gopalkrishnan.

Majority of the anticipated proceeds from the plan will be used to repay the company's outstanding debt. While Gopalkrishnan declined to disclose the company's total borrowings, two unnamed sources familiar with the matter told the publication that Shapoorji Pallonji intends to reduce its debt to about 15.00 billion rupees over the next one or two years from roughly 40.00 billion rupees.

The proposed land sale, which forms part of the company's asset monetization plan, will include the divestment of 30-40 acres of land in Pune, 25 acres in Kolkata and another 30-40 acres in Mumbai. Also earmarked for divestment is an estimated 20% to 25% of legacy plots and the fully-leased SP Infocity software park in Pune, which spans 2 million square feet, according to the Oct. 8 report.

Separately, the real estate arm of Indian conglomerate Shapoorji Pallonji Group is also in discussions with existing investors of its Joyville mid-income fund to raise another US$200 million for the housing platform, which raised US$250 million in its first financing round. Investors involved in the funding negotiations include International Finance Corp., Asian Development Bank and Standard Chartered Private Equity, the paper added.

As of Oct. 5, US$1 was equivalent to 74.03 Indian rupees.