MUMBAI: Realty firm Embassy group is in the advance stage of talks with American alternative investment management conglomerate Blackstone to sell its warehousing and industrial parks business at an enterprise value of around Rs 1,800 crore, sources said.

In 2015, the Bengaluru-based Embassy group had formed a joint venture with private equity firm Warburg Pincus to build industrial parks. Warburg Pincus has a 70 percent stake while the Embassy group has a 30 percent shareholding in the joint venture firm -- Embassy Industrial Parks.

According to sources, the Embassy group is in discussion with the Blackstone group for the complete divestment of the JV firm. The deal is likely to be completed during this month, they added. Embassy group spokesperson declined to comment. Property consultant Anarock too refused to comment. The JV is developing warehousing projects at Chakan in Pune, Sriperumbudur and Hosur in Tamil Nadu; Farrukhnagar and Bilaspur in Delhi NCR; and Kothur in Hyderabad.

The total portfolio of the JV firm is around 16 million sq ft, of which 4 million sq ft is operational. Embassy group has a lot of land bank to create a similar large portfolio of warehousing and industrial parks.

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